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Risk Management (Tables)
12 Months Ended
Dec. 31, 2024
Risk Management [Abstract]  
Summary of Capital Risk Management
Details of the Company’s capital management accounts as of December 31, 2023 and 2024 are as follows:
 
           
2023
   
2024
 
           
In millions of won
 
Total borrowings and debt securities
          133,631,830       132,533,400  
Cash and cash equivalents
        4,342,887       2,382,979  
     
 
 
   
 
 
 
Net borrowings and debt securities
        129,288,943       130,150,421  
     
 
 
   
 
 
 
Total equity
        37,264,750       41,362,833  
     
 
 
   
 
 
 
Debt to equity ratio
        346.95     314.66
Summary of Maximum Exposure to Credit Risk
Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Company’s level of maximum exposure to credit risk as of December 31, 2023 and 2024 are as follows:
 
         
2023
   
2024
 
                   
         
In millions of won
 
Cash and cash equivalents
        4,342,887       2,382,979  
Financial assets at fair value through profit or loss (*1)
      2,590,228       2,013,948  
Derivative assets (trading)
      730,948       1,846,527  
Financial assets at fair value through other comprehensive income (debt securities)
      4,627       5,045  
Financial assets at amortized cost
      38,843       30,233  
Loans
      988,331       908,148  
Long-term/short-term financial instruments
      1,412,315       1,960,140  
Derivative assets (applying hedge accounting)
      269,446       844,637  
Trade and other receivables
      14,179,322       15,373,625  
Financial guarantee contracts (*2)
      4,399,189       5,151,554  
 
  (*1)
Equity investments held by the Company are excluded.
 
  (*2)
Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.
Summary of Sensitivity Analysis for Actuarial Assumptions
A sensitivity analysis of defined benefit obligation assuming a 1% increase and decrease movements in the actuarial valuation assumptions as of December 31, 2023 and 2024 are as follows:
 
                
2023
   
2024
 
Type
  
Accounts
         
1% Increase
   
1% Decrease
   
1% Increase
   
1% Decrease
 
                                      
                
In millions of won
 
Future salary increases
  
Increase (decrease) in
defined benefit obligation
          392,392       (361,359     473,627       (413,799
Discount rate
   Increase (decrease) in defined benefit obligation         (371,103     415,361       (429,517     506,031  
Summary of Principal Assumptions on Provisions Valuation
Changes in provisions due to movements in underlying assumptions as of December 31, 2023 and 2024 are as follows:
 
Type
  
Accounts
  
2023
   
2024
 
PCBs
   Inflation rate      2.40     2.80
   Discount rate      2.12     2.90
Nuclear plants
   Inflation rate      1.91     2.02
   Discount rate      2.76     2.78
Spent fuel
   Inflation rate      1.91     1.91
   Discount rate      2.49     2.49
Radioactive waste
   Inflation rate      3.89     3.32
   Discount rate      3.65     4.17
Summary of Sensitivity Analysis for Provisions Assumptions
A sensitivity analysis of provisions assuming a 0.1% increase and decrease movements in the underlying assumptions as of December 31, 2023 and 2024 are as follows:
 
                
2023
   
2024
 
Type
  
Accounts
         
0.1%p

Increase
   
0.1%p

Decrease
   
0.1%p

Increase
   
0.1%p

Decrease
 
                                      
                
In millions of won
 
Discount rate
   PCBs           (123     123       (58     58  
   Nuclear plants         (418,570     432,847       (464,727     481,899  
   Spent fuel         (130,065     130,761       (129,983     130,679  
   Radioactive waste         (13,538     13,683       (11,363     11,478  
Inflation rate
   PCBs         123       (123     58       (58
   Nuclear plants         458,047       (443,531     507,814       (490,386
   Spent fuel         133,931       (128,607     133,847       (128,527
   Radioactive waste         13,291       (13,174     11,167       (11,075
Summary of Foreign Currency Risk
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities as of December 31, 2023 and 2024 are as follows:
 
  
 
Assets
 
  
 
