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Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2020
Risk Management [Abstract] |
Capital risk management | Details of the Company’s capital management accounts as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Total borrowings and debt securities |  | ￦ |  |  |  |  | 67,876,541 |  |  |  | 69,724,581 |
Cash and cash equivalents |  |  |  |  |  |  | 1,810,129 |  |  |  | 2,029,584 |
Net borrowings and debt securities |  |  |  |  |  |  | 66,066,412 |  |  |  | 67,694,997 |
Total equity |  |  |  |  |  |  | 68,889,649 |  |  |  | 70,666,846 |
Debt to equity ratio |  |  |  |  |  |  | 95.90 | % |  |  | 95.79 | %
Credit risk management | Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Company’s level of maximum exposure to credit risk as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Cash and cash equivalents |  | ￦ |  |  |  |  | 1,810,129 |  |  |  | 2,029,584 |
Financial assets at fair value through profit or loss(*1) |  |  |  |  |  |  | 747,261 |  |  |  | 1,808,404 |
Derivative assets (trading) |  |  |  |  |  |  | 165,204 |  |  |  | 110,764 |
Financial assets at amortized cost |  |  |  |  |  |  | 13,609 |  |  |  | 14,422 |
Loans |  |  |  |  |  |  | 738,707 |  |  |  | 790,162 |
Long-term/short-term financial instruments |  |  |  |  |  |  | 1,960,227 |  |  |  | 2,062,103 |
Derivative assets (applying hedge accounting) |  |  |  |  |  |  | 145,829 |  |  |  | 55,649 |
Trade and other receivables |  |  |  |  |  |  | 9,703,749 |  |  |  | 9,780,039 |
Financial guarantee contracts(*2) |  |  |  |  |  |  | 3,338,566 |  |  |  | 3,224,696 |
| (*1) | Equity investments held by the Company are excluded.
| (*2) | Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.
Sensitivity analysis of Defined benefit obligation | A sensitivity analysis of defined benefit obligation assuming a 1% increase and decrease movements in the actuarial valuation assumptions as of December 31, 2019 and 2020 are as follows:
|  |  |  |  |  |  | 2019 |  |  | 2020 |
Type |  | Accounts |  |  |  |  | 1% Increase |  |  | 1% Decrease |  |  | 1% Increase |  |  | 1% Decrease |
|  |  |  |  |  |  | In millions of won |
Future salary increases |  | Increase (decrease) in defined benefit obligation |  | ￦ |  |  |  |  | 442,748 |  |  |  | (386,147 | ) |  |  | 488,087 |  |  |  | (425,708 | )
Discount rate |  | Increase (decrease) in defined benefit obligation |  |  |  |  |  |  | (402,099 | ) |  |  | 475,765 |  |  |  | (443,527 | ) |  |  | 524,856 |
Changes of employee benefits assuming a 1% increase and decrease movements in discount rate on plan asset for the years ended December 31, 2019 and 2020 are ￦17,734 million and ￦20,960 million, respectively.
