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Investments in Associates and Joint Ventures | 12 Months Ended
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Dec. 31, 2021
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Investments in Associates and Joint Ventures |
14. | Investments in Associates and Joint Ventures
Details of associates that are material to the Group as at December 31, 2020 and 2021, are as follows:
|  | Percentage of ownership (%) |  |  | Location |  |  | Closing month |
| December 31, 2020 |  |  | December 31, 2021 |  |  |  |  |  |  |
Korea Information & Technology Fund |  |  | 33.3 | % |  |  | 33.3 | % |  |  | Korea |  |  |  | December |
KT-IBKC Future Investment Fund 1 1 |  |  | 50.0 | % |  |  | 50.0 | % |  |  | Korea |  |  |  | December |
K Bank |  |  | 34.0 | % |  |  | 33.7 | % |  |  | Korea |  |  |  | December |
Hyundai Robotics Co., Ltd. 2 |  |  | 10.0 | % |  |  | 10.0 | % |  |  | Korea |  |  |  | December |
K-REALTY CR REITs No.1 |  |  | 23.3 | % |  |  | 30.1 | % |  |  | Korea |  |  |  | December |
| 1 | At the end of the reporting period, although the Group 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.
| 2 | At the end of the reporting period, although the Group has 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.
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021, are as follows:
|  | 2020 |
(In millions of Korean won) |  | Beginning |  |  | Acquisition (Disposal) |  |  | Share of net profit from associates and joint ventures 1 |  |  | Others |  |  | Ending |
Korea Information & Technology Fund |  | ￦ | 163,975 |  |  | ￦ | — |  |  | ￦ | 12,205 |  |  | ￦ | (6,025 | ) |  | ￦ | 170,155 |
KT-IBKC Future Investment Fund 1 |  |  | 14,100 |  |  |  | — |  |  |  | 2,090 |  |  |  | — |  |  |  | 16,190 |
KT-CKP New Media Investment Fund |  |  | 134 |  |  |  | (134 | ) |  |  | — |  |  |  | — |  |  |  | — |
K Bank |  |  | 45,158 |  |  |  | 195,011 |  |  |  | (30,209 | ) |  |  | (1,688 | ) |  |  | 208,272 |
Hyundai Robotics Co., Ltd. |  |  | — |  |  |  | 50,000 |  |  |  | (64 | ) |  |  | 1,000 |  |  |  | 50,936 |
Others 1 |  |  | 44,293 |  |  |  | 28,400 |  |  |  | 34,298 |  |  |  | 5,337 |  |  |  | 112,328 |
|  | ￦ | 267,660 |  |  | ￦ | 273,277 |  |  | ￦ | 18,320 |  |  | ￦ | (1,376 | ) |  | ￦ | 557,881 |
|  | 2021 |
(In millions of Korean won) |  | Beginning |  |  | Acquisition (Disposal) |  |  | Share of net profit from associates and joint ventures 1 |  |  | Others 2 |  |  | Ending |
Korea Information & Technology Fund |  | ￦ | 170,155 |  |  | ￦ | — |  |  | ￦ | 16,702 |  |  | ￦ | (7,922 | ) |  | ￦ | 178,935 |
KT-IBKC Future Investment Fund 1 |  |  | 16,190 |  |  |  | (5,700 | ) |  |  | 1,591 |  |  |  | — |  |  |  | 12,081 |
K Bank 2 |  |  | 208,272 |  |  |  | 424,957 |  |  |  | 5,809 |  |  |  | 192,699 |  |  |  | 831,737 |
Hyundai Robotics Co., Ltd. |  |  | 50,936 |  |  |  | — |  |  |  | (2,373 | ) |  |  | 162 |  |  |  | 48,725 |
K-REALTY CR REITs No.1 |  |  | 31,088 |  |  |  | — |  |  |  | 75,676 |  |  |  | (39,106 | ) |  |  | 67,658 |
Others 1 |  |  | 81,240 |  |  |  | 57,691 |  |  |  | 18,769 |  |  |  | (8,407 | ) |  |  | 149,293 |
|  | ￦ | 557,881 |  |  | ￦ | 476,948 |  |  | ￦ | 116,174 |  |  | ￦ | 137,426 |  |  | ￦ | 1,288,429 |
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 gain from associates and joint ventures of ￦ 113 million (2019: net gain of ￦ 52 million, 2020: net gain of ￦ 279 million) recognized as operating revenue during the period.
2 | The amount includes the amount increased as derivatives liabilities were borne by shareholders’ agreements between financial investors participating in the paid-in capital increase of K Bank during the current period (Note 7).
