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Leases (Tables)

12 Months Ended

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