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v3.23.1

Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2022
Risk Management [Abstract] |
Summary of Capital Risk Management | Details of the Company’s capital management accounts as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Total borrowings and debt securities |  | ￦ |  |  |  |  | 80,529,513 |  |  |  | 120,605,365 |
Cash and cash equivalents |  |  |  |  |  |  | 2,635,238 |  |  |  | 3,234,780 |
Net borrowings and debt securities |  |  |  |  |  |  | 77,894,275 |  |  |  | 117,370,585 |
Total equity |  |  |  |  |  |  | 65,326,706 |  |  |  | 42,000,256 |
Debt to equity ratio |  |  |  |  |  |  | 119.24 | % |  |  | 279.45 | %
Summary of Maximum Exposure to Credit Risk | Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Company’s level of maximum exposure to credit risk as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Cash and cash equivalents |  | ￦ |  |  |  |  | 2,635,238 |  |  |  | 3,234,780 |
Financial assets at fair value through profit or loss(*1) |  |  |  |  |  |  | 932,736 |  |  |  | 3,610,408 |
Derivative assets (trading) |  |  |  |  |  |  | 443,027 |  |  |  | 693,072 |
Financial assets at fair value through other comprehensive income (debt securities) |  |  |  |  |  |  | 491 |  |  |  | 529 |
Financial assets at amortized cost |  |  |  |  |  |  | 25,273 |  |  |  | 26,998 |
Loans |  |  |  |  |  |  | 909,071 |  |  |  | 1,013,371 |
Long-term/short-term financial instruments |  |  |  |  |  |  | 1,728,508 |  |  |  | 1,353,080 |
Derivative assets (applying hedge accounting) |  |  |  |  |  |  | 204,756 |  |  |  | 324,952 |
Trade and other receivables |  |  |  |  |  |  | 10,029,276 |  |  |  | 12,614,902 |
Financial guarantee contracts(*2) |  |  |  |  |  |  | 3,718,015 |  |  |  | 3,776,060 |
| (*1) | Equity investments held by the Company are excluded.
| (*2) | Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.
As of the reporting date, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.
Summary of Sensitivity Analysis for Actuarial Assumptions | A sensitivity analysis of defined benefit obligation assuming a 1% increase and decrease movements in the actuarial valuation assumptions as of December 31, 2021 and 2022 are as follows:
|  |  |  |  |  |  | 2021 |  |  | 2022 |
Type |  | Accounts |  |  |  |  | 1% Increase |  |  | 1% Decrease |  |  | 1% Increase |  |  | 1% Decrease |
|  |  |  |  |  |  | In millions of won |
Future salary increases |  | Increase (decrease) in defined benefit obligation |  | ￦ |  |  |  |  | 466,832 |  |  |  | (407,554 | ) |  |  | 321,930 |  |  |  | (283,658 | )
Discount rate |  | Increase (decrease) in defined benefit obligation |  |  |  |  |  |  | (422,290 | ) |  |  | 499,571 |  |  |  | (289,229 | ) |  |  | 337,033 |
Changes of employee benefits assuming a 1% increase and decrease movements in discount rate on plan asset for the years ended December 31, 2021 and 2022 are ￦25,649 million and ￦27,495 million, respectively.
