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Cash Generated from Operations | 12 Months Ended
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Dec. 31, 2022
Text block [abstract] |
Cash Generated from Operations |
3 3 . | Cash Generated from Operations
Cash flows from operating activities for the years ended December 31, 2020, 2021 and 2022, are as follows:
(in millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
1. Profit for the year |  | ￦ | 746,256 |  |  | ￦ | 1,459,395 |  |  |  | 1,385,635 |
2. Adjustments to reconcile net income |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense |  |  | 285,349 |  |  |  | 519,016 |  |  |  | 505,757 |
Interest income 1 |  |  | (291,425 | ) |  |  | (300,900 | ) |  |  | (340,794 | )
Interest expense 1 |  |  | 265,035 |  |  |  | 268,847 |  |  |  | 320,914 |
Dividends income 2 |  |  | (4,442 | ) |  |  | (21,525 | ) |  |  | (14,121 | )
Depreciation |  |  | 2,635,307 |  |  |  | 2,643,894 |  |  |  | 2,687,191 |
Amortization of intangible assets |  |  | 628,154 |  |  |  | 604,744 |  |  |  | 627,261 |
Depreciation of right-of-use assets |  |  | 404,174 |  |  |  | 398,716 |  |  |  | 396,214 |
Provision for severance benefits |  |  | 255,615 |  |  |  | 253,491 |  |  |  | 240,506 |
Impairment losses on trade receivables |  |  | 139,957 |  |  |  | 105,344 |  |  |  | 132,102 |
Share of net profit or loss of associates and joint ventures |  |  | (18,041 | ) |  |  | (116,061 | ) |  |  | 16,821 |
Loss(gain) on disposal of associates and joint ventures |  |  | 111 |  |  |  | 1 |  |  |  | (38,024 | )
Loss(gain) on the disposal of subsidiaries |  |  | — |  |  |  | 13,483 |  |  |  | (216,591 | )
Loss(gain) on disposal of right-of-use assets |  |  | 2,047 |  |  |  | 8,319 |  |  |  | (978 | )
Impairment losses on assets held for sale |  |  | — |  |  |  | 11 |  |  |  | — |
Impairment loss on property and equipment and investment in properties |  |  | — |  |  |  | 2,115 |  |  |  | 16,094 |
Loss on disposal of property and equipment and investment in properties 3 |  |  | 55,590 |  |  |  | 17,410 |  |  |  | (66,317 | )
Loss on disposal of intangible assets |  |  | 246 |  |  |  | 2,159 |  |  |  | 6,393 |
Loss on impairment of intangible assets |  |  | 211,637 |  |  |  | 3,747 |  |  |  | 30,674 |
Loss(gain) on foreign currency translation |  |  | (138,011 | ) |  |  | 180,921 |  |  |  | 157,017 |
Loss(gain) on valuation and settlement of derivatives, net |  |  | 155,600 |  |  |  | (235,130 | ) |  |  | (205,381 | )
Loss on disposal of financial assets at fair value through profit or loss |  |  | (29,974 | ) |  |  | (29,974 | ) |  |  | (2,347 | )
Loss(Gain) on valuation of financial assets at fair value through profit or loss |  |  | (64,660 | ) |  |  | (64,660 | ) |  |  | 44,833 |
Loss(gain) on disposal of financial assets at amortized cost 4 |  |  | (138 | ) |  |  | (35 | ) |  |  | 3 |
Others |  |  | 127,949 |  |  |  | 84,625 |  |  |  | (49,891 | )
3. Change in operating assets and liabilities, net of effects from purchase of controlled entity and sale of engineering division |  |  |  |  |  |  |  |  |  |  |  |
Decrease(increase) in trade receivables |  |  | 66,462 |  |  |  | 327,031 |  |  |  | (43,787 | )
Decrease( i ncrease) in other receivables |  |  | 685,209 |  |  |  | (328,610 | ) |  |  | (1,598,216 | )
Decrease(increase) in other current assets |  |  | 9,089 |  |  |  | (89,230 | ) |  |  | (101,947 | )
Decrease(increase) in other non-current assets |  |  | (86,039 | ) |  |  | (143,087 | ) |  |  | (120,054 | )
Decrease(increase) in inventories |  |  | 288,507 |  |  |  | 32,798 |  |  |  | (179,255 | )
