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Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2020

Statement [LineItems]

Summary of Maximum Exposure to Credit Risk

The maximum exposure to credit risk of the Group’s financial instruments without considering value of collaterals as at December 31, 2019 and 2020, are as follows:

(In millions of Korean won)		December 31, 2019				December 31, 2020
Cash and cash equivalents (except for cash on hand)		￦	2,226,608			￦	2,625,581
Trade and other receivables
Financial assets at amortized costs			5,784,228				5,034,621
Financial assets at fair value through other comprehensive income			1,256,266				1,118,619
Contract assets			557,041				586,438
Other financial assets
Derivatives financial assets for hedging			58,576				7,684
Financial assets at fair value through profit or loss			541,657				680,453
Financial assets at fair value through other comprehensive income			7,086				6,570
Financial assets at amortized costs			441,804				671,068
Total		￦	10,873,266			￦	10,731,034

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 and can differ from the amount in the consolidated financial statements.

		December 31, 2019
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Trade and other payables		￦	8,149,445			￦	805,241			￦	370,044			￦	9,324,730
Borrowings(including debentures)			1,304,936				4,417,639				2,493,637				8,216,212
Lease liabilities			397,609				688,518				221,255				1,307,382
Other non-derivative financial liabilities			1,749				175,764				18,962				196,475
Financial guarantee contracts1			19,422				—				—				19,422
Total		￦	9,873,161			￦	6,087,162			￦	3,103,898			￦	19,064,221

1 It is 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.

		December 31, 2020
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Trade and other payables		￦	6,587,796			￦	730,758			￦	258,255			￦	7,576,809
Borrowings(including debentures)			1,573,944				4,373,534				2,258,360				8,205,838
Lease liabilities			336,024				658,501				190,907				1,185,432
Other non-derivative financial liabilities			574				131,242				—				131,816
Financial guarantee contracts1			22,422				—				—				22,422
Total		￦	8,520,760			￦	5,894,035			￦	2,707,522			￦	17,122,317

1 It is 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

Cash outflow and inflow of derivatives settled gross or net are undiscounted contractual cash flow and can differ from the amount in the consolidated financial statements.

		December 31, 2018
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Outflow		￦	455,343			￦	1,466,915			￦	517,301			￦	2,439,559
Inflow			484,505				1,492,718				519,133				2,496,356

		December 31, 2019
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Outflow		￦	650,497			￦	1,602,513			￦	507,947			￦	2,760,957
Inflow			684,720				1,648,746				524,483				2,857,949

		December 31, 2020
(In millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Outflow		￦	248,300			￦	2,179,046			￦	498,619			￦	2,925,965
Inflow			249,301				2,074,747				480,570				2,804,618

Summary of Debt-to-equity Ratios

The debt-to-equity ratios as at December 31, 2019 and 2020, are as follows:

(In millions of Korean won)		December 31, 2019				December 31, 2020
Total liabilities		￦	19,491,530			￦	18,111,112
Total equity			15,140,684				15,551,433
Debt-to-equity ratio			129	%			116	%

Summary of Gearing Ratios

The gearing ratios as at December 31, 2019 and 2020, are as follows:

(In millions of Korean won, %)		December 31, 2019				December 31, 2020
Total borrowings		￦	7,298,867			￦	7,316,298
Less: cash and cash equivalents			(2,305,894	)			(2,634,624	)
Net debt			4,992,973				4,681,674
Total equity			15,140,684				15,551,433
Total capital			20,133,657				20,233,107
Gearing ratio			25	%			23	%

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)		December 31, 2019
		Gross assets				Gross liabilities offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Trade receivables		￦	66,487			￦	(1	)		￦	66,486			￦	(63,604	)		￦	—			￦	2,882
Other financial assets			18,571				(13	)			18,558				(18,526	)			—				32
		￦	85,058			￦	(14	)		￦	85,044			￦	(82,130	)		￦	—			￦	2,914

(In millions of Korean won)

December 31, 2020

Gross assets

Gross liabilities offset

Net amounts presented in the statement of financial position

Amounts not offset

Net amount

Financial instruments

Cash collateral

Trade receivables

￦

71,497

￦

(1

)