Changes in provisions due to movements in underlying assumptions | Changes in provisions due to movements in underlying assumptions as of December 31, 2019 and 2020 are as follows:
Type |  | Accounts |  | 2019 |  |  | 2020 |
PCBs |  | Inflation rate |  |  | 1.09 | % |  |  | 1.06 | %
|  | Discount rate |  |  | 1.97 | % |  |  | 1.83 | %
Nuclear plants |  | Inflation rate |  |  | 1.10 | % |  |  | 1.07 | %
|  | Discount rate |  |  | 2.43 | % |  |  | 2.20 | %
Spent fuel |  | Inflation rate |  |  | 2.93 | % |  |  | 2.93 | %
|  | Discount rate |  |  | 4.49 | % |  |  | 4.49 | %
Sensitivity analysis of Provisions due to movements in underlying assumptions | A sensitivity analysis of provisions assuming a 0.1% increase and decrease movements in the underlying assumptions as of December 31, 2019 and 2020 are as follows:
|  |  |  |  |  |  | 2019 |  |  | 2020 |
Type |  | Accounts |  |  |  |  | 0.1% Increase |  |  | 0.1% Decrease |  |  | 0.1% Increase |  |  | 0.1% Decrease |
|  |  |  |  |  |  | In millions of won |
Discount rate |  | PCBs |  | ￦ |  |  |  |  | (527 | ) |  |  | 530 |  |  |  | (292 | ) |  |  | 293 |
|  | Nuclear plants |  |  |  |  |  |  | (316,184 | ) |  |  | 325,828 |  |  |  | (326,926 | ) |  |  | 336,928 |
|  | Spent fuel |  |  |  |  |  |  | (51,607 | ) |  |  | 53,621 |  |  |  | (51,558 | ) |  |  | 53,571 |
Inflation rate |  | PCBs |  |  |  |  |  |  | 534 |  |  |  | (532 | ) |  |  | 295 |  |  |  | (294 | )
|  | Nuclear plants |  |  |  |  |  |  | 346,082 |  |  |  | (336,182 | ) |  |  | 357,676 |  |  |  | (347,450 | )
|  | Spent fuel |  |  |  |  |  |  | 54,396 |  |  |  | (52,424 | ) |  |  | 54,345 |  |  |  | (52,375 | )
Foreign currency risk | The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities as of December 31, 2019 and 2020 are as follows:
|  | Assets |  |  | Liabilities |
Type |  | 2019 |  |  | 2020 |  |  | 2019 |  |  | 2020 |
|  | In thousands of foreign currencies |
AED |  |  | 57,403 |  |  |  | 39,678 |  |  |  | 40,061 |  |  |  | 31,594 |
AUD |  |  | 143 |  |  |  | 133 |  |  |  | 1,036,785 |  |  |  | 707,538 |
BDT |  |  | 85,547 |  |  |  | 93,442 |  |  |  | 635 |  |  |  | — |
BWP |  |  | 1,437 |  |  |  | 890 |  |  |  | — |  |  |  | — |
EGP |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 948 |
CAD |  |  | 86 |  |  |  | 247 |  |  |  | 3,112 |  |  |  | 1,840 |
CHF |  |  | — |  |  |  | — |  |  |  | 500,753 |  |  |  | 500,406 |
CNY |  |  | — |  |  |  | — |  |  |  | 26,140 |  |  |  | — |
CZK |  |  | — |  |  |  | — |  |  |  | 243 |  |  |  | 2,033 |
EUR |  |  | 208 |  |  |  | 310 |  |  |  | 111,199 |  |  |  | 121,069 |
GBP |  |  | — |  |  |  | — |  |  |  | 191 |  |  |  | 43 |
HKD |  |  | — |  |  |  | — |  |  |  | 1,648,815 |  |  |  | 1,651,839 |
IDR |  |  | 376,136 |  |  |  | 342,496 |  |  |  | 219,801 |  |  |  | 555,241 |
INR |  |  | 1,244,170 |  |  |  | 1,231,895 |  |  |  | 210,232 |  |  |  | 155,134 |
JOD |  |  | 1,516 |  |  |  | 1,673 |  |  |  | 147 |  |  |  | — |
JPY |  |  | 109,970 |  |  |  | 825,269 |  |  |  | 314,402 |  |  |  | 484,585 |
KZT |  |  | 319 |  |  |  | 1,510 |  |  |  | — |  |  |  | — |
MGA |  |  | 3,858,201 |  |  |  | 5,645,349 |  |  |  | 133,403 |  |  |  | — |
MMK |  |  | 29,651 |  |  |  | 11,032 |  |  |  | — |  |  |  | — |
