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Borrowings and Debt Securities

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about borrowings [abstract]

Borrowings and Debt Securities

23. Borrowings and Debt Securities

(1) Borrowings and debt securities as of December 31, 2022 and 2023 are as follows:

						2022				2023
						In millions of won
Current liabilities
Short-term borrowings		￦					8,820,425				10,667,335
Current portion of long-term borrowings							3,638,202				5,780,638
Current portion of debt securities							10,205,395				24,681,439
Less: Current portion of discount on long-term borrowings							(774	)			(1,152	)
Less: Current portion of discount on debt securities							(4,246	)			(7,176	)
Add: Current portion of premium on debt securities							—				263
							22,659,002				41,121,347
Non-current liabilities
Long-term borrowings							2,977,268				3,407,514
Debt securities							95,160,920				89,293,561
Less: Discount on long-term borrowings							(14,945	)			(14,683	)
Less: Discount on debt securities							(177,543	)			(175,909	)
Add: Premium on debt securities							663				—
							97,946,363				92,510,483
		￦					120,605,365				133,631,830

(2) Repayment schedule of borrowings and debt securities as of December 31, 2022 and 2023 are as follows:

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

2023
Type						Borrowings				Debt Securities
						In millions of won
Less than 1 year		￦					16,447,973				24,681,439
1~ 5 years							1,649,696				64,342,617
Over 5 years							1,757,818				24,950,944
		￦					19,855,487				113,975,000

(3) Short-term borrowings as of December 31, 2022 and 2023 are as follows:

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

2023

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

4.00~4.84

2024.01.05 ~2024.12.31

—

￦

6,180,339

Local short-term borrowings

Nonghyup Bank and others

3M CD +0.98 ~1.12

2024.05.26 ~2024.11.20

—

4,300,000

Local short-term borrowings

Korea Development Bank

Standard overdraft rate+1.06

2024.02.24

—

30,000

Local short-term borrowings

Export-Import Bank of Korea

3M Bank debenture rate+0.34

2024.12.27

—

50,000

Foreign short-term borrowings

Export-Import Bank of Korea

5.49

2024.09.27

USD 40,000

51,576

Foreign short-term borrowings

Kookmin Bank

SOFR(1M)+0.95

2024.02.16

USD 40,000

51,576

Local bank overdraft

Woori Bank and others

Standard overdraft rate+1.37 4.63~5.34

2024.01.05 ~2024.02.23

—

3,844

￦

10,667,335

(4) Long-term borrowings as of December 31, 2022 and 2023 are as follows:

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

2022
Type				Interest rate (%)		Maturity				Foreign currency				Local currency
				In millions of won and thousands of foreign currencies
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(1M) +1.83			2029~2032				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		Facility		6M Libor+5.00 SOFR(3M)+1.83~1.99 5.41~6.19			2028~2031				USD 408,408				517,575
Hanwha US Solar Private Fund and others		Facility		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:

Type		Details
Non-payment of proceeds		Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding		Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation		Where the consignor fails to fulfill the additional trust obligation
Event of default		In case the event of default occurs under the ABL loan agreement