Liabilities
 
Type
  
2023
    
2024
    
2023
    
2024
 
    
In thousands of foreign currencies
 
AED
     24,441        33,465        18,143        8,795  
AUD
     4,310        26        299,795        64  
BDT
     2,260        2,252        —         —   
BWP
     777        768        —         —   
EGP
     1,665        203,044        1,941        —   
CAD
     —         2        —         61  
CHF
     —         —         499,930        100,686  
DOP
     —         7,772        —         —   
EUR
     12,259        20,433        81,744        47,829  
GBP
     75        139        —         4  
HKD
     —         —         5,079,189        5,093,862  
IDR
     25,567,281        37,830,902        2,118,580        4,027,099  
INR
     1,663,705        1,037,437        387,947        225,042  
JOD
     569        902        68,448        49,128  
JPY
     921,120        23,798        8,692,604        7,483,199  
KZT
     1,510        1,510        —         —   
MGA
     3,545,076        5,452,745        495,288        248,175  
MMK
     199,518        188,021        —         —   
MYR
     2,805        2,805        —         —   
PHP
     98,154        19,401        6,750        —   
PKR
     75,206,354        68,734,242        55,531        10,418  
SAR
     937        1,087        —         —   
SEK
     —         —         452,309        449,302  
SGD
     279        291        2,191        110  
USD
     1,701,494        1,651,765        14,458,985        15,364,685  
UYU
     120,768        99,189        2,028        1,141  
VND
     848,242        733,338        —         587,003  
ZAR
     87,780        79,897        —         —   
Summary of Sensitivity Analysis for Foreign Currency Exchange Rates
A sensitivity analysis on the Company’s income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2023 and 2024 are as follows:
 
                                    
           
2023
    
2024
 
Type
         
10% Increase
    
10% Decrease
    
10% Increase
    
10% Decrease
 
           
In millions of won
 
                                    
Increase (decrease) of profit before income tax
          (1,828,308      1,828,308        (2,114,808      2,114,808  
Increase (decrease) of equity (*)
        (1,828,308      1,828,308        (2,114,808      2,114,808  
 
  (*)
The effect on the shareholders’ equity excluding the impact of income taxes.
Summary of Interest Rate Risk
The Company’s borrowings and debt securities with floating interest rates as of December 31, 2023 and 2024 are as follows:
 
Type
         
2023
    
2024
 
                      
           
In millions of won
 
Short-term borrowings
          4,435,420        4,069,444  
Long-term borrowings
        7,766,588        10,112,707  
Debt securities
        305,602        41,578  
     
 
 
    
 
 
 
          12,507,610        14,223,729  
     
 
 
    
 
 
 
Summary of Sensitivity Analysis for Interest Rates
A sensitivity analysis on the Company’s long-term borrowings and debt securities assuming a 1% increase and decrease in interest for the years ended December 31, 2023 and 2024 are as follows:
 
          
2023
   
2024
 
Type
        
1%p Increase
   
1%p Decrease
   
1%p Increase
   
1%p Decrease
 
                                
          
In millions of won
 
Increase (decrease) of profit before income tax
         (125,076     125,076       (142,237     142,237  
Increase (decrease) of shareholder’s equity (*)
       (125,076     125,076       (142,237     142,237  
 
  (*)
The effect on the shareholders’ equity excluding the impact of income taxes.
Summary of Sensitivity Analysis for Electricity Rates
A sensitivity analysis on the Company’s income for the period assuming a 1% increase and decrease in price of electricity for the years ended December 31, 2023 and 2024 is as follows:
 
          
2023
   
2024
 
Type
        
1% Increase
   
1% Decrease
   
1% Increase
   
1% Decrease
 
                                
          
In millions of won
 
Increase (decrease) of profit before income tax
         829,548       (829,548     888,898       (888,898
Increase (decrease) of shareholder’s equity (*)
       829,548       (829,548     888,898       (888,898
 
  (*)
The effect on the equity excluding the impact of income taxes.
Summary of Maturity Analysis for Non Derivative Financial Liabilities
The expected maturities for
non-derivative
financial liabilities as of December 31, 2023 and 2024 in detail are as follows:
 
