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Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Maximum Exposure to Credit Risk

As of December 31, 2016 and 2017, maximum exposure to credit risk is as follows.

(In millions of Korean won)		2016				2017
Cash equivalents(except cash on hand)		￦	2,875,383			￦	1,926,620
Trade and other receivables			6,036,363				6,643,115
Other financial assets
Financial assets at fair value through profit or loss			6,277				5,813
Derivative used for hedging			227,318				7,389
Time deposits and others			716,769				1,333,317
Available-for-sale financial assets			26,684				9,899
Held-to-maturity financial assets			30,143				151
Financial guarantee contracts 1			56,373				143,969
Total		￦	9,975,310			￦	10,070,273

1 Total amounts guaranteed by the Group according to the guarantee contracts.

Summary of Contractual Undiscounted Cash Flows

The table below analyzes the Group’s liabilities (including interest expenses) into relevant maturity groups based on the remaining period at the date of the end of each reporting period to the contractual maturity date. These amounts are contractual undiscounted cash flows.

		2016.12.31
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Trade and other payables		￦	7,682,604			￦	1,121,452			￦	217,411			￦	9,021,467
Borrowings(including debentures)			2,034,524				4,834,151				2,458,749				9,327,424
Other non-derivative financial liabilities			233				3,272				22,917				26,422
Financial guarantee contracts1			56,373				—				—				56,373
Total		￦	9,773,734			￦	5,958,875			￦	2,699,077			￦	18,431,686

		2017.12.31
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Trade and other payables		￦	7,880,906			￦	1,219,835			￦	161,497			￦	9,262,238
Borrowings(including debentures)			1,623,996				3,666,726				2,317,209				7,607,931
Other non-derivative financial liabilities			4,117				8,452				—				12,569
Financial guarantee contracts1			26,738				—				—				26,738
Total		￦	9,535,757			￦	4,895,013			￦	2,478,706			￦	16,909,476

1 Total amount guaranteed by the Group according to guarantee contracts. Cash flow from financial guarantee contracts is classified as the maturity group in the earliest period when the financial guarantee contracts can be executed.

Summary of Cash Outflow and Inflow of Derivatives Settled Gross or Net are Undiscounted Contractual Cash Flow

		2015.12.31
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Outflow		￦	335,970			￦	2,138,379			￦	38,184			￦	2,512,533
Inflow			276,066				2,284,219				46,194				2,606,479

		2016.12.31
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Outflow		￦	1,174,147			￦	1,176,715			￦	536,005			￦	2,886,867
Inflow			1,302,112				1,306,199				588,559				3,196,870

		2017.12.31
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Outflow		￦	638,171			￦	546,791			￦	526,633			￦	1,711,595
Inflow			608,270				568,976				509,558				1,686,804

Summary of Debt-to-equity Ratios

The debt-to-equity ratios as of December 31, 2016 and 2017, are as follows:

(In millions of Korean won)		2016				2017
Total liabilities		￦	17,881,580			￦	16,696,309
Total equity			12,782,718				13,049,130
Debt-to-equity ratio			140	%			128	%

Summary of Gearing Ratios

The gearing ratios as of December 31, 2016 and 2017, are as follows:

(In millions of Korean won, %)		2016				2017
Total borrowings		￦	8,301,505			￦	6,860,539
Less: cash and cash equivalents			(2,900,311	)			(1,928,182	)
Net debt			5,401,194				4,932,357
Total equity			12,782,718				13,049,130
Total capital			18,183,912				17,981,487
Gearing ratio			30	%			27	%

Summary of Group's Recognized Financial Assets Subject to Enforceable Master Netting Arrangements or Similar Agreements

Details of the Group’s recognized financial assets subject to enforceable master netting arrangements or similar agreements are as follows:

(In millions of Korean won)		2016
		Gross assets				Gross liabilities offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Derivative assets for hedging purpose1		￦	35,334			￦	—			￦	35,334			￦	(5,707	)		￦	—			￦	29,627
Trade receivables2			95,865				—				95,865				(91,662	)			—				4,203
		￦	131,199			￦	—			￦	131,199			￦	(97,369	)		￦	—			￦	33,830

(In millions of Korean won)		2017
		Gross assets				Gross liabilities offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Derivative assets for hedging purpose1		￦	3,284			￦	—			￦	3,284			￦	(3,284	)		￦	—			￦	—
Trade receivables2			85,755				(5,010	)			80,745				(73,109	)			—				7,636
Other financial assets			8,680				(436	)			8,244				(5,307	)			—				2,937
		￦	97,719			￦	(5,446	)		￦	92,273			￦	(81,700	)		￦	—			￦	10,573

1 The amount applied with master netting arrangements under the standard contract of International Swap and Derivatives Association (ISDA).

2 The amount applied with netting arrangements under the reference offer of the telecommunication facility interconnection and sharing data among telecommunications companies.

