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Related Party Transactions | 12 Months Ended
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Dec. 31, 2022
Text block [abstract] |
Related Party Transactions |
3 6 . | Related Party Transactions
The list of related party of the Group as at December 31, 2022, is as follows:
Relationship |  | Name of Entity
Associates and joint ventures |  | KIF Investment Fund, QTT Global (Group) Company Limited, CU Industrial Development Co., Ltd., KD Living, Inc., LoginD Co., Ltd., K Bank Inc., 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., 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 I, 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, Daemuga Limited Company Specializing in the Cultural Industry, Megazone Cloud Corporation, SuseoyeokwhanseungcenterbokhapDevelopment, TeamFresh Corp., KORAMKO No. 143 General Private Real Estate Investment Company, Jumbo Film, KB Three Telecommunications Companies ESG Fund, IGIS No. 468-1 General Private Real Estate Investment Company, Pacific No. 68 General Private Real Estate Investment Company, Kiamco Data Center Blind Fund, Mastern No.172 Seongsu Office PFV Co. Ltd., OASISALPHA Corporation, Shinhan EZ General Insurance, Ltd . , New Media Tech Fund, SH-KT Logistics Investment Type Private Real Estate Investment Trust No.1, K-Realty Qualified Private Real Estate Investment Trust No. 1, GRANDWEST PFV Co., Ltd.
Others 1 |  | Goody Studio Co., Ltd., Rebellion Inc., Digital Pharm 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, 2021 and 2022, are as follows:
|  | December 31, 2021 |
|  |  |  | Receivables |  |  | Payables |
(in millions of Korean won) |  | Trade receivables |  |  | Other receivables |  |  | Trade payables |  |  | Other payables |  |  | Lease liabilities |
Associates and joint ventures |  | K Bank, Inc. |  | ￦ | 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 |  |  | ￦ | — |
|  | December 31, 2022 |
|  |  |  | Receivables |  |  | Payables |
(in millions of Korean won) |  | Trade receivables |  |  | Other receivables |  |  | Trade payables |  |  | Other payables |  |  | Lease liabilities |
Associates and joint ventures |  | K Bank, Inc. |  | ￦ | 682 |  |  | ￦ | 258,999 |  |  | ￦ | — |  |  | ￦ | 299 |  |  | ￦ | — |
|  | Little Big Pictures |  |  | 1,454 |  |  |  | 7,645 |  |  |  | — |  |  |  | 9 |  |  |  | — |
|  | K-Realty 11th Real Estate Investment Trust Company |  |  | 151 |  |  |  | 1,283 |  |  |  | — |  |  |  | — |  |  |  | 8,824 |
|  | Others |  |  | 2,285 |  |  |  | 2 |  |  |  | 3,235 |  |  |  | 2,932 |  |  |  | — |
Total |  |  |  | ￦ | 4,572 |  |  | ￦ | 267,929 |  |  | ￦ | 3,235 |  |  | ￦ | 3,240 |  |  | ￦ | 8,824 |
Significant transactions with related parties for the years ended December 31, 2020, 2021 and 2022, are as follows:
|  |  |  | 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, Inc. |  |  | 15,658 |  |  |  | 8,227 |
|  | Others |  |  | 809 |  |  |  | 10,272 |
Total |  |  |  | ￦ | 18,765 |  |  | ￦ | 18,499 |
|  | 2020 |
(in 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, Inc. |  |  | 14 |  |  |  | — |  |  |  | — |
|  | Others |  |  | — |  |  |  | — |  |  |  | 43 |
Total |  |  |  | ￦ | 14 |  |  | ￦ | 917 |  |  | ￦ | 17,345 |
| 1 | A mounts include acquisition of property and equipment , and other s.
|  |  |  | 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, Inc. |  |  | 24,247 |  |  |  | 15,164 |
|  | Others 2 ,3 |  |  | 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, Inc. |  |  | — |  |  |  | — |  |  |  | — |
|  | Others 2 ,3 |  |  | — |  |  |  | — |  |  |  | 8,637 |
Total |  |  |  | ￦ | 223 |  |  | ￦ | 205 |  |  | ￦ | 48,779 |
| 1 | A mounts include acquisition of property and equipment , and others.
| 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 .
| 3 | Includes transactions of Oscar Ent. before it was excluded as associates and joint ventures of the Group.