         
2023
 
Type
       
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                         
         
In millions of won
 
Borrowings
        20,347,945       187,896       627,467       2,779,241       23,942,549  
Debt securities
      30,530,984       28,858,140       41,793,383       29,999,589       131,182,096  
Lease liabilities
      641,525       588,850       1,309,995       1,694,730       4,235,100  
Trade and other payables (*1)
      8,477,209       364,443       833,394       589,004       10,264,050  
Financial guarantee contracts (*2)
      121,415       2,546,689       1,645,488       85,597       4,399,189  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
        60,119,078       32,546,018       46,209,727       35,148,161       174,022,984  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
         
2024
 
Type
       
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                     
         
In millions of won
 
Borrowings
        18,887,527       430,883       1,300,087       2,032,303       22,650,800  
Debt securities
      28,967,125       29,601,867       39,451,207       28,885,833       126,906,032  
Lease liabilities
      632,878       553,030       1,264,310       1,670,416       4,120,634  
Trade and other payables (*1)
      8,807,823       354,778       631,653       526,846       10,321,100  
Financial guarantee contracts (*2)
      3,156,187       1,712,801       270,806       11,760       5,151,554  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
        60,451,540       32,653,359       42,918,063       33,127,158       169,150,120  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
  (*1)
Excludes lease liabilities.
  (*2)
This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2023 and 2024 are ₩49,992 and ₩30,924 million, respectively.
Summary of Maturity Analysis for Non Derivative Financial Assets
The expected maturities for
non-derivative
financial assets as of December 31, 2023 and 2024 in detail are as follows:
 
         
2023
 
Type
       
Less than

1 year
   
1~5 Years
   
More than

5 years
   
Other (*)
   
Total
 
                                     
         
In millions of won
 
Cash and cash equivalents
        4,342,887       —        —        —        4,342,887  
Financial assets at fair value through other comprehensive income
      —        —        —        502,443       502,443  
Financial assets at amortized cost
      28,905       9,938       —        —        38,843  
Loans
      139,168       465,666       411,100       8,872       1,024,806  
Long-term/short-term financial instruments
      578,578       22       23       833,692       1,412,315  
Financial assets at fair value through profit or loss
      2,054,021       1,381       6,523       649,360       2,711,285  
Trade and other receivables
      11,990,515       911,822       1,292,539       1,280       14,196,156  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
        19,134,074       1,388,829       1,710,185       1,995,647       24,228,735  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
         
2024
 
Type
       
Less than

1 year
   
1~5 Years
   
More than

5 years
   
Other (*)
   
Total
 
                                     
         
In millions of won
 
Cash and cash equivalents
        2,382,979       —        —        —        2,382,979  
Financial assets at fair value through other comprehensive income
      —        —        —        674,850       674,850  
Financial assets at amortized cost
      20,418       1,333       8,482       —        30,233  
Loans
      110,005       347,251       369,851       118,013       945,120  
Long-term/short-term financial instruments
      1,147,929       583       —        811,628       1,960,140  
Financial assets at fair value through profit or loss
      1,467,954       346,982       780,130       494,710       3,089,776  
Trade and other receivables
      12,245,159       1,506,085       2,126,928       —        15,878,172  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
        17,374,444       2,202,234       3,285,391       2,099,201       24,961,270  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
  (*)
The maturities cannot be presently determined.
Summary of Maturity Analysis for Derivative, Undiscounted Cash Flows
Derivative liabilities classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2023 and 2024 are as follows:
 
          
2023
 
Type
        
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                      
          
In millions of won
 
Net settlement
            
— Trading
         —        —        —        —        —   
Gross settlement
            
— Trading and others
       (22,571     (11,566     (201,590     (130,119     (365,846
— Hedging
       —        (4,680     (13,243     (5,641     (23,564
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
         (22,571)       (16,246     (214,833)       (135,760     (389,410
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
          
