XML 82 R70.htm IDEA: XBRL DOCUMENT

Derivatives (Tables)

12 Months Ended

Dec. 31, 2021

(1)	Derivatives as of December 31, 2020 and 2021 are as follows:


		2020				2021
		Current		Non-current		Current		Non-current
		In millions of won
Derivative assets
Currency forward	￦		18,332		—		559		6,899
Currency swap			11,193		127,386		125,877		506,957
—Trading			—		82,931		92,313		335,765
—Hedging			11,193		44,455		33,564		171,192
Interest rate swap			—		9,502		502		6,980
—Trading			—		9,502		502		6,980
—Hedging			—		—		—		—
Others			—		—		—		9

	￦		29,525		136,888		126,938		520,845

Derivative liabilities
Currency forward	￦		10,014		4,977		301		—
Currency swap			36,088		232,669		4,446		16,708
—Trading			—		93,245		4,446		15,576
—Hedging			36,088		139,424		—		1,132
Interest rate swap			3,782		66,451		2,544		28,138
—Trading			2,192		22,687		174		2,829
—Hedging			1,590		43,764		2,370		25,309
Others (*1,2,3)			—		11,138		—		25,894

	￦		49,884		315,235		7,291		70,740

(*1)

The Company has an obligation to settle the convertible preferred stock to financial investors pursuant to the settlement contract with Samcheok Eco Materials Co., Ltd. and the fair value of the obligation is recorded in ‘Others’.

(*2)

The Company has granted stock option to Chester Solar IV SpA, a joint venture of the Company, and 4 other third party investors, and recognized its fair value as other derivative liabilities.

(*3)

The Company has an obligation to purchase the shares of Hyundai Green Power Co., Ltd., an associate of the Company from financial investors, and the fair value of the obligation is recorded in ‘Others’.

Currency forward contracts which are not designated as hedge instruments

(2)	Currency forward contracts which are not designated as hedging instruments as of December 31, 2021 are as follows:


	Contract date		Maturity date		Contract amounts						Contract exchange rate (in won)
Counterparty	Contract date		Maturity date			Pay		Receive			Contract exchange rate (in won)
	In millions of won and thousands of USD except contract exchange rate information
Korea Development Bank		2021.09.27		2022.01.07	￦		59,049		USD 50,050	￦		1,179.80
Shinhan Bank		2021.12.13		2022.01.04			17,354		USD 14,720			1,178.95
Hana Bank		2021.12.24		2022.01.11			1,185		USD 1,000			1,185.35
Hana Bank		2021.12.30		2022.01.06			11,840		USD 10,004			1,183.53
Kookmin Bank		2021.12.23		2022.01.14			11,869		USD 10,000			1,186.92
Mizuho Bank		2021.12.27		2022.01.17			11,862		USD 10,000			1,186.20
Morgan Stanley		2021.12.24		2022.01.13			11,865		USD 10,000			1,186.50
Nonghyup Bank		2021.12.10		2022.01.03			11,746		USD 10,000			1,174.60
Nonghyup Bank		2021.12.30		2022.01.18			11,880		USD 10,000			1,188.00
Nonghyup Bank		2021.12.23		2022.01.12			5,921		USD 5,000			1,184.10
Standard Chartered		2021.12.24		2022.01.13			11,796		USD 10,000			1,179.62
Woori Bank		2021.12.16		2022.01.13			8,985		USD 7,590			1,183.90
Woori Bank		2021.12.29		2022.01.20			11,870		USD 10,000			1,187.00
JP Morgan		2021.12.23		2022.01.04			14,243		USD 12,000			1,186.88
JP Morgan		2021.12.23		2022.01.04			6,532		USD 5,500			1,187.68
HSBC		2021.12.30		2022.01.07			16,601		USD 14,000			1,185.77
JP Morgan		2021.12.30		2022.01.07			16,601		USD 14,000			1,185.82
Nonghyup Bank		2021.12.23		2022.01.10			11,871		USD 10,000			1,187.10
Standard Chartered		2021.12.23		2022.01.12			10,690		USD 9,000			1,187.80
Mizuho Bank		2021.12.29		2022.01.03			5,932		USD 5,000			1,186.40
JP Morgan		2021.12.29		2022.01.03			4,744		USD 4,000			1,186.00
HSBC		2021.12.29		2022.01.20			5,936		USD 5,000			1,187.14
HSBC		2021.12.30		2022.01.21			17,771		USD 15,000			1,184.70
MUFG		2021.12.30		2022.01.25			5,925		USD 5,000			1,184.90
HSBC		2020.10.19		2024.10.29			140,913		USD 125,000			1,127.30
HSBC		2021.11.30		2022.01.07			5,939		USD 5,000			1,187.70
HSBC		2021.11.30		2022.01.07			5,934		USD 5,000			1,186.70
HSBC		2021.11.30		2022.01.07			5,929		USD 5,000			1,185.70
Woori Bank		2021.12.01		2022.01.07			11,856		USD 10,000			1,185.55
Woori Bank		2021.12.29		2022.01.28			11,885		USD 10,000			1,188.50
MUFG		2021.12.29		2022.01.28			11,876		USD 10,000			1,187.55
Woori Bank		2021.12.30		2022.01.28			11,852		USD 10,000			1,185.20
Woori Bank		2021.12.23		2022.02.18			8,316		USD 7,000			1,188.00
HSBC		2021.12.29		2022.02.18			11,880		USD 10,000			1,188.00
Shinhan Bank		2021.12.24		2022.02.25			5,938		USD 5,000			1,187.50
Hana Bank		2021.12.24		2022.02.25			5,935		USD 5,000			1,186.99
Standard Chartered		2021.12.29		2022.02.25			11,885		USD 10,000			1,188.50
MUFG		2021.12.17		2022.03.18			259		USD 219			1,183.74