Summarized financial information of associates and joint ventures that are material to the Group as at and for the years ended December 31, 2020 and 2021, is as follows:
(In millions of Korean won) |  | December 31, 2020 |
|  | Current assets |  |  | Non-current assets |  |  | Current liabilities |  |  | Non-current liabilities |
Korea Information & Technology Fund |  | ￦ | 107,652 |  |  | ￦ | 402,812 |  |  | ￦ | — |  |  | ￦ | — |
KT-IBKC Future Investment Fund 1 |  |  | 32,379 |  |  |  | — |  |  |  | — |  |  |  | — |
K Bank |  |  | 4,255,620 |  |  |  | 74,193 |  |  |  | 3,752,838 |  |  |  | 88,155 |
Hyundai Robotics Co., Ltd. |  |  | 315,886 |  |  |  | 125,619 |  |  |  | 80,615 |  |  |  | 59,324 |
(In millions of Korean won) |  | December 31, 2021 |
|  | Current assets |  |  | Non-current assets |  |  | Current liabilities |  |  | Non-current liabilities |
Korea Information & Technology Fund |  | ￦ | 117,172 |  |  | ￦ | 419,632 |  |  | ￦ | — |  |  | ￦ | — |
KT-IBKC Future Investment Fund 1 |  |  | 24,163 |  |  |  | — |  |  |  | — |  |  |  | — |
K Bank |  |  | 13,263,658 |  |  |  | 70,362 |  |  |  | 11,594,316 |  |  |  | 2,467 |
Hyundai Robotics Co., Ltd. |  |  | 308,776 |  |  |  | 120,221 |  |  |  | 91,637 |  |  |  | 57,899 |
K-REALTY CR REITs No.1 |  |  | 208,825 |  |  |  | — |  |  |  | — |  |  |  | — |
(In millions of Korean won) |  | 2020 |
|  | Operating revenue |  |  | Profit (loss) for the year |  |  | Other comprehensive income(loss) |  |  | Total comprehensive income(loss) |  |  | Dividends received from associates |
Korea Information & Technology Fund |  | ￦ | 54,473 |  |  | ￦ | 36,615 |  |  | ￦ | 9,647 |  |  | ￦ | 46,262 |  |  | ￦ | 9,241 |
KT-IBKC Future Investment Fund 1 |  |  | 6,551 |  |  |  | 4,179 |  |  |  | — |  |  |  | 4,179 |  |  |  | — |
K Bank |  |  | 80,301 |  |  |  | (105,374 | ) |  |  | (1,126 | ) |  |  | (106,500 | ) |  |  | — |
Hyundai Robotics Co., Ltd. |  |  | 195,311 |  |  |  | (642 | ) |  |  | 11,573 |  |  |  | 10,931 |  |  |  | — |
(In millions of Korean won) |  | 2021 |
|  | Operating revenue |  |  | Profit (loss) for the year |  |  | Other comprehensive income(loss) |  |  | Total comprehensive income(loss) |  |  | Dividends received from associates |
Korea Information & Technology Fund |  | ￦ | 58,791 |  |  | ￦ | 50,107 |  |  | ￦ | (6,847 | ) |  | ￦ | 43,260 |  |  | ￦ | 5,640 |
KT-IBKC Future Investment Fund 1 |  |  | 5,912 |  |  |  | 3,184 |  |  |  | — |  |  |  | 3,184 |  |  |  | — |
K Bank |  |  | 287,775 |  |  |  | 21,728 |  |  |  | (28,211 | ) |  |  | (6,483 | ) |  |  | — |
Hyundai Robotics Co., Ltd. |  |  | 189,255 |  |  |  | (23,730 | ) |  |  | 1,977 |  |  |  | (21,753 | ) |  |  | — |
K-REALTY CR REITs No.1 |  |  | 425,363 |  |  |  | 180,437 |  |  |  | — |  |  |  | 180,437 |  |  |  | 40,142 |
Details of a reconciliation of the summarized financial information to the carrying amount of interests in the associates and joint ventures that are material to the Group as at and for the years end December 31, 2020 and 2021, are as follows:
(In millions of Korean won) |  | December 31, 2020 |
|  | 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 |  | ￦ | 510,464 |  |  |  | 33.30 | % |  | ￦ | 170,155 |  |  | ￦ | — |  |  | ￦ | 170,155 |
KT-IBKC Future Investment Fund 1 |  |  | 32,379 |  |  |  | 50.00 | % |  |  | 16,190 |  |  |  | — |  |  |  | 16,190 |
K Bank |  |  | 488,819 |  |  |  | 34.00 | % |  |  | 166,198 |  |  |  | 42,074 |  |  |  | 208,272 |
Hyundai Robotics Co., Ltd. |  |  | 301,566 |  |  |  | 10.00 | % |  |  | 30,157 |  |  |  | 20,779 |  |  |  | 50,936 |
(In millions of Korean won) |  | December 31, 2021 |
|  | 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 |  | ￦ | 536,804 |  |  |  | 33.33 | % |  | ￦ | 178,935 |  |  | ￦ | — |  |  | ￦ | 178,935 |
KT-IBKC Future Investment Fund 1 |  |  | 24,163 |  |  |  | 50.00 | % |  |  | 12,081 |  |  |  | — |  |  |  | 12,081 |
K Bank |  |  | 1,737,237 |  |  |  | 33.72 | % |  |  | 585,837 |  |  |  | 245,900 |  |  |  | 831,737 |
Hyundai Robotics Co., Ltd. |  |  | 279,461 |  |  |  | 10.00 | % |  |  | 27,946 |  |  |  | 20,779 |  |  |  | 48,725 |
K-REALTY CR REITs No.1 |  |  | 208,825 |  |  |  | 30.05 | % |  |  | 62,752 |  |  |  | 4,906 |  |  |  | 67,658 |
Due to discontinuance of equity method of accounting, the Group has not recognized loss from associates and joint ventures of ￦ 717 million for the year ended December 31, 2021 (for the year ended December 31, 2020: ￦ 992 million). The accumulated comprehensive loss of associates and joint ventures as at December 31, 2021, which was not recognized by the Group is ￦ 9,006 million (as at December 31, 2020: ￦ 8,228 million).

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