2024
 
Type
        
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                      
          
In millions of won
 
Net settlement
            
— Trading
         —        —        —        —        —   
Gross settlement
            
— Trading and others
       (46,087     (61,259     (73,017     (31,760     (212,123
— Hedging
       —        —        —        (4,895     (4,895
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
         (46,087)       (61,259     (73,017)       (36,655     (217,018
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Summary of Maturity Analysis for Derivative Financial Assets
Derivative assets classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2023 and 2024 are as follows:
 
                                                 
 
 
 
 
  
2023
 
Type
 
 
 
  
Less than

1 year
 
  
1~2 Years
 
  
2~5 Years
 
  
More than

5 years
 
  
Total
 
 
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
  
In millions of won
 
Net settlement
 
     
  
     
  
     
  
     
  
     
  
     
— Trading
 
 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Gross settlement
 
     
  
     
  
     
  
     
  
     
  
     
— Trading
 
     
  
 
257,073
 
  
 
123,132
 
  
 
169,004
 
  
 
145,728
 
  
 
694,937
 
— Hedging
 
     
  
 
78,769
 
  
 
61,031
 
  
 
131,687
 
  
 
— 
 
  
 
271,487
 
 
 
     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
335,842
 
  
 
184,163
 
  
 
300,691
 
  
 
145,728
 
  
 
966,424
 
 
 
     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
     
 
 
 
 
  
2024
 
Type
 
 
 
  
Less than

1 year
 
  
1~2 Years
 
  
2~5 Years
 
  
More than

5 years
 
  
Total
 
 
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
  
In millions of won
 
Net settlement
 
     
  
     
  
     
  
     
  
     
  
     
— Trading
 
 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
Gross settlement
 
     
  
     
  
     
  
     
  
     
  
     
— Trading
 
     
  
 
481,359
 
  
 
685,807
 
  
 
689,026
 
  
 
91,324
 
  
 
1,947,516
 
— Hedging
 
     
  
 
363,184
 
  
 
354,837
 
  
 
113,958
 
  
 
6,213
 
  
 
838,192
 
 
 
     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
  
 
844,543
 
  
 
1,040,644
 
  
 
802,984
 
  
 
97,537
 
  
 
2,785,708
 
 
 
     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
Summary of Fair Value Measurement of Instruments
  (i)
Fair value and book value of financial assets and liabilities as of December 31, 2023 and 2024 are as follows:
 
           
2023
    
2024
 
Type
         
Book value
    
Fair value
    
Book value
    
Fair value
 
           
In millions of won
 
Assets recognized at fair value
              
Financial assets at fair value through other comprehensive income
          502,443        502,443        674,850        674,850  
Derivative assets (trading)
        730,948        730,948        1,846,527        1,846,527  
Derivative assets (hedge designated)
        269,446        269,446        844,637        844,637  
Financial assets at fair value through profit or loss
        2,711,285        2,711,285        2,176,172        2,176,172  
     
 
 
    
 
 
    
 
 
    
 
 
 
          4,214,122        4,214,122        5,542,186        5,542,186  
     
 
 
    
 
 
    
 
 
    
 
 
 
Assets carried at amortized cost
              
Financial assets at amortized cost
          38,843        38,843        30,233        30,233  
Loans and receivables
        988,331        988,331        908,148        908,148  
Trade and other receivables
        14,179,322        14,179,322        15,373,625        15,373,625  
Long-term financial instruments
        833,737        833,737        812,211        812,211  
Short-term financial instruments
        578,578        578,578        1,147,929        1,147,929  
Cash and cash equivalents
        4,342,887        4,342,887        2,382,979        2,382,979  
     
 
 
    
 
 
    
 
 
    
 
 
 
          20,961,698        20,961,698        20,655,125        20,655,125  
     
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities recognized at fair value
              
Derivative liabilities (trading)
          428,670        428,670        279,932        279,932  
Derivative liabilities (hedge designated)
        23,564        23,564        4,893        4,893  
     
 
 
    
 
 
    
 
 
    
 
 
 
          452,234        452,234        284,825        284,825  
     
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities carried at amortized cost
              
