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Derivatives

12 Months Ended

Dec. 31, 2023

12.	Derivatives

(1)	Derivatives as of December 31, 2022 and 2023 are as follows:


		2022				2023
		Current		Non-current		Current		Non-current

		In millions of won
Derivative assets
Currency forward	￦		648		17,432		18,019		—
Currency swap			236,470		589,300		274,782		527,701
—Trading			102,080		410,540		196,013		347,689
—Hedging			134,390		178,760		78,769		180,012
Interest rate swap			52,485		81,188		12,124		129,570
—Trading			52,485		81,188		12,124		129,570
—Hedging			—		—		—		—
Others (*2, 3)			—		40,501		2,807		35,391

	￦		289,603		728,421		307,732		692,662

Derivative liabilities
Currency forward	￦		32,660		—		4,755		—
Currency swap			6,319		328,995		6,867		287,824
—Trading			6,319		302,415		6,867		264,260
—Hedging			—		26,580		—		23,564
Interest rate swap			—		2,735		—		48,238
—Trading			—		2,735		—		48,238
—Hedging			—		—		—		—
Others (*1,2)			6,015		56,027		6,757		97,793

	￦		44,994		387,757		18,379		433,855

(*1)

In relation to the agreement to purchase hybrid securities issued by Samcheok Eco Materials Co., Ltd., an associate of the Company, the Company has recognized as other derivative liabilities the fair value of ￦18,752 million for its performance obligation to the underwriter of the bonds. In addition, the Company has granted stock option to Chester Solar IV SpA, a joint venture of the Company, and 4 other third party investors, and recorded the related fair value of

￦

5,986

million (prior year : ￦6,197 million) as other derivative liabilities.

(*2)

The Company recorded the fair value of derivatives in accordance with the shareholders’ agreement of its associate, Hyundai Green Power Co., Ltd., as other derivatives. In addition, the fair value of the derivatives regarding the power sales agreement of its subsidiary, Elara Energy Project, LLC, were recorded as other derivatives.

(*3)

The Company recorded the fair value of derivatives regarding the Power Purchase Agreement (“PPA”) of its subsidiary Columboola Solar Farm Hold Co Pty., Ltd. as other derivatives.

