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Related Party Transactions | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Related Party Transactions |
36. | Related Party Transactions
The list of related party of the Group as at December 31, 2021, is as follows:
Relationship |  | Name of Entity
Associates and joint ventures |  | KIF Investment Fund, K-REALTY CR REITs No.1, Boston Global Film & Contents Fund L.P., QTT Global (Group) Company Ltd., CU Industrial Development Co., Ltd, KD Living, Inc., LoginD Co., Ltd., K Bank, ISU-kth Contents Investment Fund, Daiwon Broadcasting Co., Ltd., KT-DSC Creative Economy Youth Start-up Investment Fund, Korea Electronic Vehicle Charging Service, K-REALTY RENTAL HOUSING REIT 2, AI RESEARCH INSTITUTE, KT-IBKC Future Investment Fund 1, Gyeonggi-KT Yoojin Superman Fund, FUNDA Co., Ltd, CHAMP IT Co., Ltd., Alliance Internet Corp., Little big pictures, Virtua Realm Sendirian Berhad, KT-Smart Factory Investment Fund, Studio Discovery Co., Ltd., KT Young Entrepreneurs DNA Investment Fund, Hyundai Robotics Co., Ltd., IGIS Professional Investors Private Investment Real Estate Investment LLC No.395, Maruee Limited Company Specializing in the Cultural Industry, Trustay Co., Ltd., The Skyk Co., Ltd., StorySoop Inc., Mastern No.127 Logispoint Daegu Co., Ltd., SMART KOREA KT NEXT VENTURE FUND, KT Early Stage Investment Fund, Pacific Professional Investors Private Investment Real Estate Investment LLC No.55 Mastern KT Multi-Family Real Estate Private Equity Investment Fund 1, Home Choice Corp, K-REALTY RENTAL HOUSING REIT V, K-Realty 11th Real Estate Investment Trust Company, IBK-KT Emerging Digital Industry Investment Fund, SG-IBKC K-Contents Investment Fund No.1
Others 1 |  | Goody Studio Co., Ltd.
| 1 | Although it is evaluated by applying IFRS 9, it is included in the scope of related parties under IAS 24 as it has a significant influence.
Outstanding balances of receivables and payables in relations to transactions with related parties as at December 31, 2020 and 2021, are as follows:
|  | December 31, 2020 |
|  |  |  | Receivables |  |  | Payables |
( I n millions of Korean won) |  | Trade receivables |  |  | Other receivables |  |  | Lease receivables |  |  | Trade payables |  |  | Other payables |  |  | Lease liabilities |
Associates and joint ventures |  | K-REALTY CR REIT 1 |  | ￦ | 457 |  |  | ￦ | 16,200 |  |  | ￦ | — |  |  | ￦ | — |  |  | ￦ | — |  |  | ￦ | 20,857 |
| K Bank |  |  | 775 |  |  |  | 32,964 |  |  |  | — |  |  |  | — |  |  |  | 891 |  |  |  | — |
| Others |  |  | 72 |  |  |  | 1,147 |  |  |  | — |  |  |  | — |  |  |  | 858 |  |  |  | — |
Total |  |  |  | ￦ | 1,304 |  |  | ￦ | 50,311 |  |  | ￦ | — |  |  | ￦ | — |  |  | ￦ | 1,749 |  |  | ￦ | 20,857 |
|  | December 31, 2021 |
|  |  |  | Receivables |  |  | Payables |
( I n millions of Korean won) |  | Trade receivables |  |  | Other receivables |  |  | Lease receivables |  |  | Trade payables |  |  | Other payables |  |  | Lease liabilities |
Associates and joint ventures |  | K Bank |  | ￦ | 821 |  |  | ￦ | 51,422 |  |  | ￦ | — |  |  | ￦ | — |  |  | ￦ | 513 |  |  | ￦ | — |
| IGIS Professional Investors Private Investment Real Estate Investment LLC No.395 |  |  | 4,614 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
| Others |  |  | 565 |  |  |  | 1,853 |  |  |  | — |  |  |  | 343 |  |  |  | 4,829 |  |  |  | — |
Total |  |  |  | ￦ | 6,000 |  |  | ￦ | 53,275 |  |  | ￦ | — |  |  | ￦ | 343 |  |  | ￦ | 5,342 |  |  | ￦ | — |
Significant transactions with related parties for the years ended December 31, 2019, 2020 and 2021, are as follows:
|  |  |  | 2019 |
(In millions of Korean won) |  | Sales |  |  | Purchases 1 |
Associates and joint ventures |  | K- Realty CR-REITs No.1 |  | ￦ | 1,302 |  |  | ￦ | — |
| K Bank |  |  | 17,815 |  |  |  | 8,524 |
| Others |  |  | 1,498 |  |  |  | 10,531 |
Others |  | K-REALTY CR-REIT 10 1 |  |  | 2,801 |  |  |  | — |
Total |  |  |  | ￦ | 23,416 |  |  | ￦ | 19,055 |
| 1 | The amounts include acquisition of property and equipment and others.