The Company is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

2023
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
				In millions of won
Local long-term borrowings
Korea Development Bank		Others		0.50		2024~2044			—			￦	1,758
		Facility		2.60~4.94		2025~2042			—				53,052
		Facility		CB rate+0.90		2029			—				9,985
		Operating funds		1yr KDB rate+0.91		2024			—				40,000
Hana Bank and others		Commercial Paper		3M CD+0.13~1.20		2024~2028			—				5,350,000
		Facility		4.60		2028			—				6,558
		Facility		3yr KTB rate-2.50		2028			—				3,156
Export-Import Bank of Korea		Project loans		1.00		2026			—				7,365
		Facility		1.32		2028			—				80,000
		Operating funds		3M Bank debenture rate +0.66		2026			—				40,000
Korea Energy Agency		Development of power resources		3yr KTB rate-2.25 2.25		2024~2028			—				9,176
		Facility		3yr KTB rate-1.50		2024			—				163
		Project loans		—		2033			—				1,197
Shinhan Bank and others		Facility		CB rate+0.90~1.10		2028~2029			—				16,825
		Operating funds		6M Bank debenture rate+0.93		2025			—				20,000
		Commercial Paper		3M CD+0.38		2025			—				150,000
		Others		3.95		2034			—				73,425
		Others		Standard overdraft rate+1.00		2034			—				73,425
Kookmin Bank		Facility		1yr Bank debenture rate +0.78 3M CD+1.79~2.10 5.04		2025~2037			—				186,032
Woori Bank		Facility		Standard overdraft rate+1.00 3M CD+1.90 5.04		2034~2042			—				101,172
IBK		Facility		4.00~5.80		2042~2044			—				30,690
Nonghyup Bank		Facility		3M CD+2.00~2.10		2030~2041			—				22,517
Others		Facility		3.50~6.80		2028~2042			—				735,722
		Facility		CB rate+1.10 3M CD+2.10 1.75~3.30		2024~2041			—				51,509
		PF Refinancing		CB rate+1.25		2030			—				6,680
		PF Refinancing		4.10		2030			—				18,556
		Securitized debts (*)		3M CD+1.80		2025			—				52,060
		Others		4.40~7.90		2025~2039			—				113,973
		Others		1.80~4.50		2031~2034			—				49,879
												￦	7,304,875

2023

Type

Interest rate (%)

Maturity

Foreign currency

Local currency

In millions of won and thousands of foreign currencies

Foreign long-term borrowings

Korea Energy Agency

Project loans

—

2026

USD 8,744

￦

11,274

Export-Import Bank of Korea and others

Direct Loan and others

6M Synthetic Libor+1.80~3.20

2036

USD 78,347

101,020

Direct Loan and others

6M Synthetic Libor+2.25~3.70

2027

JOD 62,385

113,390

Facility

6M Synthetic Libor+1.70~2.50 SOFR(1M)+1.83

2029~2031

USD 120,916

155,909

Korea Development Bank and others

EBL

SOFR(1M)+0.86

2025

USD 142,049

183,157

POSCO and others

Shareholder’s loan

5.60~8.00

2025

USD 10,770

13,887

Shareholder’s loan

8.00

2031

JOD 5,419

9,850

Samsung Life Insurance and others

Syndicated Loan

3.10~8.00

2032

JPY 4,350,671

39,707

Woori Bank and others

Syndicated Loan

JPY 6M Tibor+1.84

2032

JPY 2,399,088

21,896

Solar Construction Lending, LLC

Facility

5.00

2025

USD 29,894

38,545

KiwoomSolar Power Professional Investor Private Placement Investment Trust V

Senior borrowing

3.90

2029

EUR 40,478

57,745

IFC and others

Facility

SOFR(3M)+1.99 SOFR(6M)+5.00 3M BSBY+1.70 6.05~6.62

2024~2031

USD 655,922

845,746

Hanwha US Solar Private Fund and others

Facility

6.00

2039

USD 60,674

78,233

DBS Bank and others

Facility

1M BBSY+1.40~2.25

2025

AUD 185,086

162,891

Nonghyup Bank and others

Facility

10.40

2039

USD 38,799

50,027

1,883,277

9,188,152

Less: Discount on long-term borrowings

(15,835

)

Less: Current portion of long-term borrowings

(5,780,638

)

Add: Current portion of discount on long-term borrowings

1,152

￦

3,392,831

(*) The main reasons for early repayment of securitized debts as of December 31, 2023 are as follows:

Type		Details
Non-payment of proceeds		Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding		Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation		Where the consignor fails to fulfill the additional trust obligation
Event of default		In case the event of default occurs under the ABL loan agreement

The Company is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

(5) Local debt securities as of December 31, 2022 and 2023 are as follows:

		Issue date				Maturity				Interest rate (%)								2022				2023
		In millions of won
Electricity Bonds			2012.03.27~2023.09.11				2023.01.08~2052.04.21				1.43~5.99			￦					61,190,000				67,730,000
Corporate Bonds (*)			2009.10.16~2023.12.21				2024.01.12~2053.11.10				1.21~10.00								29,293,188				29,887,353
Corporate Bonds			2021.05.26~2023.12.28				2041.05.25~2043.09.15				2.00~3.78								11,578				41,578
																			90,494,766				97,658,931
Less: Discount on local debt securities																			(56,924	)			(54,826	)
Less: Current portion of local debt securities																			(8,401,619	)			(23,141,584	)
Add: Current portion of discount on local debt securities																			2,344				4,712
														￦					82,038,567				74,467,233

(*) Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to ￦1,584 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.