Summary of Principal Assumptions on Provisions Valuation | Changes in provisions due to movements in underlying assumptions as of December 31, 2021 and 2022 are as follows:
Type |  | Accounts |  | 2021 |  |  | 2022 |
PCBs |  | Inflation rate |  |  | 1.37 | % |  |  | 1.98 | %
|  | Discount rate |  |  | 1.88 | % |  |  | 1.92 | %
Nuclear plants |  | Inflation rate |  |  | 1.41 | % |  |  | 2.25 | %
|  | Discount rate |  |  | 2.20 | % |  |  | 2.48 | %
Spent fuel |  | Inflation rate |  |  | 2.93 | % |  |  | 2.93 | %
|  | Discount rate |  |  | 4.49 | % |  |  | 4.49 | %
Radioactive waste |  | Inflation rate |  |  | 1.00 | % |  |  | 3.06 | %
|  | Discount rate |  |  | 1.87 | % |  |  | 2.62 | %
Summary of Sensitivity Analysis for Provisions Assumptions | A sensitivity analysis of provisions assuming a 0.1% increase and decrease movements in the underlying assumptions as of December 31, 2021 and 2022 are as follows:
|  |  |  |  |  |  | 2021 |  |  | 2022 |
Type |  | Accounts |  |  |  |  | 0.1% Increase |  |  | 0.1% Decrease |  |  | 0.1% Increase |  |  | 0.1% Decrease |
|  |  |  |  |  |  | In millions of won |
Discount rate |  | PCBs |  | ￦ |  |  |  |  | (222 | ) |  |  | 223 |  |  |  | (169 | ) |  |  | 169 |
|  | Nuclear plants |  |  |  |  |  |  | (369,540 | ) |  |  | 381,026 |  |  |  | (474,432 | ) |  |  | 491,360 |
|  | Spent fuel |  |  |  |  |  |  | (51,430 | ) |  |  | 53,438 |  |  |  | (54,330 | ) |  |  | 56,453 |
|  | Radioactive waste |  |  |  |  |  |  | (11,201 | ) |  |  | 11,306 |  |  |  | (15,089 | ) |  |  | 15,260 |
Inflation rate |  | PCBs |  |  |  |  |  |  | 224 |  |  |  | (224 | ) |  |  | 169 |  |  |  | (169 | )
|  | Nuclear plants |  |  |  |  |  |  | 403,420 |  |  |  | (391,754 | ) |  |  | 515,262 |  |  |  | (498,258 | )
|  | Spent fuel |  |  |  |  |  |  | 54,210 |  |  |  | (52,245 | ) |  |  | 57,269 |  |  |  | (55,191 | )
|  | Radioactive waste |  |  |  |  |  |  | 10,366 |  |  |  | (10,288 | ) |  |  | 14,190 |  |  |  | 14,056 |
Summary of Foreign Currency Risk | The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities as of December 31, 2021 and 2022 are as follows:
|  | Assets |  |  | Liabilities |
Type |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |
|  | In thousands of foreign currencies |
AED |  |  | 6,481 |  |  |  | 5,610 |  |  |  | 31,637 |  |  |  | 25,597 |
AUD |  |  | 3,733 |  |  |  | 4,448 |  |  |  | 926,960 |  |  |  | 299,663 |
BDT |  |  | 50,145 |  |  |  | 7,514 |  |  |  | 577 |  |  |  | — |
BWP |  |  | 939 |  |  |  | 824 |  |  |  | — |  |  |  | — |
EGP |  |  | — |  |  |  | — |  |  |  | 595 |  |  |  | 1,162 |
CAD |  |  | 582 |  |  |  | 89 |  |  |  | 2,266 |  |  |  | 595 |
CHF |  |  | — |  |  |  | — |  |  |  | 500,230 |  |  |  | 500,158 |
CZK |  |  | — |  |  |  | — |  |  |  | 386 |  |  |  | 153 |
EUR |  |  | 1,809 |  |  |  | 1,976 |  |  |  | 42,981 |  |  |  | 41,073 |
GBP |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31 |
HKD |  |  | — |  |  |  | — |  |  |  | 1,651,665 |  |  |  | 4,014,446 |
IDR |  |  | 768,731 |  |  |  | 598,697 |  |  |  | 995,510 |  |  |  | 1,323,840 |
INR |  |  | 1,715,900 |  |  |  | 1,592,380 |  |  |  | 342,833 |  |  |  | 312,978 |
JOD |  |  | 1,852 |  |  |  | 1,146 |  |  |  | 118 |  |  |  | 14 |
JPY |  |  | 697,747 |  |  |  | 568,263 |  |  |  | 153,383 |  |  |  | 1,719,846 |
KZT |  |  | 1,510 |  |  |  | 1,510 |  |  |  | — |  |  |  | — |
MGA |  |  | 4,262,857 |  |  |  | 2,856,045 |  |  |  | 475,807 |  |  |  | 347,403 |
MMK |  |  | 210,335 |  |  |  | 199,518 |  |  |  | — |  |  |  | — |
