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Other Financial Assets and Liabilities | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Other Financial Assets and Liabilities |
7. | Other Financial Assets and Liabilities
Details of other financial assets and liabilities as at December 31, 2018 and 2019, are as follows:
(In millions of Korean won) |  | December 31, 2018 |  |  | December 31, 2019 |
Other financial assets |  |  |  |  |  |  |  |
Financial assets at amortized cost 1 |  | ￦ | 484,271 |  |  | ￦ | 441,804 |
Financial assets at fair value through profit or loss 1,2 |  |  | 777,685 |  |  |  | 632,324 |
Financial assets at fair value through other comprehensive income |  |  | 326,157 |  |  |  | 557,342 |
Derivative used for hedging |  |  | 29,843 |  |  |  | 58,576 |
Less: Non-current |  |  | (623,176 | ) |  |  | (821,658 | )
Current |  | ￦ | 994,780 |  |  | ￦ | 868,388 |
Other financial liabilities |  |  |  |  |  |  |  |
Financial liabilities at amortized cost |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss |  | ￦ | 99,330 |  |  | ￦ | 129,945 |
Derivatives used for hedging |  |  | 7,758 |  |  |  | 38 |
Less: Non-current |  |  | 57,308 |  |  |  | 20,096 |
Current |  |  | (163,454 | ) |  |  | (149,136 | )
Other financial assets |  | ￦ | 942 |  |  | ￦ | 943 |
1 | As at December 31, 2019, the Group’s other financial assets amounting to ￦ 91,445 million (2018: ￦ 60,978 million), which consist of checking account deposits and payment guarantee, are subject to withdrawal restrictions.
2 | As at December 31, 2019, MMW(Money Market Wrap) and MMT(Money Market Trust) amounting to ￦ 406,062 million (2018: ￦ 610,862 million) is included in other financial assets.
Details of financial assets at fair value through profit or loss as at December 31, 2018 and 2019, are as follows:
(In millions of Korean won) |  | December 31, 2018 |  |  | December 31, 2019 |
Equity Instruments (Listed) |  | ￦ | 121 |  |  | ￦ | 232 |
Equity Instruments (Unlisted) |  |  | 62,911 |  |  |  | 90,357 |
Debt securities |  |  | 714,653 |  |  |  | 541,657 |
Derivatives held for trading |  |  | — |  |  |  | 78 |
Total |  |  | 777,685 |  |  |  | 632,324 |
Less: non-current |  |  | (269,148 | ) |  |  | (219,026 | )
Current |  | ￦ | 508,537 |  |  | ￦ | 413,298 |
The maximum exposure of debt instruments of financial assets recognized at fair value through profit or loss to credit risk is carrying amount as at December 31, 2019. Investment in Korea Software Financial Cooperative amounting to ￦ 1,849 million is provided as collateral. Details of financial assets at fair value through other comprehensive income as at December 31, 2018 and 2019, are as follows:
(In millions of Korean won) |  | December 31, 2018 |  |  | December 31, 2019 |
Equity Instruments (Listed) |  | ￦ | 8,861 |  |  | ￦ | 6,738 |
Equity Instruments (Unlisted) |  |  | 310,387 |  |  |  | 543,518 |
Debt securities |  |  | 6,909 |  |  |  | 7,086 |
Total |  |  | 326,157 |  |  |  | 557,342 |
Less: non-current |  |  | (326,157 | ) |  |  | (556,147 | )
Current |  | ￦ | — |  |  | ￦ | 1,195 |
Upon disposal of these equity investments, any balance within the accumulated other comprehensive income for these equity investments is not classified to profit or loss, but to retained earnings. Upon disposal of debt investments, remaining balance of the accumulated other comprehensive income of debt instruments is reclassified to profit or loss. Derivatives used for hedge as at December 31, 2018 and 2019, are as follows:
|  | December 31, 2018 |  |  | December 31, 2019 |
(In millions of Korean won) |  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Interest rate swap 1 |  | ￦ | — |  |  | ￦ | 599 |  |  | ￦ | — |  |  | ￦ | 1,464 |
Currency swap 2 |  |  | 29,843 |  |  |  | 54,074 |  |  |  | 55,569 |  |  |  | 18,632 |
Currency forwards 3 |  |  | — |  |  |  | 2,635 |  |  |  | 3,007 |  |  |  | — |
Total |  |  | 29,843 |  |  |  | 57,308 |  |  |  | 58,576 |  |  |  | 20,096 |
Less: non-current |  |  | (4,732 | ) |  |  | (56,366 | ) |  |  | (28,304 | ) |  |  | (19,177 | )
Current |  | ￦ | 25,111 |  |  | ￦ | 942 |  |  | ￦ | 30,272 |  |  | ￦ | 919 |
1 | The interest rate swap contract is to hedge the risk of variability in future fair value of the bond.
