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Segment, Geographic and Other Information
12 Months Ended
Dec. 31, 2021
Disclosure of operating segments [abstract]  
Segment, Geographic and Other Information
4.
Segment, Geographic and Other Information
 
(1)
Segment determination and explanation of the measurements
The Company’s operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision makers of the Company including but not limited to the Chief Executive Officer, for the purpose of resource allocation and assessment of segment performance. The Company’s reportable segments are ‘Transmission and distribution’, ‘Electric power generation (Nuclear)’, ‘Electric power generation
(Non-nuclear)’,
‘Plant maintenance & engineering service’ and ‘Others’; others mainly represent the business unit that manages the Company’s foreign operations.
Segment operating profit (loss) is determined the same way that consolidated operating profit is determined under IFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an
arm’s-length
basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the consolidated financial statements.
 
(2)
Financial information of the segments for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows:
 
 
 
 
 
 
2019
 
Segment
 
 
 
 
Total segment
revenue
 
 
Intersegment
revenue
 
 
Revenue
from
external
customers
 
 
Depreciation
and
amortization
 
 
Interest
income
 
 
Interest
expense
 
 
Profit
related to
associates,
joint
ventures and
subsidiaries
 
 
Employee
benefit
expense
 
 
Loss on
abandonment
of property,
plant and
equipment
 
 
Increase in
provisions, net
 
 
 
 
 
Operating
profit (loss)
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
          58,328,372       1,336,725       56,991,647       3,814,428       73,478       777,120       140,757       298,144       350,865       987,828               (2,568,529
Electric power generation (Nuclear)
            8,937,026       8,908,803       28,223       3,227,695       37,277       511,864       (5,497     132,283       —         672,134               782,511  
Electric power generation
(Non-nuclear)
            24,254,957       23,472,153       782,804       3,955,333       35,626       655,466       77,641       163,626       13,364       766,407               551,287  
Plant maintenance & engineering service
            2,627,539       2,254,841       372,698       125,546       14,214       2,861       1,237       124,745       —         124,242               312,341  
Others
            1,049,324       656,614       392,710       127,364       141,262       134,248       —         18,409       4       2,408               (489,585
Consolidation adjustments
            (36,629,136     (36,629,136     —         (121,626     (33,739     (34,748     —         (12,087     —         (251,804             (295,552
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
            58,568,082       —         58,568,082       11,128,740       268,118       2,046,811       214,138       725,120       364,233       2,301,215               (1,707,527
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
Finance income
                                                                                                    1,009,706  
                                                                                                   
 
 
 
Finance expense
                                                                                                    (2,782,156
                                                                                                   
 
 
 
Gain related to associates, joint ventures and subsidiaries
                                                                                                    214,139  
                                                                                                   
 
 
 
Loss before income tax
                                                                                                  (3,265,838
                                                                                                   
 
 
 
 
 
 
 
 
 
2020
 
Segment
 
 
 
 
Total segment
revenue
 
 
Intersegment
revenue
 
 
Revenue
from
external
customers
 
 
Depreciation
and
amortization
 
 
Interest
income
 
 
Interest
expense
 
 
Profit (loss)
related to
associates,
joint
ventures and
subsidiaries
 
 
Employee
benefit
expense
 
 
Loss on
abandonment
of property,
plant and
equipment
 
 
Increase in
provisions, net
 
 
 
 
 
Operating
profit (loss)
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
          57,345,933       1,224,602       56,121,331       3,836,355       48,220       737,973       169,176       190,302       236,727       731,194               3,045,912  
Electric power generation (Nuclear)
            9,938,941       9,817,147       121,794       3,564,120       25,581       503,485       (4,905     86,672       —         691,052               1,168,833  
Electric power generation
(Non-nuclear)
            20,329,611       19,552,376       777,235       4,034,024       20,843       622,346       115,096       112,775       17,679       346,195               (172,884
Plant maintenance & engineering service
            2,703,472       2,283,333       420,139       119,056       11,789       1,250       1,740       101,255       —         230,264               197,553  
Others
            1,582,001       1,096,663       485,338       122,092       167,005       162,843       —         50,889       940       3,711               148,393  
Consolidation adjustments
            (33,974,121     (33,974,121     —         (127,628     (30,852     (32,472     —         (49,605     —         (169,651             (291,187
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
            57,925,837       —         57,925,837       11,548,019       242,586       1,995,425       281,107       492,288       255,346       1,832,765               4,096,620  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
Finance income
                                                                                                    1,510,249  
                                                                                                   
 
 
 
Finance expense
                                                                                                    (2,896,443
                                                                                                   
 
 
 
Gain related to associates, joint ventures and subsidiaries
                                                                                                    281,107  
                                                                                                   
 
 
 
Loss before income tax
                                                                                                  2,991,533  
                                                                                                   
 
 
 
 
 
 
 
 
 
2021
 
Segment
 
 
 
 
Total segment
revenue
 
 
Intersegment
revenue
 
 
Revenue
from
external
customers
 
 
Depreciation
and
amortization
 
 
Interest
income
 
 
Interest
expense
 
 
Profit (loss)
related to
associates,
joint
ventures and
subsidiaries
 
 
Employee
benefit
expense
 
 
Loss on
abandonment
of property,
plant and
equipment
 
 
Increase in
provisions, net
 
 
 
 
 
