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Investments in Associates and Joint Ventures | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Investments in Associates and Joint Ventures |
13. | Investments in Associates and Joint Ventures
(1) Details of associates as of December 31, 2022 and 2023, are as follows:
|  | Percentage of ownership (%) |  |  | Location |  |  | Closing month |
| December 31, 2022 |  |  | December 31, 2023 |  |  |  |  |  |  |
KIF Investment Fund |  |  | 33.3 | % |  |  | 33.3 | % |  |  | Korea |  |  |  | December |
K Bank Inc. |  |  | 33.7 | % |  |  | 33.7 | % |  |  | Korea |  |  |  | December |
HD Hyundai Robotics Co., Ltd. (formerly Hyundai Robotics Co., Ltd.) 1 |  |  | 10.0 | % |  |  | 10.0 | % |  |  | Korea |  |  |  | December |
Megazone Cloud Corporation 1 |  |  | 6.8 | % |  |  | 6.8 | % |  |  | Korea |  |  |  | December |
IGIS No. 468-1 General Private Real Estate Investment Company |  |  | 44.6 | % |  |  | 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 LLCNo 395 |  |  | 35.3 | % |  |  | 35.3 | % |  |  | Korea |  |  |  | December |
LS Marine Solution Co., Ltd (formerly KT Submarine Co., Ltd.). 1, 2 |  |  | 32.9 | % |  |  | 7.3 | % |  |  | Korea |  |  |  | December |
| 1 | As of December 31, 2023, 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.
| 2 | As of December 31, 2023, due to the loss of control of an entity, it is now accounted as an associate.
(2) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2023, are as follows:
|  | 2022 |
(in millions of Korean won) |  | Beginning |  |  | Acquisition (Disposal) |  |  | Share of net profit (loss) from associates and joint ventures |  |  | Others |  |  | Ending |
KIF Investment Fund |  | ￦ | 178,935 |  |  | ￦ | — |  |  | ￦ | 2,502 |  |  | ￦ | (10,458 | ) |  | ￦ | 170,979 |
K Bank Inc. |  |  | 831,737 |  |  |  | — |  |  |  | 29,010 |  |  |  | (7,991 | ) |  |  | 852,756 |
HD Hyundai Robotics Co., Ltd. (formerly 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 |  |  | 189,810 |  |  |  | 100,040 |  |  |  | (24,688 | ) |  |  | (56,078 | ) |  |  | 209,084 |
|  | ￦ | 1,288,429 |  |  | ￦ | 255,041 |  |  | ￦ | (16,821 | ) |  | ￦ | (45,927 | ) |  | ￦ | 1,480,722 |
|  | 2023 |
(in millions of Korean won) |  | Beginning |  |  | Acquisition (Disposal) |  |  | Share of net profit (loss) from associates and joint ventures 1 |  |  | Others |  |  | Ending |
KIF Investment Fund |  | ￦ | 170,979 |  |  | ￦ | — |  |  | ￦ | 5,443 |  |  | ￦ | 632 |  |  | ￦ | 177,054 |
K Bank Inc. |  |  | 852,756 |  |  |  | — |  |  |  | 1,089 |  |  |  | 19,036 |  |  |  | 872,881 |
HD Hyundai Robotics Co., Ltd. (formerly Hyundai Robotics Co., Ltd.) |  |  | 49,372 |  |  |  | — |  |  |  | (1,637 | ) |  |  | (1 | ) |  |  | 47,734 |
Megazone Cloud Corporation |  |  | 136,199 |  |  |  | — |  |  |  | (4,583 | ) |  |  | 78 |  |  |  | 131,694 |
IGIS No. 468-1 General Private Real Estate Investment Company |  |  | 23,589 |  |  |  | — |  |  |  | (105 | ) |  |  | — |  |  |  | 23,484 |
KT-DSC Creative Economy Youth Start-up Investment Fund |  |  | 22,123 |  |  |  | (500 | ) |  |  | 3,494 |  |  |  | — |  |  |  | 25,117 |
IGIS Professional Investors Private Investment Real Estate Investment LLC No 395 |  |  | 16,620 |  |  |  | — |  |  |  | (4,678 | ) |  |  | — |  |  |  | 11,942 |
LS Marine Solution Co., Ltd (formerly KT Submarine Co., Ltd.) |  |  | — |  |  |  | — |  |  |  | 255 |  |  |  | 23,237 | 1 |  |  | 23,492 |
Others |  |  | 209,084 |  |  |  | 101,887 |  |  |  | (34,912 | ) |  |  | (32,568 | ) |  |  | 243,491 |
|  | ￦ | 1,480,722 |  |  | ￦ | 101,387 |  |  | ￦ | (35,634 | ) |  | ￦ | 10,414 |  |  | ￦ | 1,556,889 |
1 | The amount represents the fair value of investment at the time the Company lost control (Refer to note above).
