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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Commitments and Contingencies |
19. | Commitments and Contingencies
| (1) | As of December 31, 2023, major commitments with local financial institutions are as follows:
(in millions of Korean won and foreign currencies in thousands) |  | Financial institution |  | Limit |  |  | Used amount |
Bank overdraft |  | Kookmin Bank and others |  |  | 374,000 |  |  |  | — |
Inter-Korean Cooperation Fund |  | Export-Import Bank of Korea |  |  | 37,700 |  |  |  | 1,480 |
Economic Cooperation Business Insurance |  | Export-Import Bank of Korea |  |  | 3,240 |  |  |  | 1,732 |
Collateralized loan on electronic accounts receivable-trade |  | Kookmin Bank and others |  |  | 545,350 |  |  |  | 42,822 |
Plus electronic notes payable |  | Industrial Bank of Korea |  |  | 50,000 |  |  |  | 885 |
Working capital loan |  | Korea Development Bank and others |  |  | 1,562,800 |  |  |  | 142,700 |
|  | Shinhan Bank |  |  | USD 76,509 |  |  |  | USD 76,509 |
|  | Woori Bank |  |  | EUR 7,700 |  |  |  | EUR 7,700 |
Facility loans |  | Shinhan Bank and others |  |  | 924,000 |  |  |  | 429,924 |
Derivatives transaction limit |  | Korea Development Bank and others |  |  | USD 1,970,000 |  |  |  | USD 1,970,000 |
Citi Bank |  |  |  |  | JPY 400,000 |  |  |  | JPY 400,000 |
Total |  | KRW |  |  | 3,497,090 |  |  |  | 619,543 |
|  | USD |  |  | 2,046,509 |  |  |  | 2,046,509 |
|  | EUR |  |  | 7,700 |  |  |  | 7,700 |
|  | JPY |  |  | 400,000 |  |  |  | 400,000 |
| (2) | As of December 31, 2023, guarantees received from financial institutions are as follows:
(in millions of Korean won and foreign currencies in thousands) |  | Financial institution |  | Limit |
Hana Bank |  | Guarantee for payment in Korean currency |  |  | 4,000 |
|  | Comprehensive credit line and others |  |  | 3,100 |
|  | Guarantee for payment in foreign currency |  |  | USD 59 |
|  | Comprehensive credit line and others |  |  | USD 10,300 |
Kookmin Bank |  | Guarantee for payment in foreign currency |  |  | USD 3,186 |
Shinhan Bank |  | Guarantee for payment in Korean currency and others |  |  | USD 94,517 |
|  | Guarantee for payment in foreign currency and others |  |  | VND 211,262 |
Woori Bank |  | Guarantee for payment in Korean currency |  |  | 5,200 |
|  | Guarantee for payment in foreign currency |  |  | USD 7,000 |
Korea Development Bank |  | Refund guarantee for advances received |  |  | USD 6,811 |
HSBC |  | Guarantees for depositions |  |  | USD 816 |
Seoul Guarantee Insurance Company |  | Performance guarantee and others |  |  | 366,395 |
Korea Software Financial Cooperative |  | Performance guarantee and others |  |  | 1,556,979 |
Korea Specialty Contractor Financial Cooperative |  | Performance guarantee and others |  |  | 135 |
Korea Housing Finance Corporation |  | Performance guarantee and others |  |  | 44,000 |
(in millions of Korean won and foreign currencies in thousands) |  | Financial institution |  | Limit |
Korea Housing & Urban Guarantee Corporation 1 |  | Performance guarantee and others |  |  | 691,530 |
Information & Communication Financial Cooperative |  | Performance guarantee and others |  |  | 78,183 |
Total |  | KRW |  |  | 2,749,522 |
|  | USD |  |  | 122,689 |
|  | VND |  |  | 211,262 |
| 1 | Inventory assets( ￦ 278,031 million) and investment properties( ￦ 283,688 million) are provided as collateral with commitment respectively, as of December 31, 2023.
| (3) | As of December 31, 2023, guarantees provided by the Group to a third party, are as follows:
(in millions of Korean won) |  | Subject to payment guarantees |  | Creditor |  | Limit |  |  | Used amount |  |  | Period |
KT Estate Inc |  | Wonju Bando U-bora Mark Bridge Buyer |  | Hana Bank |  |  | 103,000 |  |  |  | 55,314 |  |  |  | Aug. 5, 2022 ~ Feb. 28, 2025 |
KT Engineering Co., Ltd. 1 |  | Gasan Solar Power Plant Inc. |  | Shinhan Bank |  |  | 4,700 |  |  |  | 364 |  |  |  | Jan. 7, 2010 ~ Jan. 8, 2025 |
KT Engineering Co., Ltd. 1 |  | Korea Cell Inc. |  | Suhyup Bank |  |  | 3,250 |  |  |  | 50 |  |  |  | Feb. 17, 2014 ~ Feb. 16, 2024 |
KT Engineering Co., Ltd. 1 |  | San-Ya Agricultural Association Corporation |  | Suhyup Bank |  |  | 3,250 |  |  |  | 51 |  |  |  | Feb. 17, 2014 ~ Feb. 16, 2024 |
KT Alpha Co., Ltd. |  | Cash payers |  | T-commerce cash payers |  |  | 821 |  |  |  | — |  |  |  | Apr. 14, 2023 ~ Apr. 12, 2024 |
Nasmedia Co., Ltd. |  | Stockholders Association Members |  | Korea Securities Finance Corp |  |  | 1,104 |  |  |  | 610 |  |  |  | — |
| 1 | KT Engineering Co., Ltd., a subsidiary of the Group, is subject to payment, depending on the reimbursement of principal debtor.