Currency swap contracts which are not designated as hedge instruments

(3)	Currency swap contracts which are not designated as hedging instruments as of December 31, 2021 are as follows:


	Contract year			Contract amount				Contract interest rate			Contract exchange rate (in won, USD)
Counterparty	Contract year			Pay		Receive		Pay	Receive		Contract exchange rate (in won, USD)
	In millions of won and thousands of foreign currencies except contract exchange rate information
Standard Chartered		2014~2029	￦		102,470		USD 100,000	3.14%	3.57%	￦		1,024.70
Societe Generale		2014~2024			105,017		USD 100,000	4.92%	5.13%			1,050.17
Hana Bank		2015~2024			107,970		USD 100,000	4.75%	5.13%			1,079.70
Credit Agricole		2015~2024			94,219		USD 86,920	4.85%	5.13%			1,083.97
Woori Bank		2019~2027			21,708		USD 19,417	5.04%	6.75%			1,118.00
Woori Bank		2019~2024			296,000		USD 250,000	1.21%	2.50%			1,184.00
Korea Development Bank		2019~2024			177,600		USD 150,000	1.24%	2.50%			1,184.00
Hana Bank		2019~2024			118,400		USD 100,000	1.24%	2.50%			1,184.00
Woori Bank		2020~2025			241,320		USD 200,000	0.54%	1.13%			1,206.60
Korea Development Bank		2020~2025			241,320		USD 200,000	0.54%	1.13%			1,206.60
Kookmin Bank		2020~2025			120,660		USD 100,000	0.54%	1.13%			1,206.60
Kookmin Bank		2020~2026			76,355		USD 70,445	5.83%	6.00%			1,083.90
Woori Bank		2021~2026			118,170		USD 100,000	1.11%	1.13%			1,181.70
Korea Development Bank		2021~2026			118,170		USD 100,000	1.11%	1.13%			1,181.70
Hana Bank		2021~2026			118,170		USD 100,000	1.11%	1.13%			1,181.70
Citibank		2012~2022			112,930		USD 100,000	2.79%	3.00%			1,129.30
JP Morgan		2012~2022			112,930		USD 100,000	2.79%	3.00%			1,129.30
Bank of America		2012~2022			112,930		USD 100,000	2.79%	3.00%			1,129.30
Shinhan Bank		2016~2022			112,930		USD 100,000	2.79%	3.00%			1,129.30
HSBC		2012~2022			111,770		USD 100,000	2.89%	3.00%			1,117.70
Hana Bank		2012~2022			111,770		USD 100,000	2.87%	3.00%			1,117.70
Standard Chartered		2012~2022			111,770		USD 100,000	2.89%	3.00%			1,117.70
Deutsche Bank		2012~2022			55,885		USD 50,000	2.79%	3.00%			1,117.70
Nomura		2015~2025			111,190		USD 100,000	2.60%	3.25%			1,111.90
Korea Development Bank		2015~2025			111,190		USD 100,000	2.62%	3.25%			1,111.90
Woori Bank		2015~2025			55,595		USD 50,000	2.62%	3.25%			1,111.90
Hana Bank		2015~2025			55,595		USD 50,000	2.62%	3.25%			1,111.90
Woori Bank		2017~2027			111,610		USD 100,000	2.25%	3.13%			1,116.10
Korea Development Bank		2017~2027			111,610		USD 100,000	2.31%	3.13%			1,116.10
Hana Bank		2017~2027			111,610		USD 100,000	2.31%	3.13%			1,116.10
Korea Development Bank		2018~2028			108,600		HKD 800,000	2.69%	3.35%			135.75
Shinhan Bank		2018~2028			115,387		HKD 850,000	2.66%	3.35%			135.75
Korea Development Bank		2018~2023			170,280		USD 150,000	2.15%	3.75%			1,135.20
Woori Bank		2018~2023			170,280		USD 150,000	2.18%	3.75%			1,135.20
Hana Bank		2018~2023			113,520		USD 100,000	2.17%	3.75%			1,135.20
Shinhan Bank		2018~2023			227,040		USD 200,000	2.17%	3.75%			1,135.20
Citibank		2019~2024			239,956		CHF 200,000	1.44%	0.00%			1,199.78
Korea Development Bank		2019~2027			119,978		CHF 100,000	1.43%	0.05%			1,199.78
Woori Bank		2021~2026			222,800		USD 200,000	0.93%	1.25%			1,114.00
Shinhan Bank		2021~2026			111,400		USD 100,000	0.92%	1.25%			1,114.00
Korea Development Bank		2021~2026			111,400		USD 100,000	0.93%	1.25%			1,114.00
Nonghyup Bank		2021~2026			111,400		USD 100,000	0.93%	1.25%			1,114.00
HSBC		2019~2024			USD 205,500		AUD 300,000	3M Libor + 0.78%	3M BBSW + 0.97%			USD 0.69