(3) Summarized financial information of associates and joint ventures as at and for the years ended December 31, 2022 and 2023, is as follows:
(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 |
HD Hyundai Robotics Co., Ltd. (formerly 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) |  | December 31, 2023 |
|  | Current assets |  |  | Non-current assets |  |  | Current liabilities |  |  | Non-current liabilities |
KIF Investment Fund |  | ￦ | 128,344 |  |  | ￦ | 402,819 |  |  | ￦ | — |  |  | ￦ | — |
K Bank Inc. |  |  | 21,320,790 |  |  |  | 89,812 |  |  |  | 19,541,076 |  |  |  | 4,516 |
HD Hyundai Robotics Co., Ltd. (formerly Hyundai Robotics Co., Ltd.) |  |  | 251,868 |  |  |  | 134,424 |  |  |  | 106,557 |  |  |  | 9,775 |
Megazone Cloud Corporation |  |  | 874,778 |  |  |  | 267,605 |  |  |  | 341,679 |  |  |  | 205,087 |
IGIS No. 468-1 General Private Real Estate Investment Company |  |  | 2,985 |  |  |  | 49,631 |  |  |  | 11 |  |  |  | — |
KT-DSC Creative Economy Youth Start-up Investment Fund |  |  | 482 |  |  |  | 87,528 |  |  |  | 101 |  |  |  | — |
IGIS Professional Investors Private Investment Real Estate Investment LLC No 395 |  |  | 5,690 |  |  |  | 145,769 |  |  |  | 107,553 |  |  |  | — |
LS Marine Solution Co., Ltd. (formerly KT Submarine Co., Ltd.) |  |  | 66,767 |  |  |  | 80,307 |  |  |  | 23,906 |  |  |  | 207 |
(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 |  |  |  | — |
HD Hyundai Robotics Co., Ltd. (formerly 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 | ) |  |  | — |
(in millions of Korean won) |  | 2023 |
|  | Operating revenue |  |  | Profit (loss) for the year |  |  | Other comprehensive income (loss) |  |  | Total comprehensive income (loss) |  |  | Dividends received from associates |
KIF Investment Fund |  | ￦ | 33,017 |  |  | ￦ | 16,330 |  |  | ￦ | — |  |  | ￦ | 16,330 |  |  | ￦ | 1,139 |
K Bank Inc. |  |  | 946,559 |  |  |  | 10,560 |  |  |  | 56,609 |  |  |  | 67,169 |  |  |  | — |
HD Hyundai Robotics Co., Ltd. (formerly Hyundai Robotics Co., Ltd.). |  |  | 167,949 |  |  |  | (17,513 | ) |  |  | (1,093 | ) |  |  | (18,606 | ) |  |  | — |
Megazone Cloud Corporation |  |  | 1,410,078 |  |  |  | (34,760 | ) |  |  | (3,021 | ) |  |  | (37,781 | ) |  |  | — |
IGIS No. 468-1 General Private Real Estate Investment Company |  |  | 6 |  |  |  | (234 | ) |  |  | — |  |  |  | (234 | ) |  |  | — |
KT-DSC Creative Economy Youth Start-up Investment Fund |  |  | 19,849 |  |  |  | 12,227 |  |  |  | — |  |  |  | 12,227 |  |  |  | — |
IGIS Professional Investors Private Investment Real Estate Investment LLC No 395 |  |  | — |  |  |  | (406 | ) |  |  | — |  |  |  | (406 | ) |  |  | — |
LS Marine Solution Co., Ltd (formerly KT Submarine Co., Ltd.) |  |  | 70,779 |  |  |  | 11,618 |  |  |  | (289 | ) |  |  | 11,329 |  |  |  | — |
(4) Details of a reconciliation of the summarized financial information to the carrying amount of interests in the associates and joint ventures as at and for the years ended December 31, 2022 and 2023, are as follows:
(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 |
HD Hyundai Robotics Co., Ltd. (formerly 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 |
(in millions of Korean won) |  | 2023 |
|  | 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 |  | ￦ | 531,164 |  |  |  | 33.33 | % |  | ￦ | 177,054 |  |  | ￦ | — |  |  | ￦ | 177,054 |
K Bank Inc. |  |  | 1,865,010 |  |  |  | 33.72 | % |  |  | 628,910 |  |  |  | 243,971 |  |  |  | 872,881 |
HD Hyundai Robotics Co., Ltd. (formerly Hyundai Robotics Co., Ltd.) |  |  | 269,960 |  |  |  | 10.00 | % |  |  | 26,996 |  |  |  | 20,738 |  |  |  | 47,734 |
Megazone Cloud Corporation |  |  | 547,786 |  |  |  | 6.83 | % |  |  | 37,404 |  |  |  | 94,290 |  |  |  | 131,694 |
IGIS No. 468-1 General Private Real Estate Investment Company |  |  | 52,605 |  |  |  | 44.64 | % |  |  | 23,484 |  |  |  | — |  |  |  | 23,484 |
KT-DSC Creative Economy Youth Start-up Investment Fund |  |  | 87,908 |  |  |  | 28.57 | % |  |  | 25,117 |  |  |  | — |  |  |  | 25,117 |
IGIS Professional Investors Private Investment Real Estate Investment LLC No 395 |  |  | 43,905 |  |  |  | 35.29 | % |  |  | 15,496 |  |  |  | (3,554 | ) |  |  | 11,942 |
LS Marine Solution Co., Ltd (formerly KT Submarine Co., Ltd.) |  |  | 122,961 |  |  |  | 7.30 | % |  |  | 8,972 |  |  |  | 14,520 |  |  |  | 23,492 |
(5) Due to discontinuance of equity method of accounting, the Group has not recognized loss from associates and joint ventures of ￦ 833 million for the year ended December 31, 2023 (2021: ￦ 717 million, 2022: ￦ 909 million). The unrecognized accumulated comprehensive loss of associates and joint ventures as of December 31 , 2023 is ￦ 10,748 million (2022: ￦ 9,915 million).

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- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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