Summary of Group's Recognized Financial Liabilities Subject to Enforceable Master Netting Arrangements or Similar Agreements

The Group’s recognized financial liabilities subject to enforceable master netting arrangements or similar agreements are as follows:

(In millions of Korean won)		2016
		Gross liabilities				Gross assets offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Derivative liabilities for hedging purpose 1		￦	20,627			￦	—			￦	20,627			￦	(20,627	)		￦	—			￦	—
Trade payables2			90,435				—				90,435				(86,184	)			—				4,251
Other payables2			48				(4	)			44				—				—				44
		￦	111,110			￦	(4	)		￦	111,106			￦	(106,811	)		￦	—			￦	4,295

(In millions of Korean won)		2017
		Gross liabilities				Gross assets offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Derivative liabilities for hedging purpose 1		￦	26,135			￦	—			￦	26,135			￦	(3,284	)		￦	—			￦	22,851
Trade payables2			80,829				(5,217	)			75,612				(73,109	)			—				2,503
Other financial liabilities			5,549				(229	)			5,320				(5,307	)			—				13
		￦	112,513			￦	(5,446	)		￦	107,067			￦	(81,700	)		￦	—			￦	25,367

1 The amount applied with master netting arrangements under the standard contract of International Swap and Derivatives Association (ISDA).

2 The amount applied with netting arrangements under the reference offer of the telecommunication facility interconnection and sharing data among telecommunications companies.

Currency risk [Member]

Summary of Exposures to Risks, Effects on Profit before Income Tax and Shareholders' Equity

As of December 31, 2015, 2016 and 2017, if the foreign exchange rate had strengthened/weakened by 10% with all other variables held constant, the effects on profit before income tax and shareholders’ equity would have been as follows:

(In millions of Korean won)		Fluctuation of foreign exchange rate				Income before tax				Shareholders’ equity
2015.12.31			10	%		￦	(52,157	)		￦	(45,632	)
			-10	%			52,157				45,632
2016.12.31			10	%			(28,134	)			(23,817	)
			-10	%			28,134				23,817
2017.12.31			10	%			(10,132	)			(7,273	)
			-10	%			10,132				7,273

Summary of Details of Financial Assets and Liabilities in Foreign Currencies

Details of financial assets and liabilities in foreign currencies as of December 31, 2015, 2016 and 2017, are as follows:

		2015								2016												2017
(In thousands)		Financial assets				Financial liabilities				Financial assets				Financial liabilities				Financial assets				Financial liabilities
USD			183,254				2,351,003				210,474				2,536,090				236,476				1,908,831
SDR1			444				849				311				737				306				738
JPY			73,716				40,279,411				80,555				21,802,051				28,267				21,801,443
GBP			8				888				1				151				—				74
EUR			29				29				40				2,571				186				3,625
DZD2			—				—				471				—				47				—
CNY			15,562				107				15,262				381				46,555				10
UZS3			—				—				39,531				—				136,787				—
RWF4			—				—				1,203				—				3,346				—
IDR5			—				—				15,646,011				53,142,167				14,886,393				710,162
MMK6			—				—				2,750				—				84				—
TZS7			—				—				29,987				—				317,348				—
BWP8			—				—				15				—				42				—
HKD			9				—				254				—				—				—
BDT9			6				—				69,473				—				38,074				—
PLN10			207,273				—				106,025				—				338				—
VND11			270,000				—				515,412				—				311,649				—
CHF12			—				—				—				—				—				12

1 Special Drawing Rights.

2 Algeria Dinar.

3 Uzbekistan Sum.

4 Rwanda Franc.

5 Indonesia Rupiah.

6 Myanmar Kyat.

7 Tanzanian Shilling.

8 Botswana Pula.

9 Bangladesh Taka.

10 Polish Zloty.

11 Vietnam Dong.

12 Confoederatio Helvetia Franc.

Equity price risk [Member]

Summary of Exposures to Risks, Effects on Profit before Income Tax and Shareholders' Equity

As of December 31, 2015, 2016 and 2017, the Group is exposed to equity securities price risk because the securities held by the Group are traded in active markets. If the market prices had increased/decreased by 10% with all other variables held constant, the effects on profit before income tax and shareholders’ equity would have been as follows:

(In millions of Korean won)		Fluctuation of price		Income before tax				Equity
2015.12.31		10%		￦	—			￦	3,469
		-10%			—				(3,469	)
2016.12.31		10%		￦	—			￦	539
		-10%			—				(539	)
2017.12.31		10%		￦	—			￦	686
		-10%			—				(686	)

Interest rate risk [Member]

Summary of Exposures to Risks, Effects on Profit before Income Tax and Shareholders' Equity

As of December 31, 2015, 2016 and 2017, if the market interest rate had increased/decreased by 100bp with other variables held constant, the effects on profit before income tax and shareholders’ equity would be as follows:

(In millions of Korean won)		Fluctuation of interest rate		Income before tax				Shareholders’ equity
2015.12.31		+ 100 bp		￦	(3,601	)		￦	(245	)
		- 100 bp			3,615				(5,764	)
2016.12.31		+ 100 bp		￦	(3,456	)		￦	(1,673	)
		- 100 bp			3,445				(5,025	)
2017.12.31		+ 100 bp		￦	1,942			￦	4,868
		- 100 bp			(1,954	)			(5,198	)

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The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit.

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