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Leases (Tables) | 12 Months Ended
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Dec. 31, 2019
Presentation of leases for lessee [Abstract] |
Disclosure of quantitative information about right-of-use assets |
Right-of-use assets as of December 31, 2019 are as follows:
|  |  |  |  | 2019 |
|  |  |  |  | Acquisition cost |  |  | Government grants |  |  | Accumulated depreciation |  |  | Book value |
|  |  |  |  | In millions of won |
Land |  | ￦ |  |  |  |  | 693,103 |  |  |  | — |  |  |  | (49,029 | ) |  |  | 644,074 |
Buildings |  |  |  |  |  |  | 54,980 |  |  |  | — |  |  |  | (20,403 | ) |  |  | 34,577 |
Structures |  |  |  |  |  |  | 28,198 |  |  |  | — |  |  |  | (2,554 | ) |  |  | 25,644 |
Machinery |  |  |  |  |  |  | 1,308 |  |  |  | — |  |  |  | (484 | ) |  |  | 824 |
Ships |  |  |  |  |  |  | 4,113,754 |  |  |  | — |  |  |  | (425,465 | ) |  |  | 3,688,289 |
Vehicles |  |  |  |  |  |  | 20,817 |  |  |  | — |  |  |  | (7,109 | ) |  |  | 13,708 |
Others(*) |  |  |  |  |  |  | 2,661,850 |  |  |  | — |  |  |  | (2,285,393 | ) |  |  | 376,457 |
|  | ￦ |  |  |  |  | 7,574,010 |  |  |  | — |  |  |  | (2,790,437 | ) |  |  | 4,783,573 |
| (*) | Including power purchase agreements (“PPA”) with GS EPS and two other LNG combined power suppliers.
Disclosure of Changes in right-of-use assets |
Changes in right-of-use assets for the year ended December 31, 2019 are as follows:
|  |  |  |  | Beginning balance |  |  | Changes in accounting policies(*) |  |  | Increase |  |  | Depreciation |  |  | Ending balance |
|  |  |  |  | In millions of won |
Land |  | ￦ |  |  |  |  | — |  |  |  | 684,386 |  |  |  | 8,717 |  |  |  | (49,029 | ) |  |  | 644,074 |
Buildings |  |  |  |  |  |  | — |  |  |  | 36,874 |  |  |  | 18,106 |  |  |  | (20,403 | ) |  |  | 34,577 |
Structures |  |  |  |  |  |  | — |  |  |  | 20,840 |  |  |  | 7,358 |  |  |  | (2,554 | ) |  |  | 25,644 |
Machinery |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,308 |  |  |  | (484 | ) |  |  | 824 |
Ships |  |  |  |  |  |  | — |  |  |  | 3,986,947 |  |  |  | 126,807 |  |  |  | (425,465 | ) |  |  | 3,688,289 |
Vehicles |  |  |  |  |  |  | — |  |  |  | 11,258 |  |  |  | 9,559 |  |  |  | (7,109 | ) |  |  | 13,708 |
Others(*) |  |  |  |  |  |  | — |  |  |  | 403,346 |  |  |  | 49,141 |  |  |  | (76,030 | ) |  |  | 376,457 |
|  | ￦ |  |  |  |  | — |  |  |  | 5,143,651 |  |  |  | 220,996 |  |  |  | (581,074 | ) |  |  | 4,783,573 |
| (*) | Including transferred amount of ￦195,704 million, which was classified as finance lease assets as of December 31, 2018.
Disclosure of maturity analysis of operating lease payments |
Lease liabilities as of December 31, 2018 and December 31, 2019 are as follows:
|  |  |  |  | 2018 |
|  |  |  |  | Minimum lease payment |  |  | Present value of minimum lease payment |
|  |  |  |  | In millions of won |
Less than 1 year |  | ￦ |  |  |  |  | 87,709 |  |  |  | 57,200 |
1 ~ 5 years |  |  |  |  |  |  | 228,783 |  |  |  | 170,676 |
More than 5 years |  |  |  |  |  |  | 65,250 |  |  |  | 55,930 |
|  | ￦ |  |  |  |  | 381,742 |  |  |  | 283,806 |
|  |  |  |  | 2019 |
|  |  |  |  | In millions of won |
Less than 1 year |  | ￦ |  |  |  |  | 686,445 |
1 ~ 5 years |  |  |  |  |  |  | 2,334,883 |
More than 5 years |  |  |  |  |  |  | 2,735,681 |
|  |  |  |  |  |  | 5,757,009 |
Less : Discount |  |  |  |  |  |  | (686,876 | )
Present value of lease payment |  | ￦ |  |  |  |  | 5,070,133 |
Disclosure of liquidity classification of lease liabilities |
The details of the liquidity classification of lease liabilities (Prior year : finance lease liabilities) as of December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Current lease liabilities |  | ￦ |  |  |  |  | 57,200 |  |  |  | 635,349 |
Non-current lease liabilities |  |  |  |  |  |  | 226,606 |  |  |  | 4,434,784 |
|  | ￦ |  |  |  |  | 283,806 |  |  |  | 5,070,133 |
Disclosure of additional information about leasing activities for lessee |
Changes in lease liabilities for the years ended December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |
|  |  |  |  | Beginning balance |  |  | Acquisition |  |  | Decrease |  |  | Ending balance |
|  |  |  |  | In millions of won |
Finance lease liabilities |  | ￦ |  |  |  |  | 418,260 |  |  |  | — |  |  |  | (134,454 | ) |  |  | 283,806 |
|  |  |  |  | 2019 |
|  |  |  |  | Beginning balance |  |  | Changes in accounting policies |  |  | Increase |  |  | Decrease |  |  | Interest expenses |  |  | Others(*) |  |  | Ending balance |
|  |  |  |  | In millions of won |
Lease liabilities |  | ￦ |  |  |  |  | 283,806 |  |  |  | 4,943,584 |  |  |  | 218,800 |  |  |  | (659,387 | ) |  |  | 85,950 |  |  |  | 197,380 |  |  |  | 5,070,133 |
| (*) | Including translation effect of foreign currency lease liabilities and others.
