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Leases (Tables)

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

Summary of Right-of-Use Assets

(2) Right-of-use assets as of December 31, 2021 and 2022 are as follows:

						2021
						Acquisition cost				Accumulated depreciation				Book value
						In millions of won
Land		￦					814,795				(162,000	)			652,795
Buildings							106,823				(43,939	)			62,884
Structures							26,374				(5,226	)			21,148
Machinery							1,308				(743	)			565
Ships							4,217,735				(1,188,516	)			3,029,219
Vehicles							30,375				(16,757	)			13,618
Others(*)							2,650,728				(2,371,560	)			279,168
		￦					7,848,138				(3,788,741	)			4,059,397

(*) Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.

						2022
						Acquisition cost				Accumulated depreciation				Book value
						In millions of won
Land		￦					886,076				(224,277	)			661,799
Buildings							135,290				(60,434	)			74,856
Structures							30,879				(6,914	)			23,965
Machinery							1,737				(902	)			835
Ships							4,151,460				(1,554,597	)			2,596,863
Vehicles							35,712				(20,996	)			14,716
Others(*)							751,570				(413,479	)			338,091
		￦					5,992,724				(2,281,599)				3,711,125

(*) Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.

Summary of Changes in Right-of-Use Assets

(3) Changes in right-of-use assets for the years ended December 31, 2021 and 2022 are as follows:

						2021
						Beginning balance				Increase				Depreciation				Decrease				Others				Ending balance
						In millions of won
Land		￦					706,579				7,312				(57,231	)			—				(3,865	)			652,795
Buildings							47,222				22,336				(25,780	)			(1,469	)			20,575				62,884
Structures							20,486				2,198				(1,536	)			—				—				21,148
Machinery							695				—				(130	)			—				—				565
Ships							3,437,363				9,694				(411,291	)			—				(6,547	)			3,029,219
Vehicles							13,525				9,583				(8,162	)			(7	)			(1,321	)			13,618
Others							316,296				27,090				(54,435	)			(10,311	)			528				279,168
		￦					4,542,166				78,213				(558,565	)			(11,787	)			9,370				4,059,397
						2022
						Beginning balance				Increase				Depreciation				Decrease				Others				Ending balance
						In millions of won
Land		￦					652,795				63,654				(41,260	)			—				(13,390	)			661,799
Buildings							62,884				42,399				(30,243	)			(1,042	)			858				74,856
Structures							21,148				4,256				(1,758	)			—				319				23,965
Machinery							565				429				(159	)			—				—				835
Ships							3,029,219				—				(393,677	)			—				(38,679	)			2,596,863
Vehicles							13,618				13,475				(8,673	)			(962	)			(2,742	)			14,716
Others							279,168				72,803				(33,298	)			(834	)			20,252				338,091
		￦					4,059,397				197,016				(509,068	)			(2,838	)			(33,382	)			3,711,125

Summary of Lease liabilities

(4) Lease liabilities as of December 31, 2021 and 2022 are as follows:

						2021				2022
						In millions of won
Less than 1 year		￦					620,121				639,756
1 ~ 5 years							2,158,145				2,047,584
More than 5 years							2,150,722				1,925,012
							4,928,988				4,612,352
Less : Discount							(518,485	)			(449,209	)
Present value of lease payment		￦					4,410,503				4,163,143

Summary of Liquidity Classification of Lease Liabilities

(5) The details of the liquidity classification of lease liabilities as of December 31, 2021 and 2022 are as follows:

						2021				2022
						In millions of won
Current lease liabilities		￦					583,558				614,037
Non-current lease liabilities							3,826,945				3,549,106
		￦					4,410,503				4,163,143

Summary of Changes in lease liabilities

(6) Changes in lease liabilities for the years ended December 31, 2021 and 2022 are as follows:

						2021
						Beginning balance				Increase				Decrease				Interest expenses				Others(*)				Ending balance
						In millions of won
Lease liabilities		￦					4,621,096				73,090				(665,687	)			93,651				288,353				4,410,503

						2022
						Beginning balance				Increase				Decrease				Interest expenses				Others(*)				Ending balance
						In millions of won
Lease liabilities		￦					4,410,503				109,019				(654,236	)			91,590				206,267				4,163,143

(*) Including translation effect of foreign currency lease liabilities and others.

Summary of Details of Expense Relating to Lease Contracts As Lessee

(7) Details of expense relating to lease contracts as lessee for the years ended December 31, 2021 and 2022 are as follows:

						2021				2022
						In millions of won
Depreciation of right-of-use assets		￦					558,565				509,068
Interest expenses of lease liabilities							93,651				91,590
Leases expenses for short-term leases							199,490				235,473
Leases expenses for leases of low-value assets							2,349				3,147
Variable lease payments							54,675				112,158
		￦					908,730				951,436

Summary of Profit and Loss Related To Finance Lease

(2) Profit and loss related to finance lease for the years ended December 31, 2021 and 2022 are as follows:

						2021				2022
						In millions of won
Finance income on the net investment in the lease		￦					111,569				122,355

Summary of Maturity Analysis of Finance Lease Payments Receivable

(3) Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2021 and 2022 are as follows:

						2021				2022
						In millions of won
Less than 1 year		￦					172,528				181,930
1 ~ 2 years							163,937				169,693
2 ~ 3 years							158,933				166,787
3 ~ 4 years							156,450				166,196
4 ~ 5 years							155,068				166,965
More than 5 years							1,588,403				1,527,093
							2,395,319				2,378,664
Less : Unearned finance income							(1,194,627	)			(1,139,274	)
Net investment in the lease(*)		￦					1,200,692				1,239,390

(*) Including the present value of unguaranteed residual value amounting to ￦19,574 million and ￦22,910 million, as of December 31, 2021 and 2022, respectively.

Summary of Changes in Allowance For Doubtful Accounts of Finance Lease Receivables

(4) Changes in the allowance for doubtful accounts of finance lease receivables for the years ended December 31, 2021 and 2022 are as follows:

						2021				2022
						In millions of won
Beginning balance		￦					990				768
Bad debt expense							—				3,737
Reversal of allowance for doubtful accounts							(222	)			—
Ending balance		￦					768				4,505

X

- Definition

The disclosure of additional information about leasing activities of a lessee.

+ References

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-Name IFRS
-Number 16
-IssueDate 2022-03-24
-Paragraph 59
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- Definition

The disclosure of a maturity analysis of finance lease payments receivable. Finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an underlying asset.

+ References

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-Name IFRS
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-IssueDate 2022-03-24
-Paragraph 94
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The disclosure of a maturity analysis of operating lease payments. Operating lease is a lease that does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset.

+ References

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-Name IFRS
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