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Derivatives

12 Months Ended

Dec. 31, 2024

12.	Derivatives

(1)	Derivatives as of December 31, 2023 and 2024 are as follows:


		2023				2024
		Current		Non-current		Current		Non-current

		In millions of won
Derivative assets
Currency forward	￦		18,019		—		12,153		—
Currency swap			274,782		527,701		733,374		1,630,570
—Trading			196,013		347,689		372,445		1,159,600
—Hedging			78,769		180,012		360,929		470,970
Interest rate swap			12,124		129,570		9,571		176,138
—Trading			12,124		129,570		9,571		176,138
—Hedging			—		—		—		—
Others (*2, 3)			2,807		35,391		5,456		123,902

	￦		307,732		692,662		760,554		1,930,610

Derivative liabilities
Currency forward	￦		4,755		—		132		—
Currency swap			6,867		287,824		1,640		36,328
—Trading			6,867		264,260		1,640		31,433
—Hedging			—		23,564		—		4,895
Interest rate swap			—		48,238		127		76,356
—Trading			—		48,238		127		76,356
—Hedging			—		—		—		—
Others (*1,2)			6,757		97,793		22,015		148,227

	￦		18,379		433,855		23,914		260,911

(*1)

In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., an associate of the Company, the performance obligation as of December 31, 2024 which amounts to ￦26,422 million (￦18,752 million as of December 31, 2023) to the underwriter of the bonds was recorded 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 supply 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, 2024 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
Woori Bank		2024.12.30		2025.01.03	￦		8,836		USD 6,000	￦		1,472.60
Woori Bank		2024.12.30		2025.01.06			7,363		USD 5,000			1,472.50
Morgan Stanley		2024.12.30		2025.01.10			17,645		USD 12,000			1,470.45
Kookmin Bank		2024.12.30		2025.01.14			17,640		USD 12,000			1,470.00
Busan Bank		2024.12.30		2025.01.16			17,622		USD 12,000			1,468.50
Korea Development Bank		2024.12.30		2025.01.17			17,627		USD 12,000			1,468.95
Shinhan Bank		2024.12.30		2025.01.21			17,619		USD 12,000			1,468.25
SMBC		2024.11.06		2025.01.13			22,201		USD 16,000			1,387.54
SMBC		2024.11.07		2025.01.13			12,559		USD 9,000			1,395.42
SMBC		2024.11.07		2025.01.31			12,551		USD 9,000			1,394.59
SMBC		2024.11.11		2025.01.07			12,529		USD 9,000			1,392.15
SMBC		2024.11.29		2025.02.07			13,917		USD 10,000			1,391.72
SMBC		2024.12.04		2025.01.31			12,692		USD 9,000			1,410.19
MUFG		2024.12.10		2025.02.13			11,395		USD 8,000			1,424.38
Mizuho Bank		2024.12.13		2025.01.07			12,886		USD 9,000			1,431.75
Korea Development Bank		2024.12.16		2025.01.07			27,247		USD 19,000			1,434.04
Hana Bank		2024.12.19		2025.01.23			13,032		USD 9,000			1,448.00
SMBC		2024.12.24		2025.02.07			36,283		USD 25,000			1,451.33
Shinhan Bank		2024.12.26		2025.01.07			10,238		USD 7,000			1,462.63
MUFG		2024.12.30		2025.01.23			11,755		USD 8,000			1,469.36
MUFG		2024.11.29		2025.01.02			1,951		USD 1,400			1,393.35
MUFG		2024.11.29		2025.01.03			3,622		USD 2,600			1,393.15
Kookmin Bank		2024.12.02		2025.01.06			7,001		USD 5,000			1,400.25
Nonghyup Bank		2024.12.03		2025.01.06			7,010		USD 5,000			1,401.90
MUFG		2024.12.03		2025.01.06			7,002		USD 5,000			1,400.35
JP Morgan		2024.12.18		2025.01.21			7,171		USD 5,000			1,434.15
MUFG		2024.12.20		2025.01.24			7,244		USD 5,000			1,448.75
Kookmin Bank		2024.12.20		2025.01.24			7,243		USD 5,000			1,448.60
MUFG		2024.12.23		2025.01.27			7,239		USD 5,000			1,447.80
Mizuho Bank		2024.12.23		2025.01.27			7,239		USD 5,000			1,447.80
JP Morgan		2024.12.24		2025.01.27			7,261		USD 5,000			1,452.15
Nonghyup Bank		2024.12.24		2025.01.27			7,261		USD 5,000			1,452.20
Woori Bank		2024.12.26		2025.01.31			7,309		USD 5,000			1,461.70
Hana Bank		2024.12.26		2025.01.31			7,308		USD 5,000			1,461.55
Nonghyup Bank		2024.12.27		2025.01.31			6,881		USD 4,670			1,473.35
Korea Citi Bank		2024.12.16		2025.01.13			2,865		USD 2,000			1,432.65
Korea Citi Bank		2024.12.19		2025.01.13			11,607		USD 8,000			1,450.88
Korea Citi Bank		2024.12.26		2025.01.27			5,911		USD 4,000			1,477.76
Korea Citi Bank		2024.12.26		2025.01.27			2,956		USD 2,000			1,477.76
Korea Citi Bank		2024.12.26		2025.01.27			2,927		USD 2,000			1,463.66
HSBC		2024.12.19		2025.01.23			4,350		USD 3,000			1,450.05
HSBC		2024.12.19		2025.01.23			4,348		USD 3,000			1,449.35
JP Morgan		2024.12.24		2025.01.24			30,058		USD 20,700			1,452.07
SMBC		2024.12.16		2025.01.13			5,733		USD 4,000			1,433.20
SMBC		2024.12.26		2025.01.27			8,791		USD 6,000			1,465.15


