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Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2022

Statement [LineItems]

Summary of Maximum Exposure to Credit Risk

The maximum exposure to credit risk of the Group’s financial instruments without considering value of collaterals as at December 31, 2021 and 2022, are as follows:

(in millions of Korean won)		December 31, 2021				December 31, 2022
Cash and cash equivalents (except for cash on hand)		￦	2,989,713			￦	2,437,629
Trade and other receivables
Financial assets at amortized costs			5,687,103				7,459,994
Financial assets at fair value through other comprehensive income			491,713				129,124
Contract assets			745,085				802,253
Other financial assets
Derivatives financial assets for hedging			99,453				190,830
Financial assets at fair value through profit or loss			862,481				942,274
Financial assets at fair value through other comprehensive income			94,750				5,432
Financial assets at amortized costs			608,389				1,060,058
Total		￦	11,578,687			￦	13,027,594

Summary of Contractual Undiscounted Cash Flows

These amounts are contractual undiscounted cash flows and can differ from the amount in the consolidated financial statements.

		December 31, 2021
(in millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Trade and other payables		￦	6,698,783			￦	1,232,468			￦	159,647			￦	8,090,898
Borrowings(including debentures)			1,927,456				5,635,558				2,275,557				9,838,571
Lease liabilities			388,226				484,476				427,860				1,300,562
Other non-derivative financial liabilities			1,473				206,749				100,900				309,122
Financial guarantee contracts 1			71,697				—				—				71,697
Total		￦	9,087,635			￦	7,559,251			￦	2,963,964			￦	19,610,850

1 It is total amount guaranteed by the Group according to guarantee contracts. Cash flow from financial guarantee contracts is classified as the maturity group in the earliest period when the financial guarantee contracts can be executed.

		December 31, 2022
(in millions of Korean won)		Less than 1 year				1-5 years				More than 5 years				Total
Trade and other payables		￦	7,386,703			￦	1,009,559			￦	86,848			￦	8,483,110
Borrowings(including debentures)			2,028,207				6,972,077				2,016,472				11,016,756
Lease liabilities			313,162				615,766				407,833				1,336,761
Other non-derivative financial liabilities			33,279				209,155				93,744				336,178
Financial guarantee contracts 1			21,618				—				4,588				26,206
Total		￦	9,782,969			￦	8,806,557			￦	2,609,485			￦	21,199,011

1 It is total amount guaranteed by the Group according to guarantee contracts. Cash flow from financial guarantee contracts is classified as the maturity group in the earliest period when the financial guarantee contracts can be executed.

Summary of Cash Outflow and Inflow of Derivatives Settled Gross or Net are Undiscounted Contractual Cash Flow

At the end of the reporting period, the cash outflows and inflows by maturity of the Group’s derivatives held for trading and gross-settled derivatives are as follows:

December 31, 2020

(in millions of Korean won)

Less than 1 year

1-5 years

More than 5 years

Total

Derivatives settled gross 2

Outflow

￦

248,300

￦

2,179,046

￦

498,619

￦

2,925,965

Inflow

249,301

2,074,747

480,570

2,804,618

December 31, 2021

(in millions of Korean won)

Less than 1 year

1-5 years

More than 5 years

Total

Derivatives held for trading 1

Outflows

￦

—

￦

158,284

￦

—

￦

158,284

Derivatives settled gross 2

Outflows

￦

843,489

￦

1,857,942

￦

377,302

￦

3,078,733

Inflows

856,508

1,917,236

394,134

3,167,878

December 31, 2022

(in millions of Korean won)

Less than 1 year

1-5 years

More than 5 years

Total

Derivatives held for trading 1

Outflows

￦

—

￦

101,994

￦

930

￦

102,924

Derivatives settled gross 2

Outflows

￦

472,005

￦

2,493,858

￦

28,786

￦

2,994,649

Inflows

550,478

2,670,002

37,873

3,258,353

1 During the year ended December 31, 2022, derivative liabilities held-for-trading are classified under the ‘more than one year to less than five years’ category as they are relevant to the fair value of derivatives liabilities related to shareholder-to-share contracts (Note 20).