(6) Foreign debt securities as of December 31, 2022 and 2023 are as follows:

		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

		2023
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			￦					359,357
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00			USD 314,717								405,796
FY-04		2004.04.23		2034.04.23		5.13			USD 286,920								369,955
FY-14		2014.07.30		2029.07.30		3.57			USD 100,000								128,940
FY-15		2015.06.15		2025.06.15		3.25			USD 300,000								386,820
FY-17		2017.07.25		2027.07.25		3.13			USD 300,000								386,820
FY-17		2017.10.30		2037.10.30		1.70			EUR 40,000								57,064
FY-17		2017.11.16		2037.11.16		2.36			SEK 450,000								58,050
FY-18		2018.03.13		2028.03.13		3.35			HKD 1,650,000								272,349
FY-19		2019.02.27		2024.02.27		0.13			CHF 200,000								305,364
FY-19		2019.06.24		2024.06.24		2.50			USD 500,000								644,700
FY-19		2019.07.19		2024.07.19~2027.07.19		0.00~0.05			CHF 300,000								458,046
FY-19		2019.10.30		2024.10.30		3M BBSW+0.97			AUD 300,000								264,024
FY-19		2019.12.19		2037.12.31		3.30~5.70			USD 342,753								441,946
FY-20		2020.02.03		2025.02.03		2.13			USD 300,000								386,820
FY-20		2020.05.06		2025.05.06		1.75			USD 500,000								644,700
FY-20		2020.06.15		2025.06.15		1.13			USD 500,000								644,700
FY-20		2020.08.03		2026.02.03		1.00			USD 300,000								386,820
FY-21		2021.01.27		2026.01.27		0.75			USD 450,000								580,230
FY-21		2021.04.27		2026.04.27		1.25			USD 500,000								644,700
FY-21		2021.08.09		2026.08.09		1.25			USD 300,000								386,820
FY-21		2021.09.24		2026.09.24		1.13			USD 300,000								386,820
FY-22		2022.04.21		2027.04.21		3.63			USD 300,000								386,820
FY-22		2022.05.06		2025.05.06		3.60			USD 500,000								644,700
FY-22		2022.06.14		2025.06.14~2027.06.14		3.63~4.00			USD 800,000								1,031,520
FY-22		2022.06.28		2025.06.28		4.13			USD 300,000								386,820
FY-22		2022.07.27		2027.07.27		4.25			USD 700,000								902,580
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50			USD 800,000								1,031,520
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16			HKD 2,350,000								387,891
FY-23		2023.06.07		2030.06.07		4.51			HKD 1,037,000								171,167
FY-23		2023.07.12		2028.07.12		4.88			USD 350,000								451,290
FY-23		2023.07.18		2028.07.18		5.00			USD 500,000								644,700
FY-23		2023.07.31		2026.07.31		5.38			USD 1,000,000								1,289,400
FY-23		2023.09.21		2026.09.21		5.38			USD 300,000								386,820
																	16,316,069
Less: Discount on foreign debt securities																	(128,259	)
Add: Premium on foreign debt securities																	263
Less: Current portion of foreign debt securities																	(1,539,855	)
Add: Current portion of discount on foreign debt securities																	2,464
Less: Current portion of premium on foreign debt securities																	(263	)
												￦					14,650,419

(7) Changes in borrowings and debt securities for the years ended December 31, 2022 and 2023 are as follows:

						2022				2023
						In millions of won
Beginning balance		￦					80,529,513				120,605,365
Cash flow							39,193,816				12,692,924
Effect of exchange rate fluctuations							906,877				335,353
Others							(24,841	)			(1,812	)
Ending balance		￦					120,605,365				133,631,830

X

- Definition

The disclosure of borrowings. [Refer: Borrowings]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 10
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard
-URIDate 2023-03-23

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X

- References

No definition available.

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