PHP |  |  | 175,210 |  |  |  | 191,122 |  |  |  | 130,073 |  |  |  | 104,161 |
PKR |  |  | 354,361 |  |  |  | 371,328 |  |  |  | 4,366 |  |  |  | 12,222 |
SAR |  |  | 2,653 |  |  |  | 2,178 |  |  |  | 480 |  |  |  | — |
SEK |  |  | — |  |  |  | — |  |  |  | 449,072 |  |  |  | 449,824 |
USD |  |  | 1,227,054 |  |  |  | 1,445,522 |  |  |  | 9,963,928 |  |  |  | 12,234,563 |
UYU |  |  | 58,781 |  |  |  | 78,265 |  |  |  | 8,213 |  |  |  | 1,585 |
VND |  |  | 418,998 |  |  |  | 672,563 |  |  |  | 1,375 |  |  |  | — |
ZAR |  |  | 450 |  |  |  | 303 |  |  |  | 6 |  |  |  | — |
Sensitivity analysis of Foreign currency risk | A sensitivity analysis on the Company’s income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
Type |  |  |  |  | 10% Increase |  |  | 10% Decrease |  |  | 10% Increase |  |  | 10% Decrease |
|  |  |  |  | In millions of won |
Increase (decrease) of profit before income tax |  | ￦ |  |  |  |  | (1,197,530 | ) |  |  | 1,197,530 |  |  |  | (1,336,821 | ) |  |  | 1,336,821 |
Increase (decrease) of equity(*) |  |  |  |  |  |  | (1,197,530 | ) |  |  | 1,197,530 |  |  |  | (1,336,821 | ) |  |  | 1,336,821 |
| (*) | The effect on the shareholders’ equity excluding the impact of income taxes.
Interest rate risk | The Company’s borrowings and debt securities with floating interest rates as of December 31, 2019 and 2020 are as follows:
Type |  |  |  |  | 2019 |  |  | 2020 |
|  |  |  |  | In millions of won |
Short-term borrowings |  | ￦ |  |  |  |  | — |  |  |  | 171,518 |
Long-term borrowings |  |  |  |  |  |  | 2,273,579 |  |  |  | 2,191,322 |
Debt securities |  |  |  |  |  |  | 243,102 |  |  |  | 250,968 |
|  | ￦ |  |  |  |  | 2,516,681 |  |  |  | 2,613,808 |
Sensitivity analysis of Interest rate risk | A sensitivity analysis on the Company’s long-term borrowings and debt securities assuming a 1% increase and decrease in interest rates, without consideration of hedge effect of related derivatives for the years ended December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
Type |  |  |  |  | 1% Increase |  |  | 1% Decrease |  |  | 1% Increase |  |  | 1% Decrease |
|  |  |  |  | In millions of won |
Increase (decrease) of profit before income tax |  | ￦ |  |  |  |  | (25,167 | ) |  |  | 25,167 |  |  |  | (26,138 | ) |  |  | 26,138 |
Increase (decrease) of shareholder’s equity (*) |  |  |  |  |  |  | (25,167 | ) |  |  | 25,167 |  |  |  | (26,138 | ) |  |  | 26,138 |
| (*) | The effect on the shareholders’ equity excluding the impact of income taxes.
Electricity rates risk | A sensitivity analysis on the Company’s income for the period assuming a 1% increase and decrease in price of electricity for the years ended December 31, 2019 and 2020 is as follows:
|  |  |  |  | 2019 |  |  | 2020 |
Type |  |  |  |  | 1% Increase |  |  | 1% Decrease |  |  | 1% Increase |  |  | 1% Decrease |
|  |  |  |  | In millions of won |
Increase (decrease) of profit before income tax |  | ￦ |  |  |  |  | 559,390 |  |  |  | (559,390 | ) |  |  | 557,310 |  |  |  | (557,310 | )
Increase (decrease) of shareholder’s equity(*) |  |  |  |  |  |  | 559,390 |  |  |  | (559,390 | ) |  |  | 557,310 |  |  |  | (557,310 | )
| (*) | The effect on the equity excluding the impact of income taxes.