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
SMBC		2024.12.26		2025.01.27	￦		2,955		USD 2,000	￦		1,477.65
Nonghyup Bank		2024.12.09		2025.01.10			15		USD 10			1,433.60
Nonghyup Bank		2024.12.16		2025.01.13			2,867		USD 2,000			1,433.65
Busan Bank		2024.12.18		2025.01.13			4,515		USD 3,148			1,434.27
Hana Bank		2024.12.19		2025.01.13			8,704		USD 6,000			1,450.70
Woori Bank		2024.11.28		2025.02.03			4,619		USD 3,317			1,392.70
Standard Chartered		2024.11.28		2025.02.03			6,964		USD 5,000			1,392.80
Busan Bank		2024.11.28		2025.02.03			6,965		USD 5,000			1,392.90
JP Morgan		2024.11.28		2025.02.03			6,965		USD 5,000			1,392.90
HSBC		2024.12.20		2025.02.26			10,112		USD 7,000			1,444.50
Bank of America		2024.12.20		2025.02.26			8,667		USD 6,000			1,444.55
Shinhan Bank		2024.12.27		2025.03.05			8,798		USD 6,000			1,466.32
Hana Bank		2024.12.27		2025.03.05			10,264		USD 7,000			1,466.25
Woori Bank		2024.12.30		2025.03.05			7,356		USD 5,000			1,471.10
Hana Bank		2024.12.30		2025.03.05			8,797		USD 6,000			1,466.18
Shinhan Bank		2024.12.30		2025.03.05			7,325		USD 5,000			1,464.92
Busan Bank		2024.12.30		2025.03.05			4,395		USD 3,000			1,464.85

(3)	Currency swap contracts which are not designated as hedging instruments as of December 31, 2024 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
Standard Chartered		2014~2029	￦		102,470		USD 100,000	3.14%	3.57%	￦		1,024.70
Woori Bank		2019~2027			21,708		USD 19,417	5.04%	6.75%			1,118.00
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
Shinhan Bank		2024~2027			133,060		USD 100,000	3.53%	4.88%			1,330.60
Kookmin Bank		2024~2027			133,060		USD 100,000	3.53%	4.88%			1,330.60
Korea Development Bank		2024~2027			864,890		USD 650,000	3.53%	4.88%			1,330.60
Bank of America		2024~2027			133,060		USD 100,000	3.53%	4.88%			1,330.60
Standard Chartered		2024~2027			133,060		USD 100,000	3.53%	4.88%			1,330.60
IBK Securities Co., Ltd.		2024~2027			199,590		USD 150,000	3.53%	4.88%			1,330.60
Shinhan Bank		2024~2034			138,010		USD 100,000	3.64%	5.13%			1,380.10
Hana Bank		2024~2034			138,010		USD 100,000	3.69%	5.13%			1,380.10
Woori Bank		2024~2034			119,958		USD 86,920	3.74%	5.13%			1,380.10
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