2 | The currency swap contract is to hedge the risk of variability in cash flow from the bond. In applying the cash flow hedge accounting, the Group hedges its exposures to cash flow fluctuation until September 7, 2034.
3 | The currency forward contract is to hedge the risk of variability in cash flow from transactions in foreign currencies due to changes in foreign exchange rate.
The full value of a hedging derivative is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months and, as a current asset or liability, if the maturity of the hedged item is less than 12 months. The valuation gains and losses on the derivatives contracts for the years ended December 31, 2017, 2018 and 2019, are as follows:
(In millions of Korean won) |  | 2017 |  |  | 2018 |  |  | 2019 |
Type of Transaction |  | Valuation gain |  |  | Valuation loss |  |  | Other comprehensive income 1 |  |  | Valuation gain |  |  | Valuation loss |  |  | Other comprehensive income 1 |  |  | Valuation gain |  |  | Valuation loss |  |  | Other comprehensive income 1 |
Interest rate swap |  | ￦ | 38 |  |  | ￦ | — |  |  | ￦ | 637 |  |  | ￦ | 192 |  |  | ￦ | — |  |  | ￦ | (488 | ) |  | ￦ | — |  |  | ￦ | 45 |  |  | ￦ | (963 | )
Currency swap |  |  | 19 |  |  |  | 187,468 |  |  |  | (146,752 | ) |  |  | 58,912 |  |  |  | 2,045 |  |  |  | 22,139 |  |  |  | 72,417 |  |  |  | 15,784 |  |  |  | 87,626 |
Currency forwards |  |  | — |  |  |  | 22,114 |  |  |  | (393 | ) |  |  | 7,201 |  |  |  | — |  |  |  | — |  |  |  | 4,858 |  |  |  | — |  |  |  | 4,858 |
Total |  | ￦ | 57 |  |  | ￦ | 209,582 |  |  | ￦ | (146,508 | ) |  | ￦ | 66,305 |  |  | ￦ | 2,045 |  |  | ￦ | 21,651 |  |  | ￦ | 77,275 |  |  | ￦ | 15,829 |  |  | ￦ | 91,521 |
1 | The amounts before adjustments of deferred income tax directly reflected in equity and allocation to the non-controlling interest.
The ineffective portion recognized in profit or loss on the cash flow hedge is valuation gain of ￦ 4,181 million for the current period (2017: valuation loss of ￦ 1,961 million, 2018: valuation gain of ￦ 263 million). Details of financial liabilities at fair value through profit or loss as at December 31, 2018 and 2019, are as follows:
(In millions of Korean won) |  | December 31, 2018 |  |  | December 31, 2019 |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |
Derivative liabilities held for trading |  | ￦ | 7,758 |  |  | ￦ | 38 |
The valuation gain and loss on financial liabilities at fair value through profit or loss for the years ended December 31, 2017, 2018 and 2019, are as follows:
(In millions of Korean won) |  | 2017 |  |  | 2018 |  |  | 2019 |
|  | Valuation gain |  |  | Valuation loss |  |  | Valuation gain |  |  | Valuation loss |  |  | Valuation gain |  |  | Valuation loss |
Derivative liabilities held for trading |  | ￦ | — |  |  | ￦ | 3,078 |  |  | ￦ |  |  |  | ￦ | 2,707 |  |  | ￦ | 78 |  |  | ￦ | 2,014 |

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