Borrowings and Debt Securities

12 Months Ended

Dec. 31, 2021

Disclosure of detailed information about borrowings [abstract]

23.	Borrowings and Debt Securities

(1)	Borrowings and debt securities as of December 31, 2020 and 2021 are as follows:


		2020			2021
		In millions of won
Current liabilities
Short-term borrowings	￦		1,436,922			2,920,563
Current portion of long-term borrowings			677,982			1,463,703
Current portion of debt securities			8,565,301			9,652,986
Less : Current portion of discount on long-term borrowings			(1,723	)		(2,048	)
Less : Current portion of discount on debt securities			(3,677	)		(5,370	)

			10,674,805			14,029,834

Non-current liabilities
Long-term borrowings			3,018,898			2,278,481
Debt securities			56,188,234			64,385,784
Less : Discount on long-term borrowings			(14,899	)		(12,857	)
Less : Discount on debt securities			(143,823	)		(152,760	)
Add: Premium on debt securities			1,366			1,031

			59,049,776			66,499,679

	￦		69,724,581			80,529,513

(2)	Repayment schedule of borrowings and debt securities as of December 31, 2020 and 2021 are as follows:


		2020
		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


		2021
		Borrowings		Debt Securities
		In millions of won
Less than 1 year	￦		4,384,266		9,652,986
1~ 5 years			1,013,500		34,156,038
Over 5 years			1,264,981		30,229,746

	￦		6,662,747		74,038,770

(3)	Short-term borrowings as of December 31, 2020 and 2021 are as follows:

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

2021

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

1.96~4.60

2022.01.07 ~
2022.12.31

—

￦

2,030,886

Electronic short-term bonds

BNK Securities and others

1.35~1.77

2022.01.21 ~
2022.02.08

—

100,000

Foreign short-term borrowings

Shinhan Bank and others

0.34~0.45

2022.01.04 ~
2022.03.30

USD 157,533

186,755

Foreign short-term borrowings

Korea Development Bank and others

1M Libor + 1.25

2022.04.29

USD 173,042

205,142

Foreign short-term borrowings

Shinhan Bank and others

0.57~0.80

2022.06.17 ~
2022.08.31

USD 78,319

92,847

Foreign short-term borrowings

Credit Agricole and others

0.04

2022.06.28

EUR 72,199

96,915

Local bank overdraft

Korea Development Bank and others

1.73~2.25

2022.01.07 ~
2022.02.26

—

208,018

￦

2,920,563

(*)

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

(4)	Long-term borrowings as of December 31, 2020 and 2021 are as follows:


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 Loans	3.10		2032		JPY 4,682,816		49,369
Woori Bank and others	Syndicated Loans	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 Loans	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


2021
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		2023~2044		—	￦	2,509
	Facility	2.50~4.60		2022~2028		—		39,430
	Operating funds	2.33		2022		—		20,000
	Operating funds	1yr KoFC bond rate +0.81~0.95		2022~2023		—		64,300
Hana Bank	Commercial Paper	3M CD+0.13~0.43		2022~2025		—		1,050,000
	Facility	4.60		2028		—		9,647
	Facility	3yr KTB rate-1.25		2022~2028		—		4,485
IBK	PF Refinancing	CD+1.25		2030		—		8,589
Export-Import Bank of Korea	Project loans	1.50		2026		—		13,258
	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		—		8,971
	Facility	3yr KTB rate-2.25		2022~2024		—		995
	Project loans	—		2023		—		1,197
	Others	1.75		2028		—		4,893
Shinhan Bank and others	Facility	CB rate+1.10		2028		—		14,470
	Commercial paper	3M CD+0.38		2025		—		150,000
	Others	3.95		2034		—		84,179
	Others	Standard overdraft rate+1.00		2034		—		84,179
Kookmin Bank	Facility	MOR+0.79 3M CD+1.79		2022~2031		—		59,333
Others	Facility	2.80~6.80		2024~2039		—		620,185
	Facility	CB rate+0.90~1.10 3M CD+1.60 3.37		2028~2037		—		171,733
	PF Refinancing	3.80~5.00		2030~2034		—		71,742
	PF Refinancing	1.75		2029		—		22,265
	Others	4.40~7.90		2022~2038		—		116,367
	Others	1.80~4.50		2031~2034		—		49,928

								2,720,355

Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026		USD 8,744		10,366
Export-Import Bank of Korea and others	Direct loan and others	1M Libor+1.80~3.20		2036		USD 89,823		106,485
	Direct loan and others	3M Libor+2.75~3.70		2027		JOD 107,868		180,363
	PF Loan	6M Libor+1.70~2.50		2032		USD 103,340		122,509
POSCO and others	Shareholder’s loan	8.00		2025		USD 11,953		14,171
	Shareholder’s loan	8.00		2031		JOD 4,853		8,114
Samsung Life Insurance and others	Syndicated Loans	3.10~8.00		2032		JPY 5,144,387		53,000
Woori Bank and others	Syndicated Loans	JPY 6M Libor+2.00		2032		JPY 2,820,708		29,060
KiwoomSolar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029		EUR 36,311		48,741
IFC and others	Others	6M Libor+5.00		2031		USD 230,018		272,686
Federal Financing Bank and others	PF Loans	2.39~6.00		2031~2038		USD 94,135		111,597
Others	Others	—		—		USD 54,607		64,737

