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Trade and Other Receivables

12 Months Ended

Dec. 31, 2023

Trade and other receivables [abstract]

8.	Trade and Other Receivables

(1)	Trade and other receivables as of December 31, 2022 and 2023 are as follows:


		2022
		Gross amount		Allowance for doubtful accounts			Present value discount			Book value
		In millions of won
Current assets
Trade receivables	￦		9,700,880		(196,829	)		—			9,504,051
Other receivables			1,004,528		(44,388	)		(2,369	)		957,771

			10,705,408		(241,217	)		(2,369	)		10,461,822

Non-current assets
Trade receivables			197,955		(2,171	)		—			195,784
Other receivables			2,033,705		(65,065	)		(11,344	)		1,957,296

			2,231,660		(67,236	)		(11,344	)		2,153,080

	￦		12,937,068		(308,453	)		(13,713	)		12,614,902


		2023
		Gross amount		Allowance for doubtful accounts			Present value discount			Book value
		In millions of won
Current assets
Trade receivables	￦		11,239,601		(230,058	)		—			11,009,543
Other receivables			1,034,655		(53,683	)		(4,780	)		976,192

			12,274,256		(283,741	)		(4,780	)		11,985,735

Non-current assets
Trade receivables			207,668		(2,587	)		—			205,081
Other receivables			2,080,830		(80,270	)		(12,054	)		1,988,506

			2,288,498		(82,857	)		(12,054	)		2,193,587

	￦		14,562,754		(366,598	)		(16,834	)		14,179,322

(2)	Other receivables as of December 31, 2022 and 2023 are as follows:


		2022
		Gross amount		Allowance for doubtful accounts			Present value discount			Book value
		In millions of won
Current assets
Non-trade receivables	￦		459,245		(41,293	)		(21	)		417,931
Accrued income			109,267		—			—			109,267
Deposits			289,580		—			(2,348	)		287,232
Finance lease receivables (*1)			67,583		(1,802	)		—			65,781
Others			78,853		(1,293	)		—			77,560

			1,004,528		(44,388	)		(2,369	)		957,771

Non-current assets
Non-trade receivables			140,128		(52,696	)		(182	)		87,250
Accrued income			2,004		—			—			2,004
Deposits			459,861		—			(11,162	)		448,699
Finance lease receivables (*2)			1,171,807		(2,703	)		—			1,169,104
Others			259,905		(9,666	)		—			250,239

			2,033,705		(65,065	)		(11,344	)		1,957,296

	￦		3,038,233		(109,453	)		(13,713	)		2,915,067

(1) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦114,347 million. (2) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦1,024,927 million.
		2023
		Gross amount		Allowance for doubtful accounts			Present value discount			Book value
		In millions of won
Current assets
Non-trade receivables	￦		393,859		(49,626	)		(53	)		344,180
Accrued income			133,033		—			—			133,033
Deposits			317,541		(4	)		(4,727	)		312,810
Finance lease receivables (*1)			75,661		(2,761	)		—			72,900
Others			114,561		(1,292	)		—			113,269

			1,034,655		(53,683	)		(4,780	)		976,192

Non-current assets
Non-trade receivables			198,453		(54,182	)		(102	)		144,169
Accrued income			7,342		—			—			7,342
Deposits			441,721		(263	)		(11,952	)		429,506
Finance lease receivables (*2)			1,173,500		(2,495	)		—			1,171,005
Others			259,814		(23,330	)		—			236,484

			2,080,830		(80,270	)		(12,054	)		1,988,506

	￦		3,115,485		(133,953	)		(16,834	)		2,964,698

(*1)

Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦114,118 million.

(*2)

Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦943,316 million.

(3)

Trade and other receivables are classified as financial assets at amortized cost and are measured using the effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However once trade receivables are overdue, the Company imposes a monthly interest rate of 1.5% on the overdue trade receivables. The Company holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers with delinquent payments.

(4)	Aging analysis of trade receivables as of December 31, 2022 and 2023 are as follows:


		2022			2023
		In millions of won
Trade receivables: (not overdue)	￦		9,509,775			11,120,582

Trade receivables: (impairment reviewed)			389,060			326,687

Less than 60 days			5,592			6,403
60 ~ 90 days			36,389			55,802
90 ~ 120 days			31,442			20,535
120 days ~ 1 year			99,655			58,350
Over 1 year			215,982			185,597

			9,898,835			11,447,269
Less: allowance for doubtful accounts			(199,000	)		(232,645	)

	￦		9,699,835			11,214,624

At the end of each reporting period, the Company assesses whether the credit to trade receivables is impaired. The Company recognizes loss allowances for trade receivables individually when there is any objective evidence that trade receivables are impaired and significant and classifies the trade receivables that are not individually assessed as the trade receivables subject to be assessed on a collective basis. Also, the Company recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.

(5)	Aging analysis of other receivables as of December 31, 2022 and 2023 are as follows:


		2022			2023
		In millions of won
Other receivables: (not overdue)	￦		2,857,253			2,857,337

Other receivables: (impairment reviewed)			180,980			258,148

Less than 60 days			92			5
60 ~ 90 days			13,643			27,634
90 ~ 120 days			2,982			727
120 days ~ 1 year			18,494			69,651
Over 1 year			145,769			160,131

			3,038,233			3,115,485
Less: allowance for doubtful accounts			(109,453	)		(133,953	)
Less: present value discount			(13,713	)		(16,834	)

	￦		2,915,067			2,964,698

At the end of each reporting period, the Company assesses whether the credit to other receivables is impaired. The Company recognizes loss allowances for other receivables individually when there is any objective evidence that other receivables are impaired and significant, and classifies the other receivables that are not individually assessed as the other receivables subject to be assessed on a collective basis. Also, the Company recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.

(6)	Changes in the allowance for doubtful accounts for the years ended December 31, 2021, 2022 and 2023 are as follows:


		2021						2022						2023
		Trade receivables			Other receivables			Trade receivables			Other receivables			Trade receivables			Other receivables
		In millions of won
Beginning balance	￦		208,990			132,379			205,339			82,710			199,000			109,453
Bad debt expense			19,039			18,411			27,078			4,220			68,385			24,290
Write-off			(21,809	)		(58,762	)		(26,319	)		(1,103	)		(26,109	)		(4,472	)
Reversal			(1,071	)		(79	)		(3,444	)		(37	)		(5,577	)		(1,942	)
Others			190			(9,239	)		(3,654	)		23,663			(3,054	)		6,624

Ending balance	￦		205,339			82,710			199,000			109,453			232,645			133,953