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Related Party Transactions | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Related Party Transactions |
35. | Related Party Transactions
(1) The list of related party of the Group as of December 31, 2023, is as follows:
Relationship |  | Name of Entity
Associates and joint ventures |  | There are 54 Associates and joint ventures, and entities listed on the table below has Related Party Transactions
Others 1 |  | Goody Studio Co., Ltd., Rebellion Inc., Digital Pharm Co., Ltd., Mastern No.127 Logispoint Daegu Co., Ltd., KORAMKO No. 143 General Private Real Estate Investment Company
| 1 | The investment in preferred shares in these entities are accounted for under IFRS 9. Given the Company’s significant influence in the investees, those are included in the list of related parties.
(2) Outstanding balances of receivables and payables in relations to transactions with related parties as of December 31, 2022 and 2023, are as follows:
|  | 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 |
|  | December 31, 2023 |
|  |  |  | Receivables |  |  | Payables |
(in millions of Korean won) |  | Trade receivables |  |  | Other receivables |  |  | Lease receivables |  |  | Trade payables |  |  | Other payables |  |  | Lease liabilities |
Associates and joint ventures |  | K Bank, Inc. |  | ￦ | 862 |  |  | ￦ | 326,006 |  |  | ￦ | 769 |  |  | ￦ | — |  |  | ￦ | 299 |  |  | ￦ | — |
| Little Big Pictures |  |  | 232 |  |  |  | 3,473 |  |  |  | — |  |  |  | 9 |  |  |  | 6 |  |  |  | — |
| K-Realty 11th Real Estate Investment Trust Company |  |  | 110 |  |  |  | 1,283 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,732 |
| K-Realty No.3 Real Estate General Private Placement Investment Company |  |  | 4,576 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
| Others |  |  | 2,044 |  |  |  | 162 |  |  |  | — |  |  |  | 2,900 |  |  |  | 3,029 |  |  |  | — |
Total |  |  |  | ￦ | 7,824 |  |  | ￦ | 330,924 |  |  | ￦ | 769 |  |  | ￦ | 2,909 |  |  | ￦ | 3,334 |  |  | ￦ | 6,732 |
(3) Significant transactions with related parties for the years ended December 31, 2021, 2022 and 2023, are as follows:
|  |  |  | 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 | Amounts 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 |
(in 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.
|  |  |  | 2023 |
(in millions of Korean won) |  | Operating Revenue |  |  | Purchases 1 |
Associates and joint ventures |  | K Bank, Inc. |  | ￦ | 22,701 |  |  | ￦ | 13,429 |
|  | HD Hyundai Robotics Co., Ltd. (formerly Hyundai Robotics Co., Ltd.) |  |  | 78 |  |  |  | 182 |
|  | K-Realty 11th Real Estate Investment Trust Company |  |  | 346 |  |  |  | 2,559 |
|  | K-Realty No.3 Real Estate General Private Placement Investment Company |  |  | 6,216 |  |  |  | — |
|  | Others 2 3 |  |  | 21,308 |  |  |  | 42,169 |
Others |  | Digital Pharm Co., Ltd. |  |  | 1 |  |  |  | — |
Total |  |  | 50,650 |  |  |  | 58,339 |
|  | 2023 |
(in millions of Korean won) |  | Acquisition of right-of-use assets |  |  | Interest income |  |  | Interest expense |  |  | Dividend income |
Associates and joint ventures |  | K Bank, Inc. |  | ￦ | — |  |  | ￦ | 8,264 |  |  | ￦ | — |  |  | ￦ | — |
|  | HD Hyundai Robotics Co., Ltd.(formerly Hyundai Robotics Co., Ltd.) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  | K-Realty 11th Real Estate Investment Trust Company |  |  | 7 |  |  |  | — |  |  |  | 261 |  |  |  | 507 |
|  | Others 2 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,279 |
Total |  | ￦ | 7 |  |  | ￦ | 8,264 |  |  | ￦ | 261 |  |  | ￦ | 1,786 |
| 1 | Amounts include acquisition of property and equipment, and others.
| 2 | Includes transactions of KD Living Co., Ltd. before it was included as a subsidiary.
| 3 | Includes transactions of FUNDA Co., Ltd, Maruee Limited Company Specializing in the Cultural Industry, Mastern No.127 Logispoint Daegu Co., Ltd. before it was excluded as associates and joint ventures of the Group.
(4) Key management compensation for the years ended December 31, 2021, 2022 and 2023, consists of:
(in millions of Korean won) |  | 2021 |  |  | 2022 |  |  | 2023 |
Salaries and other short-term benefits |  | ￦ | 2,189 |  |  | ￦ | 1,855 |  |  | ￦ | 1,494 |
Post-employment benefits |  |  | 412 |  |  |  | 294 |  |  |  | 153 |
Share-based compensation |  |  | 669 |  |  |  | 976 |  |  |  | 569 |
Total |  | ￦ | 3,270 |  |  | ￦ | 3,125 |  |  | ￦ | 2,216 |
(5) Fund transactions with related parties for the years ended December 31, 2021, 2022 and 2023, are as follows:
|  | 2021 |
(in millions of Korean won) |  | Borrowing transactions 1 |  |  | Equity contributions in cash |
Associates and joint ventures |  | Borrowings |  |  | Repayments |
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 transactions include lease transactions.
| 2 | Others include transactions before exclusion as associates and joint ventures of the Group.
|  | 2022 |
(in millions of Korean won) |  | Borrowing transactions 1 |  |  | Equity contributions in cash |
Associates and joint ventures |  | Borrowings |  |  | Repayments |
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 1 |  |  | — |  |  |  | — |  |  |  | 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 | Lease transactions are included in borrowing transactions.
|  | 2023 |
(in millions of Korean won) |  | Borrowing transactions 1 |  |  | Equity contributions in cash |
Associates and joint ventures |  | Borrowings |  |  | Repayments |
K-Realty 11th Real Estate Investment Trust Company |  | ￦ | — |  |  | ￦ | 1,037 |  |  | ￦ | — |
STIC Place General Private Placement Real Estate Investment Trust No.2 |  |  | — |  |  |  | — |  |  |  | 20,000 |
Telco Credit Bureau Co.,Ltd. |  |  | — |  |  |  | — |  |  |  | 6,500 |
Pacific geumto no.75 private hybrid asset fund |  |  | — |  |  |  | — |  |  |  | 19,000 |
Kiamco Data Center Blind Fund |  |  | — |  |  |  | — |  |  |  | 15,000 |
STIC Mixed Asset Investment Trust No.1 |  |  | — |  |  |  | — |  |  |  | 10,930 |
Others 2 |  |  | — |  |  |  | — |  |  |  | 31,107 |
Others |  |  |  |  |  |  |  |  |  |  |  |
Rebellions Co.,Ltd. |  |  | — |  |  |  | — |  |  |  | 19,998 |
Total |  | ￦ | — |  |  | ￦ | 1,037 |  |  | ￦ | 122,535 |
| 1 | Lease transactions are included in borrowing transactions.
| 2 | Includes transaction details before Daemuga Limited Company Specializing in the Cultural Industry, Maruee Limited Company Specializing in the Cultural Industry were excluded from the associates company.
(6) Provision of collateral and investment agreement and others Provision of collateral and investment agreement The Group has an obligation to invest in Kiamco Data Center Blind Fund, a related party, and others according to the agreement. As of December 31, 2023 the Company is planning make an additional investment of ￦ 107,774 million (7) As of December 31, 2023, the limit of the credit card contract provided by the Group to K Bank, Inc. is ￦ 1,050 million (December 31, 2022: ￦ 1,000 million).

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