(2)	Currency forward contracts which are not designated as hedging instruments as of December 31, 2023 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
JP Morgan		2023.12.08		2024.01.05	W		41,535		EUR 29,419	W		1,411.83
JP Morgan		2023.12.13		2024.01.03			13,131		USD 10,000			1,313.10
Busan Bank		2023.12.14		2024.01.05			18,126		USD 14,000			1,294.70
Woori Bank		2023.12.14		2024.01.09			18,092		USD 14,000			1,292.30
Standard Chartered		2023.12.18		2024.01.11			6,480		USD 5,000			1,295.90
Korea Development Bank		2023.12.20		2024.01.15			10,383		USD 8,000			1,297.90
Shinhan Bank		2023.12.20		2024.01.17			9,074		USD 7,000			1,296.40
JP Morgan		2023.12.21		2024.01.19			16,929		USD 13,000			1,302.20
Hana Bank		2023.12.21		2024.01.12			14,329		USD 11,000			1,302.60
Kookmin Bank		2023.12.21		2024.01.23			14,324		USD 11,000			1,302.20
Mizuho Bank		2023.12.22		2024.01.25			10,382		USD 8,000			1,297.70
Standard Chartered		2023.12.26		2024.01.26			10,382		USD 8,000			1,297.70
Nonghyup Bank		2023.12.28		2024.01.29			6,446		USD 5,000			1,289.20
Morgan Stanley		2023.12.28		2024.01.31			14,159		USD 11,000			1,287.20
Busan Bank		2023.12.28		2024.02.02			10,296		USD 8,000			1,287.00
Woori Bank		2023.12.28		2024.02.05			10,298		USD 8,000			1,287.20
MUFG		2023.11.23		2024.02.05			10,348		USD 8,000			1,293.50
Nonghyup Bank		2023.11.30		2024.01.23			5,147		USD 4,000			1,286.75
MUFG		2023.11.30		2024.01.23			5,147		USD 4,000			1,286.65
JP Morgan		2023.11.30		2024.02.22			11,561		USD 9,000			1,284.60
Morgan Stanley		2023.12.01		2024.01.23			5,199		USD 4,000			1,299.85
Korea Development Bank		2023.12.01		2024.01.15			14,303		USD 11,000			1,300.30
Mizuho Bank		2023.12.01		2024.02.14			10,386		USD 8,000			1,298.25
JP Morgan		2023.12.04		2024.02.14			6,485		USD 5,000			1,296.90
Nonghyup Bank		2023.12.06		2024.02.14			5,231		USD 4,000			1,307.75
MUFG		2023.12.13		2024.02.06			19,700		USD 15,000			1,313.30
JP Morgan		2023.12.13		2024.02.06			17,072		USD 13,000			1,313.20
Mizuho Bank		2023.12.15		2024.02.06			12,916		USD 10,000			1,291.55
Korea Development Bank		2023.12.15		2024.02.14			11,617		USD 9,000			1,290.80
Busan Bank		2023.12.20		2024.02.26			5,183		USD 4,000			1,295.80
SMBC		2023.12.20		2024.03.13			19,416		USD 15,000			1,294.43
Nonghyup Bank		2023.12.21		2024.01.05			26,065		USD 20,000			1,303.25
JP Morgan		2023.12.21		2024.01.05			26,064		USD 20,000			1,303.20
MUFG		2023.12.21		2024.01.05			27,365		USD 21,000			1,303.10
Hana Bank		2023.12.28		2024.01.15			18,041		USD 14,000			1,288.65
Mizuho Bank		2023.12.28		2024.02.26			32,146		USD 25,000			1,285.85
JP Morgan		2023.12.28		2024.03.26			8,984		USD 7,000			1,283.40
Woori Bank		2023.11.30		2024.01.03			6,440		USD 5,000			1,287.95
Nonghyup Bank		2023.11.30		2024.01.03			4,119		USD 3,200			1,287.15
Woori Bank		2023.12.20		2024.01.22			6,487		USD 5,000			1,297.30
Woori Bank		2023.12.27		2024.01.29			6,466		USD 5,000			1,292.20
Mizuho Bank		2023.12.28		2024.02.02			6,446		USD 5,000			1,289.25
Nonghyup Bank		2023.12.28		2024.02.02			12,882		USD 10,000			1,288.20
HSBC		2020.10.19		2024.10.29			140,913		USD 125,000			1,127.30
JP Morgan		2023.12.08		2024.01.05			6,541		USD 5,000			1,308.20


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		2023.12.12		2024.01.23	￦		19,686		USD 15,000	￦		1,312.40
Shinhan Bank		2023.12.14		2024.01.23			10,338		USD 8,000			1,292.19
Korea Citi Bank		2023.12.15		2024.01.15			6,467		USD 5,000			1,293.45
Nonghyup Bank		2023.12.18		2024.01.15			11,668		USD 9,000			1,296.45
Hana Bank		2023.12.27		2024.01.26			6,459		USD 5,000			1,291.89
Hana Bank		2023.12.27		2024.01.26			6,457		USD 5,000			1,291.39
JP Morgan		2023.11.02		2024.01.26			8,406		USD 6,286			1,337.20
HSBC		2023.11.27		2024.03.08			6,482		USD 5,000			1,296.30
HSBC		2023.11.27		2024.03.08			6,476		USD 5,000			1,295.20
Shinhan Bank		2023.12.08		2024.03.08			13,034		USD 10,000			1,303.38
Shinhan Bank		2023.12.15		2024.03.08			3,865		USD 3,000			1,288.22
Shinhan Bank		2023.12.28		2024.04.23			2,160		USD 1,684			1,282.40
Woori Bank		2023.12.28		2024.04.23			10,253		USD 8,000			1,281.65

(3)	Currency swap contracts which are not designated as hedging instruments as of December 31, 2023 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	4.68%	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
Hana Bank		2023~2026			256,000		USD 200,000	3.97%	5.38%			1,280.00
Shinhan Bank		2023~2026			192,000		USD 150,000	3.99%	5.38%			1,280.00
Kookmin Bank		2023~2026			128,000		USD 100,000	4.03%	5.38%			1,280.00
Korea Development Bank		2023~2026			256,000		USD 200,000	4.04%	5.38%			1,280.00
Bank of America		2023~2026			128,000		USD 100,000	4.04%	5.38%			1,280.00
Standard Chartered		2023~2026			128,000		USD 100,000	4.04%	5.38%			1,280.00
Woori Bank		2023~2026			192,000		USD 150,000	4.05%	5.38%			1,280.00
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 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