Currency swap contracts which are designated as hedge instruments

(4)	Currency swap contracts which are designated as hedging instruments as of December 31, 2021 are as follows:


Counterparty	Contract year			Contract amount				Contract interest rate			Contract exchange rate (in won)
Counterparty	Contract year			Pay		Receive		Pay	Receive		Contract exchange rate (in won)
	In millions of won and thousands of foreign currencies except contract exchange rate information
Kookmin Bank		2020~2025	￦		118,780		USD 100,000	1.29%	2.13%	￦		1,187.80
Shinhan Bank		2020~2025			118,780		USD 100,000	1.29%	2.13%			1,187.80
Hana Bank		2020~2025			118,780		USD 100,000	1.29%	2.13%			1,187.80
Korea Development Bank		2020~2026			118,910		USD 100,000	0.61%	1.00%			1,189.10
Hana Bank		2020~2026			118,910		USD 100,000	0.61%	1.00%			1,189.10
Woori Bank		2020~2026			118,910		USD 100,000	0.62%	1.00%			1,189.10
Nomura		2017~2037			52,457		EUR 40,000	2.60%	1.70%			1,311.42
Nomura		2017~2037			59,423		SEK 450,000	2.62%	2.36%			132.05
Korea Development Bank		2019~2022			112,650		USD 100,000	1.80%	3.38%			1,126.50
Kookmin Bank		2019~2022			112,650		USD 100,000	1.80%	3.38%			1,126.50
Woori Bank		2019~2022			112,650		USD 100,000	1.80%	3.38%			1,126.50
Kookmin Bank		2021~2026			114,230		USD 100,000	1.27%	1.25%			1,142.30
Korea Development Bank		2021~2026			114,230		USD 100,000	1.27%	1.25%			1,142.30
Hana Bank		2021~2026			114,230		USD 100,000	1.27%	1.25%			1,142.30
Korea Development Bank		2018~2023			320,880		USD 300,000	2.03%	3.75%			1,069.60
BNP Paribas		2019~2024			111,841		CHF 100,000	1.78%	0.13%			1,118.41
Kookmin Bank		2019~2024			111,841		CHF 100,000	1.78%	0.13%			1,118.41
Korea Development Bank		2019~2022			117,340		USD 100,000	1.06%	2.38%			1,173.40
Hana Bank		2019~2022			117,340		USD 100,000	1.06%	2.38%			1,173.40
Kookmin Bank		2019~2022			117,340		USD 100,000	1.06%	2.38%			1,173.40
Woori Bank		2021~2026			220,600		USD 200,000	0.47%	0.75%			1,103.00
Shinhan Bank		2021~2026			220,600		USD 200,000	0.47%	0.75%			1,103.00
Hana Bank		2021~2026			55,150		USD 50,000	0.48%	0.75%			1,103.00
Hana Bank		2017~2022			226,600		USD 200,000	1.94%	2.63%			1,133.00
Korea Development Bank		2017~2022			113,300		USD 100,000	1.94%	2.63%			1,133.00
Nomura		2017~2022			113,300		USD 100,000	1.95%	2.63%			1,133.00
Woori Bank		2017~2022			56,650		USD 50,000	1.95%	2.63%			1,133.00
Kookmin Bank		2017~2022			56,650		USD 50,000	1.95%	2.63%			1,133.00
Korea Development Bank		2018~2023			169,335		USD 150,000	2.26%	3.88%			1,128.90
Woori Bank		2018~2023			169,335		USD 150,000	2.26%	3.88%			1,128.90
Credit Agricole		2018~2023			112,890		USD 100,000	2.26%	3.88%			1,128.90
Hana Bank		2018~2023			56,445		USD 50,000	2.26%	3.88%			1,128.90
Kookmin Bank		2018~2023			56,445		USD 50,000	2.26%	3.88%			1,128.90
Woori Bank		2020~2025			245,560		USD 200,000	0.93%	1.75%			1,227.80
Hana Bank		2020~2025			245,560		USD 200,000	0.93%	1.75%			1,227.80
Korea Development Bank		2020~2025			122,780		USD 100,000	0.93%	1.75%			1,227.80

