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Borrowings and Debt Securities (Tables)

12 Months Ended

Dec. 31, 2020

Borrowings and Debt Securities [Abstract]

Borrowings and Debt Securities

Borrowings and debt securities as of December 31, 2019 and 2020 are as follows:

						2019				2020
						In millions of won
Current liabilities
Short-term borrowings		￦					1,098,555				1,436,922
Current portion of long-term borrowings							217,579				677,982
Current portion of debt securities							7,545,485				8,565,301
Less : Current portion of discount on long-term borrowings							(1,000	)			(1,723	)
Less : Current portion of discount on debt securities							(2,780	)			(3,677	)
							8,857,839				10,674,805
Non-current liabilities
Long-term borrowings		￦					3,411,052				3,018,898
Debt securities							55,716,183				56,188,234
Less : Discount on long-term borrowings							(21,309	)			(14,899	)
Less : Discount on debt securities							(88,920	)			(143,823	)
Add: Premium on debt securities							1,696				1,366
							59,018,702				59,049,776
		￦					67,876,541				69,724,581

Repayment schedule of borrowings and debt securities

Repayment schedule of borrowings and debt securities as of December 31, 2019 and 2020 are as follows:

						2019
Type						Borrowings				Debt Securities
						In millions of won
Less than 1 year		￦					1,316,134				7,545,485
1~ 5 years							2,113,404				31,552,963
Over 5 years							1,297,648				24,163,220
		￦					4,727,186				63,261,668

						2020
Type						Borrowings				Debt Securities
						In millions of won
Less than 1 year		￦					2,114,904				8,565,301
1~ 5 years							1,564,252				28,746,117
Over 5 years							1,454,646				27,442,117
		￦					5,133,802				64,753,535

Short-term borrowings

Short-term borrowings as of December 31, 2019 and 2020 are as follows:

2019

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of foreign currencies

Local short-term borrowings

DB financial investment and others

2.00~2.20

2020.01.13~ 2020.02.05

—

￦

280,000

Foreign short-term borrowings

LG-CNS

4.60

2020.06.30

USD 23,699

27,439

Foreign short-term borrowings

BDO Unibank

3M BVAL + 0.50

2020.12.20

PHP 225,000

5,130

Foreign short-term borrowings

Mizuho Bank

4.60

2020.06.30

USD 11,027

￦

12,767

Electronic short-term bonds

Mirae asset daewoo and others

1.72~2.20

2020.01.10~ 2020.02.05

—

400,000

Local bank overdraft

Korea development Bank and others

1.98~2.75

2020.01.01~ 2020.04.16

—

373,219

￦

1,098,555

2020

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of foreign currencies

Local short-term borrowings

DB financial investment and others

0.80~4.60

2021.01.05 ~2021.12.31

—

￦

580,004

Electronic short-term bonds

KB Securities and others

0.75~1.35

2021.01.13 ~ 2021.03.18

—

470,000

Foreign short-term borrowings

Shinhan Bank

0.71~0.74

2021.01.04 ~ 2021.03.31

USD 55,393

60,268

Foreign short-term borrowings (*)

Korea Development Bank and others

1M Libor + 1.25

2022.04.29

USD 73,704

81,290

Local bank overdraft

Woori Bank

Standard overdraft rate + 1.26

2021.02.26

—

29,960

Local bank overdraft

Korea Development Bank and others

1.42~1.88

2021.01.07 ~ 2021.04.26

—

215,400

￦

1,436,922

(*) The contractual maturity is 2022 but is classified as short-term borrowing due to intention of early redemption in 3 months after borrowing.

Long-term borrowings

Long-term borrowings as of December 31, 2019 and 2020 are as follows:

