Construction Services Contracts

12 Months Ended

Dec. 31, 2021

Construction Services Contracts [Abstract]

Construction Services Contracts [Text Block]

20.	Construction Contracts

(1)	Changes in total contract amount in which revenue is not yet recognized for the years ended December 31, 2019, 2020 and 2021 are as follows:


		2019
		Beginning balance		Increase (decrease)(*)		Recognized as revenue			Ending balance
		In millions of won
Nuclear power plant construction in UAE and others	￦		3,620,788		379,269		(1,264,916	)		2,735,141

(*)

For the year ended December 31, 2019, the increased balance of contracts from new orders is ￦390,224 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦10,955 million.


		2020
		Beginning balance		Increase (decrease)(*)		Recognized as revenue			Ending balance
		In millions of won
Nuclear power plant construction in UAE and others	￦		2,735,141		1,229,759		(812,175	)		3,152,725

(*)

For the year ended December 31, 2020, the increased balance of contracts from new orders is ￦1,512,460 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦282,701 million.


		2021
		Beginning balance		Increase (decrease)(*)		Recognized as revenue			Ending balance
		In millions of won
Nuclear power plant construction in UAE and others	￦		3,152,725		386,208		(754,998	)		2,783,935

(*)

For the year ended December 31, 2021, the increased balance of contracts from new orders is ￦458,635 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦72,427 million.

(2)	Accumulated earned revenue, expense and others related to the Company’s construction contracts in progress as of December 31, 2020 and 2021 are as follows:


		2020
		Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
		In millions of won
Nuclear power plant construction in UAE and others	￦		21,460,431		20,242,735		1,217,696		97,348


		2021
		Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
		In millions of won
Nuclear power plant construction in UAE and others	￦		22,051,129		20,967,097		1,084,032		23,238

(3)	Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of December 31, 2020 and 2021 are as follows:


		2020				2021
		Contract assets(*1)		Contract liabilities(*2)		Contract assets(*1)		Contract liabilities(*2)
		In millions of won
Nuclear power plant construction in UAE and others	￦		79,662		88,126		82,306		5,330

(*1)

Included in trade and other receivables, net, in the consolidated statements of financial position. The balance of trade receivables from construction contracts are ￦39,063 million and ￦57,639 million, as of December 31, 2020 and 2021, respectively.

(*2)

Included in

non-financial

liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2021 from the amounts included in contract liabilties at the end of the prior year is ￦87,934 million.

Revenue recognized for the year ended December 31, 2021 from performance obligations satisfied in previous periods is

(-) ￦6,480 million.