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Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

(1)	Derivatives as of December 31, 2021 and 2022 are as follows:


		2021				2022
		Current		Non-current		Current		Non-current

		In millions of won
Derivative assets
Currency forward	￦		559		6,899		648		17,432
Currency swap			125,877		506,957		236,470		589,300
—Trading			92,313		335,765		102,080		410,540
—Hedging			33,564		171,192		134,390		178,760
Interest rate swap			502		6,980		52,485		81,188
—Trading			502		6,980		52,485		81,188
—Hedging			—		—		—		—
Others (*3)			—		9		—		40,501

	￦		126,938		520,845		289,603		728,421

Derivative liabilities
Currency forward	￦		301		—		32,660		—
Currency swap			4,446		16,708		6,319		328,995
—Trading			4,446		15,576		6,319		302,415
—Hedging			—		1,132		—		26,580
Interest rate swap			2,544		28,138		—		2,735
—Trading			174		2,829		—		2,735
—Hedging			2,370		25,309		—		—
Others (*1,2,3)			—		25,894		6,015		56,027

	￦		7,291		70,740		44,994		387,757

(*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’(See note 47).

(*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, 2022 are as follows:


Counterparty	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 foreign currencies except contract exchange rate information
Busan Bank		2022.12.08		2023.01.09	￦		9,237		USD 7,000	￦		1,319.50
Woori Bank		2022.12.09		2023.01.06			13,165		USD 10,000			1,316.45
Nonghyup Bank		2022.12.13		2023.01.10			10,430		USD 8,000			1,303.80
Kookmin Bank		2022.12.15		2023.01.16			12,988		USD 10,000			1,298.84
Hana Bank		2022.12.15		2023.01.17			28,632		USD 22,000			1,301.45
Standard Chartered		2022.12.16		2023.01.18			26,141		USD 20,000			1,307.05
Mizuho Bank		2022.12.16		2023.01.19			26,096		USD 20,000			1,304.80
JP Morgan		2022.12.19		2023.01.20			26,080		USD 20,000			1,304.00
Korea Development Bank		2022.12.19		2023.01.26			26,010		USD 20,000			1,300.50
Kookmin Bank		2022.12.19		2023.01.27			25,959		USD 20,000			1,297.93
Busan Bank		2022.12.21		2023.01.25			12,853		USD 10,000			1,285.25
Nonghyup Bank		2022.12.21		2023.01.26			14,134		USD 11,000			1,284.90
Hana Bank		2022.12.27		2023.01.30			18,992		USD 15,000			1,266.15
Standard Chartered		2022.12.28		2023.01.31			15,216		USD 12,000			1,268.00
Morgan Stanley		2022.12.28		2023.02.01			15,205		USD 12,000			1,267.10
Kookmin Bank		2022.12.29		2023.02.02			20,247		USD 16,000			1,265.44
Mizuho Bank		2022.12.29		2023.02.03			20,255		USD 16,000			1,265.95
Kookmin Bank		2022.12.30		2023.02.28			15,128		USD 12,000			1,260.70
Hana Bank		2022.12.06		2023.01.06			13,091		USD 10,000			1,309.05
Mizuho Bank		2022.12.15		2023.01.13			26,001		USD 20,000			1,300.07
MUFG		2022.12.19		2023.01.20			52,054		USD 40,000			1,301.35
MUFG		2022.12.20		2023.01.13			25,952		USD 20,000			1,297.60
MUFG		2022.12.29		2023.01.27			45,605		USD 36,000			1,266.80
Shinhan Bank		2022.11.03		2023.01.09			7,085		USD 5,000			1,417.00
JP Morgan		2022.11.07		2023.01.13			14,012		USD 10,000			1,401.20
JP Morgan		2022.11.25		2023.01.20			6,611		USD 5,000			1,322.10
JP Morgan		2022.12.29		2023.01.05			38,040		USD 30,000			1,268.00
Standard Chartered		2022.12.29		2023.01.05			25,358		USD 20,000			1,267.90
Mizuho Bank		2022.11.09		2023.01.06			13,681		USD 10,000			1,368.10
Nonghyup Bank		2022.12.27		2023.01.16			6,334		USD 5,000			1,266.70
Mizuho Bank		2022.11.11		2023.01.30			5,207		USD 3,842			1,355.05
Mizuho Bank		2022.11.11		2023.01.30			34,001		USD 25,000			1,360.05
Nonghyup Bank		2022.12.21		2023.02.23			3,603		USD 2,806			1,283.70
SMBC		2022.11.30		2023.01.20			USD 10,000		13,153			1,315.30
SMBC		2022.11.30		2023.02.16			USD 15,000		19,783			1,318.85
SMBC		2022.12.26		2023.03.23			USD 8,000		10,173			1,271.60
SMBC		2022.12.29		2023.03.28			USD 15,000		18,933			1,262.20
SMBC		2022.12.29		2023.06.13			USD 15,000		18,872			1,258.10
MUFG		2022.11.25		2023.02.08			13,175		USD 10,000			1,317.50
MUFG		2022.12.12		2023.02.27			33,947		USD 26,000			1,305.64
MUFG		2022.11.24		2023.01.30			13,234		USD 10,000			1,323.40
JP Morgan		2022.11.24		2023.01.30			13,830		USD 10,406			1,329.05
JP Morgan		2022.11.30		2023.01.17			13,163		USD 10,000			1,316.30
HSBC		2022.11.09		2023.01.30			42,627		USD 31,000			1,375.05