2019
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
				In millions of won and thousands of foreign currencies
Local long-term borrowings
Korea Development Bank		Others		0.50		2020~2044			—			￦	3,500
		Facility		2.50~4.60		2023~2028			—				59,845
		Operating funds		2.33~3.04		2020~2022			—				55,000
		Operating funds		1yr KoFC bond rate +0.95		2020~2022			—				24,000
Hana Bank		Commercial Paper		3M CD+0.13~0.32		2021~2024			—			￦	1,150,000
		Facility		4.60		2028			—				12,466
		Facility		3yr KTB rate-1.25		2020~2028			—				6,699
IBK		PF Refinancing		CD+1.25		2030			—				10,497
Export-Import Bank of Korea		Project loans		1.50		2026			—				19,150
		Operating funds		2.21		2020			—				35,000
Korea Energy Agency		Development of power resources		3yr KTB rate-2.25		2023~2025			—				4,350
		Facility		3yr KTB rate-2.25		2020~2024			—				2,058
		Project loans		—		2023			—				1,197
		Others		KTB rate-2.25		2024~2028			—				15,696
Shinhan Bank		Facility		CB rate+1.10		2028			—				18,698
		Others		3.95		2035			—				99,146
		Others		Standard overdraft rate+1.00		2035			—				99,146
Kookmin Bank		Facility		3.16		2020			—				10,000
		Facility		MOR+0.79		2023			—				23,333
Others		Facility		1.75~6.80		2026~2036			—				390,044
		Facility		CB rate+1.10~1.60 Standard overdraft rate+2.45		2023~2036			—				111,834
		PF Refinancing		4.10		2030			—				29,159
		Others		4.50~7.90		2022~2039			—				102,348
													2,283,166
Foreign long-term borrowings
Korea Energy Agency		Project loans		—		2021~2023			USD 8,744				10,123
Export-Import Bank of Korea and others		Direct loan and others		1M Libor+1.80~3.20		2036			USD 101,912				117,994
		Direct loan and others		3M Libor+2.75~3.70		2027			JOD 146,380				239,039
		PF Loan		6M Libor+2.50~2.70		2032			USD 118,684				137,412
		Others		3.88		2021			USD 289,709				334,685
SCNT and others		Shareholder’s loan		6.50~8.00		2023			USD 13,000				15,051
		Shareholder’s loan		8.00		2031			JOD 4,853				7,925
Samsung Life Insurance and others		Syndicated Loan			3.10				2032				JPY 4,981,038			￦	52,972
Woori Bank and others		Syndicated Loan			JPY 6M Libor+2.00				2032				JPY 3,213,121				34,171
IFC and others		Others			6M Libor+5.00				2031				PKR 37,252,930				278,652
Federal Financing Bank and others		PF Loan			2.39~13.00				2031~2038				USD 101,380				117,377
Others		Others			—				—				USD 57				64
																	1,345,465
																	3,628,631
Less : Discount on long-term borrowings																	(22,309	)
Less : Current portion of long-term borrowings																	(217,579	)
Add : Current portion of discount on long-term borrowings																	1,000
																￦	3,389,743

2020
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
				In millions of won and thousands of foreign currencies
Local long-term borrowings
Korea Development Bank		Others		0.50		2021~2044			—			￦	2,946
		Facility		2.50~4.60		2021~2028			—				50,293
		Operating funds		2.33		2022			—				20,000
		Operating funds		1yr KoFC bond rate + 0.81~0.95		2022~2023			—				24,300
Hana Bank		Commercial Paper		3M CD+0.13~0.32		2021~2024			—				1,150,000
		Facility		4.60		2028			—				11,088
		Facility		3yr KTB rate-1.25 Standard overdraft rate+1.50~2.45		2021~2035			—				43,419
IBK		PF Refinancing		CD+1.25		2030			—				9,543
Export-Import Bank of Korea		Project loans		1.50		2026			—				16,204
		Facility		1.32		2028			—				32,000
		Operating funds		1.78		2023			—				15,700
Korea Energy Agency		Development of power resources		3yr KTB rate-2.25		2023~2025			—				2,509
		Facility		3yr KTB rate-2.25		2021~2024			—				1,527
		Project loans		—		2023			—				1,197
		Others		KTB rate-2.25		2024~2028			—				14,045
Shinhan Bank		Facility		CB rate+1.10		2028			—			￦	16,632
		Others		3.95		2034			—				89,257
		Others		Standard overdraft rate+1.00		2034			—				89,257
Kookmin Bank		Facility		MOR+0.79 3M CD+1.79		2021~2031			—				46,512
Others		Facility		1.75~6.80		2026~2037			—				510,262
		Facility		CB rate+1.10~1.20 3M CD+1.60 Standard overdraft rate+1.50~2.45		2023~2037			—				89,506
		PF Refinancing		4.10		2030			—				26,509
		Others		3.90~7.90		2023~2039			—				222,356
													2,485,062
Foreign long-term borrowings
Korea Energy Agency		Project loans		—		2021~2023			USD 8,744				9,513
Export-Import Bank of Korea and others		Direct loan and others		1M Libor+1.80~3.20		2036			USD 96,014				104,463
		Direct loan and others		3M LIBOR+2.75~3.70		2027			JOD 132,228				202,912
		PF Loan		6M LIBOR+1.70~2.50		2032			USD 111,225				121,013
		Others		3.88		2021			USD 289,509				314,986
POSCO and others		Shareholder’s loan		8.00		2023			USD 14,061				15,298
		Shareholder’s loan		8.00		2031			JOD 4,853				7,447
Samsung Life Insurance and others		Syndicated Loan		3.10		2032			JPY 4,682,816				49,369
Woori Bank and others		Syndicated Loan		JPY 6M Libor+2.00		2032			JPY 3,020,746				31,847
IFC and others		Others		6M Libor+5.00		2031			USD 224,115				243,837
Federal Financing Bank and others		PF Loan		2.39~6.00		2031~2038			USD 97,347				105,913
Others		Others		—		—			USD 4,798				5,220
													1,211,818
													3,696,880
Less: Discount on long-term borrowings													(16,622	)
Less: Current portion of long-term borrowings													(677,982	)
Add: Current portion of discount on long-term borrowings													1,723
												￦	3,003,999