MYR |  |  | 1,964 |  |  |  | 38,177 |  |  |  | — |  |  |  | — |
PHP |  |  | 164,167 |  |  |  | 68,592 |  |  |  | 104,245 |  |  |  | 7,493 |
PKR |  |  | 200,844 |  |  |  | 533,816 |  |  |  | 74,423 |  |  |  | 219,341 |
RUB |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,881 |
SAR |  |  | 2,615 |  |  |  | 1,713 |  |  |  | — |  |  |  | 9,710 |
SEK |  |  | — |  |  |  | — |  |  |  | 449,167 |  |  |  | 449,211 |
THB |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 389 |
USD |  |  | 1,381,441 |  |  |  | 1,484,614 |  |  |  | 12,023,085 |  |  |  | 13,599,643 |
UYU |  |  | 90,930 |  |  |  | 128,674 |  |  |  | 3,097 |  |  |  | 3,106 |
VND |  |  | 952,135 |  |  |  | 1,184,670 |  |  |  | 262,372 |  |  |  | 4,495 |
ZAR |  |  | 31,971 |  |  |  | 43,461 |  |  |  | — |  |  |  | — |
Summary of Sensitivity Analysis for Foreign Currency Exchange Rates | A sensitivity analysis on the Company’s income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
Type |  |  |  |  | 10% Increase |  |  | 10% Decrease |  |  | 10% Increase |  |  | 10% Decrease |
|  |  |  |  | In millions of won |
Increase (decrease) of profit before income tax |  | ￦ |  |  |  |  | (1,439,185 | ) |  |  | 1,439,185 |  |  |  | (1,703,053 | ) |  |  | 1,703,053 |
Increase (decrease) of equity(*) |  |  |  |  |  |  | (1,439,185 | ) |  |  | 1,439,185 |  |  |  | (1,703,053 | ) |  |  | 1,703,053 |
| (*) | The effect on the shareholders’ equity excluding the impact of income taxes.
Summary of Interest Rate Risk | The Company’s borrowings and debt securities with floating interest rates as of December 31, 2021 and 2022 are as follows:
Type |  |  |  |  | 2021 |  |  | 2022 |
|  |  |  |  | In millions of won |
Short-term borrowings |  | ￦ |  |  |  |  | 391,897 |  |  |  | 3,154,972 |
Long-term borrowings |  |  |  |  |  |  | 2,405,244 |  |  |  | 5,388,073 |
Debt securities |  |  |  |  |  |  | 257,667 |  |  |  | 269,101 |
|  | ￦ |  |  |  |  | 3,054,808 |  |  |  | 8,812,146 |
Summary of Sensitivity Analysis for Interest Rates | A sensitivity analysis on the Company’s long-term borrowings and debt securities assuming a 1% increase and decrease in interest rates, without consideration of hedge effect of related derivatives for the years ended December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
Type |  |  |  |  | 1% Increase |  |  | 1% Decrease |  |  | 1% Increase |  |  | 1% Decrease |
|  |  |  |  | In millions of won |
Increase (decrease) of profit before income tax |  | ￦ |  |  |  |  | (30,548 | ) |  |  | 30,548 |  |  |  | (88,121 | ) |  |  | 88,121 |
Increase (decrease) of shareholder’s equity(*) |  |  |  |  |  |  | (30,548 | ) |  |  | 30,548 |  |  |  | (88,121 | ) |  |  | 88,121 |
| (*) | The effect on the shareholders’ equity excluding the impact of income taxes.
Summary of Sensitivity Analysis for Electricity Rates | A sensitivity analysis on the Company’s income for the period assuming a 1% increase and decrease in price of electricity for the years ended December 31, 2021 and 2022 is as follows:
|  |  |  |  | 2021 |  |  | 2022 |
Type |  |  |  |  | 1% Increase |  |  | 1% Decrease |  |  | 1% Increase |  |  | 1% Decrease |
|  |  |  |  | In millions of won |
Increase (decrease) of profit before income tax |  | ￦ |  |  |  |  | 573,086 |  |  |  | (573,086 | ) |  |  | 661,990 |  |  |  | (661,990 | )
Increase (decrease) of shareholder’s equity(*) |  |  |  |  |  |  | 573,086 |  |  |  | (573,086 | ) |  |  | 661,990 |  |  |  | (661,990 | )
| (*) | The effect on the equity excluding the impact of income taxes.