Increase(decrease) in trade payables |  |  | (135,760 | ) |  |  | 289,044 |  |  |  | (368,355 | )
Increase(decrease) in other payables |  |  | (1,232,646 | ) |  |  | 207,583 |  |  |  | 1,103,113 |
Increase(decrease) in other current liabilities |  |  | 127,076 |  |  |  | 107,993 |  |  |  | (30,375 | )
Decrease in other non-current liabilities |  |  | (56,319 | ) |  |  | (14,915 | ) |  |  | (1,015 | )
Increase(decrease) in provisions |  |  | 2,264 |  |  |  | (4,668 | ) |  |  | (22,115 | )
Increase (decrease ) in deferred revenue |  |  | (1,948 | ) |  |  | 3,696 |  |  |  | (384 | )
Increase in plan assets |  |  | (136,336 | ) |  |  | (114,631 | ) |  |  | (90,771 | )
Payment of post-employment benefits |  |  | (186,520 | ) |  |  | (241,350 | ) |  |  | (343,931 | )
4. Cash generated from operations (1+2+3) |  | ￦ | 4,745,293 |  |  | ￦ | 5,829,607 |  |  | ￦ | 3,835,879 |
| 1 | BC Card CO., Ltd. and other subsidiaries of the Group recognize interest income and expense as operating revenue and expense, respectively, including interest income of
| ￦ 68,869 million (2021: ￦ 27,440 million) and interest expense of ￦ 27,060 million that are recognized as operating revenue and expense, respectively, for the year ended December 31, 2022 (2021: ￦ 5,458 million).
| 2 | BC Card Co., Ltd. Recognized dividend income as operating revenue, including dividend income of ￦ 2,299 million that is recognized as operating revenue for the year ended December 31, 2022 (2021: ￦ 1,340 million).
| 3 | KT Estate Inc. recognized gain and loss on disposal of investment properties as operating revenue and expense, respectively, including gain on disposal of investment properties of ￦ 95,129 million that is recognized as operating revenue for the year ended December 31, 2022.
| 4 | KT Investment CO., Ltd. and other subsidiaries of the Group recognized gain and loss on valuation of financial assets at fair value through profit or loss as operating revenue and expense, respectively, including loss on valuation of financial assets at fair value through profit or loss of ￦ 7,859 million that is recognized as operating expense for the year ended December 31, 2022.
The Group made agreements with securitization specialty companies and disposed of its trade receivables related to handset sales (Note 20). Cash flows from the disposals are presented in cash generated from operations. Significant transactions not affecting cash flows for the years ended December 31, 2020, 2021 and 2022, are as follows:
( i n millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Reclassification of the current portion of borrowings |  | ￦ | 1,229,359 |  |  | ￦ | 1,303,543 |  |  | ￦ | 1,004,818 |
Reclassification of construction-in-progress to property and equipment |  |  | 3,011,519 |  |  |  | 2,916,888 |  |  |  | 3,167,965 |
Reclassification of accounts payable from property and equipment |  |  | 22,052 |  |  |  | (149,512 | ) |  |  | (7,055 | )
Reclassification of accounts payable from intangible assets |  |  | (345,675 | ) |  |  | 524,040 |  |  |  | (197,389 | )
Reclassification of payable from defined benefit liabilities |  |  | 72,346 |  |  |  | 69,415 |  |  |  | (32,417 | )
Reclassification of payable from plan assets |  |  | 66,046 |  |  |  | (60,320 | ) |  |  | 28,532 |
Disposal of treasury stock related to acquisition of financial assets |  |  | — |  |  |  | — |  |  |  | 747,161 |
Acquisition of financial assets related to disposal of a subsidiary |  |  | — |  |  |  | — |  |  |  | 250,000 |

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