	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
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
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
Export-Import Bank of Korea		2023~2030			172,982		HKD 1,037,000	4.25%	4.51%			166.81
HSBC		2019~2024			USD 205,500		AUD 300,000	3M SOFR+1.04%	3M BBSW+0.97%			USD 0.69

(4)	Currency swap contracts which are designated as hedging instruments as of December 31, 2023 are as follows:


	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
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
Shinhan Bank		2023~2026			132,930		USD 100,000	4.07%	5.38%			1,329.30
Nonghyup Bank		2023~2026			132,930		USD 100,000	4.05%	5.38%			1,329.30
Kookmin Bank		2023~2026			132,930		USD 100,000	4.07%	5.38%			1,329.30
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
Woori Bank		2023~2028			259,000		USD 200,000	3.83%	4.88%			1,295.00
Korea Development Bank		2023~2028			129,500		USD 100,000	3.85%	4.88%			1,295.00
Bank of America		2023~2028			64,750		USD 50,000	3.85%	4.88%			1,295.00

(5)	Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2023 are as follows:

Counterparty

Contract
year

Contract amount

Contract interest rate per annum

Pay

Receive

In millions of won and thousands of foreign currencies

Nomura (*1)

2018~2038

￦

30,000

3M CD+0.10

3.75%

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%

Shinhan Bank

2023~2028

200,000

4.27%

3M CD+0.76%

Shinhan Bank

2023~2028

50,000

4.27%

3M CD+0.76%

Nomura

2023~2028

250,000

4.13%

3M CD+0.73%

Hana Bank

2023~2028

200,000

3.74%

3M CD+0.51%

Hana Bank

2023~2028

100,000

4.19%

3M CD+0.50%

Shinhan Bank

2023~2028

300,000

3.81%

3M CD+0.70%

Hana Bank

2023~2028

200,000

3.95%

3M CD+0.50%

Nomura

2017~2032

52,457

2.55%+Floating rate

2.60%

Nomura

2017~2032

59,423

2.57%+Floating rate

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 865

0.48%

3.33%

DBS Bank

2022~2025

AUD 865

0.48%

3.33%

Societe Generale

2022~2025

AUD 865

0.48%

3.28%

MUFG

2022~2048

USD 155,941

SOFR(3M)

3.71%

Mizuho Bank

2022~2048

USD 155,941

SOFR(3M)

1.05%

Mizuho Bank

2022~2024

USD 112,194

SOFR(1M)

1.80%

Rabobank

2022~2036

USD 37,130

1.83%

SOFR(6M)

Mizuho Capital Markets LLC

2021~2045

USD 82,886

5.38%

1.14%

(*1)

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.

(6)	Interest rate swap contracts which are designated as hedging instruments as of December 31, 2023 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 41,040

4.16%

6M USD Libor

KFW

2009~2027

USD 41,040

4.16%

6M USD Libor

Export-Import Bank of Korea

2016~2036

USD 60,977

3.00%

6M USD Libor

(7)	Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2021, 2022 and 2023 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income or loss:


		Net income effects of valuation gain (loss)									Net income effects of transaction gain (loss)									Other comprehensive income (loss) (*)
		2021			2022			2023			2021			2022			2023			2021			2022			2023

		In millions of won
Currency forward	￦		33,066			(20,570	)		510			33,032			(2,710	)		34,216			—			—			—
Currency swap			787,264			155,937			269,795			61,353			234,195			38,282			(59,108	)		(102,969	)		(11,411	)
- Trading			420,551			(77,618	)		181,342			16,265			104,572			(1,244	)		—			—			—
- Hedging			366,713			233,555			88,453			45,088			129,623			39,526			(59,108	)		(102,969	)		(11,411	)
Interest rate swap			18,123			66,341			(16,377	)		(10,303	)		(6,800	)		10,400			18,648			37,917			2,893
- Trading			18,123			66,341			(16,377	)		(10,303	)		(6,800	)		10,400			—			—			—
- Hedging			—			—			—			—			—			—			18,648			37,917			2,893
Other derivatives			(15,459	)		22,510			(19,729	)		—			—			6,761			—			—			—

	￦	822,994			224,218			234,199			84,082			224,685			89,659			(40,460)			(65,052)			(8,518)

(*)

For the years ended December 31, 2021, 2022 and 2023, the net loss on valuation of derivatives applying cash flow hedge accounting

of ￦15,778 million

￦24,415

million and ￦

3,654

million, net of tax, are included in other comprehensive loss, respectively.