Details of maturities of non-derivative financial liabilities |
|  |  |  |  | 2019 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Borrowings and debt securities |  | ￦ |  |  |  |  | 10,660,737 |  |  |  | 10,997,510 |  |  |  | 27,881,873 |  |  |  | 30,859,669 |  |  |  | 80,399,789 |
Finance lease liabilities |  |  |  |  |  |  | 686,445 |  |  |  | 617,449 |  |  |  | 1,717,434 |  |  |  | 2,735,681 |  |  |  | 5,757,009 |
Trade and other payables |  |  |  |  |  |  | 6,014,054 |  |  |  | 382,809 |  |  |  | 971,469 |  |  |  | 1,176,697 |  |  |  | 8,545,029 |
Financial guarantee contracts(*) |  |  |  |  |  |  | 937,091 |  |  |  | 302,186 |  |  |  | 32,314 |  |  |  | 2,066,975 |  |  |  | 3,338,566 |
|  | ￦ |  |  |  |  | 18,298,327 |  |  |  | 12,299,954 |  |  |  | 30,603,090 |  |  |  | 36,839,022 |  |  |  | 98,040,393 |
|  |  |  |  | 2020 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Borrowings and debt securities |  | ￦ |  |  |  |  | 12,413,346 |  |  |  | 10,919,041 |  |  |  | 24,778,020 |  |  |  | 34,215,888 |  |  |  | 82,326,295 |
Finance lease liabilities |  |  |  |  |  |  | 614,442 |  |  |  | 569,161 |  |  |  | 1,564,377 |  |  |  | 2,461,557 |  |  |  | 5,209,537 |
Trade and other payables |  |  |  |  |  |  | 5,679,856 |  |  |  | 373,907 |  |  |  | 894,903 |  |  |  | 1,167,171 |  |  |  | 8,115,837 |
Financial guarantee contracts (*) |  |  |  |  |  |  | 926,244 |  |  |  | 348,860 |  |  |  | 26,230 |  |  |  | 1,923,362 |  |  |  | 3,224,696 |
|  | ￦ |  |  |  |  | 19,633,888 |  |  |  | 12,210,969 |  |  |  | 27,263,530 |  |  |  | 39,767,978 |  |  |  | 98,876,365 |
| (*) | This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2019 and 2020 are ￦81,357 million and ￦66,354 million, respectively.
The expected maturities for non-derivative financial assets | The expected maturities for non-derivative financial assets as of December 31, 2019 and 2020 in detail are as follows:
|  |  |  |  | 2019 |
Type |  |  |  |  | Less than 1 year |  |  | 1~5 Years |  |  | More than 5 years |  |  | Other (*) |  |  | Total |
|  |  |  |  | In millions of won |
Cash and cash equivalents |  | ￦ |  |  |  |  | 1,810,129 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,810,129 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 379,170 |  |  |  | 379,170 |
Financial assets at amortized cost |  |  |  |  |  |  | 12,302 |  |  |  | 1,307 |  |  |  | — |  |  |  | — |  |  |  | 13,609 |
Loans |  |  |  |  |  |  | 64,081 |  |  |  | 346,583 |  |  |  | 336,502 |  |  |  | 27,606 |  |  |  | 774,772 |
Long-term/short-term financial instruments |  |  |  |  |  |  | 1,351,971 |  |  |  | 269,863 |  |  |  | — |  |  |  | 338,393 |  |  |  | 1,960,227 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 131,385 |  |  |  | 79 |  |  |  | — |  |  |  | 615,797 |  |  |  | 747,261 |
Trade and other receivables |  |  |  |  |  |  | 7,703,746 |  |  |  | 980,951 |  |  |  | 818,431 |  |  |  | 207,979 |  |  |  | 9,711,107 |
|  | ￦ |  |  |  |  | 11,073,614 |  |  |  | 1,598,783 |  |  |  | 1,154,933 |  |  |  | 1,568,945 |  |  |  | 15,396,275 |
|  |  |  |  | 2020 |
Type |  |  |  |  | Less than 1 year |  |  | 1~5 Years |  |  | More than 5 years |  |  | Other (*) |  |  | Total |
|  |  |  |  | In millions of won |