Disclosure of details of expense relating to lease contracts as lessee |
Details of expense relating to lease contracts as lessee for the year ended December 31, 2019 are as follows:
|  |  |  |  | 2019 |
|  |  |  |  | In millions of won |
Depreciation of right-of-use assets |  | ￦ |  |  |  |  | 581,074 |
Interest expenses of lease liabilities |  |  |  |  |  |  | 85,950 |
Leases expenses for short-term leases |  |  |  |  |  |  | 20,127 |
Leases expenses for leases of low-value assets |  |  |  |  |  |  | 1,616 |
Variable lease payments |  |  |  |  |  |  | (15,912 | )
|  | ￦ |  |  |  |  | 672,855 |
Disclosure of minimum lease payment and contingent rent payment recognized as an expense |
Minimum lease payment and contingent rent payment recognized as an expense as a lessee for the year ended December 31, 2018 are as follows:
|  |  |  |  | 2018 |
|  |  |  |  | In millions of won |
Minimum lease payment |  | ￦ |  |  |  |  | 111,530 |
Contingent rent payment |  |  |  |  |  |  | (18,872 | )
|  | ￦ |  |  |  |  | 92,658 |
Disclosure of Profit and loss related to finance lease |
Profit and loss related to finance lease:
|  |  |  |  | 2019 |
|  |  |  |  | In millions of won |
Finance income on the net investment in the lease |  | ￦ |  |  |  |  | 97,392 |
Disclosure of maturity analysis of finance lease payments receivable |
Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2019 are as follows:
|  |  |  |  | 2019 |
|  |  |  |  | In millions of won |
Less than 1 year |  | ￦ |  |  |  |  | 173,093 |
1 ~ 2 years |  |  |  |  |  |  | 150,895 |
2 ~ 3 years |  |  |  |  |  |  | 150,596 |
3 ~ 4 years |  |  |  |  |  |  | 149,364 |
4 ~ 5 years |  |  |  |  |  |  | 145,964 |
More than 5 years |  |  |  |  |  |  | 1,740,652 |
|  |  |  |  |  |  | 2,510,564 |
Less : Unearned finance income |  |  |  |  |  |  | (1,331,723 | )
Net investment in the lease |  | ￦ |  |  |  |  | 1,178,841 |
The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 3.5% up to 16.48% per year as of December 31, 2019. (prior year : 3.5% ~ 9.12%)
Finance lease receivables as of December 31,2018 are as follows:
|  |  |  |  | 2018 |
|  |  |  |  | Minimum lease payment |  |  | Present value of minimum lease payment |
|  |  |  |  | In millions of won |
Less than 1 year |  | ￦ |  |  |  |  | 124,918 |  |  |  | 84,688 |
1 ~ 5 years |  |  |  |  |  |  | 467,518 |  |  |  | 223,622 |
More than 5 years |  |  |  |  |  |  | 1,333,016 |  |  |  | 675,036 |
|  | ￦ |  |  |  |  | 1,925,452 |  |  |  | 983,346 |
Changes in the allowance for doubtful accounts of finance lease receivables |
Changes in the allowance for doubtful accounts of finance lease receivables for the year ended December 31, 2018 and 2019 are as follows:
|  |  |  |  | 2018 |  |  | 2019 |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | — |  |  |  | 1,133 |
Bad debt expense |  |  |  |  |  |  | 1,133 |  |  |  | — |
Reversal of allowance for doubtful accounts |  |  |  |  |  |  | — |  |  |  | (271 | )
Ending balance |  | ￦ |  |  |  |  | 1,133 |  |  |  | 862 |

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- Definition The disclosure of additional information about leasing activities of a lessee. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2019-01-01 -Paragraph 59 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_59&doctype=Standard -URIDate 2019-03-27 + Details
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- Definition The disclosure of a maturity analysis of finance lease payments receivable. Finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an underlying asset. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2019-01-01 -Paragraph 94 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_94&doctype=Standard -URIDate 2019-03-27 + Details
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- Definition The disclosure of a maturity analysis of operating lease payments. Operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 16 -IssueDate 2019-01-01 -Paragraph 97 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=16&code=ifrs-tx-2019-en-r&anchor=para_97&doctype=Standard -URIDate 2019-03-27 + Details
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