￦

71,496

￦

(67,421

)

￦

—

￦

4,075

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)		December 31, 2019
		Gross liabilities				Gross assets offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Trade payables		￦	65,669			￦	(13	)		￦	65,656			￦	(63,628	)		￦	—			￦	2,028
Other financial liabilities			18,509				(1	)			18,508				(18,502	)			—				6
		￦	84,178			￦	(14	)		￦	84,164			￦	(82,130	)		￦	—			￦	2,034

(In millions of Korean won)		December 31, 2020
		Gross liabilities				Gross assets offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Trade payables		￦	69,361			￦	—			￦	69,361			￦	(67,421	)		￦	—			￦	1,940
Other financial liabilities			1				(1	)			—				—				—				—
		￦	69,362			￦	(1	)		￦	69,361			￦	(67,421	)		￦	—			￦	1,940

Currency risk [Member]

Statement [LineItems]

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

As at December 31, 2018, 2019 and 2020, 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 tax1				Shareholders’ equity
2018.12.31			10	%		￦	7,212			￦	10,196
			-10	%			(12,413	)			(9,625	)
2019.12.31			10	%		￦	45,149			￦	52,092
			-10	%			(45,149	)			(52,092	)
2020.12.31			10	%		￦	25,220			￦	36,961
			-10	%			(25,220	)			(36,961	)

Summary of Details of Financial Assets and Liabilities in Foreign Currencies

Details of financial assets and liabilities in foreign currencies as at December 31, 2018, 2019 and 2020, are as follows:

(In thousands of foreign currencies)		2018								2019								2020
		Financial assets				Financial liabilities				Financial assets				Financial liabilities				Financial assets				Financial liabilities
USD			528,539				1,893,849				645,941				1,830,764				400,046				1,937,935
SDR1			267				730				255				729				255				728
JPY			66,078				50,000,000				24,930				80,000,000				209,376				46,000,009
GBP			—				256				—				56				—				—
EUR			2				6				1				6				316				162
DZD2			618				—				—				—				—				—
CNY			1,954				171				457				161				458				491
UZS3			121,053				—				—				—				—				—
RWF4			857				—				706				—				646				—
THB5			—				—				—				—				535				—
MMK6			84				—				84				—				—				—
TZS7			—				2,876				6,919				—				1,019				—
BWP8			897				—				911				—				212				—
HKD			—				—				—				268				—				198
BDT9			39,494				—				18,897				—				—				—
PLN10			26				—				—				—				26				—
VND11			467,272				—				271,563				—				242,370				—
XAF12			666				—				97,411				—				16,229				—
SGD			—				—				—				—				6				284,000

1  Special Drawing Rights.

2  Algeria Dinar.

3  Uzbekistan Sum.

4  Rwanda Franc.

5  Thailand Bhat.

6  Myanmar Kyat.

7  Tanzanian Shilling.

8  Botswana Pula.

9  Bangladesh Taka.

10  Polish Zloty.

11  Vietnam Dong.

12  Central African Franc.

Equity price risk [Member]

Statement [LineItems]

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

As at December 31, 2018, 2019 and 2020, 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
2018.12.31		10%		￦	12			￦	898
		-10%			(12	)			(898	)
2019.12.31		10%		￦	24			￦	613
		-10%			(24	)			(613	)
2020.12.31		10%		￦	2,811			￦	3,472
		-10%			(2,811	)			(3,472	)

Interest rate risk [Member]

Statement [LineItems]

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

As at December 31, 2018, 2019 and 2020, if the market interest rate had increased/decreased by 100 bp 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
2018.12.31			+ 100 bp			￦	1,059			￦	9,689
			- 100 bp				(1,958	)			(10,237	)
2019.12.31			+ 100 bp			￦	425			￦	14,764
			- 100 bp				(482	)			(19,280	)
2020.12.31			+ 100 bp			￦	973			￦	18,584
			- 100 bp				(973	)			(19,377	)

X

- Definition

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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