20-F 1 d238224d20f.htm FORM 20-F Form 20-F
Woori Financial Group Inc. and subsidiariesQuantum Jump the 1st Co., Ltd.Multi Asset Global Real Estate Investment Trust No. 5-2AI Partners UK Water Supply Private Placement Investment Trust No.2Woori L Yongsan 1st Co., Ltd.Woori Hchemical 1st Co., LtdWoori Steel 1st Co., LtdWoori Gongdeok First Co., Ltd.ATLANTIC TRANSPORTATION 1 S.AWoori-HJ 3rd Co., Ltd.2021-12-31For the years ended December 31, 2021In case some variables to measure fair values of financial instruments are not observable in the market, valuation techniques are utilized to evaluate such financial instruments. Those financial instruments are recorded the transaction price as at the time of acquisition, even though there are difference noted between the transaction price and the fair value, which is deferred and amortized to maturity using the effective interest method and reflected in profit or loss. The table above presents the difference yet to be realized as profit or losses.The fair value of investment property is classified as level 3 on the fair value hierarchyThe fair value of investment property is classified as level 3 on the fair value hierarchyFair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10~10%). The stock prices and volatility are major unobservable variables. Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (0~1%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables. Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables. Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (0~1%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables. Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (0~1%) and discount rate or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables. Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10~10%). The stock prices and volatility are major unobservable variables. Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables.Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (0~1%) and discount rate or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables.Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.Marshallislands2021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312020-12-312021-12-312020-12-312021-12-312020-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312021-12-312020-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312021-12-312020-12-312020-10-312021-10-312020-12-312021-12-31Korean Won in millionsThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity funda specialized investment-type private equity fund has been changed to a general private equity fund.The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundCompanies are excluded from the consolidation as of December 31, 2021. As a master-feeder fund, the equity interest represent those of the masterfund held by the feeder fund.Companies are excluded from the consolidation as of December 31, 2021. As a master-feeder fund, the equity interest represent those of the masterfund held by the feeder fund.The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fund=The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns. In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe regulatory reserve for credit losses in retained earnings amounted to 2,547,547 million Won and 2,568,367 million Won and as of December 31, 2020 and 2021, respectively in accordance with the relevant article.The earned surplus reserve in retained earnings amounted to 62,830 million Won and 122,370 million Won as of December 31, 2020 and 2021 in accordance with the Article 53 of the Financial Holding Company Act.0001264136falseFYAs of December 31, 2021, Woori Asset Trust Co., Ltd., a subsidiary, has agreed to carry out construction completion obligations for 96 constructions, which includes the construction of residential and commercial complexes in Busan (U-dong, Haeundae-gu). Land Trust responsible for Construction and Management is a trust that bears the obligation to fulfill the responsibility of the constructor and to compensate the loan financial institution for damages if the Group fails to fulfill the construction completion obligation. As of December 31, 2021, the total PF loan amount of PF loan institutions invested in the project of the Land Trust responsible for Construction and Management is 3,269,955 million Won. Although additional losses may occur in relation to the construction completion obligations, the financial statements as of December 31, 2021 do not reflect these effects since losses are unlikely and the amount cannot be estimated reliably. Pursuant to some contracts related to asset securitization, the Group utilizes various prerequisites as triggering events causing early redemption, limiting risks that investors bear due to change in asset quality. Breach of such triggering clause leads to an early redemption of the securitized bonds.KRKRM51.00000000.08779920.47090311.10372920.18881650.2999708Included 178,060 million Won in capital transaction gains