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Investment Properties
 12 Months Ended
Dec. 31, 2020
Investment Properties [Abstract]  
Investment Properties
19.

Investment Properties

 

(1)

Investment properties as of December 31, 2019 and 2020 are as follows:

 

           2019  
           Acquisition
cost		      Government
grants		      Accumulated
depreciation		      Book
value		  
           In millions of won  

Land

    ￦       129,897        —          —          129,897  

Buildings

        64,590        (13 )       (35,894 )       28,683  
    

 

 

     

 

 

     

 

 

     

 

 

  
   ￦       194,487        (13 )       (35,894 )       158,580  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

           2020  
           Acquisition
cost		      Government
grants		      Accumulated
depreciation		      Book
value		  
           In millions of won  

Land

    ￦       200,391        —          —          200,391  

Buildings

        59,347        (29 )       (34,514 )       24,804  
    

 

 

     

 

 

     

 

 

     

 

 

  
   ￦       259,738        (29 )       (34,514 )       225,195  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

(2)

Changes in investment properties for the years ended December 31, 2019 and 2020 are as follows:

 

           2019  
           Beginning
balance		      Depreciation      Others      Ending
balance		  
           In millions of won  

Land

    ￦       139,940        —          (10,043 )       129,897  

Buildings

        19,669        (5,070 )       14,097        28,696  

(Government grants)

        (50 )       1        36        (13 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  
   ￦       159,559        (5,069 )       4,090        158,580  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

           2020  
           Beginning
balance		      Depreciation      Others      Ending
balance		  
           In millions of won  

Land

    ￦       129,897        —          70,494        200,391  

Buildings

        28,696        (1,454 )       (2,409 )       24,833  

(Government grants)

        (13 )       1        (17 )       (29 ) 
    

 

 

     

 

 

     

 

 

     

 

 

  
   ￦       158,580        (1,453 )       68,068        225,195  
    

 

 

     

 

 

     

 

 

     

 

 

  

 

(3)

Income and expenses related to investment properties for the years ended December 31, 2019 and 2020 are as follows:

 

           2019      2020  
           In millions of won  

Rental income

    ￦       9,782        8,335  

Operating and maintenance expenses related to rental income

        (1,257 )       (1,453 ) 

Operating and maintenance expenses not related to rental income

        (3,812 )       —    
    

 

 

     

 

 

  
   ￦       4,713        6,882  
    

 

 

     

 

 

  

 

(4)

Fair value of investment properties as of December 31, 2019 and 2020 are as follows:

 

           2019      2020  
           Book value      Fair value      Book value      Fair value  
           In millions of won  

Land

    ￦       129,897        202,042        200,391        300,001  

Buildings

        28,683        38,046        24,804        44,597  
    

 

 

     

 

 

     

 

 

     

 

 

  
   ￦       158,580        240,088        225,195        344,598  
    

 

 

     

 

 

     

 

 

     

 

 

  

The Company determined the fair value of investment property on the transition date based on valuations conducted by an independent valuation firm that is independent of the Company. The valuation firm has appropriate qualifications and experience in the valuation of real estate in the Republic of Korea, and the valuation was conducted using a comparison method, which is a method of obtaining economic value based on the marketability of the property. The fair values of the investment properties as of the reporting date were determined in consideration of the fluctuation on the publicly announced individual land price after the IFRS transition date (January 1, 2010).

(5)

All of the Company’s investment properties are held under freehold interests.