|  | 2019 |
(In millions of Korean won) |  | Acquisition of lease receivables |  |  | Acquisition of right-of-use assets |  |  | Interest expense |  |  | Dividend income |
Associates and joint ventures |  | K- Realty CR-REITs No.1 |  | ￦ | — |  |  | ￦ | 776 |  |  | ￦ | 2,225 |  |  | ￦ | 10,928 |
| Korea Information & Technology Investment Fund (KIF Investment Fund) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,280 |
| Others |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 146 |
Total |  |  |  | ￦ | — |  |  | ￦ | 776 |  |  | ￦ | 2,225 |  |  | ￦ | 15,354 |
|  |  |  | 2020 |
( I n millions of Korean won) |  | Sales |  |  | Purchases 1 |
Associates and joint ventures |  | K- Realty CR-REITs No.1 |  | ￦ | 2,298 |  |  | ￦ | — |
| Korea Information & Technology Investment Fund (KIF Investment Fund) |  |  | — |  |  |  | — |
| K Bank |  |  | 15,658 |  |  |  | 8,227 |
|  | Others |  |  | 809 |  |  |  | 10,272 |
Total |  |  |  | ￦ | 18,765 |  |  | ￦ | 18,499 |
| 1 | The amounts include acquisition of primarily property and equipment.
|  | 2020 |
( I n millions of Korean won) |  | Interest income |  |  | Interest expense |  |  | Dividend income |
Associates and joint ventures |  | K- Realty CR-REITs No.1 |  |  | ￦ — |  |  |  | ￦ 917 |  |  |  | ￦ 8,061 |
| Korea Information & Technology Investment Fund (KIF Investment Fund) |  |  | — |  |  |  | — |  |  |  | 9,241 |
|  | K Bank |  |  | 14 |  |  |  | — |  |  |  | — |
|  | Others |  |  | — |  |  |  | — |  |  |  | 43 |
Total |  |  |  | ￦ | 14 |  |  | ￦ | 917 |  |  | ￦ | 17,345 |
|  |  |  | 2021 |
(In millions of Korean won) |  | Sales |  |  | Purchases 1 |
Associates and joint ventures |  | K- Realty CR-REITs No.1 |  | ￦ | 238,847 |  |  | ￦ | 1,308 |
| IGIS Professional Investors Private Investment Real Estate Investment LLC No. 395 |  |  | 5,000 |  |  |  | — |
| K Bank |  |  | 24,247 |  |  |  | 15,164 |
|  | Others |  |  | 28,092 |  |  |  | 21,302 |
Total |  |  |  |  | 296,186 |  |  |  | 37,774 |
|  | 2021 |
(In millions of Korean won) |  | Interest income |  |  | Interest expense |  |  | Dividend income |
Associates and joint ventures |  | K- Realty CR-REITs No.1 |  |  | ￦ — |  |  |  | ￦ 205 |  |  |  | ￦ 40,142 |
| Korea Information & Technology Investment Fund (KIF Investment Fund) |  |  | 223 |  |  |  | — |  |  |  | — |
|  | K Bank |  |  | — |  |  |  | — |  |  |  | — |
|  | Others 2 |  |  | — |  |  |  | — |  |  |  | 8,637 |
Total |  |  |  | ￦ | 223 |  |  | ￦ | 205 |  |  | ￦ | 48,779 |
| 1 | The amounts include acquisition of primarily property and equipment.