Summary of Maturity Analysis for Non Derivative Financial Liabilities | The expected maturities for non-derivative financial liabilities as of December 31, 2021 and 2022 in detail are as follows:
|  |  |  |  | 2021 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Borrowings and debt securities |  | ￦ |  |  |  |  | 15,833,589 |  |  |  | 11,229,657 |  |  |  | 28,663,693 |  |  |  | 36,223,543 |  |  |  | 91,950,482 |
Lease liabilities |  |  |  |  |  |  | 620,121 |  |  |  | 636,724 |  |  |  | 1,521,421 |  |  |  | 2,150,722 |  |  |  | 4,928,988 |
Trade and other payables |  |  |  |  |  |  | 7,569,869 |  |  |  | 777,017 |  |  |  | 725,231 |  |  |  | 667,304 |  |  |  | 9,739,421 |
Financial guarantee contracts(*) |  |  |  |  |  |  | 435,729 |  |  |  | — |  |  |  | 3,105,599 |  |  |  | 176,687 |  |  |  | 3,718,015 |
|  | ￦ |  |  |  |  | 24,459,308 |  |  |  | 12,643,398 |  |  |  | 34,015,944 |  |  |  | 39,218,256 |  |  |  | 110,336,906 |
|  |  |  |  | 2022 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Borrowings and debt securities |  | ￦ |  |  |  |  | 26,157,747 |  |  |  | 27,367,577 |  |  |  | 47,361,676 |  |  |  | 37,115,832 |  |  |  | 138,002,832 |
Lease liabilities |  |  |  |  |  |  | 639,756 |  |  |  | 657,210 |  |  |  | 1,390,374 |  |  |  | 1,925,012 |  |  |  | 4,612,352 |
Trade and other payables |  |  |  |  |  |  | 11,369,512 |  |  |  | 347,563 |  |  |  | 1,008,133 |  |  |  | 734,112 |  |  |  | 13,459,320 |
Financial guarantee contracts(*) |  |  |  |  |  |  | 105,091 |  |  |  | 54,310 |  |  |  | 3,495,437 |  |  |  | 121,222 |  |  |  | 3,776,060 |
|  | ￦ |  |  |  |  | 38,272,106 |  |  |  | 28,426,660 |  |  |  | 53,255,620 |  |  |  | 39,896,178 |  |  |  | 159,850,564 |
| (*) | This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2021 and 2022 are ￦80,841 million and ￦67,240 million, respectively.
Summary of Maturity Analysis for Non Derivative Financial Assets | The expected maturities for non-derivative financial assets as of December 31, 2021 and 2022 in detail are as follows:
|  |  |  |  | 2021 |
Type |  |  |  |  | Less than 1 year |  |  | 1~5 Years |  |  | More than 5 years |  |  | Other(*) |  |  | Total |
|  |  |  |  | In millions of won |
Cash and cash equivalents |  | ￦ |  |  |  |  | 2,635,238 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,635,238 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 435,107 |  |  |  | 435,107 |
Financial assets at amortized cost |  |  |  |  |  |  | 15,422 |  |  |  | 9,840 |  |  |  | 11 |  |  |  | — |  |  |  | 25,273 |
Loans |  |  |  |  |  |  | 88,396 |  |  |  | 443,146 |  |  |  | 407,584 |  |  |  | — |  |  |  | 939,126 |
Long-term/short-term financial instruments |  |  |  |  |  |  | 1,278,014 |  |  |  | 171,636 |  |  |  | 286 |  |  |  | 278,572 |  |  |  | 1,728,508 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 360,833 |  |  |  | 346 |  |  |  | 3,130 |  |  |  | 668,555 |  |  |  | 1,032,864 |
Trade and other receivables |  |  |  |  |  |  | 8,123,455 |  |  |  | 1,233,703 |  |  |  | 679,048 |  |  |  | — |  |  |  | 10,036,206 |
|  | ￦ |  |  |  |  | 12,501,358 |  |  |  | 1,858,671 |  |  |  | 1,090,059 |  |  |  | 1,382,234 |  |  |  | 16,832,322 |
|  |  |  |  | 2022 |
Type |  |  |  |  | Less than 1 year |  |  | 1~5 Years |  |  | More than 5 years |  |  | Other(*) |  |  | Total |
