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Revenue from Contracts with Customers and Relevant Contract Assets and Liabilities | 12 Months Ended
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Dec. 31, 2022
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Revenue from Contracts with Customers and Relevant Contract Assets and Liabilities |
26. | Revenue from Contracts with Customers and Relevant Contract Assets and Liabilities
The Group has recognized the following amounts relating to revenue in the Consolidated Statements of Profit or Loss:
( i n millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Revenue from contracts with customers |  | ￦ | 23,895,631 |  |  | ￦ | 24,712,128 |  |  | ￦ | 25,432,727 |
Revenue from other sources |  |  | 203,763 |  |  |  | 185,877 |  |  |  | 206,128 |
Other income (Note 27) |  |  | 341,253 |  |  |  | 307,654 |  |  |  | 595,351 |
Total revenue |  | ￦ | 24,440,647 |  |  | ￦ | 25,205,659 |  |  | ￦ | 26,234,206 |
Operating revenues for the years ended December 31, 2020, 2021 and 2022 are as follows:
( i n millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Mobile services |  | ￦ | 6,805,218 |  |  | ￦ | 6,936,485 |  |  | ￦ | 7,013,889 |
Fixed-line services |  |  | 4,827,015 |  |  |  | 4,960,338 |  |  |  | 5,056,513 |
Fixed-line and VoIP telephone services |  |  | 1,463,553 |  |  |  | 1,465,059 |  |  |  | 1,378,265 |
Broadband Internet access services |  |  | 2,256,188 |  |  |  | 2,343,591 |  |  |  | 2,504,833 |
Data communication services |  |  | 1,107,274 |  |  |  | 1,151,689 |  |  |  | 1,173,415 |
Media and content |  |  | 2,637,691 |  |  |  | 2,800,630 |  |  |  | 3,099,776 |
Financial services |  |  | 3,493,920 |  |  |  | 3,661,896 |  |  |  | 3,836,589 |
Sale of goods |  |  | 3,593,127 |  |  |  | 3,532,973 |  |  |  | 3,393,646 |
Others |  |  | 3,083,676 |  |  |  | 3,313,337 |  |  |  | 3,833,793 |
Total |  | ￦ | 24,440,647 |  |  | ￦ | 25,205,659 |  |  | ￦ | 26,234,206 |
Mobile and fixed-line service Telecommunication service revenues include mobile and fixed-line (e.g., fixed-line and VoIP telephone, broadband internet access services and data communication services). These services represent a series of distinct services that are considered a separate performance obligation. Service revenue is recognized when services are provided, based upon either usage (e.g., minutes of traffic/bytes of data processed) or period of time (e.g., monthly service fees). Media and content services Revenue from media and content services primarily consists of installation fees and basic monthly charges of IPTV and satellite TV services, as well as revenue from digital content distribution, digital music streaming and downloading. Media and contents services revenue are recognized when services are provided, based upon either usage or period of time. Financial services Financial services primarily include commissions for merchant fees paid by merchants to credit card companies for processing transactions. Revenue from the commission is recognized when the service obligation is performed. Sale of goods Revenue from sale of goods, primarily handsets related to our mobile services is recognized when a performance obligation is satisfied by transferring promised goods to customers. The contract assets and liabilities recognized in relation to the revenues from contracts with customers are as follows:
( i n millions of Korean won) |  | December 31, 2021 |  |  | December 31, 2022 |
Contract assets 1 |  | ￦ | 821,901 |  |  | ￦ | 963,133 |
Contract liabilities 1 |  |  | 360,098 |  |  |  | 344,869 |
Deferred revenue 2 |  | ￦ | 81,136 |  |  | ￦ | 81,653 |
| 1 | The Group recognized contract assets of ￦ 160,880 million and contract liabilities of ￦ 60,762 million for long term construction contracts as at December 31, 2022 (2021: contract assets of ￦ 76,816 million and contract liabilities of ￦ 36,447 million). The Group recognizes contract assets as trade and other receivables, and contract liabilities as other current liabilities.
| 2 | Deferred revenue recognized relating to government grant is excluded.
The contract costs recognized as assets are as follows:
( i n millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Incremental cost of contract establishment |  | ￦ | 1,726,191 |  |  | ￦ | 1,726,401 |  |  | ￦ | 1,744,096 |
Cost of Contract performance |  |  | 78,757 |  |  |  | 74,843 |  |  |  | 73,582 |
As at December 31, 2022, the Group recognized ￦ 1,793,013 million (2020: ￦ 1,831,638 million, 2021: ￦ 1,842,621 million) of operating expenses related to contract cost assets. The recognized revenue arising from carried-forward contract liabilities from prior year is as follows:
( i n millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Allocation of the transaction price |  | ￦ | 251,975 |  |  | ￦ | 275,965 |  |  | ￦ | 246,843 |
Deferred revenue of joining/installment fee |  |  | 42,685 |  |  |  | 42,100 |  |  |  | 44,204 |
Total |  | ￦ | 294,660 |  |  | ￦ | 318,065 |  |  | ￦ | 291,047 |

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