Operating
profit (loss)
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
          58,999,388       1,672,776       57,326,612       3,990,464       36,831       678,986       391,116       193,412       202,262       1,194,643               (7,244,319
Electric power generation (Nuclear)
            9,324,391       9,207,516       116,875       3,611,594       22,209       477,512       (18,146     86,730       —         680,358               762,164  
Electric power generation
(Non-nuclear)
            25,837,982       24,518,167       1,319,815       4,178,520       22,226       624,391       109,765       121,020       5,672       285,152               364,572  
Plant maintenance & engineering service
            2,805,785       2,370,900       434,885       121,493       9,515       933       11,849       94,269       —         213,500               245,360  
Others
            2,010,843       1,295,423       715,420       158,952       158,680       162,345       —         52,698       —         2,981               200,363  
Consolidation adjustments
            (39,064,782     (39,064,782     —         (122,751     (27,587     (29,710     —         (36,187     —         89,818               (64,775
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
            59,913,607       —         59,913,607       11,938,272       221,874       1,914,457       494,584       511,942       207,934       2,466,452               (5,736,635
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
Finance income
                                                                                                    1,402,614  
                                                                                                   
 
 
 
Finance expense
                                                                                                    (3,245,777
                                                                                                   
 
 
 
Gain related to associates, joint ventures and subsidiaries
                                                                                                    494,584  
                                                                                                   
 
 
 
Profit before income tax
                                                                                                  (7,085,214
                                                                                                   
 
 
 
 
(3)
Information related to segment assets and segment liabilities as of and for the years ended December 31, 2020 and 2021 are as follows:
 

 
 
 
 
 
2020
 
Segment
 
 
 
 
Segment

assets
 
 
Investments
in associates
and joint
ventures
 
 
Acquisition of

non-current
assets
 
 
Segment
liabilities
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
          113,115,667       4,204,090       6,535,380       59,772,046  
Electric power generation (Nuclear)
            61,850,865       116,867       2,419,939       35,652,467  
Electric power generation (Non-nuclear)
            54,531,155       1,807,409       3,758,795       33,292,680  
Plant maintenance & engineering service
            3,492,571       42,167       141,226       1,061,949  
Others
            8,923,046       —         577,056       4,039,220  
           
 
 
   
 
 
   
 
 
   
 
 
 
Segment totals
            241,913,304       6,170,533       13,432,396       133,818,362  
           
 
 
   
 
 
   
 
 
   
 
 
 
Consolidation adjustments:
                                       
Elimination of inter-segment amounts
            (39,762,888     —         (30,731     (6,749,728
Equity method adjustment
            1,372,001       —         —         —    
Deferred taxes
            47,664       —         —         5,417,629  
Others
            (427,970     —         —         (10,998
           
 
 
   
 
 
   
 
 
   
 
 
 
              (38,771,193     —         (30,731     (1,343,097
           
 
 
   
 
 
   
 
 
   
 
 
 
Consolidated totals
          203,142,111       6,170,533       13,401,665       132,475,265  
           
 
 
   
 
 
   
 
 
   
 
 
 
     
         
2021
 
Segment
       
Segment

assets
   
Investments
in associates
and joint
ventures
   
Acquisition of

non-current
assets
   
Segment
liabilities
 
         
In millions of won
 
Transmission and distribution
          115,578,517       4,700,863       6,754,298       68,531,927  
Electric power generation (Nuclear)
            64,628,651       141,885       1,959,479       38,361,337  
Electric power generation (Non-nuclear)
            57,304,296       2,575,019       3,331,813       35,803,289  
Plant maintenance & engineering service
            3,672,366       53,617       110,330       1,086,926  
Others
            10,861,823       —         637,715       4,961,880  
           
 
 
   
 
 
   
 
 
   
 
 
 
Segment totals
            252,045,653       7,471,384       12,793,635       148,745,359  
           
 
 
   
 
 
   
 
 
   
 
 
 
Consolidation adjustments:
                                       
Elimination of inter-segment amounts
            (41,701,400     —         (12,001     (8,101,011
Equity method adjustment
            1,866,554       —         —         —    
Deferred taxes
            1,881       —         —         5,248,627  
Others
            (1,103,818     —         —         (95,954
           
 
 
   
 
 
   
 
 
   
 
 
 
              (40,936,783     —         (12,001     (2,948,338
           
 
 
   
 
 
   
 
 
   
 
 
 
Consolidated totals
          211,108,870       7,471,384       12,781,634       145,797,021  
           
 
 
   
 
 
   
 
 
   
 
 
 
 
(4)
Geographic information
Electricity sales, the main operations of the Company, are conducted in the Republic of Korea. The following information on revenue from external customers and non-current assets is determined by the location of the customers and of the assets:
 
 
  
 
 
 
Revenue from external customers
 
 
Non-current assets
(*2)
 
Geographical unit
  
 
 
 
2019
 
 
2020
 
 
2021
 
 
2019
 
 
2020
 
 
2021
 
 
  
 
 
 
In millions of won
 
Domestic
           56,942,128       56,774,578       58,672,484       169,366,365       173,673,478       178,745,707  
Overseas (*1)
             1,625,954       1,151,259       1,241,123       2,743,755       2,831,925       3,572,784  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             58,568,082       57,925,837       59,913,607       172,110,120       176,505,403       182,318,491  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
  (*1)
Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.
 
  (*2)
The amounts exclude financial assets and deferred tax assets.
 
(5)
Information on significant customers
There is no single customer which accounts for 10% or more of the Company’s revenue for the years ended December 31, 2019, 2020 and 2021.