Cash and cash equivalents |  | ￦ |  |  |  |  | 2,029,584 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,029,584 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 358,559 |  |  |  | 358,559 |
Financial assets at amortized cost |  |  |  |  |  |  | 13,149 |  |  |  | 1,265 |  |  |  | 8 |  |  |  | — |  |  |  | 14,422 |
Loans |  |  |  |  |  |  | 78,805 |  |  |  | 385,571 |  |  |  | 325,212 |  |  |  | 31,506 |  |  |  | 821,094 |
Long-term/short-term financial instruments |  |  |  |  |  |  | 1,483,482 |  |  |  | 252,349 |  |  |  | 386 |  |  |  | 325,886 |  |  |  | 2,062,103 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 1,196,101 |  |  |  | — |  |  |  | 2,690 |  |  |  | 682,591 |  |  |  | 1,881,382 |
Trade and other receivables |  |  |  |  |  |  | 7,920,005 |  |  |  | 1,160,400 |  |  |  | 704,494 |  |  |  | — |  |  |  | 9,784,899 |
|  | ￦ |  |  |  |  | 12,721,126 |  |  |  | 1,799,585 |  |  |  | 1,032,790 |  |  |  | 1,398,542 |  |  |  | 16,952,043 |
| (*) | The maturities cannot be presently determined.
Derivative liabilities classified by maturity periods which from reporting date to maturity date of contracts | Derivative liabilities classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Net settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  | ￦ |  |  |  |  | (3,017 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,017 | )
Gross settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  |  |  |  |  |  | (15,011 | ) |  |  | (8,295 | ) |  |  | (39,654 | ) |  |  | 4,235 |  |  |  | (58,725 | )
—Hedging |  |  |  |  |  |  | (59,846 | ) |  |  | (21,466 | ) |  |  | (1,914 | ) |  |  | (33,588 | ) |  |  | (116,814 | )
|  | ￦ |  |  |  |  | (77,874 | ) |  |  | (29,761 | ) |  |  | (41,568 | ) |  |  | (29,353 | ) |  |  | (178,556 | )
|  |  |  |  | 2020 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Net settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  | ￦ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  |  |  |  |  |  | (12,777 | ) |  |  | (22,827 | ) |  |  | (118,704 | ) |  |  | (4,380 | ) |  |  | (158,688 | )
—Hedging |  |  |  |  |  |  | (37,858 | ) |  |  | (39,528 | ) |  |  | (75,450 | ) |  |  | (55,208 | ) |  |  | (208,044 | )
|  | ￦ |  |  |  |  | (50,635 | ) |  |  | (62,355 | ) |  |  | (194,154 | ) |  |  | (59,588 | ) |  |  | (366,732 | )
Derivative assets classified by maturity periods which from reporting date to maturity dates as per the contracts | Derivative assets classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Net settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  | ￦ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  |  |  |  |  |  | 21 |  |  |  | 43,931 |  |  |  | 72,386 |  |  |  | 56,315 |  |  |  | 172,653 |
—Hedging |  |  |  |  |  |  | 27,597 |  |  |  | 47,222 |  |  |  | 71,010 |  |  |  | — |  |  |  | 145,829 |
—Others |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,634 |  |  |  | 2,634 |
|  | ￦ |  |  |  |  | 27,618 |  |  |  | 91,153 |  |  |  | 143,396 |  |  |  | 58,949 |  |  |  | 321,116 |
|  |  |  |  | 2020 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Net settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  | ￦ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  |  |  |  |  |  | 18,332 |  |  |  | 1,529 |  |  |  | 45,237 |  |  |  | 52,163 |  |  |  | 117,261 |
