Borrowings and Debt Securities (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about borrowings [abstract]

Summary of Borrowings And Debt Securities

(1)	Borrowings and debt securities as of December 31, 2021 and 2022 are as follows:


		2021			2022

		In millions of won
Current liabilities
Short-term borrowings	￦		2,920,563			8,820,425
Current portion of long-term borrowings			1,463,703			3,638,202
Current portion of debt securities			9,652,986			10,205,395
Less : Current portion of discount on long-term borrowings			(2,048	)		(774	)
Less : Current portion of discount on debt securities			(5,370	)		(4,246	)

			14,029,834			22,659,002

Non-current liabilities
Long-term borrowings			2,278,481			2,977,268
Debt securities			64,385,784			95,160,920
Less : Discount on long-term borrowings			(12,857	)		(14,945	)
Less : Discount on debt securities			(152,760	)		(177,543	)
Add: Premium on debt securities			1,031			663

			66,499,679			97,946,363

	￦		80,529,513			120,605,365

Repayment Schedule of Borrowings and Debt Securities

(2)	Repayment schedule of borrowings and debt securities as of December 31, 2021 and 2022 are as follows:



2021
Type		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



2022
Type		Borrowings		Debt Securities

		In millions of won
Less than 1 year	￦		12,458,627		10,205,395
1~ 5 years			1,472,655		65,278,587
Over 5 years			1,504,613		29,882,333

	￦		15,435,895		105,366,315

Short-term Borrowings

(3)	Short-term borrowings as of December 31, 2021 and 2022 are as follows:

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

2022

Type

Creditor

Interest rate (%)

Maturity

Foreign

currency

Local

currency

In millions of won and thousands of USD

Local short-term borrowings

DB financial investment and others

3.21~5.80

2023.01.02

~2023.12.31

—

￦

5,549,120

Local short-term borrowings

Nonghyup Bank and others

3M CD + 1.11~1.70

2023.05.25

~2023.11.24

—

3,000,000

Local short-term borrowings

Shinhan Bank

6M Bank
Debenture
Rate + 1.77

2023.11.17

—

50,000

Local short-term borrowings

Korea Development Bank

4.15

2023.01.06

—

3,400

Foreign short-term borrowings

Shinhan Bank

5.19

2023.02.28

USD 12,045

15,264

Foreign short-term borrowings

Shinhan Bank

SOFR(1M) + 0.65

2023.02.27

USD 40,000

50,692

Foreign short-term borrowings

Kookmin Bank and others

3.32~5.88

2023.01.09

~2023.06.12

USD 91,796

116,333

Local bank overdraft

Woori Bank and others

Standard overdraft
rate + 1.32

4.83

2023.01.06

~2023.02.24

—

35,616

￦

8,820,425

Long-term Borrowings

(4)	Long-term borrowings as of December 31, 2021 and 2022 are as follows:


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 KDB 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 Loan	3.10~8.00		2032		JPY 5,144,387		53,000
Woori Bank and others	Syndicated Loan	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 Loan	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


2022
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		—	￦	2,133
	Facility	2.50~4.60		2023~2028		—		28,420
	Facility	CB rate+0.90		2029		—		9,985
	Operating funds	1yr KDB rate+0.81~0.91		2023~2024		—		54,300
Hana Bank and others	Commercial Paper	3M CD+0.13~1.20		2023~2027		—		3,250,000
	Facility	4.60		2028		—		8,137
	Facility	3yr KTB rate-1.50		2028		—		3,821
Export-Import Bank of Korea	Project loans	1.50		2026		—		10,312
	Facility	1.32		2028		—		58,100
	Operating funds	1.78		2023		—		15,700
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 1.50~1.75		2023~2028		—		11,175
	Facility	3yr KTB rate-2.50		2023~2024		—		393
	Project loans	—		2023~2027		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10		2028~2029		—		19,195
	Commercial Paper	3M CD+0.38		2025		—		150,000
	Others	3.95		2034		—		78,905
	Others	Standard overdraft rate+1.00		2034		—		78,905
Kookmin Bank	Facility	MOR+0.79 3M CD+1.79 5.04		2023~2035		—		105,155
	Others	4.00		2025		—		20,700
Woori Bank	Facility	3M Libor+1.90 5.04		2035~2042		—		48,823
Others	Facility	3.50~6.80		2028~2044		—		690,259
	Facility	CB rate+1.10 1.75~4.56		2024~2036		—		103,131
	PF Refinancing	CB rate+1.25		2030		—		7,634
	PF Refinancing	4.10		2030		—		21,206
	Securitized debts (*)	3M CD+1.80		2025		—		33,476
	Others	4.40~7.90		2023~2039		—		120,217
	Others	1.80~4.50		2031~2034		—		49,929