Local debt securities

Local debt securities as of December 31, 2019 and 2020 are as follows:

		Issue date				Maturity				Interest rate (%)				2019				2020
		In millions of won
Electricity Bonds			2011.05.06~ 2020.11.04				2021.02.08~ 2049.10.24			1.02~4.58		￦			28,450,000				27,810,000
Corporate Bonds(*)			2009.10.16~ 2020.12.22				2021.01.11~ 2050.12.22			1.00~6.00					24,463,577				26,463,577
															52,913,577				54,273,577
Less : Discount on local debt securities															(42,274	)			(46,730	)
Less : Current portion of local debt securities															(6,340,000	)			(7,243,217	)
Add : Current portion of discount on local debt securities															1,409				2,108
												￦			46,532,712				46,985,738

(*) Among the corporate bonds, each holder of Hee mang sunlight Power Co., Ltd.’s private equity bonds, amounting to ￦2,697 million, may exercise the right of early redemption on the 5th year (March 31, 2021) from the date of issuance of the bond and every year on March 31 thereafter, until the year before the redemption date.

Foreign debt securities

Foreign debt securities as of December 31, 2019 and 2020 are as follows:

		2019
Type		Issue date				Maturity				Interest rate (%)		Foreign currency								Local currency
		In millions of won and thousands of foreign currencies
FY-96			1996.04.01~ 1996.12.06				2026.12.01~ 2096.04.01			6.00~7.95			USD 249,074			￦					288,379
FY-97			1997.01.31~ 1997.08.04				2027.02.01~ 2027.08.01			6.75~7.00			USD 314,717								364,379
FY-04			2004.04.23				2034.04.23			5.13			USD 286,920								332,196
FY-11			2011.07.13				2021.07.13			4.75			USD 500,000								578,900
FY-12			2012.09.19				2022.09.19			3.00			USD 750,000								868,350
FY-13			2013.09.25				2020.09.25			5.75			AUD 325,000								263,361
FY-14			2014.07.30~ 2014.12.02				2020.06.02~ 2029.07.30			2.50~3.57			USD 600,000								694,680
FY-15			2015.06.15				2025.06.15			3.25			USD 300,000								347,340
FY-16			2016.01.21				2021.07.21			2.50			USD 300,000								347,340
FY-17			2017.04.12~ 2017.07.25				2020.04.12~ 2027.07.25			2.38~3.13			USD 1,100,000								1,273,580
FY-17			2017.10.30				2037.10.30			1.70			EUR 40,000								51,897
FY-17			2017.11.16				2037.11.16			2.36			SEK 450,000								55,737
FY-18			2018.01.29~ 2018.07.25				2021.01.29~ 2023.07.25			3.00~3.88			USD 1,800,000								2,084,040
FY-18			2018.03.13				2028.03.13			3.35			HKD 1,650,000								245,289
FY-19			2019.01.22~ 2019.06.24				2022.01.22~ 2024.06.24			2.50~3.38			USD 800,000								926,240
FY-19			2019.02.27				2024.02.27			0.13			CHF 200,000			￦					239,104
FY-19			2019.07.19				2024.07.19~ 2027.07.19			0.00~0.05			CHF 300,000								358,656
FY-19			2019.07.22				2022.07.22			2.38			USD 300,000								347,340
FY-19			2019.10.30				2024.10.30			3M BBSW+0.97			AUD 300,000								243,102
FY-19			2019.12.19				2037.12.31			3.30~5.70			USD 378,460								438,181
																					10,348,091
Less : Discount on foreign debt securities																					(49,426	)
Add : Premium on foreign debt securities																					1,696
Less : Current portion of foreign debt securities																					(1,205,485	)
Add : Current portion of discount on foreign debt securities																					1,371
																￦					9,096,247

