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Construction Contracts

12 Months Ended

Dec. 31, 2024

20.	Construction Contracts

(1)	Changes in total contract amount in which revenue is not yet recognized for the years ended December 31, 2022, 2023 and 2024 are as follows:


		2022
		Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance

		In millions of won
Nuclear power plant construction in overseas and others	￦		2,783,935		3,457,964		(646,953	)		5,594,946

(*)

For the year ended December 31, 2022, the increased balance of contracts from new orders is ￦3,578,599 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦81,401 million.


		2023
		Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance

		In millions of won
Nuclear power plant construction in overseas and others	￦		5,594,946		986,049		(785,395	)		5,795,600

(*)

For the year ended December 31, 2023, the increased balance of contracts from new orders is ￦1,029,165 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦43,116 million.


		2024
		Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance

		In millions of won
Nuclear power plant construction in overseas and others	￦		5,795,600		1,190,281		(849,108	)		6,136,773

(*)

For the year ended December 31, 2024, the increased balance of contracts from new orders is ￦1,299,281 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦109,000 million.

(2)	Accumulated earned revenue, expense and others related to the Company’s construction contracts in progress as of December 31, 2023 and 2024 are as follows:


		2023
		Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts

		In millions of won
Nuclear power plant construction in overseas and others	￦		22,996,785		22,382,628		614,157		74,253


		2024
		Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts

		In millions of won
Nuclear power plant construction in overseas and others	￦		24,255,432		24,008,579		246,853		80,069

(3)	Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of December 31, 2023 and 2024 are as follows:


		2023				2024
		Contract assets (*1)		Contract liabilities (*2)		Contract assets (*1)		Contract liabilities (*2)

		In millions of won
Nuclear power plant construction in overseas and others	￦		183,204		270,789		1,159,085		161,778

(*1)

Included in trade and other receivables, net, in the consolidated statements of financial position.

(*2)

Included in

non-financial

liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2024 from the amounts included in contract liabilities at the end of the prior year is ￦247,819 million.

(4)

The Company is in discussions with the contracting parties about the extension of construction period and liquidated damages for the UAE nuclear power plant project. The Company has estimated the probable economic benefit outflow resulting from these discussions related to prolongation costs and has recognized such amounts as provision.