								4,981,208

Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026		USD 8,744		11,081
Export-Import Bank of Korea and others	Direct Loan and others	6M Libor+3.20		2036		USD 78.094		98,969
	Direct Loan and others	3M Libor+2.25~3.70		2027		JOD 91,051		162,692
	Facility	6M Libor+1.70~2.50 SOFR(3M) +1.83		2039~2032		USD 132,168		167,496
Kookmin Bank and others	EBL	SOFR(1M)+0.11~0.75		2024		USD 149,592		189,578
Riyad Bank	EBL	SOFR(3M)+1.20		2025		USD 49,870		63,201
POSCO and others	Shareholder’s loan	8.00		2025		USD 10,005		12,680
	Shareholder’s loan	8.00		2031		JOD 4,853		8,671
Samsung Life Insurance and others	Syndicated Loan	3.10~8.00		2032		JPY 4,752,934		45,304
Woori Bank and others	Syndicated Loan	JPY 6M Libor+1.84		2032		JPY 2,613,385		24,910
Solar Construction Lendings, LLC	Facility	5.00		2025		USD 31,140		39,464
KiwoomSolar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029		EUR 40,531		54,765
IFC and others	Others	6M Libor+5.00 SOFR(3M)+1.83~1.99 5.41~6.19		2028~2031		USD 408,408		517,575


2022
Type		Interest rate (%)	Maturity		Foreign currency		Local currency

		In millions of won and thousands of foreign currencies
Hanwha US Solar Private Fund and others	PF Refinancing	3.00		2038		USD 58,308		73,894
DBS Bank and others	Facility	1M BBSY+1.40~2.25		2025		AUD 190,860		163,836
Others	Others	—		—		USD 116		146

								1,634,262

								6,615,470
Less: Discount on long-term borrowings								(15,719	)
Less: Current portion of long-term borrowings								(3,638,202	)
Add: Current portion of discount on long-term borrowings								774

							￦	2,962,323

(*)	The main reasons for early repayment of securitized debts as of December 31, 2022 are as follows:

Local Debt Securities

(5)	Local debt securities as of December 31, 2021 and 2022 are as follows:


	Issue date		Maturity		Interest rate (%)		2021			2022

	In millions of won

Electricity Bonds		2012.03.27~2022.12.28		2023.01.11~2052.04.21	1.14~5.99	￦		34,080,000			61,190,000
Corporate Bonds (*)		2009.10.16~2022.12.20		2023.01.11~2052.08.24	1.01~6.06			28,194,472			29,293,188
Corporate Bonds		2021.05.26		2041.05.25	2.00			—			11,578

								62,274,472			90,494,766
Less: Discount on local debt securities								(52,723	)		(56,924	)
Less: Current portion of local debt securities								(7,432,647	)		(8,401,619	)
Add: Current portion of discount on local debt securities								2,510			2,344

						￦		54,791,612			82,038,567

(*)

Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to ￦1,619 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.

Foreign Debt Securities

(6)	Foreign debt securities as of December 31, 2021 and 2022 are as follows:


	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


	2022
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	￦		353,198
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717			398,841
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920			363,614
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000			126,730
FY-15	2015.06.15	2025.06.15	3.25		USD 300,000			380,190
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000			380,190
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000			54,048
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000			54,527
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000			268,208
FY-18	2018.06.07~2018.07.25	2023.06.07~2023.07.25	3.75~3.88		USD 1,400,000			1,774,220
FY-19	2019.02.27	2024.02.27	0.13		CHF 200,000			274,574
FY-19	2019.06.24	2024.06.24	2.50		USD 500,000			633,650
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05		CHF 300,000			411,861
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97		AUD 300,000			257,523
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 360,899			457,368
FY-20	2020.02.03	2025.02.03	2.13		USD 300,000			380,190
FY-20	2020.05.06	2025.05.06	1.75		USD 500,000			633,650
FY-20	2020.06.15	2025.06.15	1.13		USD 500,000			633,650
FY-20	2020.08.03	2026.02.03	1.00		USD 300,000			380,190
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000			570,285
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000			633,650
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000			380,190
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000			380,190
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000			380,190
FY-22	2022.05.06	2025.05.06	3.60		USD 500,000			633,650
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00		USD 800,000			1,013,840
FY-22	2022.06.28	2025.06.28	4.13		USD 300,000			380,190
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000			887,110
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000			1,013,840
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000			381,992

								14,871,549
Less: Discount on foreign debt securities								(124,865	)
Add: Premium on foreign debt securities								663
Less: Current portion of foreign debt securities								(1,803,776	)
Add: Current portion of discount on foreign debt securities								1,902

						￦		12,945,473

Schedule of Changes in Borrowings and Debt Securities

(7)	Changes in borrowings and debt securities for the years ended December 31, 2021 and 2022 are as follows:


		2021		2022

		In millions of won
Beginning balance	￦		69,724,581		80,529,513
Cash flow			9,653,394		39,193,816
Effect of exchange rate fluctuations			1,001,493		906,877
Others			150,045		(24,841	)

Ending balance	￦		80,529,513		120,605,365