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Hybrid Bonds

12 Months Ended

Dec. 31, 2019

33.

Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interest) as of December 31, 2018 and 2019 are as follows:


Issuer	Hybrid bond	Issued date		Maturity		Yield (%)			2018			2019
	In millions of won
Korea South-East Power Co., Ltd.	1st hybrid bond		2012.12.07		2042.12.06		4.38	￦		170,000			170,000
Korea South-East Power Co., Ltd.	2nd hybrid bond		2012.12.07		2042.12.06		4.44			230,000			230,000
Expense of issuance										(1,090	)		(1,090	)

								￦		398,910			398,910

Although these instruments have contractual maturity dates, the contractual agreements allow these subsidiaries to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Company decides not to pay dividends on ordinary shares, they are not required to pay interest on the hybrid bonds.

Substantially, as these instruments have no contractual obligation to pay principal and interest, these instruments have been classified as equity (non-controlling interest) in the Company’s consolidated financial statements.