Secured borrowings
          773,646        773,646        1,443,125        1,443,125  
Unsecured bond
        113,792,178        111,218,771        111,874,019        110,798,858  
Lease liabilities
        3,807,880        3,807,880        3,699,456        3,699,456  
Unsecured borrowings
        19,062,162        19,061,348        19,040,213        18,994,676  
Trade and other payables (*)
        10,264,050        10,264,050        10,321,100        10,321,100  
Bank overdraft
        3,844        3,844        176,043        176,043  
     
 
 
    
 
 
    
 
 
    
 
 
 
          147,703,760        145,129,539        146,553,956        145,433,258  
     
 
 
    
 
 
    
 
 
    
 
 
 
 
  (*)
Excludes lease liabilities.
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Financial Instruments
The discount rates used for calculating fair value as of December 31, 2023 and 2024 are as follows:
 
Type
  
2023
    
2024
 
Derivatives
     0.93% ~ 4.76%        0.03% ~ 4.88%  
Borrowings and debt securities
     0.96% ~ 5.84%        0.96% ~ 5.84%  
Finance lease
     0.00% ~ 17.03%        0.00% ~ 17.15%  
Summary of Fair Value Measurement of Financial Instruments
Fair values of financial instruments by hierarchy level as of December 31, 2023 and 2024 are as follows:
 
           
2023
 
Type
         
Level 1
    
Level 2
    
Level 3
    
Total
 
                                    
           
In millions of won
 
Financial assets at fair value
              
Financial assets at fair value through other comprehensive income
          285,054        —         217,389        502,443  
Derivative assets
        —         1,000,394        —         1,000,394  
Financial assets at fair value through profit or loss
        —         2,704,550        6,735        2,711,285  
     
 
 
    
 
 
    
 
 
    
 
 
 
          285,054        3,704,944        224,124        4,214,122  
     
 
 
    
 
 
    
 
 
    
 
 
 
Financial liabilities at fair value
              
Derivative liabilities
          —         452,234        —         452,234  
           
2024
 
Type
         
Level 1
    
Level 2
    
Level 3
    
Total
 
                                    
     
 
In millions of won
 
Financial assets at fair value
              
Financial assets at fair value through other comprehensive income
          360,096        —         314,754        674,850  
Derivative assets
        —         2,691,164        —         2,691,164  
Financial assets at fair value through profit or loss
        —         2,169,300        6,872        2,176,172  
     
 
 
    
 
 
    
 
 
    
 
 
 
          360,096        4,860,464        321,626        5,542,186  
     
 
 
    
 
 
    
 
 
    
 
 
 
Financial liabilities at fair value
              
Derivative liabilities
          —         284,825        —         284,825  
Summary of Reconciliation of Changes in Fair Value Measurement, Assets
Changes of financial assets and liabilities which are classified as level 3 for the years ended December 31, 2023 and 2024 are as follows:
 
         
2023
 
         
Beginning
balance
   
Acquisitions
   
Reclassified
category
   
Valuation
   
Disposal
   
Foreign
currency
translation
and others
   
Ending
balance
 
         
In millions of won
 
Financial assets at fair value
               
Financial assets at fair value through profit or loss Cooperative
        6,329       —        270       136       —        —        6,735  
Financial assets at fair value through other comprehensive income
               
Unlisted securities
      202,243       9,550       —        5,445       (5,332     856       212,762  
Debt securities
      529       4,080       —        18       —        —        4,627  
         
2024
 
         
Beginning
balance
   
Acquisitions
   
Reclassified
category
   
Valuation
   
Disposal
   
Foreign
currency
translation
and others
   
Ending
balance
 
         
In millions of won
 
Financial assets at fair value
               
Financial assets at fair value through profit or loss Cooperative
        6,735       —        22       115       —        —        6,872  
Financial assets at fair value through other comprehensive income
               
Unlisted securities
      212,762       4,000       —        88,256       —        4,691       309,709  
Debt securities
      4,627       —        —        418       —        —        5,045