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Other Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Text block [abstract]

Summary of Other Financial Assets and Liabilities

Details of other financial assets and liabilities as at December 31, 2021 and 2022, are as follows:

(in millions of Korean won)		December 31, 2021				December 31, 2022
Other financial assets
Financial assets at amortized cost 1		￦	608,389			￦	1,060,058
Financial assets at fair value through profit or loss 1,2			952,319				1,064,856
Financial assets at fair value through other comprehensive income 1			347,877				1,508,192
Derivatives used for hedging			99,453				190,830
Less: Non-current			(822,379	)			(2,501,484	)
Current		￦	1,185,659			￦	1,322,452
Other financial liabilities
Financial liabilities at amortized cost 3		￦	263,500			￦	246,606
Financial liabilities at fair value through profit or loss			216,040				141,280
Derivatives used for hedging			18,126				33,555
Less: Non-current			(424,859	)			(412,650	)
Current		￦	72,807			￦	8,791

1 As at December 31, 2022, the Group’s other financial assets amounting to ￦102,215 million (December 31, 2021: ￦115,033 million), which consist of checking account deposits, time deposits and others, are subject to withdrawal restrictions.

2 As at December 31, 2022, the Group provided investments in Korea Software Financial Cooperative amounting to ￦5,626 million as a collateral for the payment guarantee provided by the Cooperative.

3 The amount includes liabilities related to the obligation to acquire additional shares in Epsilon Global Communications Pte. Ltd. and MILLIE Co., Ltd. (Note 20).

Summary of Financial Assets at Fair Value Through Profit or Loss

Details of financial assets at fair value through profit or loss as at December 31, 2021 and 2022, are as follows:

(in millions of Korean won)		December 31, 2021				December 31, 2022
Equity Instruments (Listed)		￦	24,285			￦	26,647
Equity Instruments (Unlisted)			64,835				72,517
Debt securities			862,481				942,274
Derivatives held for trading 1			718				23,418
Total			952,319				1,064,856
Less: non-current			(488,040	)			(609,887	)
Current		￦	464,279			￦	454,969

1 During the year ended December 31, 2022, derivative assets amount to ￦18,996 million, which is recognized by an agreement with LS Cable & System Ltd. In connection with KT Submarine Co., Ltd. (Note 20).

The maximum exposure of debt instruments of financial assets recognized at fair value through profit or loss to credit risk is the carrying amount as at December 31, 2022.

Summary of Financial Assets at Fair Value Through Other Comprehensive Income

Details of financial assets at fair value through other comprehensive income as at December 31, 2021 and 2022, are as follows:

(in millions of Korean won)		December 31, 2021				December 31, 2022
Equity Instruments (Listed) 1		￦	19,079			￦	1,006,476
Equity Instruments (Unlisted)			234,048				496,284
Debt securities			94,750				5,432
Total			347,877				1,508,192
Less: non-current			(259,435	)			(1,508,192	)
Current		￦	88,442			￦	—

1 As at December 31, 2022, financial assets at fair value through other comprehensive income include shares of Shinhan Financial Group Co., Ltd., HYUNDAI MOBIS, and HYUNDAI MOTOR COMPANY.

Summary of Derivative Financial Assets and Liabilities

Details of valuation of derivatives used for hedging as at December 31, 2021 and 2022, are as follows:

		December 31, 2021								December 31, 2022
(in millions of Korean won)		Assets				Liabilities				Assets				Liabilities
Interest rate swap 1, 3		￦	—			￦	77			￦	4,236			￦	—
Currency swap 2, 3			99,453				18,049				186,594				33,555
Total			99,453				18,126				190,830				33,555
Less: non-current			(67,889	)			(242	)			(147,141	)			(33,555	)
Current		￦	31,564			￦	17,884			￦	43,689			￦	—

1 The interest rate swap contract is to hedge the risk of variability in future fair value of the borrowings.

2 The currency swap contract is to hedge the risk of variability in cash flow from the borrowings. In applying the cash flow hedge accounting, the Group hedges its exposures to cash flow fluctuation until September 7, 2034.

3 The amount of derivatives subject to the second phase of interest rate indicator reform is assets ￦100,537 million, liabilities ￦500 million and the Group is assessing the impact of switching to an alternative interest rate indicator.