								1,021,829

								3,742,184
Less: Discount on long-term borrowings								(14,905	)
Less: Current portion of long-term borrowings								(1,463,703	)
Add: Current portion of discount on long-term borrowings								2,048

							￦	2,265,624

(5)	Local debt securities as of December 31, 2020 and 2021 are as follows:


	Issue date		Maturity		Interest rate (%)		2020			2021

	In millions of won

Electricity Bonds		2012.01.15~ 2021.12.23		2022.01.05~ 2049.10.24	1.02~4.20	￦		27,810,000			34,080,000
Corporate Bonds(*)		2009.10.16~ 2021.11.22		2022.01.19~ 2051.11.22	0.86~6.00			26,463,577			28,194,472

								54,273,577			62,274,472
Less: Discount on local debt securities								(46,730	)		(52,723	)
Less: Current portion of local debt securities								(7,243,217	)		(7,432,647	)
Add: Current portion of discount on local debt securities								2,108			2,510

						￦		46,985,738			54,791,612

(*)

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 early redemption

rights

on the 5th year (March 31, 2021) from the date of issuance of the

bonds

and every year on March 31 thereafter, until the year before the redemption date.

(6)	Foreign debt securities as of December 31, 2020 and 2021 are as follows:


	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


	2021
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	￦		330,400
FY-97		1997.01.31~ 1997.08.04		2027.02.01~ 2027.08.01	6.75~7.00		USD 314,717			373,097
FY-04		2004.04.23		2034.04.23	5.13		USD 286,920			340,144
FY-12		2012.09.19		2022.09.19	3.00		USD 750,000			889,125
FY-14		2014.07.30		2029.07.30	3.57		USD 100,000			118,550
FY-15		2015.06.15		2025.06.15	3.25		USD 300,000			355,650
FY-17		2017.06.19~ 2017.07.25		2022.06.19~ 2027.07.25	2.63~3.13		USD 800,000			948,400
FY-17		2017.10.30		2037.10.30	1.70		EUR 40,000			53,694
FY-17		2017.11.16		2037.11.16	2.36		SEK 450,000			58,968
FY-18		2018.03.13		2028.03.13	3.35		HKD 1,650,000			250,850
FY-18		2018.06.07~ 2018.07.25		2023.06.07~ 2023.07.25	3.75~3.88		USD 1,400,000			1,659,700
FY-19		2019.01.22~ 2019.06.24		2022.01.22~ 2024.06.24	2.50~3.38		USD 800,000			948,400
FY-19		2019.02.27		2024.02.27	0.13		CHF 200,000			259,494
FY-19		2019.07.19		2024.07.19~ 2027.07.19	0.00~0.05		CHF 300,000			389,241
FY-19		2019.07.22		2022.07.22	2.38		USD 300,000			355,650
FY-19		2019.10.30		2024.10.30	3M BBSW+0.97		AUD 300,000			257,667
FY-19		2019.12.19		2037.12.31	3.30~5.70		USD 371,947			440,943
FY-20		2020.02.03		2025.02.03	2.13		USD 300,000			355,650
FY-20		2020.05.06		2025.05.06	1.75		USD 500,000			592,750
FY-20		2020.06.15		2025.06.15	1.13		USD 500,000			592,750
FY-20		2020.08.03		2026.02.03	0.61		USD 300,000			355,650
FY-21		2021.01.27		2026.01.27	0.75		USD 450,000			533,475
FY-21		2021.04.27		2026.04.27	1.25		USD 500,000			592,750
FY-21		2021.08.09		2026.08.09	1.25		USD 300,000			355,650
FY-21		2021.09.24		2026.09.24	1.13		USD 300,000			355,650

										11,764,298
Less: Discount on foreign debt securities										(105,407	)
Add: Premium on foreign debt securities										1,031
Less: Current portion of foreign debt securities										(2,220,339	)
Add: Current portion of discount on foreign debt securities										2,860

								￦		9,442,443

(7)	Changes in borrowings and debt securities for the years ended December 31, 2020 and 2021 are as follows:


		2020			2021

		In millions of won
Beginning balance	￦		67,876,541			69,724,581
Cash flow			2,538,787			9,653,394
Effect of exchange rate fluctuations			(640,304	)		1,001,493
Others			(50,443	)		150,045

Ending balance	￦		69,724,581			80,529,513