—Hedging |  |  |  |  |  |  | 11,191 |  |  |  | — |  |  |  | 41,206 |  |  |  | 3,252 |  |  |  | 55,649 |
|  | ￦ |  |  |  |  | 29,523 |  |  |  | 1,529 |  |  |  | 86,443 |  |  |  | 55,415 |  |  |  | 172,910 |
Fair value and book value of financial assets and liabilities |
Fair value and book value of financial assets and liabilities as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |
Type |  |  |  |  | Book value |  |  | Fair value |  |  | Book value |  |  | Fair value |
|  |  |  |  | In millions of won |
Assets recognized at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  | ￦ |  |  |  |  | 379,170 |  |  |  | 379,170 |  |  |  | 358,559 |  |  |  | 358,559 |
Derivative assets (trading) |  |  |  |  |  |  | 165,204 |  |  |  | 165,204 |  |  |  | 110,764 |  |  |  | 110,764 |
Derivative assets (applying hedge accounting) |  |  |  |  |  |  | 145,829 |  |  |  | 145,829 |  |  |  | 55,649 |  |  |  | 55,649 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 747,261 |  |  |  | 747,261 |  |  |  | 1,881,382 |  |  |  | 1,881,382 |
|  | ￦ |  |  |  |  | 1,437,464 |  |  |  | 1,437,464 |  |  |  | 2,406,354 |  |  |  | 2,406,354 |
Assets carried at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at amortized cost |  | ￦ |  |  |  |  | 13,609 |  |  |  | 13,609 |  |  |  | 14,422 |  |  |  | 14,422 |
Loans and receivables |  |  |  |  |  |  | 738,707 |  |  |  | 738,707 |  |  |  | 790,162 |  |  |  | 790,162 |
Long-term financial instruments |  |  |  |  |  |  | 608,256 |  |  |  | 608,256 |  |  |  | 578,621 |  |  |  | 578,621 |
Short-term financial instruments |  |  |  |  |  |  | 1,351,971 |  |  |  | 1,351,971 |  |  |  | 1,483,482 |  |  |  | 1,483,482 |
Trade and other receivables |  |  |  |  |  |  | 9,703,749 |  |  |  | 9,703,749 |  |  |  | 9,780,039 |  |  |  | 9,780,039 |
Cash and cash equivalents |  |  |  |  |  |  | 1,810,129 |  |  |  | 1,810,129 |  |  |  | 2,029,584 |  |  |  | 2,029,584 |
|  | ￦ |  |  |  |  | 14,226,421 |  |  |  | 14,226,421 |  |  |  | 14,676,310 |  |  |  | 14,676,310 |
Liabilities recognized at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (trading) |  | ￦ |  |  |  |  | 53,147 |  |  |  | 53,147 |  |  |  | 157,926 |  |  |  | 157,926 |
Derivative liabilities (applying hedge accounting) |  |  |  |  |  |  | 116,813 |  |  |  | 116,813 |  |  |  | 207,193 |  |  |  | 207,193 |
|  | ￦ |  |  |  |  | 169,960 |  |  |  | 169,960 |  |  |  | 365,119 |  |  |  | 365,119 |
Liabilities carried at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured borrowings |  | ￦ |  |  |  |  | 227,135 |  |  |  | 227,135 |  |  |  | 63,614 |  |  |  | 63,614 |
Unsecured bond |  |  |  |  |  |  | 63,171,664 |  |  |  | 66,917,421 |  |  |  | 64,607,401 |  |  |  | 68,839,316 |
Lease liabilities |  |  |  |  |  |  | 5,070,133 |  |  |  | 5,070,133 |  |  |  | 4,621,096 |  |  |  | 4,621,096 |
Unsecured borrowings |  |  |  |  |  |  | 4,104,523 |  |  |  | 4,113,955 |  |  |  | 4,808,206 |  |  |  | 5,513,242 |
Trade and other payables (*) |  |  |  |  |  |  | 8,545,029 |  |  |  | 8,545,029 |  |  |  | 8,115,837 |  |  |  | 8,115,837 |
Bank overdraft |  |  |  |  |  |  | 373,219 |  |  |  | 373,219 |  |  |  | 245,360 |  |  |  | 245,360 |
|  | ￦ |  |  |  |  | 81,491,703 |  |  |  | 85,246,892 |  |  |  | 82,461,514 |  |  |  | 87,398,465 |
| (*) | Excludes lease liabilities.