Counterparty	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 foreign currencies except contract exchange rate information
HSBC		2020.10.19		2024.10.29	￦		140,913		USD 125,000	￦		1,127.30
Busan Bank		2022.10.25		2023.01.13			13,039		USD 9,090			1,434.50
MUFG		2022.10.25		2023.01.13			1,433		USD 1,000			1,433.18
Woori Bank		2022.11.08		2023.02.03			12,332		USD 8,918			1,382.80
Shinhan Bank		2022.11.09		2023.03.03			13,605		USD 10,000			1,360.50
MUFG		2022.11.10		2023.03.03			20,464		USD 15,000			1,364.27
Standard Chartered		2022.11.24		2023.04.07			17,612		USD 13,214			1,332.80
Standard Chartered		2022.12.01		2023.05.12			12,932		USD 10,000			1,293.20
Standard Chartered		2022.12.05		2023.05.12			3,121		USD 2,425			1,286.90
Woori Bank		2022.12.08		2023.05.12			13,145		USD 10,000			1,314.50
HSBC		2022.12.12		2023.06.09			19,482		USD 15,000			1,298.80
Busan Bank		2022.12.12		2023.06.09			19,479		USD 15,000			1,298.60
MUFG		2022.12.15		2023.06.09			19,386		USD 15,000			1,292.41
Shinhan Bank		2022.12.15		2023.06.09			19,397		USD 15,000			1,293.10
Standard Chartered		2022.12.15		2023.06.09			19,397		USD 15,000			1,293.10
HSBC		2022.12.22		2023.06.09			12,695		USD 10,000			1,269.45
Shinhan Bank		2022.12.22		2023.06.09			12,671		USD 10,000			1,267.10

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, 2022 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
Hana Bank		2022~2025			385,800		USD 300,000	3.11%	3.63%			1,286.00
Woori Bank		2022~2025			257,200		USD 200,000	3.12%	3.63%			1,286.00
JP Morgan		2022~2027			128,600		USD 100,000	3.56%	4.00%			1,286.00
Woori Bank		2022~2027			128,600		USD 100,000	3.56%	4.00%			1,286.00
Kookmin Bank		2022~2027			128,600		USD 100,000	3.56%	4.00%			1,286.00
Korea Development Bank		2022~2026			283,820		USD 200,000	4.67%	5.38%			1,419.10
Hana Bank		2022~2026			141,910		USD 100,000	4.68%	5.38%			1,419.10
JP Morgan		2022~2026			141,910		USD 100,000	4.69%	5.38%			1,419.10
Woori Bank		2022~2026			141,910		USD 100,000	4.69%	5.38%			1,419.10
Korea Development Bank		2022~2028			283,820		USD 200,000	5.12%	5.50%			1,419.10
Woori Bank		2022~2028			141,910		USD 100,000	5.13%	5.50%			1,419.10
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
Korea Citi Bank		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