As these derivatives held-for-trading are managed based on net fair value, their contractual maturities are not necessarily taking into consideration to understand the timing of cash flows.

2 Cash outflow and inflow of gross-settled derivatives are undiscounted contractual cash flow and may differ from the amount in the consolidated statement of financial position.

Summary of Debt-to-equity Ratios

The debt-to-equity ratios as at December 31, 2021 and 2022, are as follows:

(in millions of Korean won)		December 31, 2021				December 31, 2022
Total liabilities		￦	20,592,180			￦	22,577,114
Total equity			16,567,161				18,412,696
Debt-to-equity ratio			124	%			123	%

The Group manages capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings less cash and cash equivalents. Total capital is calculated as ‘equity’ in the statement of financial position plus net debt.

The gearing ratios as at December 31, 2021 and 2022, are as follows:

(in millions of Korean won, %)		December 31, 2021				December 31, 2022
Total borrowings		￦	8,437,703			￦	10,006,685
Less: cash and cash equivalents			(3,019,592	)			(2,449,062	)
Net debt			5,418,111				7,557,623
Total equity			16,567,161				18,412,696
Total capital			21,985,272				25,970,319
Gearing ratio			25	%			29	%

Summary of Group's Recognized Financial Assets Subject to Enforceable Master Netting Arrangements or Similar Agreements

Details of the Group’s recognized financial assets subject to enforceable master netting arrangements or similar agreements are as follows:

(In millions of Korean won)

December 31, 2021

Gross assets

Gross liabilities offset

Net amounts presented in the statement of financial position

Amounts not offset

Net amount

Financial instruments

Cash collateral

Trade receivables

￦

79,102

￦

—

￦

79,102

￦

(65,592

)

￦

—

￦

13,510

(in millions of Korean won)		December 31, 2022
		Gross assets				Gross liabilities offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Trade receivables		￦	60,512			￦	—			￦	60,512			￦	(44,518	)		￦	—			￦	15,994
Other financial assets			764				(764	)			—				—				—				—
Total		￦	61,276			￦	(764	)		￦	65,012			￦	(44,518	)		￦	—			￦	15,994

Summary of Group's Recognized Financial Liabilities Subject to Enforceable Master Netting Arrangements or Similar Agreements

The Group’s recognized financial liabilities subject to enforceable master netting arrangements or similar agreements are as follows:

(in millions of Korean won)

December 31, 2021

Gross liabilities

Gross assets offset

Net amounts presented in the statement of financial position

Amounts not offset

Net amount

Financial instruments

Cash collateral

Trade payables

￦

69,944

￦

—

￦

69,944

￦

(65,592

)

￦

—

￦

4,352

Total

￦

69,944

￦

—

￦

69,955

￦

(65,592

)

￦

—

￦

4,352

(in millions of Korean won)		December 31, 2022
		Gross liabilities				Gross assets offset				Net amounts presented in the statement of financial position				Amounts not offset								Net amount
														Financial instruments				Cash collateral
Trade payables		￦	47,271			￦	(764	)		￦	46,507			￦	(44,518	)		￦	—			￦	1,989
Total		￦	47,271			￦	(764	)		￦	46,507			￦	(44,518	)		￦	—			￦	1,989

Currency risk [Member]

Statement [LineItems]

Summary of Exposures to Risks, Effects on Profit before Income Tax and Shareholders' Equity

As at December 31, 2020, 2021 and 2022, if the foreign exchange rate had strengthened/weakened by 10% with all other variables held constant, the effects on profit before income tax and shareholders’ equity would have been as follows:

(in millions of Korean won)		Fluctuation of foreign exchange rate		Impact on profit before income tax 1				Impact on equity
2020.12.31		10%		￦	25,220			￦	36,961
		-10%			(25,220	)			(36,961	)
2021.12.31		10%		￦	(3,433	)		￦	8,692
		-10%			3,433				(8,692	)
2022.12.31		10%		￦	(5,841	)		￦	(15,836	)
		-10%			5,841				15,836

Summary of Details of Financial Assets and Liabilities in Foreign Currencies

Details of financial assets and liabilities in foreign currencies as at December 31, 2020, 2021 and 2022, are as follows:

(In thousands of foreign currencies)		2020								2021								2022
		Financial assets				Financial liabilities				Financial assets				Financial liabilities				Financial assets				Financial liabilities
USD			400,046				1,937,935				245,759				2,302,642				106,426				2,336,607
SDR1			255				728				255				722				255				722
JPY			209,376				46,000,009				29,227				30,000,763				32,801				400,002
GBP			—				—				—				1,005				30				83
EUR			316				162				3,943				10,801				185				7,832
CNY			458				491				—				—				—				—
RWF2			646				—				586				—				15,521				13,025
THB3			535				—				2,160				—				265				—
MMK4			—				—				—				—				—				—
TZS5			1,019				—				1,644				—				1,464				—
BWP6			212				—				93				—				183				—
HKD7			—				198				—				105				37				—
BDT8			—				—				—				—				—				—
PLN9			26				—				—				—				—				—
VND10			242,370				—				257,895				—				280,226				—
XAF11			16,229				—				—				—				—				—
SGD12			6				284,000				13				284,000				448				284,000
TWD13			—				—				—				226				—				—
CHF14			—				—				—				161				—				—
MYR15			—				—				—				—				1				—
BGN16			—				—				—				—				62				—

1 Special Drawing Rights.

2 Rwanda Franc.

3 Thailand Bhat.

4 Myanmar Kyat.

5 Tanzanian Shilling.

6 Botswana Pula.

7 Hong Kong Dollar.

8 Bangladesh Taka.

9 Polish Zloty.

10 Vietnam Dong.

11 Central African Franc.

12 Singapore Dollar.

13 Taiwan Dollar.

14 Swiss Franc.

15 Ringgit Malaysia.

16 Bulgarian Lev.

Equity price risk [Member]

Statement [LineItems]

Summary of Exposures to Risks, Effects on Profit before Income Tax and Shareholders' Equity

As at December 31, 2020, 2021 and 2022, the Group is exposed to equity securities price risk because the securities held by the Group are traded in active markets. If the market prices had

increased/decreased by 10% with all other variables held constant, the effects on profit before income tax and equity would have been as follows:

(in millions of Korean won)		Fluctuation of price		Impact on profit before income tax				Impact on equity
2020.12.31		10%		￦	2,811			￦	3,472
		-10%			(2,811	)			(3,472	)
2021.12.31		10%		￦	2,000			￦	4,588
		-10%			(2,000	)			(4,588	)
2022.12.31		10%		￦	2,660			￦	113,948
		-10%			(2,660	)			(113,948	)

Interest rate risk [Member]

Statement [LineItems]

Summary of Exposures to Risks, Effects on Profit before Income Tax and Shareholders' Equity

As at December 31, 2020, 2021 and 2022, if the market interest rate had increased/decreased by 100 bp with other variables held constant, the effects on profit before income tax and shareholders’ equity would be as follows:

(in millions of Korean won)		Fluctuation of interest rate				Impact on profit before income tax				Impact on equity
2020.12.31			+ 100 bp			￦	973			￦	18,584
			- 100 bp				(973	)			(19,377	)
2021.12.31			+ 100 bp			￦	753			￦	5,549
			- 100 bp				(731	)			(5,675	)
2022.12.31			+ 100 bp			￦	635			￦	(2,045	)
			- 100 bp				(669	)			2,100

X

- Definition

The disclosure of the credit risk exposure. Credit risk exposure is the credit risk inherent in an entity’s financial assets and commitments to extend credit.

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