		2020
Type		Issue date				Maturity				Interest rate (%)		Foreign currency								Local currency
		In millions of won and thousands of foreign currencies
FY-96			1996.04.01~ 1996.12.06				2026.12.01~ 2096.04.01			6.00~7.95			USD 278,701			￦					303,227
FY-97			1997.01.31~ 1997.08.04				2027.02.01~ 2027.08.01			6.75~7.00			USD 314,717								342,412
FY-04			2004.04.23				2034.04.23			5.13			USD 286,920								312,169
FY-11			2011.07.13				2021.07.13			4.75			USD 500,000								544,000
FY-12			2012.09.19				2022.09.19			3.00			USD 750,000								816,000
FY-14			2014.07.30				2029.07.30			3.57			USD 100,000								108,800
FY-15			2015.06.15				2025.06.15			3.25			USD 300,000								326,400
FY-16			2016.01.21				2021.07.21			2.50			USD 300,000								326,400
FY-17			2017.06.19~ 2017.07.25				2022.06.19~ 2027.07.25			2.63~3.13			USD 800,000								870,400
FY-17			2017.10.30				2037.10.30			1.70			EUR 40,000								53,530
FY-17			2017.11.16				2037.11.16			2.36			SEK 450,000								59,747
FY-18			2018.01.29~ 2018.07.25				2021.01.29~ 2023.07.25			3.00~3.88			USD 1,800,000								1,958,400
FY-18			2018.03.13				2028.03.13			3.35			HKD 1,650,000								231,578
FY-19			2019.01.22~ 2019.06.24				2022.01.22~ 2024.06.24			2.50~3.38			USD 800,000								870,400
FY-19			2019.02.27				2024.02.27			0.13			CHF 200,000								246,866
FY-19			2019.07.19				2024.07.19~ 2027.07.19			0.00~0.05			CHF 300,000								370,299
FY-19			2019.07.22				2022.07.22			2.38			USD 300,000								326,400
FY-19			2019.10.30				2024.10.30			3M BBSW+0.97			AUD 300,000			￦					250,968
FY-19			2019.12.19				2037.12.31			3.30~5.70			USD 387,098								421,163
FY-20			2020.02.03				2025.02.03			2.13			USD 300,000								326,400
FY-20			2020.06.15				2025.06.15			1.13			USD 500,000								544,000
FY-20			2020.05.06				2025.05.06			1.75			USD 500,000								544,000
FY-20			2020.08.03				2026.02.03			0.61			USD 300,000								326,399
																					10,479,958
Less : Discount on foreign debt securities																					(100,770	)
Add : Premium on foreign debt securities																					1,366
Less : Current portion of foreign debt securities																					(1,322,084	)
Add : Current portion of discount on foreign debt securities																					1,569
																￦					9,060,039

Changes in borrowings and debt securities

Changes in borrowings and debt securities for the years ended December 31, 2019 and 2020 are as follows:

						2019				2020
						In millions of won
Beginning balance		￦					61,034,627				67,876,541
Cash flow							6,342,074				2,538,787
Effect of exchange rate fluctuations							494,414				(640,304	)
Increase from the business combination							2,900				—
Others							2,526				(50,443	)
Ending balance		￦					67,876,541				69,724,581

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