|  |  |  |  | In millions of won |
Cash and cash equivalents |  | ￦ |  |  |  |  | 3,234,780 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,234,780 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 502,829 |  |  |  | 502,829 |
Financial assets at amortized cost |  |  |  |  |  |  | 16,762 |  |  |  | 10,231 |  |  |  | 5 |  |  |  | — |  |  |  | 26,998 |
Loans |  |  |  |  |  |  | 132,877 |  |  |  | 411,594 |  |  |  | 502,050 |  |  |  | — |  |  |  | 1,046,521 |
Long-term/short-term financial instruments |  |  |  |  |  |  | 666,758 |  |  |  | — |  |  |  | 25 |  |  |  | 686,297 |  |  |  | 1,353,080 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 3,181,791 |  |  |  | 645 |  |  |  | 3,535 |  |  |  | 523,537 |  |  |  | 3,709,508 |
Trade and other receivables |  |  |  |  |  |  | 10,464,191 |  |  |  | 1,083,593 |  |  |  | 1,080,831 |  |  |  | — |  |  |  | 12,628,615 |
|  | ￦ |  |  |  |  | 17,697,159 |  |  |  | 1,506,063 |  |  |  | 1,586,446 |  |  |  | 1,712,663 |  |  |  | 22,502,331 |
| (*) | The maturities cannot be presently determined.
Summary of Maturity Analysis for Derivative, Undiscounted Cash Flows | Derivative liabilities classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Net settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  | ￦ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading and others |  |  |  |  |  |  | (6,628 | ) |  |  | (4,954 | ) |  |  | (33,635 | ) |  |  | (2,291 | ) |  |  | (47,508 | )
—Hedging |  |  |  |  |  |  | (2,555 | ) |  |  | (638 | ) |  |  | (1,914 | ) |  |  | (23,704 | ) |  |  | (28,811 | )
|  | ￦ |  |  |  |  | (9,183 | ) |  |  | (5,592 | ) |  |  | (35,549 | ) |  |  | (25,995 | ) |  |  | (76,319 | )
|  |  |  |  | 2022 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Net settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  | ￦ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading and others |  |  |  |  |  |  | (42,663 | ) |  |  | (15,225 | ) |  |  | (171,130 | ) |  |  | (84,924 | ) |  |  | (313,942 | )
—Hedging |  |  |  |  |  |  | — |  |  |  | (10,064 | ) |  |  | (5,176 | ) |  |  | (10,265 | ) |  |  | (25,505 | )
|  | ￦ |  |  |  |  | (42,663 | ) |  |  | (25,289 | ) |  |  | (176,306 | ) |  |  | (95,189 | ) |  |  | (339,447 | )
Summary of Maturity Analysis for Derivative Financial Assets | Derivative assets classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Net settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  | ￦ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  |  |  |  |  |  | 93,554 |  |  |  | 54,617 |  |  |  | 202,663 |  |  |  | 105,856 |  |  |  | 456,690 |
—Hedging |  |  |  |  |  |  | 33,564 |  |  |  | 65,198 |  |  |  | 102,760 |  |  |  | 3,235 |  |  |  | 204,757 |
|  | ￦ |  |  |  |  | 127,118 |  |  |  | 119,815 |  |  |  | 305,423 |  |  |  | 109,091 |  |  |  | 661,447 |
|  |  |  |  | 2022 |
Type |  |  |  |  | Less than 1 year |  |  | 1~2 Years |  |  | 2~5 Years |  |  | More than 5 years |  |  | Total |
|  |  |  |  | In millions of won |
Net settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  | ￦ |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross settlement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
—Trading |  |  |  |  |  |  | 861,621 |  |  |  | 160,938 |  |  |  | (352,657 | ) |  |  | 65,661 |  |  |  | 735,563 |
