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Trade and Other Receivables | 12 Months Ended
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Dec. 31, 2021
Trade and other receivables [abstract] |
Trade and Other Receivables |
8. | Trade and Other Receivables
(1) | Trade and other receivables as of December 31, 2020 and 2021 are as follows:
|  |  |  |  | 2020 |
|  |  |  |  | Gross amount |  |  | Allowance for doubtful accounts |  |  | Present value discount |  |  | Book value |
|  |  |  |  | In millions of won |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  | ￦ |  |  |  |  | 7,370,923 |  |  |  | (208,184 | ) |  |  | — |  |  |  | 7,162,739 |
Other receivables |  |  |  |  |  |  | 799,598 |  |  |  | (42,332 | ) |  |  | (1,535 | ) |  |  | 755,731 |
|  |  |  |  |  |  | 8,170,521 |  |  |  | (250,516 | ) |  |  | (1,535 | ) |  |  | 7,918,470 |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  |  |  |  |  | 227,261 |  |  |  | (806 | ) |  |  | — |  |  |  | 226,455 |
Other receivables |  |  |  |  |  |  | 1,728,486 |  |  |  | (90,047 | ) |  |  | (3,325 | ) |  |  | 1,635,114 |
|  |  |  |  |  |  | 1,955,747 |  |  |  | (90,853 | ) |  |  | (3,325 | ) |  |  | 1,861,569 |
|  | ￦ |  |  |  |  | 10,126,268 |  |  |  | (341,369 | ) |  |  | (4,860 | ) |  |  | 9,780,039 |
|  |  |  |  | 2021 |
|  |  |  |  | Gross amount |  |  | Allowance for doubtful accounts |  |  | Present value discount |  |  | Book value |
|  |  |  |  | In millions of won |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  | ￦ |  |  |  |  | 7,743,735 |  |  |  | (203,838 | ) |  |  | — |  |  |  | 7,539,897 |
Other receivables |  |  |  |  |  |  | 602,113 |  |  |  | (18,555 | ) |  |  | (1,040 | ) |  |  | 582,518 |
|  |  |  |  |  |  | 8,345,848 |  |  |  | (222,393 | ) |  |  | (1,040 | ) |  |  | 8,122,415 |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables |  |  |  |  |  |  | 185,512 |  |  |  | (1,501 | ) |  |  | — |  |  |  | 184,011 |
Other receivables |  |  |  |  |  |  | 1,792,895 |  |  |  | (64,155 | ) |  |  | (5,890 | ) |  |  | 1,722,850 |
|  |  |  |  |  |  | 1,978,407 |  |  |  | (65,656 | ) |  |  | (5,890 | ) |  |  | 1,906,861 |
|  | ￦ |  |  |  |  | 10,324,255 |  |  |  | (288,049 | ) |  |  | (6,930 | ) |  |  | 10,029,276 |
(2) | Other receivables as of December 31, 2020 and 2021 are as follows:
|  |  |  |  | 2020 |
|  |  |  |  | Gross amount |  |  | Allowance for doubtful accounts |  |  | Present value discount |  |  | Book value |
|  |  |  |  | In millions of won |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-trade receivables |  | ￦ |  |  |  |  | 441,031 |  |  |  | (37,062 | ) |  |  | — |  |  |  | 403,969 |
Accrued income |  |  |  |  |  |  | 38,956 |  |  |  | — |  |  |  | — |  |  |  | 38,956 |
Deposits |  |  |  |  |  |  | 239,011 |  |  |  | — |  |  |  | (1,535 | ) |  |  | 237,476 |
Finance lease receivables(*1) |  |  |  |  |  |  | 57,084 |  |  |  | (365 | ) |  |  | — |  |  |  | 56,719 |
Others |  |  |  |  |  |  | 23,516 |  |  |  | (4,905 | ) |  |  | — |  |  |  | 18,611 |
|  |  |  |  |  |  | 799,598 |  |  |  | (42,332 | ) |  |  | (1,535 | ) |  |  | 755,731 |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-trade receivables |  |  |  |  |  |  | 215,136 |  |  |  | (80,451 | ) |  |  | — |  |  |  | 134,685 |
Accrued income |  |  |  |  |  |  | 834 |  |  |  | — |  |  |  | — |  |  |  | 834 |
Deposits |  |  |  |  |  |  | 364,855 |  |  |  | — |  |  |  | (3,325 | ) |  |  | 361,530 |
Finance lease receivables(*2) |  |  |  |  |  |  | 1,065,982 |  |  |  | (625 | ) |  |  | — |  |  |  | 1,065,357 |
Others |  |  |  |  |  |  | 81,679 |  |  |  | (8,971 | ) |  |  | — |  |  |  | 72,708 |
|  |  |  |  |  |  | 1,728,486 |  |  |  | (90,047 | ) |  |  | (3,325 | ) |  |  | 1,635,114 |
