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Related Party Transactions

12 Months Ended

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
Others1		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				Purchases1
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
		Others2,3			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.			—				—				—
		Others2,3			—				—				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				Purchases1
Associates and joint ventures		K- Realty CR-REITs No.12		￦	—			￦	—
		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
		Others3			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				Purchases1
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 transactions1								Equity contributions in cash
Associates and joint ventures		Borrowings				Repayments
K- REALTY CR REIT1		￦	—			￦	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 Fund1			—				—				6,055
KT-IBKC Future Investment Fund1			—				—				(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 transactions1								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 Fund1			—				—				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 transactions1								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
Others2			—				—				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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The entire disclosure for related parties.

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-Name IAS
-Number 24
-IssueDate 2023-01-01
-Section Disclosures
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=24&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IAS24_g13-24_TI
-URIDate 2023-03-23

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