| (4) | The Controlling Company is jointly and severally obligated with KT Sat Co., Ltd., a subsidiary, to pay KT Sat Co., Ltd.’s liabilities incurred prior to spin-off. As of December 31, 2023, the Controlling Company and KT Sat Co., Ltd. are jointly and severally liable for reimbursement of ￦ 595 million.
| (5) | For the year ended December 31, 2023, the Group entered into agreements with the Securitization Specialty Companies (2023: First 5G 67 th to 72 th Securitization Specialty Co., Ltd., 2022: First 5G 61 st to 66 th Securitization Specialty Co., Ltd.) and disposed of its trade receivables related to handset sales. The Group also made asset management agreements with each securitization specialty company and in accordance with the agreement, the Group will receive asset management fees upon liquidation of the securitization specialty company.
| (6) | As of December 31, 2023, the Group is a defendant in 177 lawsuits with the total claimed amount of ￦ 167,834 million (2022: ￦ 80,279 million). As of December 31, 2023, litigation provisions of ￦ 29,707 million for pending lawsuits and unasserted claims are recorded as liabilities for potential loss in the ordinary course of business. The final outcomes of the cases cannot be estimated as of December 31, 2023.
| (7) | Under the agreement of bond issuance and borrowings, the Group is required to maintain certain financial ratios such as debt-to-equity ratio, use the funds for the designated purpose
| and report to the creditors periodically. The covenant also contains restriction on provision of additional collateral and disposal of certain assets.
| (8) | As of December 31, 2023, the Group participates in Algerie Sidi Abdela new town development consortium (percentage of ownership: 2.5%) and has joint liability with other consortium participants.
| (9) | As of December 31, 2023, contract amount of property and equipment acquisition agreement made but not yet recognized amounts to ￦ 489,231 million (202 2 : ￦ 1,294,823 million).
| (10) | As of December 31, 2023, there are derivatives generated by the Group granting Drag-Along Right to financial investors participating in paid-in capital increase of K Bank (Note 7).
| (11) | The Group has an agreement with a transferor participated in share transfer agreement of MILLE Co., Ltd. As per the conditions of the agreement, the transferor may exercise Put Option for the ordinary shares it owns (Note 7).
| (12) | The Group entered into an agreement with financial investors of Epsilon Global Communications Pte. If certain conditions are not met in the future as disclosed in the terms and conditions of the agreement, financial investors may exercise Tag-Along Right, Drag-Along Right and the right to sell shares for the convertible preferred shares it owns (Note 7).
| (13) | The Group has an obligation for additional contributions as per agreement to Future Innovation Private Equity Fund No.3 and others. As of December 31, 2023, remaining amount of ￦ 4,132 million and USD 30,350 thousand will be invested through the Capital Call method in the future.
| (14) | The Group has the amount of ￦ 201,615 million (40%) of joint responsibility obligation and ￦ 302,423 million (60%) of obligation to provide financial support as a construction investor during the construction period with respect to K Defense Co., Ltd. established in accordance with the Private Investment Act on Social Infrastructure. During the operating period, the Group has the amount of ￦ 438,312 million (100%) of obligation to provide financial support as an operating investor.
| (15) | During the prior period, the Group entered into a stock sale contract with HYUNDAI MOBIS and HYUNDAI MOTOR COMPANY. If a certain period of time has elapsed from the date of the contract and the acquired stocks are to be disposed to a third party, HYUNDAI MOBIS and HYUNDAI MOTOR COMPANY may exercise a preferential purchase right to designate a buyer with priority.
| (16) | During the prior period, the Group entered into an agreement with LS Cable & System Ltd., which participated in the stock acquisition contract of KT Submarine Co., Ltd. (formerly KT Submarine Co., Ltd.). As per the agreement, the Group may exercise a put-option to LS Cable & System Ltd in the future (Note 7).
| (17) | During the period, the Group entered into an agreement with equity investors which participated in the stock acquisition contract of KT cloud Co., Ltd., Under the agreement, in specific occasion, equity investors may exercise a Tag-along or put-option to the Group in the future.
| (18) | The Group has the obligation of paying Minimum Guarantee as utilizing product bundling of Tving Co.,Ltd. and the right to be paid certain proportion of the excess as per agreement.

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