Summary of Valuation Gains and Losses on Derivatives Contracts

The valuation gains and losses on the derivatives contracts for the years ended December 31, 2020, 2021 and 2022, are as follows:

(in millions of Korean won)		2020												2021												2022
Type of Transaction		Valuation gain				Valuation loss				Other comprehensive income1				Valuation gain				Valuation loss				Other comprehensive income1				Valuation gain				Valuation Loss				Other comprehensive income1
Interest rate swap		￦	—			￦	—			￦	(567	)		￦	—			￦	—			￦	1			￦	63			￦	490			￦	4,666
Currency swap			—				161,661				(113,175	)			203,961				7,206				191,569				154,611				20,723				79,781
Currency forwards			—				2,049				—				—				—				—				—				—				754
Total		￦	—			￦	163,710			￦	(113,742	)		￦	203,961			￦	7,206			￦	191,570			￦	154,674			￦	21,213			￦	85,201

1 The amounts directly reflected in equity are before adjustments of deferred income tax and allocation to the non-controlling interest.

Summary of Financial Liabilities at Fair Value Through Profit or Loss

Details of financial liabilities at fair value through profit or loss as at December 31, 2021 and 2022, are as follows:

(in millions of Korean won)		December 31, 2021				December 31, 2022
Derivatives held for trading 1,2,3		￦	216,040			￦	141,280

1 The Group signed a shareholder-to-share agreement with financial investors participating in the paid-in capital increase of K Bank Inc. for the year period ended December 31, 2021. According to the Drag-Along Right, if K Bank Inc. fails to be listed on the terms agreed upon for the date of completion of the acquisition, financial investors may exercise the Drag-Along right to the Group, and the Group may comply or exercise the right to claim for sale. If financial investors exercise the Drag-Along Right, the Group must exercise the right to claim for sale or guarantee the return on the terms agreed upon by financial investors.

2 The amount includes derivatives for convertible bonds issued by the Group (Note 16).

3 During the year ended December 31, 2022, derivative liabilities recognized amount to ￦930 million, which is recognized by an agreement with LS Cable & System Ltd. in connection with KT Submarine Co., Ltd. (Note 20).

Summary of Valuation Gain and Loss on Financial Liabilities at Fair Value Through Profit or Loss

The valuation gain and loss on financial liabilities at fair value through profit or loss for the years ended December 31, 2020, 2021 and 2022, are as follows:

2020

2021

2022

(in millions of Korean won)

Valuation gain

Valuation loss

Valuation gain

Valuation loss

Valuation gain

Valuation loss

Derivatives held for trading

￦

172

￦

53

￦

51,187

￦

8,741

￦

24,683

￦

1,800

Summary of Hedging instruments

(i) Hedging instruments

(in millions of Korean won and thousands of foreign currencies)		2021
										Book value of hedging instruments								Changes in fair value to calculate the ineffective portion of hedges
Currency		Foreign currency				Contract amount				Assets				Liabilities
USD			2,016,350			￦	2,322,085			￦	93,948			￦	77			￦	186,130
JPY			30,000,000				326,751				—				18,049				(7,199	)
SGD			284,000				245,208				5,431				—				18,387
EUR			7,700				10,283				74				—				51
Total						￦	2,904,327			￦	99,453			￦	18,126			￦	197,369
(in millions of Korean won and thousands of foreign currencies)		2022
										Book value of hedging instruments								Changes in fair value to calculate the ineffective portion of hedges
Currency		Foreign currency				Contract amount				Assets				Liabilities
USD			2,111,509			￦	2,527,626			￦	160,243			￦	32,936			￦	170,856
JPY			400,000				4,357				—				409				(308	)
SGD			284,000				245,208				26,351				—				20,511
EUR			7,700				10,283				—				210				129
KRW			—				170,000				4,236				—				4,717
Total						￦	2,957,474			￦	190,830			￦	33,555			￦	195,905

Summary of Hedged items

(ii) Hedged item

(in millions of Korean won)
		2021												2022
Currency		Book value of hedged items				Changes in fair value to calculate the ineffective portion of hedges				Cash flow hedge reserves 1				Book value of hedged items				Changes in fair value to calculate the ineffective portion of hedges				Cash flow hedge reserves 1
USD		￦	2,401,943			￦	(177,120	)		￦	21,826			￦	2,675,885			￦	(170,010	)		￦	(13,947	)
JPY			309,072				7,199				269				3,813				308				116
SGD			249,108				(15,570	)			3,071				267,843				(18,720	)			3,406
EUR			10,336				(53	)			18				10,404				(121	)			582
KRW			—				—				—				101,035				(4,655	)			4,385
Total		￦	2,970,459			￦	(185,544	)		￦	25,184			￦	3,058,980			￦	(193,198	)		￦	(5,458	)

1 The amount is after the deferred tax directly added or subtracted to the capital is reflected.

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