	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
Woori Bank		2022~2027	￦		262,000		USD 200,000	3.62%	4.25%	￦		1,310.00
Export-Import Bank of Korea		2022~2027			131,000		USD 100,000	3.63%	4.25%			1,310.00
Kookmin Bank		2022~2027			131,000		USD 100,000	3.62%	4.25%			1,310.00
Hana Bank		2022~2027			131,000		USD 100,000	3.61%	4.25%			1,310.00
Korea Development Bank		2022~2027			262,000		USD 200,000	3.63%	4.25%			1,310.00
Export-Import Bank of Korea		2022~2032			349,829		HKD 1,935,000	4.87%	5.16%			180.79
JP Morgan		2022~2032			75,194		HKD 415,000	5.00%	5.16%			181.19
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, 2022 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
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		2022~2027			123,710		USD 100,000	3.41%	3.63%			1,237.10
Woori Bank		2022~2027			123,710		USD 100,000	3.41%	3.63%			1,237.10
JP Morgan		2022~2027			123,710		USD 100,000	3.41%	3.63%			1,237.10
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		2022~2025			128,560		USD 100,000	3.37%	4.13%			1,285.60
Woori Bank		2022~2025			128,560		USD 100,000	3.37%	4.13%			1,285.60
Kookmin Bank		2022~2025			128,560		USD 100,000	3.37%	4.13%			1,285.60
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
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
JP Morgan		2022~2025			126,180		USD 100,000	2.80%	3.60%			1,261.80
Hana Bank		2022~2025			126,180		USD 100,000	2.80%	3.60%			1,261.80
Korea Development Bank		2022~2025			252,360		USD 200,000	2.83%	3.60%			1,261.80
Woori Bank		2022~2025			126,180		USD 100,000	2.85%	3.60%			1,261.80

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, 2022 are as follows:


Counterparty	Contract year		Contract amount		Contract interest rate per annum
Counterparty	Contract year		Contract amount		Pay	Receive
			In millions of won
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%
Hana Bank		2022~2027		200,000	3.02%	3M CD + 0.61%
Hana Bank		2022~2027		200,000	3.04%	3M CD + 0.58%
Hana Bank		2022~2027		250,000	3.38%	3M CD + 0.59%
Nomura		2022~2027		200,000	3.55%	3M CD + 0.60%
Shinhan Bank		2022~2027		150,000	3.53%	3M CD + 0.55%
Hana Bank		2022~2027		200,000	3.70%	3M CD + 0.59%
Nomura		2022~2027		300,000	3.89%	3M CD + 0.67%
Hana Bank		2022~2027		200,000	3.93%	3M CD + 0.67%
Nomura		2022~2027		200,000	3.80%	3M CD + 0.68%
Nomura		2022~2027		300,000	4.04%	3M CD + 0.60%
Hana Bank		2022~2027		100,000	4.68%	3M CD + 1.04%
Hana Bank		2022~2027		100,000	5.45%	3M CD + 1.20%
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%
ANZ		2022 - 2025		AUD 540	0.48%	3.33%
DBS Bank		2022 - 2025		AUD 540	0.48%	3.33%
Societe Generale		2022 - 2025		AUD 540	0.48%	3.28%

(*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, 2022 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 51,891

4.16%

6M USD Libor

KFW

2009~2027

USD 51,891

4.16%

6M USD Libor

Export-Import Bank of Korea

2016~2036

USD 66,124

3.00%

6M USD Libor

Disclosure of Gain Loss On Valuation And Transaction Derivatives

(7)	Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2020, 2021 and 2022 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) (*)
		2020			2021			2022			2020			2021			2022			2020		2021			2022

		In millions of won
Currency forward	￦		(40,590	)		33,066			(20,570	)		(17,911	)		33,032			(2,710	)		—		—			—
Currency swap			(406,607	)		787,264			155,937			93,557			61,353			234,195			105,642		(59,108	)		(102,969	)
- Trading			(108,090	)		420,551			(77,618	)		16,661			16,265			104,572			—		—			—
- Hedging			(298,517	)		366,713			233,555			76,896			45,088			129,623			105,642		(59,108	)		(102,969	)
Interest rate swap			(1,845	)		18,123			66,341			(10,253	)		(10,303	)		(6,800	)		5,578		18,648			37,917
- Trading			(309	)		18,123			66,341			(11,975	)		(10,303	)		(6,800	)		—		—			—
- Hedging			(1,536	)		—			—			1,722			—			—			5,578		18,648			37,917
Other derivatives			(6,673	)		(15,459	)		22,510			—			—			—			—		—			—

	￦	(455,715)			822,994			224,218			65,393			84,082			224,685			111,220		(40,460)			(65,052)

(*)

For the year ended December 31, 2022, the net loss on valuation of derivatives applying cash flow hedge accounting of ￦24,415 million, net of tax, is included in other comprehensive income (loss).