| 2 | Transaction amount before OSKENT Co., Ltd., Mission Culture Industry Limited, Sweet and Sour Culture
Industry Limited, Alma Mater Culture Industry Limited, and KT Philippines are excluded from associates and joint ventures. Key management compensation for the years ended December 31, 2019, 2020 and 2021, consists of:
(In millions of Korean won) |  | 2019 |  |  | 2020 |  |  | 2021 |
Salaries and other short-term benefits |  | ￦ | 2,955 |  |  | ￦ | 2,086 |  |  | ￦ | 2,189 |
Post-employment benefits |  |  | 321 |  |  |  | 390 |  |  |  | 412 |
Stock-based compensation |  |  | 891 |  |  |  | 625 |  |  |  | 669 |
Total |  | ￦ | 4,167 |  |  | ￦ | 3,101 |  |  | ￦ | 3,270 |
Fund transactions with related parties for the years ended December 31, 2019, 2020 and 2021, are as follows:
|  | December 31, 2019 |
|  | Borrowing transaction 1 |  |  | Equity contributions in cash |
(In millions of Korean won) |  | Borrowing 2 |  |  | Repayment |
KT-IBKC Future Investment Fund1 |  | ￦ | — |  |  | ￦ | — |  |  | ￦ | 3,750 |
KT Philippines C o. Ltd. |  |  | — |  |  |  | — |  |  |  | 99 |
Virtua Realm Sendirian Berhad |  |  | — |  |  |  | — |  |  |  | 550 |
K-REALTY CR REIT 1 |  |  | — |  |  |  | 30,385 |  |  |  | — |
K Bank |  |  | — |  |  |  | — |  |  |  | 21,782 |
KIF Investment Fund |  |  | — |  |  |  | — |  |  |  | — |
Daiwon Broadcasting Co.,Ltd. |  |  | — |  |  |  | — |  |  |  | — |
JB Emerging Market Specialty Investment Private Equity Trust No.1 |  |  | — |  |  |  | — |  |  |  | — |
Gyeonggi-KT Yoojin Superman Fund |  |  | — |  |  |  | — |  |  |  | 1,000 |
KT-CKP New Media Investment Fund |  |  | — |  |  |  | — |  |  |  | (174 | )
KT-DSC creative economy youth start-up investment fund |  |  | — |  |  |  | — |  |  |  | (1,800 | )
KT-Smart Factory Investment Fund |  |  | — |  |  |  | — |  |  |  | 2,800 |
KT-SB Venture Investment Fund |  |  | — |  |  |  | — |  |  |  | (2,404 | )
Total |  | ￦ | — |  |  | ￦ | 30,385 |  |  | ￦ | 25,603 |
| 1 | Borrowing transactions include lease transactions.
| 2 | Conversion effect from the adoption of IFRS 16 Lease on January 1, 2019 has been excluded.
|  | December 31, 2020 |
|  | Borrowing transaction 1 |  |  | Equity contributions in cash |
(In millions of Korean won) |  | Borrowing |  |  | Repayment |
K- Realty CR-REITs No.1 |  | ￦ | — |  |  | ￦ | 20,304 |  |  | ￦ | — |
Studio Discovery Co. Ltd. |  |  | — |  |  |  | — |  |  |  | 3,000 |
KT Young Entrepreneurs DNA Investment Fund |  |  | — |  |  |  | — |  |  |  | 3,600 |
KT-Smart Factory Investment Fund |  |  | — |  |  |  | — |  |  |  | 2,800 |
KT-CKP New Media Investment Fund |  |  | — |  |  |  | — |  |  |  | (109 | )
K Bank |  |  | — |  |  |  | — |  |  |  | 195,011 |
Gyeonggi-KT Yoojin Superman Fund |  |  | — |  |  |  | — |  |  |  | 1,000 |
Hyundai Robotics Co. Ltd. |  |  | — |  |  |  | — |  |  |  | 50,000 |
Total |  | ￦ | — |  |  | ￦ | 20,304 |  |  | ￦ | 255,302 |
| 1 | Borrowing transactions include lease transactions.
|  | December 31, 2021 |
|  | Borrowing transaction 1 |  |  | Equity contributions in cash |
(In millions of Korean won) |  | Borrowing |  |  | Repayment |
K- REALTY CR REIT 1 |  | ￦ | — |  |  | ￦ | 15,964 |  |  | ￦ | — |
K Bank |  |  | — |  |  |  | — |  |  |  | 424,957 |
Pacific Professional Investors Private Investment Real Estate Investment LLC No. 55 |  |  | — |  |  |  | — |  |  |  | 11,000 |
KT Young Entrepreneurs DNA Investment Fund |  |  | — |  |  |  | — |  |  |  | 8,400 |
Mastern KT Multi-Family Real Estate Private Equity Investment Fund 1 |  |  | — |  |  |  | — |  |  |  | 6,055 |
KT-IBKC Future Investment Fund 1 |  |  | — |  |  |  | — |  |  |  | (5,700 | )
Others |  |  | — |  |  |  | — |  |  |  | 18,176 |
Total |  | ￦ | — |  |  | ￦ | 15,964 |  |  | ￦ | 462,888 |
| 1 | Borrowing transaction include lease transactions.
The Group has an obligation to invest in IBK-KT Emerging Digital Industry Investment Fund, a related party, according to the agreement. As at December 31, 2021, the Group is planning to invest an additional ￦ 27,200 million.

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