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Business Combination | 12 Months Ended
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Dec. 31, 2020
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Business Combination |
40. | Business Combination
On April 30, 2020, the Controlling Company acquired 1,400,000 shares (59.8%) of KT Engineering Co., Ltd. (formerly KT ENG Core) and 940,000 shares (40.2%) of KT Estate, a subsidiary of the Group, to cultivate an engineering company in the group through early normalization and termination of corporate rehabilitation of KT Engineering Co., Ltd. (formerly KT ENG Core). Through these transactions, KT Engineering Co., Ltd. (formerly KT ENG Core Co., Ltd.) was included as a subsidiary, and it was accounted for in accordance with IFRS 3 Business Combinations . As a result of applying the acquisition method, identifiable intangible assets of ￦ 3 million and goodwill of ￦ 407 million were generated. As of the acquisition date of control, the total consideration transferred, the recognized amount of assets acquired and liabilities acquired by major types, and calculation details of goodwill are as follows:
(In millions of Korean won) |  | Amount |
Total transfer cost (a) |  | ￦ | 46,800 |
Recognized amount of assets acquired and liabilities assumed (b) 1 |  |  | 46,393 |
Cash and cash equivalents |  |  | 57,845 |
Trade and other receivable |  |  | 95,814 |
Other financial assets |  |  | 3,110 |
Other assets |  |  | 14,021 |
Inventories |  |  | 1,521 |
Property and equipment |  |  | 3,128 |
Intangible assets |  |  | 410 |
Trade and other payables |  |  | (105,964 | )
Other liabilities |  |  | (4,815 | )
Current income tax liabilities |  |  | (3,664 | )
Other provisions |  |  | (13,745 | )
Retirement benefit liabilities |  |  | (1,268 | )
Goodwill (a-b) |  | ￦ | 407 |
| 1 | Assets acquired and liabilities acquired in accordance with IFRS 3 Business Combinations are measured at fair value.
As at December 31, 2020, goodwill is subject to change as the underwriting results of fair value valuation of identifiable asset liabilities for allocation of consideration has not been confirmed. After the acquisition of control, operating income included in the consolidated statement before the removal of intercompany transactions is ￦ 250,380 million and net loss is ￦ 1,948 million. Had KT Engineering (KT ENGCORE Co., Ltd.) consolidated on January 1, 2020, the operating revenue that would be included is ￦ 387,697 million and the net loss for the year is ￦ 8,461 million.

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