|  |  |  | 2022 |
( i n millions of Korean won) |  | Operating Revenue |  |  | Purchases 1 |
Associates and joint ventures |  | K- Realty CR-REITs No.1 2 |  | ￦ | — |  |  | ￦ | — |
| K Bank, Inc. |  |  | 29,536 |  |  |  | 11,007 |
| Hyundai Robotics Co., Ltd. 1 |  |  | 94 |  |  |  | 3,799 |
| K-Realty 11th Real Estate Investment Trust Company |  |  | 330 |  |  |  | 1,674 |
|  | Others 3 |  |  | 11,964 |  |  |  | 37,742 |
Others |  | Digital Pharm Co., Ltd. |  |  | 1 |  |  |  | — |
Total |  |  |  |  | 41,925 |  |  |  | 54,222 |
|  |  |  | 2022 |
(in millions of Korean won ) |  | Acquisition of right-of- use assets |  |  | Interest income |  |  | Interest expense |  |  | Dividend income |
Associates and joint ventures |  | K- Realty CR-REITs No.1 2 |  | ￦ | — |  |  | ￦ | — |  |  | ￦ | — |  |  | ￦ | 45,549 |
| K Bank, Inc. |  |  | — |  |  |  | 3,052 |  |  |  | — |  |  |  | — |
| Hyundai Robotics Co., Ltd. 1 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
| K-Realty 11th Real Estate Investment Trust Company |  |  | 1,966 |  |  |  | — |  |  |  | 260 |  |  |  | 162 |
|  | Others 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,158 |
Total |  |  |  | ￦ | 1,966 |  |  | ￦ | 3,052 |  |  | ￦ | 260 |  |  | ￦ | 54,869 |
| 1 | Amounts include acquisition of property and equipment , and others.
| 2 | Includes transactions of the entity before it was excluded as an associate and joint venture of the Group.
| 3 | Includes transactions of StorySoop Inc. before it was excluded as associates and joint ventures of the Group.
Key management compensation for the years ended December 31, 2020, 2021 and 2022, consists of:
(in millions of Korean won) |  | 2020 |  |  | 2021 |  |  | 2022 |
Salaries and other short-term benefits |  | ￦ | 2,086 |  |  | ￦ | 2,189 |  |  | ￦ | 1,855 |
Post-employment benefits |  |  | 390 |  |  |  | 412 |  |  |  | 294 |
Share-based compensation |  |  | 625 |  |  |  | 669 |  |  |  | 976 |
Total |  | ￦ | 3,101 |  |  | ￦ | 3,270 |  |  | ￦ | 3,125 |
Fund transactions with related parties for the years ended December 31, 2020, 2021 and 2022, are as follows:
|  | 2020 |
|  | Borrowing transactions 1 |  |  | Equity contributions in cash |
(in millions of Korean won) |  | Borrowings |  |  | Repayments |
Associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |
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, Inc. |  |  | — |  |  |  | — |  |  |  | 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.
|  | 202 1 |
|  | Borrowing transactions 1 |  |  | Equity contributions in cash |
(in millions of Korean won ) |  | Borrowings |  |  | Repayments |
Associates and joint ventures |  |  |  |  |  |  |  |  |
K- REALTY CR REIT 1 |  | ￦ | — |  |  | ￦ | 15,964 |  |  | ￦ | — |
K Bank, Inc. |  |  | — |  |  |  | — |  |  |  | 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 2 |  |  | — |  |  |  | — |  |  |  | 18,176 |
Total |  | ￦ | — |  |  | ￦ | 15,964 |  |  | ￦ | 462,888 |
| 1 | Borrowing transaction s include lease transactions.
| 2 | Others include transactions before exclusion as associates and joint ventures of the Group.
|  | 2022 |
|  | Borrowing transactions 1 |  |  | Equity contributions in cash |
(in millions of Korean won) |  | Borrowings |  |  | Repayments |
Associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |
Megazone Cloud Corporation |  | ￦ | 30,000 |  |  | ￦ | — |  |  | ￦ | 130,001 |
IBK-KT Emerging Digital Industry Investment Fund |  |  | — |  |  |  | — |  |  |  | 10,800 |
Mastern KT Multi-Family Real Estate Private Equity Investment Fund I |  |  | — |  |  |  | — |  |  |  | 18,859 |
IGIS No. 468-1 General Private Real Estate Investment Company |  |  | — |  |  |  | — |  |  |  | 25,000 |
K-Realty 11th Real Estate Investment Trust Company |  |  | 1,916 |  |  |  | 771 |  |  |  | — |
Others |  |  | — |  |  |  | — |  |  |  | 93,478 |
Total |  | ￦ | 31,916 |  |  | ￦ | 771 |  |  | ￦ | 278,138 |
| 1 | Borrowing transactions include lease transactions.
The Group has an obligation to invest in Real Estate Investment Company No.167, a related party, and others according to the agreement. As at December 31, 2022, the Group is planning to make an additional investment of ￦ 53,120 million. As at December 31, 2022, the limit of the credit card contract provided by the Group to K Bank, Inc. is ￦ 1,000 million (December 31, 2021: ￦ 1,000 million).

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