Interest rates used for determining fair value | The discount rate used for calculating fair value as of December 31, 2019 and 2020 are as follows:
Type |  | 2019 |  |  | 2020 |
Derivatives |  |  | 0.01% ~ 4.16% |  |  |  | (-) 0.73% ~ 3.08% |
Borrowings and debt securities |  |  | 0.17% ~ 3.90% |  |  |  | (-) 0.53% ~ 4.38% |
Finance lease |  |  | 1.38% ~ 10.83% |  |  |  | 0.57% ~ 16.60% |
Fair value hierarchy | Fair values of financial instruments by hierarchy level as of December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |
Type |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  |  |  |  | In millions of won |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  | ￦ |  |  |  |  | 201,202 |  |  |  | — |  |  |  | 177,968 |  |  |  | 379,170 |
Derivative assets |  |  |  |  |  |  | — |  |  |  | 308,399 |  |  |  | 2,634 |  |  |  | 311,033 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | — |  |  |  | 742,105 |  |  |  | 5,156 |  |  |  | 747,261 |
|  | ￦ |  |  |  |  | 201,202 |  |  |  | 1,050,504 |  |  |  | 185,758 |  |  |  | 1,437,464 |
Financial liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | ￦ |  |  |  |  | — |  |  |  | 169,960 |  |  |  | — |  |  |  | 169,960 |
|  |  |  |  | 2020 |
Type |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  |  |  |  | In millions of won |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  | ￦ |  |  |  |  | 194,670 |  |  |  | — |  |  |  | 163,889 |  |  |  | 358,559 |
Derivative assets |  |  |  |  |  |  | — |  |  |  | 166,413 |  |  |  | — |  |  |  | 166,413 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | — |  |  |  | 1,875,690 |  |  |  | 5,692 |  |  |  | 1,881,382 |
|  | ￦ |  |  |  |  | 194,670 |  |  |  | 2,042,103 |  |  |  | 169,581 |  |  |  | 2,406,354 |
Financial liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | ￦ |  |  |  |  | — |  |  |  | 365,119 |  |  |  | — |  |  |  | 365,119 |
Changes of financial assets and liabilities which are classified as level 3 | Changes of financial assets and liabilities which are classified as level 3 for the years ended December 31, 2019 and 2020 are as follows:
|  |  |  |  | 2019 |
|  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Reclassified category |  |  | Valuation |  |  | Disposal |  |  | Foreign currency translation |  |  | Ending balance |
|  |  |  |  | In millions of won |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss Cooperative |  | ￦ |  |  |  |  | 5,052 |  |  |  | 40 |  |  |  | — |  |  |  | 64 |  |  |  | — |  |  |  | — |  |  |  | 5,156 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unlisted securities |  |  |  |  |  |  | 189,439 |  |  |  | 1,876 |  |  |  | — |  |  |  | 3,715 |  |  |  | (19,315 | ) |  |  | 2,253 |  |  |  | 177,968 |
|  |  |  |  | 2020 |
|  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Reclassified category |  |  | Valuation |  |  | Disposal |  |  | Foreign currency translation |  |  | Ending balance |
|  |  |  |  | In millions of won |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss Cooperative |  | ￦ |  |  |  |  | 5,156 |  |  |  | 359 |  |  |  | — |  |  |  | 623 |  |  |  | (446 | ) |  |  | — |  |  |  | 5,692 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unlisted securities |  |  |  |  |  |  | 177,968 |  |  |  | 2,900 |  |  |  | — |  |  |  | (23,128 | ) |  |  | (1 | ) |  |  | 6,150 |  |  |  | 163,889 |

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