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Borrowings and Debt Securities (Tables)

12 Months Ended

Dec. 31, 2018

Borrowings and Debt Securities [Abstract]

Borrowings and Debt Securities

Borrowings and debt securities as of December 31, 2017 and 2018 are as follows:

						2017				2018
						In millions of won
Current liabilities
Short-term borrowings		￦					1,038,328				860,602
Current portion of long-term borrowings							128,543				312,994
Current portion of debt securities							7,961,182				6,790,778
Less : Current portion of discount on long-term borrowings							(886	)			(972	)
Less : Current portion of discount on debt securities							(3,882	)			(1,974	)
Add : Current portion of premium on debt securities							—				20
							9,123,285				7,961,448
Non-current liabilities
Long-term borrowings							2,455,737				3,280,015
Debt securities							43,270,825				49,905,077
Less : Discount on long-term borrowings							(21,113	)			(22,000	)
Less : Discount on debt securities							(81,424	)			(89,913	)
Add: Premium on debt securities							82				—
							45,624,107				53,073,179
		￦					54,747,392				61,034,627

Repayment schedule of borrowings and debt securities

Repayment schedule of borrowings and debt securities as of December 31, 2017 and 2018 are as follows:

2017
Type						Borrowings				Debt Securities
						In millions of won
Less than 1 year		￦					1,166,871				7,961,182
1~ 5 years							1,117,222				25,047,075
Over 5 years							1,338,515				18,223,750
		￦					3,622,608				51,232,007

2018
Type						Borrowings				Debt Securities
						In millions of won
Less than 1 year		￦					1,173,596				6,790,778
1~ 5 years							1,911,226				30,175,734
Over 5 years							1,368,789				19,729,343
		￦					4,453,611				56,695,855

Short-term borrowings

Short-term borrowings as of December 31, 2017 and 2018 are as follows:

2017

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of foreign currencies

Local short-term borrowings

KTB Investment and securities and others

1.57~2.47

2018.01.12~ 2018.09.19

—

￦

686,561

Foreign short-term borrowings

SCNT and others

4.60~6.50

2018.12.03

USD 8,955

9,594

Foreign short-term borrowings

Export-import Bank of Korea

3M Libor+0.41~0.63

2018.12.18

AUD 327,259

273,314

Local bank overdraft

Nonghyup Bank

3.04

2018.01.02

—

51,300

Local bank overdraft

Woori Bank

Standard overdraft rate+1.12

2018.02.27

—

17,559

￦

1,038,328

2018

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of foreign currencies

Local short-term borrowings

KTB Investment and securities and others

2.05~2.51

2019.01.04~ 2019.02.20

—

￦

674,000

Foreign short-term borrowings

SCNT and others

4.60~6.50

2019.12.03

USD 8,955

10,013

Foreign short-term borrowings

BDO Unibank

6.59

2020.12.17(*)

PHP 450,000

9,581

Local bank overdraft

Nonghyup Bank

2.59~3.09

2019.01.10~ 2019.12.31

—

142,773

Local bank overdraft

Woori Bank

Standard overdraft rate+1.09

2019.02.26

—

24,235

￦

860,602

(*) The contractual maturity is 2020 but is classified as short-term borrowing due to intention of early payment in 3 months after borrowing.

Long-term borrowings

Long-term borrowings as of December 31, 2017 and 2018 are as follows:

2017
Type				Interest rate (%)				Maturity		Foreign currency				Local currency
				In millions of won and thousands of foreign currencies
Local long-term borrowings
Korea Development Bank		Others			0.50			2018~2044			—			￦	4,909
		Facility			2.45~4.60			2023~2028			—				68,883
		Facility			1yr KoFC bond rate +0.31			2018			—				25,000
		Operating funds			2.59~3.04			2018~2020			—				47,000
		Operating funds			1yr KoFC bond rate +0.95			2020			—				14,000
KEB Hana Bank		Commercial Paper			3M CD+0.24~0.32			2021~2022			—				400,000
		Facility			4.60			2028			—				15,038
		Facility			3yr KTB rate-1.25			2018~2028			—				8,947
IBK		PF Refinancing			CD+1.25			2030			—				22,500
Export-Import Bank of Korea		Project loans			1.50			2026			—				25,042
		Operating funds			2.21			2020			—				35,000
Korea Energy Agency		Development of power resources			3yr KTB rate-2.25			2023~2025			—				6,765
		Facility			3yr KTB rate-2.25			2018~2024			—				3,121
		Project loans			—			2022~2025			—				3,733
		Others			KTB rate -2.25			2024~2028			—				18,455
Shinhan Bank		Collateral borrowing			2.32			2019			—				30,000
		Facility			CB rate +1.10			2028			—				22,557
		Operating funds			2.70			2018			—				15,000
		Others			4.10			2035			—				105,000
		Others			Standard overdraft rate+1.10			2035			—				105,000
Kookmin Bank		Facility			3.16			2020			—				10,000
		Facility			MOR+0.79			2023			—				35,000
Others		Facility			1.75~4.60			2026~2029			—				148,423
		Facility			CB rate+1.10~1.20			2022~2028			—				46,278
		PF Refinancing			4.10			2030			—				62,500
		Others			4.50~8.00			2022~2039			—				102,346
															1,380,497
Foreign long-term borrowings
Korea Energy Agency		Project loans			—			2021~2023			USD 8,744				9,368
Export-Import Bank of Korea and others		Direct loan and others			1M Libor+1.80~ 3.20			2036			USD 64,913				69,548
		Direct loan and others			3M Libor+2.75~ 3.70			2027			JOD 168,663				254,514
		Commercial loan and others			3M Libor+1.50~ 2.50			2030~2033			USD 289,026				309,662
		PF Loan			6M Libor+1.70~ 2.50			2032			USD 123,253				132,054
SCNT and others		Shareholder’s loan			6.50~8.00				2023				USD 41,718			￦	44,697
		Shareholder’s loan			8.00				2031				JOD 5,136				7,750
PT PJB		Shareholder’s loan			12.75				2019				IDR 10,932,568				864
Samsung Life Insurance and others		Syndicated Loan			3.10				2032				JPY 5,325,000				50,540
Woori Bank and others		Syndicated Loan			JPY 6M Libor+2.00				2032				JPY 3,435,000				32,602
SMBC and others		Equity Bridge Loan			1M Libor+0.90				2019				USD 70,986				76,054
IFC and others		Others			6M Libor+5.00				2031				PKR 16,652,350				161,195
Federal Financing Bank		PF loan			2.39				2031				USD 48,366				51,819
Others		Others			—				2019				USD 2,907				3,116
																	1,203,783
																	2,584,280
Less : Discount of long-term borrowings																	(21,999	)
Less : Current portion of long-term borrowings																	(128,543	)
Add : Current portion of discount on long-term borrowings																	886
																￦	2,434,624