|  | ￦ |  |  |  |  | 2,528,084 |  |  |  | (132,379 | ) |  |  | (4,860 | ) |  |  | 2,390,845 |
(*1)  Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦105,127 million. (*2)  Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦1,087,559 million. |
|  |  |  |  | 2021 |
|  |  |  |  | Gross amount |  |  | Allowance for doubtful accounts |  |  | Present value discount |  |  | Book value |
|  |  |  |  | In millions of won |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-trade receivables |  | ￦ |  |  |  |  | 232,172 |  |  |  | (17,084 | ) |  |  | (9 | ) |  |  | 215,079 |
Accrued income |  |  |  |  |  |  | 57,300 |  |  |  | — |  |  |  | — |  |  |  | 57,300 |
Deposits |  |  |  |  |  |  | 212,666 |  |  |  | — |  |  |  | (1,031 | ) |  |  | 211,635 |
Finance lease receivables(*1) |  |  |  |  |  |  | 60,613 |  |  |  | (178 | ) |  |  | — |  |  |  | 60,435 |
Others |  |  |  |  |  |  | 39,362 |  |  |  | (1,293 | ) |  |  | — |  |  |  | 38,069 |
|  |  |  |  |  |  | 602,113 |  |  |  | (18,555 | ) |  |  | (1,040 | ) |  |  | 582,518 |
Non-current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-trade receivables |  |  |  |  |  |  | 123,537 |  |  |  | (56,407 | ) |  |  | (281 | ) |  |  | 66,849 |
Accrued income |  |  |  |  |  |  | 1,828 |  |  |  | — |  |  |  | — |  |  |  | 1,828 |
Deposits |  |  |  |  |  |  | 441,393 |  |  |  | — |  |  |  | (5,609 | ) |  |  | 435,784 |
Finance lease receivables(*2) |  |  |  |  |  |  | 1,140,080 |  |  |  | (590 | ) |  |  | — |  |  |  | 1,139,490 |
Others |  |  |  |  |  |  | 86,057 |  |  |  | (7,158 | ) |  |  | — |  |  |  | 78,899 |
|  |  |  |  |  |  | 1,792,895 |  |  |  | (64,155 | ) |  |  | (5,890 | ) |  |  | 1,722,850 |
|  | ￦ |  |  |  |  | 2,395,008 |  |  |  | (82,710 | ) |  |  | (6,930 | ) |  |  | 2,305,368 |
| (*1) | Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦111,915 million.
| (*2) | Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦1,082,712 million.
(3) | Trade and other receivables are classified as financial assets at amortized cost and are measured using the effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However once trade receivables are overdue, the Company imposes a monthly interest rate of 1.5% on the overdue trade receivables. The Company holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers with delinquent payments.
(4) | Aging analysis of trade receivables as of December 31, 2020 and 2021 are as follows:
|  |  |  |  | 2020 |  |  | 2021 |
|  |  |  |  | In millions of won |
Trade receivables: (not overdue) |  | ￦ |  |  |  |  | 7,274,773 |  |  |  | 7,603,472 |
Trade receivables: (impairment reviewed) |  |  |  |  |  |  | 323,411 |  |  |  | 325,775 |
Less than 60 days |  |  |  |  |  |  | 3,505 |  |  |  | 11,577 |
60 ~ 90 days |  |  |  |  |  |  | 28,729 |  |  |  | 27,201 |
90 ~ 120 days |  |  |  |  |  |  | 10,687 |  |  |  | 28,230 |
120 days ~ 1 year |  |  |  |  |  |  | 34,036 |  |  |  | 51,945 |
Over 1 year |  |  |  |  |  |  | 246,454 |  |  |  | 206,822 |
|  |  |  |  |  |  | 7,598,184 |  |  |  | 7,929,247 |
Less: allowance for doubtful accounts |  |  |  |  |  |  | (208,990 | ) |  |  | (205,339 | )
|  | ￦ |  |  |  |  | 7,389,194 |  |  |  | 7,723,908 |
At the end of each reporting period, the Company assesses whether the credit to trade receivables is impaired. The Company recognizes loss allowances for trade receivables individually when there is any objective evidence that trade receivables are impaired and significant and classifies the trade receivables that are not individually assessed as the trade receivables subject to be assessed on a collective basis. Also, the Company recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.
