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Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2022

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Summary of Details of Associates

Details of associates that are material to the Group as at December 31, 2021 and 2022, are as follows:

		Percentage of ownership (%)								Location				Closing month
		December 31, 2021				December 31, 2022
KIF Investment Fund			33.3	%			33.3	%			Korea				December
K Bank Inc.			33.7	%			33.7	%			Korea				December
Hyundai Robotics Co., Ltd. 1			10.0	%			10.0	%			Korea				December
Megazone Cloud Corporation 1			—				6.8	%			Korea				December
IGIS No. 468-1 General Private Real Estate Investment Company			—				44.6	%			Korea				December
KT-DSC Creative Economy Youth Start-up Investment Fund			28.6	%			28.6	%			Korea				December
IGIS Professional Investors Private Investment Real Estate Investment LLC No. 395			35.3	%			35.3	%			Korea				December

1 As at December 31, 2022, although the Group has less than 20% ownership in ordinary share, this entity is included in investments in associates as the Group has significant influence in determining the operational and financial policies.

Summary of Changes in Investments in Associates and Joint Ventures

Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2022, are as follows:

		2021
(in millions of Korean won)		Beginning				Acquisition (Disposal)				Share of net profit (loss) from associates and joint ventures 1				Others				Ending
KIF Investment 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 Inc. 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
		2022
(in millions of Korean won)		Beginning				Acquisition (Disposal)				Share of net profit (loss) from associates and joint ventures 1				Others				Ending
KIF Investment Fund		￦	178,935			￦	—			￦	2,502			￦	(10,458	)		￦	170,979
K Bank Inc.			831,737				—				29,010				(7,991	)			852,756
Hyundai Robotics Co., Ltd.			48,725				—				798				(151	)			49,372
Megazone Cloud Corporation			—				130,001				(22,555	)			28,753				136,199
IGIS No. 468-1 General Private Real Estate Investment Company			—				25,000				(1,411	)			—				23,589
KT-DSC Creative Economy Youth Start-up Investment Fund			22,138				—				(13	)			(2	)			22,123
IGIS Professional Investors Private Investment Real Estate Investment LLC No. 395			17,084				—				(464	)			—				16,620
Others 1			189,810				100,040				(24,688	)			(56,078	)			209,084
		￦	1,288,429			￦	255,041			￦	(16,821	)		￦	(45,927)			￦	1,480,722

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 ￦464 million (2020: net gain of ￦279 million, 2021: net gain of ￦113 million) recognized as operating revenue during the period.

2 During the year ended December 31, 2021, the amount increased due to the settlement of derivative liabilities, resulting from a shareholder agreement among financial investors participating in the paid-in capital increase of K-Bank Inc.

Summary of Financial Information of Associates and Joint Ventures

Summarized financial information of associates and joint ventures as at and for the years ended December 31, 2021 and 2022, is as follows:

(in millions of Korean won)		December 31, 2021
		Current assets				Non-current assets				Current liabilities				Non-current liabilities
KIF Investment Fund		￦	117,172			￦	419,632			￦	—			￦	—
KT-IBKC Future Investment Fund 1			24,163				—				—				—
K Bank Inc.			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)		December 31, 2022
		Current assets				Non-current assets				Current liabilities				Non-current liabilities
KIF Investment Fund		￦	98,132			￦	414,804			￦	—			￦	—
K Bank Inc.			16,562,742				71,265				14,830,983				2,168
Hyundai Robotics Co., Ltd.			278,413				135,380				63,009				64,335
Megazone Cloud Corporation			857,089				202,767				330,619				94,202
IGIS No. 468-1 General Private Real Estate Investment Company			52,851				—				12				—
KT-DSC Creative Economy Youth Start-up Investment Fund			908				76,884				362				—
IGIS Professional Investors Private Investment Real Estate Investment LLC No. 395			9,344				127,321				90,545				—

(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
KIF Investment 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 Inc.			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

(in millions of Korean won)		2022
		Operating revenue				Profit (loss) for the year				Other comprehensive income (loss)				Total comprehensive income (loss)				Dividends received from associates
KIF Investment Fund		￦	19,916			￦	7,505			￦	(11,779	)		￦	(4,274	)		￦	6,531
K Bank Inc.			558,872				86,498				(24,888	)			61,610				—
Hyundai Robotics Co., Ltd.			181,944				9,332				(49	)			9,283				—
Megazone Cloud Corporation			1,261,228				(293,186	)			(6,609	)			(299,795	)			—
IGIS No. 468-1 General Private Real Estate Investment Company			9				(3,161	)			—				(3,161	)			—
KT-DSC Creative Economy Youth Start-up Investment Fund			19,931				(53	)			—				(53	)			—
IGIS Professional Investors Private Investment Real Estate Investment LLC No. 395			—				(474	)			—				(474	)			—

Summary of Reconciliation of Carrying Amount of Interests in the Associates and Joint Ventures

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, 2021 and 2022, are as follows:

(in millions of Korean won)		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)
KIF Investment 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 Inc.			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
(in millions of Korean won)		2022
		Net assets (a)				Percentage of ownership (b)				Share in net assets (c)=(a)x(b)				Intercompany transaction and others (d)				Book amount (c)+(d)
KIF Investment Fund		￦	512,936				33.33	%		￦	170,979			￦	—			￦	170,979
K Bank Inc.			1,800,856				33.72	%			607,276				245,480				852,756
Hyundai Robotics Co., Ltd.			286,449				10.00	%			28,645				20,727				49,372
Megazone Cloud Corporation			635,035				6.83	%			43,360				92,839				136,199
IGIS No. 468-1 General Private Real Estate Investment Company			52,839				44.64	%			23,589				—				23,589
KT-DSC Creative Economy Youth Start-up Investment Fund			77,430				28.57	%			22,123				—				22,123
IGIS Professional Investors Private Investment Real Estate Investment LLC No. 395			46,120				35.29	%			16,278				342				16,620

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