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Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2019

Text block [abstract]

Summary of Details of Associates

1 At the beginning of the reporting period, although the Group owns 50% ownership in this entity, this entity was included in investments in joint ventures as the Group cannot unilaterally make decisions in determining the operating and financial policies and was disposed current period.

2 At the end of the reporting period, although the Group (KT-IBKC Future Investment Fund 1) owns 50% ownership, the equity method of accounting has been applied as the Group, which is a limited partner of the investment fund, because the Group cannot participate in determining the operating and financial policies.

3 At the end of the reporting period, although the Group owns less than 20% ownership in ordinary share, this entity is included in investments in associates as the Group has a significant influence in determining the operating and financial policies. Furthermore, 12.1% of non-voting convertible stock are excluded from the ownership percentage.

Summary of Changes in Investments in Associates and Joint Ventures

Changes in investments in associates and joint ventures for the years ended December 31, 2018 and 2019, are as follows:

(In millions of Korean won)		Beginning				Acquisition (Disposal)				Share of net profit from associates and joint ventures1				Others				Ending
Korea Information & Technology Fund		￦	139,534			￦	—			￦	15,037			￦	(6,316	)		￦	148,255
KT-SB Venture Investment Fund			2,942				—				1,528				—				4,470
KT-IBKC Future Investment Fund1			10,825				(1,050	)			1,028				(842	)			9,961
KT-CKP New Media Investment Fund			2,294				(1,229	)			(784	)			—				281
K Bank Inc.			42,108				26,725				(19,504	)			3,326				52,655
Others2			81,728				2,466				8,607				(36,016	)			56,785
		￦	279,431			￦	26,912			￦	5,912			￦	(39,848	)		￦	272,407

(In millions of Korean won)		Beginning				Acquisition (Disposal)				Share of net profit from associates and joint ventures1				Others				Ending
Korea Information & Technology Fund		￦	148,255			￦	—			￦	17,956			￦	(2,236	)		￦	163,975
KT-SB Venture Investment Fund			4,470				(4,470	)			—				—				—
KT-IBKC Future Investment Fund1			9,961				3,750				389				—				14,100
KT-CKP New Media Investment Fund			281				(174	)			27				—				134
K Bank Inc.			52,655				21,782				(28,865	)			(414	)			45,158
Others2			56,785				(7,867	)			7,241				(11,866	)			44,293
		￦	272,407			￦	13,021			￦	(3,252	)		￦	(14,516	)		￦	267,660

1 KT investment Co., Ltd., a subsidiary of the Group, recognized its share in net profit from associates and joint ventures as operating revenue and expense. These include its share in net loss from associates and joint ventures of ￦ 52 million (2018: ￦ 445 million) recognized as operating expense during the period.

2 The Group classified its entire interest in ISU-kth Content Investment Co., Ltd. as assets held for sale (Note 10).

Summary of Financial Information of Associates and Joint Ventures

Summarized financial information of associates and joint ventures as at and for the years ended December 31, 2018 and 2019, is as follows:

(In millions of Korean won)		December 31, 2018
		Current assets				Non-current assets				Current liabilities				Non-current liabilities
Korea Information & Technology Fund		￦	118,024			￦	326,740			￦	—			￦	—
KT-SB Venture Investment			4,322				4,624				6				—
KT-IBKC Future Investment Fund 1			19,922				—				—				—
KT-CKP New Media Investment Fund			25				540				—				—
K Bank Inc.			2,094,152				90,505				1,901,389				3,185

(In millions of Korean won)		2018
		Operating revenue				Profit (loss) for the year				Other comprehensive income(loss)				Total comprehensive income(loss)				Dividends received from associates
Korea Information & Technology Fund		￦	59,524			￦	45,110			￦	(13,422	)		￦	31,688			￦	1,842
KT-SB Venture Investment			—				3,056				—				3,056				—
KT-IBKC Future Investment Fund 1			2,665				2,057				—				2,057				—
KT-CKP New Media Investment Fund			371				(629	)			—				(629	)			—
K Bank Inc.			66,787				(79,671	)			1,432				(78,440	)			—

(In millions of Korean won)		December 31, 2019
		Current assets				Non-current assets				Current liabilities				Non-current liabilities
Korea Information & Technology Fund		￦	113,233			￦	378,691			￦	—			￦	—
KT-IBKC Future Investment Fund 1			28,200				—				—				—
KT-CKP New Media Investment Fund			3				267				—				—
K Bank Inc.			2,480,065				78,566				2,350,375				3,784

(In millions of Korean won)		2019
		Operating revenue				Profit (loss) for the year				Other comprehensive income(loss)				Total comprehensive income(loss)				Dividends received from associates
Korea Information & Technology Fund		￦	70,565			￦	53,867			￦	6,132			￦	59,999			￦	4,280
KT-IBKC Future Investment Fund 1			1,694				779				—				779				—
KT-CKP New Media Investment Fund			56				55				—				55				—
K Bank Inc.			92,712				(100,773	)			(23	)			(100,796	)			—

Summary of Reconciliation of Carrying Amount of Interests in the Associates and Joint Ventures

Details of a reconciliation of the summarized financial information to the carrying amount of interests in the associates and joint ventures as at and for the years end December 31, 2018 and 2019, are as follows:

		December 31, 2018
(In millions of Korean won)		Net assets (a)				Percentage of ownership (b)				Share in net assets (c)=(a)x(b)				Intercompany transaction and others (d)				Book amount (c)+(d)
Korea Information & Technology Fund		￦	444,764				33.30	%		￦	148,255			￦	—			￦	148,255
KT-SB Venture Investment			8,940				50.00	%			4,470				—				4,470
KT-IBKC Future Investment Fund 1			19,922				50.00	%			9,961				—				9,961
KT-CKP New Media Investment Fund			565				49.70	%			280				—				280
K Bank Inc.1			280,083				10.00	%			52,655				—				52,655

1 8.8% of non-voting convertible stock are excluded from percentage of ownership for K Bank Inc.

(In millions of Korean won)		December 31, 2019
		Net assets (a)				Percentage of ownership (b)				Share in net assets (c)=(a)x(b)				Intercompany transaction and others (d)				Book amount (c)+(d)
Korea Information & Technology Fund		￦	491,924				33.30	%		￦	163,975			￦	—			￦	163,975
KT-IBKC Future Investment Fund 1			28,200				50.00	%			14,100				—				14,100
KT-CKP New Media Investment Fund			270				49.70	%			134				—				134
K Bank Inc.1			204,472				10.00	%			45,158				—				45,158

1 12.1% of non-voting convertible stock are excluded from percentage of ownership for K Bank Inc.

X

- Definition

The disclosure of the reconciliation between the investment derecognised and the assets and liabilities recognised on the transition from the equity method to accounting for assets and liabilities.

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