(5) | Aging analysis of other receivables as of December 31, 2020 and 2021 are as follows:
|  |  |  |  | 2020 |  |  | 2021 |
|  |  |  |  | In millions of won |
Other receivables: (not overdue) |  | ￦ |  |  |  |  | 2,363,967 |  |  |  | 2,251,474 |
Other receivables: (impairment reviewed) |  |  |  |  |  |  | 164,117 |  |  |  | 143,534 |
Less than 60 days |  |  |  |  |  |  | 46,399 |  |  |  | 87 |
60 ~ 90 days |  |  |  |  |  |  | 31,183 |  |  |  | 4,881 |
90 ~ 120 days |  |  |  |  |  |  | 1,873 |  |  |  | 1,248 |
120 days ~ 1 year |  |  |  |  |  |  | 11,803 |  |  |  | 11,438 |
Over 1 year |  |  |  |  |  |  | 72,859 |  |  |  | 125,880 |
|  |  |  |  |  |  | 2,528,084 |  |  |  | 2,395,008 |
Less: allowance for doubtful accounts |  |  |  |  |  |  | (132,379 | ) |  |  | (82,710 | )
Less: present value discount |  |  |  |  |  |  | (4,860 | ) |  |  | (6,930 | )
|  | ￦ |  |  |  |  | 2,390,845 |  |  |  | 2,305,368 |
At the end of each reporting period, the Company assesses whether the credit to other receivables is impaired. The Company recognizes loss allowances for other receivables individually when there is any objective evidence that other receivables are impaired and significant, and classifies the other receivables that are not individually assessed as the other receivables subject to be assessed on a collective basis. Also, the Company recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.
(6) | Changes in the allowance for doubtful accounts for the years ended December 31, 2019, 2020 and 2021 are as follows:
|  |  |  |  | 2019 |  |  | 2020 |  |  | 2021 |
|  |  |  |  | Trade receivables |  |  | Other receivables |  |  | Trade receivables |  |  | Other receivables |  |  | Trade receivables |  |  | Other receivables |
|  |  |  |  | In millions of won |
Beginning balance |  | ￦ |  |  |  |  | 215,868 |  |  |  | 104,726 |  |  |  | 212,759 |  |  |  | 114,155 |  |  |  | 208,990 |  |  |  | 132,379 |
Bad debt expense |  |  |  |  |  |  | 29,221 |  |  |  | 19,206 |  |  |  | 24,021 |  |  |  | 27,329 |  |  |  | 19,039 |  |  |  | 18,411 |
Write-off |  |  |  |  |  |  | (10,106 | ) |  |  | (1,146 | ) |  |  | (20,332 | ) |  |  | (1,910 | ) |  |  | (21,809 | ) |  |  | (58,762 | )
Reversal |  |  |  |  |  |  | (41,940 | ) |  |  | — |  |  |  | (3,373 | ) |  |  | (2,464 | ) |  |  | (1,071 | ) |  |  | (79 | )
Others |  |  |  |  |  |  | 19,716 |  |  |  | (8,631 | ) |  |  | (4,085 | ) |  |  | (4,731 | ) |  |  | 190 |  |  |  | (9,239 | )
Ending balance |  | ￦ |  |  |  |  | 212,759 |  |  |  | 114,155 |  |  |  | 208,990 |  |  |  | 132,379 |  |  |  | 205,339 |  |  |  | 82,710 |

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- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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- References No definition available. + Details
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