—Hedging |  |  |  |  |  |  | 134,390 |  |  |  | 47,502 |  |  |  | 131,258 |  |  |  | — |  |  |  | 313,150 |
|  | ￦ |  |  |  |  | 996,011 |  |  |  | 208,440 |  |  |  | (221,399 | ) |  |  | 65,661 |  |  |  | 1,048,713 |
Summary of Fair Value Measurement of Instruments | Fair value and book value of financial assets and liabilities as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |  |  | 2022 |
Type |  |  |  |  | Book value |  |  | Fair value |  |  | Book value |  |  | Fair value |
|  |  |  |  | In millions of won |
Assets recognized at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  | ￦ |  |  |  |  | 435,107 |  |  |  | 435,107 |  |  |  | 502,829 |  |  |  | 502,829 |
Derivative assets (trading) |  |  |  |  |  |  | 443,027 |  |  |  | 443,027 |  |  |  | 693,072 |  |  |  | 693,072 |
Derivative assets (hedge designated) |  |  |  |  |  |  | 204,756 |  |  |  | 204,756 |  |  |  | 324,952 |  |  |  | 324,952 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | 1,032,864 |  |  |  | 1,032,864 |  |  |  | 3,709,508 |  |  |  | 3,709,508 |
|  | ￦ |  |  |  |  | 2,115,754 |  |  |  | 2,115,754 |  |  |  | 5,230,361 |  |  |  | 5,230,361 |
Assets carried at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at amortized cost |  | ￦ |  |  |  |  | 25,273 |  |  |  | 25,273 |  |  |  | 26,998 |  |  |  | 26,998 |
Loans and receivables |  |  |  |  |  |  | 909,071 |  |  |  | 909,071 |  |  |  | 1,013,371 |  |  |  | 1,013,371 |
Trade and other receivables |  |  |  |  |  |  | 10,029,276 |  |  |  | 10,029,276 |  |  |  | 12,614,902 |  |  |  | 12,614,902 |
Long-term financial instruments |  |  |  |  |  |  | 450,494 |  |  |  | 450,494 |  |  |  | 686,322 |  |  |  | 686,322 |
Short-term financial instruments |  |  |  |  |  |  | 1,278,014 |  |  |  | 1,278,014 |  |  |  | 666,758 |  |  |  | 666,758 |
Cash and cash equivalents |  |  |  |  |  |  | 2,635,238 |  |  |  | 2,635,238 |  |  |  | 3,234,780 |  |  |  | 3,234,780 |
|  | ￦ |  |  |  |  | 15,327,366 |  |  |  | 15,327,366 |  |  |  | 18,243,131 |  |  |  | 18,243,131 |
Liabilities recognized at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (trading) |  | ￦ |  |  |  |  | 56,256 |  |  |  | 56,256 |  |  |  | 407,246 |  |  |  | 407,246 |
Derivative liabilities (hedge designated) |  |  |  |  |  |  | 21,775 |  |  |  | 21,775 |  |  |  | 25,505 |  |  |  | 25,505 |
|  | ￦ |  |  |  |  | 78,031 |  |  |  | 78,031 |  |  |  | 432,751 |  |  |  | 432,751 |
Liabilities carried at amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured borrowings |  | ￦ |  |  |  |  | 176,358 |  |  |  | 176,358 |  |  |  | 102,368 |  |  |  | 102,368 |
Unsecured bond |  |  |  |  |  |  | 73,881,671 |  |  |  | 69,803,043 |  |  |  | 105,185,189 |  |  |  | 96,846,056 |
Lease liabilities |  |  |  |  |  |  | 4,410,503 |  |  |  | 4,410,503 |  |  |  | 4,163,143 |  |  |  | 4,163,143 |
Unsecured borrowings |  |  |  |  |  |  | 6,471,484 |  |  |  | 5,938,613 |  |  |  | 15,282,193 |  |  |  | 15,280,693 |
Trade and other payables(*) |  |  |  |  |  |  | 9,739,421 |  |  |  | 9,739,421 |  |  |  | 13,459,320 |  |  |  | 13,459,320 |
Bank overdraft |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 35,615 |  |  |  | 35,615 |
|  | ￦ |  |  |  |  | 94,679,437 |  |  |  | 90,067,938 |  |  |  | 138,227,828 |  |  |  | 129,887,195 |
| (*) | Excludes lease liabilities.