Interest rate swap contracts which are not designated as hedge instruments

(5)	Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2021 are as follows:

Counterparty

Contract
year

Contract amount

Contract interest rate per annum

Pay

Receive

In millions of won

Hana Bank

2017~2022

￦

100,000

2.01%

3M CD + 0.24%

Hana Bank

2017~2022

100,000

2.06%

3M CD + 0.27%

Nomura (*1)

2018~2038

30,000

2.56%

3.75%

Hana Bank

2018~2023

200,000

2.15%

3M CD + 0.19%

Hana Bank

2018~2023

200,000

2.17%

3M CD + 0.19%

Hana Bank

2018~2023

150,000

2.03%

3M CD + 0.21%

Hana Bank

2019~2024

200,000

1.87%

3M CD + 0.13%

Shinhan Bank

2021~2025

100,000

2.32%

3M CD + 0.43%

Societe Generale

2017~2022

200,000

3M Libor + 3.44%

3.77%

Nomura

2017~2032

52,457

3M Libor + 2.22%

2.60%

Nomura

2017~2032

59,423

3M Libor + 2.24%

2.62%

Nomura (*2)

2021~2041

30,000

1.84%

2.60%

Nomura (*3)

2021~2041

50,000

1.87%

2.38%

(*1)

2.56% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.

(*2)

1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.

(*3)

1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.

Interest rate swap contracts which are designated as hedge instruments

(6)	Interest rate swap contracts which are designated as hedging instruments as of December 31, 2021 are as follows:

Counterparty

Contract
year

Contract amount

Contract interest rate per annum

Pay

Receive

In thousands of USD

Export-Import Bank of Korea

2015~2031

USD 15,893

2.67%

6M USD Libor

ING Bank

2015~2031

USD 7,861

2.67%

6M USD Libor

BNP Paribas

2015~2031

USD 7,861

2.67%

6M USD Libor

BNP Paribas

2009~2027

USD 60,316

4.16%

6M USD Libor

KFW

2009~2027

USD 60,316

4.16%

6M USD Libor

Export-Import Bank of Korea

2016~2036

USD 71,116

3.00%

6M USD Libor

Disclosure 0f gain loss on valuation And transaction derivatives

(7)	Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2019, 2020 and 2021 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income (loss):


		Net income effects of valuation gain (loss)									Net income effects of transaction gain (loss)									Other comprehensive income (loss) (*)
		2019			2020			2021			2019			2020			2021			2019			2020		2021
		In millions of won
Currency forward	￦		24,265			(40,590	)		33,066			12,488			(17,911	)		33,032			—			—		—
Currency swap			310,732			(406,607	)		787,264			110,813			93,557			61,353			38,802			105,642		(59,108	)
- Trading			172,087			(108,090	)		420,551			52,842			16,661			16,265			—			—		—
- Hedging			138,645			(298,517	)		366,713			57,971			76,896			45,088			38,802			105,642		(59,108	)
Interest rate swap			(16,231	)		(1,845	)		18,123			(36,886	)		(10,253	)		(10,303	)		(3,075	)		5,578		18,648
- Trading			(15,647	)		(309	)		18,123			(2,495	)		(11,975	)		(10,303	)		—			—		—
- Hedging			(584	)		(1,536	)		—			(34,391	)		1,722			—			(3,075	)		5,578		18,648
Other derivatives			(1,416	)		(6,673	)		(15,459	)		—			—			—			—			—		—

	￦	317,350			(455,715)			822,994			86,415			65,393			84,082			35,727			111,220		(40,460)

(*)

For the year ended December 31, 2021, the net loss on valuation of derivatives applying cash flow hedge accounting of ￦15,778 million, net of tax, is included in other comprehensive income (loss).