2018
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
				In millions of won and thousands of foreign currencies
Local long-term borrowings
Korea Development Bank		Others		0.50		2019~2044			—			￦	4,154
		Facility		2.45~4.60		2023~2028			—				66,793
		Operating funds		2.59~3.56		2020~2021			—				67,000
		Operating funds		1yr KoFC bond rate +0.95		2020			—				14,000
KEB Hana Bank		Commercial Paper		3M CD+0.19~0.32		2021~2023			—				950,000
		Facility		4.60		2028			—				13,781
		Facility		3yr KTB rate-1.25		2019~2028			—				8,072
IBK		PF Refinancing		CD+1.25		2030			—				22,500
Export-Import Bank of Korea		Project loans		1.50		2026			—				22,096
		Operating funds		2.21		2020			—				35,000
Korea Energy Agency		Development of power resources		3yr KTB rate-2.25		2023~2025			—				5,558
		Facility		3yr KTB rate-2.25		2019~2024			—				2,589
		Project loans		—		2023			—				1,197
		Others		KTB rate -2.25		2024~2028			—				17,347
Shinhan Bank		Collateral borrowing		2.32		2019			—				30,000
		Facility		CB rate+1.10		2028			—				20,672
		Others		3.95		2035			—				103,851
		Others		Standard overdraft rate+1.00		2035			—				103,851
Kookmin Bank		Facility		3.16		2020			—			￦	10,000
		Facility		MOR+0.79		2023			—				30,333
Others		Facility		1.75~4.60		2026~2036			—				168,080
		Facility		CB rate+1.10~1.60		2023~2036			—				52,810
		PF Refinancing		4.10		2030			—				62,500
		Others		4.50~7.90		2022~2039			—				102,347
												1,914,531
Foreign long-term borrowings
Korea Energy Agency		Project loans		—		2021~2023			USD 8,744				9,776
Export-Import Bank of Korea and others		Direct loan and others		1M Libor+1.80~3.20		2036			USD 123,909				138,542
		Direct loan and others		3M Libor+2.75~3.70		2027			JOD 158,524				249,783
		Commercial loan and others		3M Libor+1.50~2.50		2030~2033			USD 277,538				310,315
		PF Loan		6M Libor+1.70~2.50		2032			USD 126,798				141,773
SCNT and others		Shareholder’s loan		8.00		2031			JOD 4,853				7,647
		Shareholder’s loan		6.50~8.00		2023			USD 44,680				49,956
		Others		3.88		2021			USD 278,105				310,427
PT PJB		Shareholder’s loan		12.75		2019			IDR 5,569,304				428
Samsung Life Insurance and others		Syndicated Loan		3.10		2032			JPY 5,286,835				53,565
Woori Bank and others		Syndicated Loan		JPY 6M Libor+2.00		2032			JPY 3,410,381				34,553
SMBC and others		Equity Bridge Loan		1M Libor+0.90		2019			USD 44,019				49,218
IFC and others		Others		6M Libor+5.00		2031			PKR 25,900,420				206,944
Federal Financing Bank and others		PF loan		2.39~13.00		2031~2038			USD 102,322				114,406
Others		Others		—		2019			USD 1,025				1,145
													1,678,478
													3,593,009
Less : Discount of long-term borrowings													(22,972	)
Less : Current portion of long-term borrowings													(312,994	)
Add : Current portion of discount on long-term borrowings													972
												￦	3,258,015

Local debt securities

Local debt securities as of December 31, 2017 and 2018 are as follows:

		Issue date				Maturity				Interest rate (%)				2017				2018
		In millions of won
Electricity Bonds			2009.12.03~ 2018.12.04				2019.01.08~ 2048.10.29			1.62~5.45		￦			20,700,000				24,480,000
Electricity Bonds			2013.06.25				2018.06.25			3M CD+0.31					150,000				—
Corporate Bonds(*1)			2009.05.04~ 2018.11.09`				2019.01.21~ 2048.11.09			1.36~6.00					21,122,708				23,223,228
															41,972,708				47,703,228
Less : Discount on local debt securities															(37,816	)			(41,247	)
Less : Current portion of local debt securities															(5,200,000	)			(5,330,000	)
Add : Current portion of discount on local debt securities															923				1,035
												￦			36,735,815				42,333,016

(*1) Corporate bonds of HeeMang Sunlight Power Co., Ltd. amounting to ￦2,697 million can be redeemed every March 31 after five years from its issue date, March 31, 2016.

Foreign debt securities

Foreign debt securities as of December 31, 2017 and 2018 are as follows:

		2017
Type		Issue date				Maturity				Interest rate (%)		Foreign currency								Local currency
		In millions of won and thousands of foreign currencies
FY-96			1996.04.01~ 1996.12.06				2026.12.01~ 2096.04.01			6.00~8.37			USD 249,070				￦				266,854
FY-97			1997.01.31~ 1997.08.04				2027.02.01~ 2027.08.01			6.75~7.00			USD 314,717								337,188
FY-04			2004.04.23				2034.04.23			5.13			USD 286,920								307,406
FY-08			2008.11.27				2018.11.27			4.19			JPY 20,000,000								189,822
FY-11			2011.07.13				2021.07.13			4.75			USD 500,000								535,700
FY-12			2012.09.19				2022.09.19			3.00			USD 750,000								803,550
FY-13			2013.02.05~ 2013.11.27				2018.02.05~ 2018.11.27			1.88~2.88			USD 1,900,000								2,035,660
FY-13			2013.09.26~ 2013.10.23				2019.03.26~ 2019.04.23			1.50~1.63			CHF 400,000								437,888
FY-13			2013.09.25				2020.09.25			5.75			AUD 325,000								271,427
FY-13			2013.02.20~ 2013.07.25				2018.02.20~ 2018.07.25			3M Libor+0.84~1.50			USD 500,000								535,700
FY-14			2014.02.11~ 2014.12.02				2019.02.11~ 2029.07.30			2.38~3.57			USD 1,500,000								1,607,100
FY-15			2015.06.15				2025.06.15			3.25			USD 300,000								321,420
FY-16			2016.01.21				2021.07.21			2.50			USD 300,000								321,420
FY-17			2017.04.12~ 2017.07.25				2020.04.12~ 2027.07.25			2.38~3.13			USD 1,100,000								1,178,540
FY-17			2017.10.30				2037.10.30			1.70			EUR 40,000								51,170
FY-17			2017.11.16				2037.11.16			2.36			SEK 450,000								58,454
																					9,259,299
Less : Discount on foreign debt securities																					(47,490	)
Add : Premium on foreign debt securities																					82
Less : Current portion of foreign debt securities																					(2,761,182	)
Add : Current portion of discount on foreign debt securities																					2,959
																	￦				6,453,668

		2018
Type		Issue date				Maturity				Interest rate (%)		Foreign currency								Local currency
		In millions of won and thousands of foreign currencies
FY-96			1996.04.01~ 1996.12.06				2026.12.01~ 2096.04.01			6.00~8.37			USD 249,071				￦				278,488
FY-97			1997.01.31~ 1997.08.04				2027.02.01~ 2027.08.01			6.75~7.00			USD 314,717								351,885
FY-04			2004.04.23				2034.04.23			5.13			USD 286,920								320,805
FY-11			2011.07.13				2021.07.13			4.75			USD 500,000								559,050
FY-12			2012.09.19				2022.09.19			3.00			USD 750,000								838,575
FY-13			2013.09.26~ 2013.10.23				2019.03.26~ 2019.04.23			1.50~1.63			CHF 400,000								454,488
FY-13			2013.09.25				2020.09.25			5.75			AUD 325,000								256,038
FY-14			2014.02.11~ 2014.12.02				2019.02.11~ 2029.07.30			2.38~3.57			USD 1,500,000								1,677,150
FY-15			2015.06.15				2025.06.15			3.25			USD 300,000								335,430
FY-16			2016.01.21				2021.07.21			2.50			USD 300,000								335,430
FY-17			2017.04.12~ 2017.07.25				2020.04.12~ 2027.07.25			2.38~3.13			USD 1,100,000								1,229,910
FY-17			2017.10.30				2037.10.30			1.70			EUR 40,000								51,166
FY-17			2017.11.16				2037.11.16			2.36			SEK 450,000								56,061
FY-18			2018.01.29~ 2018.07.25				2021.01.29~ 2023.07.25			3.00~3.88			USD 1,800,000								2,012,580
FY-18			2018.03.13				2028.03.13			3.35			HKD 1,650,000								235,571
																					8,992,627
Less : Discount on foreign debt securities																					(50,640	)
Add : Premium on foreign debt securities																					20
Less : Current portion of foreign debt securities																					(1,460,778	)
Add : Current portion of discount on foreign debt securities																					939
Less: Current portion of premium on foreign debt securities																					(20	)
																	￦				7,482,148

Changes in borrowings and debt securities

Changes in borrowings and debt securities for the years ended December 31, 2017 and 2018 are as follows:

						2017				2018
						In millions of won
Beginning balance		￦					53,639,205				54,747,392
Cash flow							2,269,513				5,972,336
Effect of exchange rate fluctuations							(1,169,418	)			322,515
Others							8,092				(7,616	)
Ending balance		￦					54,747,392				61,034,627

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