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Liabilities | The discount rates used for calculating fair value as of December 31, 2021 and 2022 are as follows:
Type |  | 2021 |  |  | 2022 |
Derivatives |  |  | (-) 0.63% ~ 3.88% |  |  |  | 0.60% ~ 7.93% |
Borrowings and debt securities |  |  | (-) 0.30% ~ 4.38% |  |  |  | 0.75% ~ 5.84% |
Finance lease |  |  | 0.00% ~ 16.83% |  |  |  | 0.00% ~ 17.08% |
Summary of Fair Value Measurement of Liabilities | Fair values of financial instruments by hierarchy level as of December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |
Type |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  |  |  |  | In millions of won |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  | ￦ |  |  |  |  | 273,826 |  |  |  | — |  |  |  | 161,281 |  |  |  | 435,107 |
Derivative assets |  |  |  |  |  |  | — |  |  |  | 647,783 |  |  |  | — |  |  |  | 647,783 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | — |  |  |  | 1,027,067 |  |  |  | 5,797 |  |  |  | 1,032,864 |
|  | ￦ |  |  |  |  | 273,826 |  |  |  | 1,674,850 |  |  |  | 167,078 |  |  |  | 2,115,754 |
Financial liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | ￦ |  |  |  |  | — |  |  |  | 78,031 |  |  |  | — |  |  |  | 78,031 |
|  |  |  |  | 2022 |
Type |  |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  |  |  |  | In millions of won |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  | ￦ |  |  |  |  | 300,057 |  |  |  | — |  |  |  | 202,772 |  |  |  | 502,829 |
Derivative assets |  |  |  |  |  |  | — |  |  |  | 1,018,024 |  |  |  | — |  |  |  | 1,018,024 |
Financial assets at fair value through profit or loss |  |  |  |  |  |  | — |  |  |  | 3,703,179 |  |  |  | 6,329 |  |  |  | 3,709,508 |
|  | ￦ |  |  |  |  | 300,057 |  |  |  | 4,721,203 |  |  |  | 209,101 |  |  |  | 5,230,361 |
Financial liabilities at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | ￦ |  |  |  |  | — |  |  |  | 432,751 |  |  |  | — |  |  |  | 432,751 |
Summary of Reconciliation of Changes in Fair Value Measurement, Assets | Changes of financial assets and liabilities which are classified as level 3 for the years ended December 31, 2021 and 2022 are as follows:
|  |  |  |  | 2021 |
|  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Reclassified category |  |  | Valuation |  |  | Disposal |  |  | Foreign currency translation and others |  |  | Ending balance |
|  |  |  |  | In millions of won |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss Cooperative |  | ￦ |  |  |  |  | 5,692 |  |  |  | — |  |  |  | — |  |  |  | 105 |  |  |  | — |  |  |  | — |  |  |  | 5,797 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unlisted securities |  |  |  |  |  |  | 163,889 |  |  |  | 8,929 |  |  |  | — |  |  |  | (12,335 | ) |  |  | (13 | ) |  |  | 320 |  |  |  | 160,790 |
Debt securities |  |  |  |  |  |  | — |  |  |  | 500 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9 | ) |  |  | 491 |
|  |  |  |  | 2022 |
|  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Reclassified category |  |  | Valuation |  |  | Disposal |  |  | Foreign currency translation and others |  |  | Ending balance |
|  |  |  |  | In millions of won |
Financial assets at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss Cooperative |  | ￦ |  |  |  |  | 5,797 |  |  |  | 400 |  |  |  | — |  |  |  | 132 |  |  |  | — |  |  |  | — |  |  |  | 6,329 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unlisted securities |  |  |  |  |  |  | 160,790 |  |  |  | 9,451 |  |  |  | — |  |  |  | 33,237 |  |  |  | — |  |  |  | (1,235 | ) |  |  | 202,243 |
Debt securities |  |  |  |  |  |  | 491 |  |  |  | — |  |  |  | — |  |  |  | 38 |  |  |  | — |  |  |  | — |  |  |  | 529 |

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