	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
Shinhan Bank		2018~2028	￦		115,387		HKD 850,000	2.66%	3.35%	￦		135.75
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
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
Hana Bank		2024~2028			128,940		USD 100,000	3.73%	5.00%			1,289.40
JP Morgan		2024~2028			128,940		USD 100,000	3.85%	5.00%			1,289.40
Korea Development Bank		2024~2028			257,880		USD 200,000	3.80%	5.00%			1,289.40
Korea Development Bank		2024~2028			128,940		USD 100,000	3.69%	5.00%			1,289.40
Hana Bank		2024~2029			138,540		USD 100,000	3.15%	4.63%			1,385.40
Shinhan Bank		2024~2029			138,540		USD 100,000	3.15%	4.63%			1,385.40
Kookmin Bank		2024~2029			138,540		USD 100,000	3.16%	4.63%			1,385.40
Woori Bank		2024~2029			138,540		USD 100,000	3.17%	4.63%			1,385.40
Korea Development Bank		2024~2029			138,540		USD 100,000	3.19%	4.63%			1,385.40

(4)	Currency swap contracts which are designated as hedging instruments as of December 31, 2024 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
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, 2024 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%

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%

Shinhan Bank

2024~2029

200,000

3.84%

3M CD + 0.50%

Hana Bank

2024~2027

250,000

3.72%

3M CD + 0.34%

Hana Bank

2024~2027

250,000

3.77%

3M CD + 0.31%

Hana Bank

2024~2027

250,000

3.31%

3M CD + 0.31%

Hana Bank

2024~2027

200,000

3.46%

3M CD + 0.53%

Shinhan Bank

2024~2025

200,000

3.53%

3M CD + 0.35%

Nomura

2024~2027

200,000

3.38%

3M CD + 0.50%

Hana Bank

2024~2027

300,000

3.18%

3M CD + 0.53%

Shinhan Bank

2024~2025

100,000

3.29%

3M CD + 0.42%

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%

3M BBSW + 0.05%

DBS Bank

2022~2025

AUD 865

0.48%

3M BBSW + 0.05%

Societe Generale

2022~2025

AUD 865

0.48%

3M BBSW + 0.05%

MUFG

2022~2048

USD 155,941

3M SOFR

3.71%

Mizuho Capital Markets LLC

2022~2048

USD 155,941

3M SOFR

1.05%

Mizuho Capital Markets LLC

2024~2025

USD 112,194

1M SOFR

4.20%

Rabobank

2022~2036

USD 37,130

1.83%

6M SOFR

Mizuho Capital Markets LLC

2024~2045

USD 80,116

3M USD Synthetic Libor

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, 2024 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 Synthetic Libor

ING Bank

2015~2031

USD 7,861

2.67%

6M USD Synthetic Libor

BNP Paribas

2015~2031

USD 7,861

2.67%

6M USD Synthetic Libor

BNP Paribas

2009~2027

USD 35,221

4.16%

6M USD Synthetic Libor

KFW

2009~2027

USD 35,221

4.16%

6M USD Synthetic Libor

Export-Import Bank of Korea

2016~2036

USD 56,175

3.00%

6M USD Synthetic Libor

(7)	Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2022, 2023 and 2024 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) (*)
		2022			2023			2024		2022			2023			2024		2022			2023			2024

		In millions of won
Currency forward	￦		(20,570	)		510			12,021		(2,710	)		34,216			78,237		—			—			—
Currency swap			155,937			269,795			2,058,411		234,195			38,282			190,000		(102,969	)		(11,411	)		18,622
- Trading			(77,618	)		181,342			1,403,564		104,572			(1,244	)		163,231		—			—			—
- Hedging			233,555			88,453			654,847		129,623			39,526			26,769		(102,969	)		(11,411	)		18,622
Interest rate swap			66,341			(16,377	)		21,270		(6,800	)		10,400			18,834		37,917			2,893			1,684
- Trading			66,341			(16,377	)		21,270		(6,800	)		10,400			18,834		—			—			—
- Hedging			—			—			—		—			—			—		37,917			2,893			1,684
Other derivatives			22,510			(19,729	)		12,009		—			6,761			15,586		—			—			—

	￦	224,218			234,199			2,103,711		224,685			89,659			302,657		(65,052)			(8,518)			20,306

(*)

Net gain (loss) on valuation of derivatives applying cash flow hedge accounting of ￦

(24,415) million, ￦(3,654) million and ￦11,870 million,

net of tax, are recognized as other comprehensive income (loss) for the years ended December 31, 2022, 2023 and 2024, respectively.