and losses recognized by Woori Bank and (formerly) Woori Financial Group in 2014 and 2,238,228 million Won due to the spin-off of Gyeongnam Bank and Gwangju Bank.The regulatory reserve for credit losses in retained earnings amounted to 2,547,547 million Won and 2,568,367 million Won and as of December 31, 2020 and 2021, respectively in accordance with the relevant article.The earned surplus reserve in retained earnings amounted to 62,830 million Won and 122,370 million Won as of December 31, 2020 and 2021 in accordance with the Article 53 of the Financial Holding Company Act.The hybrid securities issued by Woori Bank amounting to 3,105,070 million Won and 2,555,166 million Won as of December 31, 2020 and 2021, respectively, are recognized as non-controlling interests. 162,362 million Won and 144,923 million Won of dividends for the hybrid securities issued by Woori Bank are allocated to net profit and loss of the non-controlling interests for the years ended December 31, 2020 and 2021, respectively.ΔEVE: change in Economic Value of EquityAs of December 31, 2020, for the remaining subsidiaries except the bank, consolidated trusts, and consolidated subsidiaries of the bank, EVE and NII were not calculated.ΔNII: change in Net Interest IncomeThe applicable income tax rate: 1) 11% for taxable income below 200 million Won, 2) 22% for above 200 million Won and below 20 billion Won, 3) 24.2% for above 20 billion Won and below 300 billion Won, 4) 27.5% for above 300 billion Won.Others include 224,427 million Won and 138,117 million Won of other extraordinary losses related to other provisions or accounts payable for the years ended December 31, 2020 and 2021.Included 67,427 million Won of profit from bargain purchase for the year ended December 31, 2020.Other expense includes 22,317 million Won, 11,890 million Won and 13,963 million Won for intangible asset amortization cost for the years ended December 31, 2019, 2020 and 2021 respectively. In addition, it includes 52,504 million Won and 250,971 million Won for lease depreciation cost for the years ended December 31, 2020 and 2021, respectively.The cumulative depreciation amount as of December 31, 2020 and 2021 is 854 million Won and 907 million Won, respectively.The cumulative depreciation amount as of December 31, 2020 and 2021 is 566 million Won and 716 million Won, respectively.Amount before taxPuttable financial instruments are not included. Others consist of financial assets in Indonesia, Hong Kong, Germany, Australia, and other countries. Cash and cash equivalents are not included. As of December 31, 2020 and 2021, the financial guarantee amounts of 4,163,382 million Won and 3,960,383 million Won are included, respectively. VaR (Value at Risk): Retention period of 1day, Maximum expected losses under 99% level of confidence. Other segments include gains and losses from Woori Financial Group Inc., Woori Financial Capital Co., Ltd.(Profit or loss for 3 months after incorporation into subsidiary), Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Woori Credit Information Co., Ltd., Woori Fund Service Inc., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Co., Ltd..Adjustments were made for the presentation of profit or loss in accordance with the Accounting Standards from the reporting segments in accordance with the Managerial Accounting Standards.The banking sector includes the Bank and their consolidated subsidiaries (such as overseas subsidiaries).Other segments include Woori Financial Group Inc., Woori Asset Trust Co., Ltd., Woori Asset Management Corp., Woori Savings Bank, Woori Credit Information Co., Ltd., Woori Fund Service Inc., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Institute.There were no transfers between Level 1 and Level 2 of financial assets and liabilities measured at fair value. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.Major non-current assets included investments in joint ventures and associates, investment properties, property, plant and equipment, and intangible assets.Other segments include gains and losses from Woori Financial Group Inc., Woori Asset Management Corp., Woori Credit Information Co., Ltd., Woori Fund Service Inc., Woori Private Equity Asset Management Co., Ltd., Woori Global Asset Management Co., Ltd., Woori FIS Co., Ltd. and Woori Finance Research Co., Ltd.,The banking sector includes the Bank and overseas subsidiaries.The Group recognizes transfers between levels at the end of reporting period within which events have occurred or conditions have changed.There were transfers between levels as the availability of observable market data for these financial instruments changed. The Group recognizes transfers among levels at the end of reporting period in which events have occurred or conditions have changed.For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The statements of comprehensive income includes gain of 21,809 million Won included in net gain (loss) on financial assets at FVTPL and net gain (loss) on financial assets at FVTOCI pertaining to the assets and liabilities held by the Group at the end of the period.For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 37,430 million Won for the year ended December 31, 2020, which is from financial assets and liabilities that the Group holds as at the end of the year.Fair value changes of equity related derivatives assets and liabilities and equity-linked securities are calculated by increasing or decreasing historical volatility of the stock price and correlation, which are major unobservable variables, by 10%, respectively. In the case of interest rate related derivative assets and liabilities, fair value changes are calculated by increasing or decreasing the volatility of interest rate, which are major unobservable variables, by 10%.Even if the sensitivity analysis of the capital contributions and beneficiary certificates is not possible in practice, fair value changes of beneficiary certificates and other securities whose major unobservable variables are composed of the real estate are calculated by increasing or decreasing price fluctuation rate of real estate which is underlying assets and discount rate by 1%.Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (0~1%) and discount rate or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables.Fair value changes of equity securities are calculated by increasing or decreasing stock prices (-10%~10%) and volatility (-10~10%). The stock prices and volatility are major unobservable variables.Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (0~1%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables.For financial liabilities, positive numbers represent losses that increase balance and negative numbers represent gains that decrease balance. The gain amounting to 2,634 million Won for the year ended December 31, 2021, which is from financial assets and liabilities that the Group holds as at the end of the year.Fair value changes of equity securities are calculated by increasing or decreasing terminal growth rate (-0.5%~0.5%) and discount rate (-1~1%) or liquidation value (-1~1%). The growth rate, discount rate, and liquidation value are major unobservable variables.The carrying amount is the amount before the allowance for bad debts.Two or more subsidiaries may invest or operate to exert significant influence on the decision-making process for activities related to the investee.The equity method was applied using the most recent financial statements available from the settlement date because no financial statements were available at the end of December and the significant transactions or events that occurred between the end of the reporting period of the associate and the end of the reporting period of the subsidiary were duly reflected.It includes 50,088 million Won in collateral assets related to the sale of bonds under repurchase agreements at the end of the previous year.Included debentures under fair value hedge amounting to and 2,767,208 million Won and 2,366,724 million Won as of December 31, 2020 and 2021 respectively. Also, debentures under cash flow hedge amounting to 857,531 million Won and 819,298 million Won are included as of December 31, 2020 and 2021 respectively.Provisions for guarantees includes provision for financial guarantee of 66,232 million Won and 53,321 million Won as of December 31, 2020 and 2021, respectively.Other provisions consist of provision for litigation, loss compensation and others.The Group has the agreements to repurchase the sold assets at the predetermined price or the price that includes the rate of return and to provide the guarantee on the assets. The transferee has the right to sell or to provide as guarantee. Therefore, the Group does not derecognize the assets, but recognizes the relevant amounts as liability (bonds sold under repurchase agreements). The asset is equivalent to a mortgage-backed debt security.Others include IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership, Woori Growth Partnerships New Technology Private Equity Fund, Partner One Value Up I Private Equity Fund and etc., as of December 31, 2020 and 2021.Others include Saman Corporation, Woori-Shinyoung Growth-Cap Private Equity Fund, Woori Hanhwa Eureka Private Equity Fund, Kyesan Engineering Co., Ltd., DAEA SNC Co., Ltd. and etc, as of December 31, 2019.Others include Woori Growth Partnerships New Technology Private Equity Fund, Partner One Value Up I Private Equity Fund, and etc., as of December 31, 2020 and 2021.As of December 31, 2020 and 2021, the amount of unsecured bills (purchase note sales) and discounts on electronic short-term bond sales (purchase) are 2,894,688 million Won and 2,225,226 million Won, respectively.During March 2021, the Parent company acquired a 100% equity of Woori Financial Savings Bank from the Parent company’s subsidiary Woori Financial Capital Co., Ltd.The entity was merged with WB Finance Co., Ltd., which is a second-tier subsidiary, during prior period.The Parent company’s subsidiary WB Finance Co., Ltd. has changed the name to WOORI BANK (CAMBODIA) PLC.The entity is a structured entity for the purpose of asset securitization. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.Companies are excluded from the consolidation as of December 31, 2021.Net income (loss) attributable to owners of Woori Financial Capital for the year ended December 31, 2020 has been prepared on a cumulative basis since entity was included as the subsidiary.Determined that the Group controls the investees, considering the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns, by two or more subsidiaries’ investment or operation.Distribution of the hybrid securities issued by Woori BankHybrid securities issued by Woori BankAmortization of other intangible assets amounting to 13,963 million Won is included in other operating expenses.Amortization of other intangible assets amounting to 11,890 million Won is included in other operating expenses.Amortization of other intangible assets amounting to 22,317 million Won is included in other operating expenses.The entity is a structured entity for the purpose of investment in securities. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.In accordance with the revision of the Capital Market Act, a specialized investment-type private equity fund has been changed to a general private equity fundThe entity is a ‘money trust’ under the Financial Investment Services and Capital Markets Act. Although the Group is not a majority shareholder, the Group 1) has the power over the investee, 2) is exposed to or has rights to variable returns from its involvement with the investee, and 3) has the ability to use its power to affect its returns.As a master-feeder fund, the equity interest represent those of the masterfund held by the feeder fund.Since the investee is a private equity investment fund, the Group does not have the power over the fund’s activities even though it holds more than 50% of ownership interest.As financial statements at the end of the reporting period cannot be obtained, the most recent financial statements were used.In accordance with the revision of the Capital Market Act, a hedge fund has been changed to a private equity fund.Financial assets at FVTOCI has been disclosed as the amount before deducting allowance for credit losses because loss allowance does not reduce the carrying amount.Credit grade of corporates are BBB- ~ C, and consumers are grades 7 ~ 10.Others consist of foreign currencies translation, etc..Credit grade of corporates are AAA ~ BBB, and consumers are grades 1 ~ 6. Credit grade of corporate are BBB- ~ C, and consumers are grades 7 ~ 10.The change in lease liabilities due to the new contract includes 189,660 million Won.The change in lease liabilities due to the new contract includes 231,325 million Won.In the case of PT Bank Woori Saudara Indonesia 1906 Tbk and and WOORI BANK (CAMBODIA) PLC, declining cases are excluded from the analysis as the permanent growth rate was assumed to be 0%.VaR (Value at Risk): Maximum expected losses EaR (Earning at Risk): Change of maximum expected income and expense Allocated to the cash-generating unit that will benefit from the synergy effect of the business combination, and the cash-generating unit is generally comprised of the operating segment or sub-sectors.Includes the impact from change of financial guarantee liability.The Group has acquired Saudara Bank to expand retail sales in Indonesia and recognized the goodwill as it is expected to strengthen the competitiveness by securing a local sales network in Indonesia.Others have occurred as a result of new financial guarantee contract valued at initial fair value.Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax losses amounts to 8,838 million Won.Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan.Among the deferred tax assets and liabilities classified as ‘Others,’ the deferred tax asset arising from unused tax losses amounts to 21,656 million Won.Excluded from the related parties due to the loss of significant influence for the year ended December 31, 2019.Details of payment between related parties, demand deposit due to customers and etc. are excluded. Includes 2,737 million Won presented on non-controlling interests.Among the deferred tax assets and liabilities classified as ‘others,’ the deferred tax asset arising from unused tax losses amounts to 24,059 million Won.The Group has acquired VisionFund Cambodia to expand Cambodian retail sales, and recognized goodwill based on the economies of scale and acquired customer base.As the amount of payment varies according to the base price (the arithmetic average of the weighted average stock price of transactions in the past one week, the past one month, and the past two months) at the date of payment, the fair value is calculated to measure the liability according to the Black Scholes model based on the base price at the time of each settlement.It is a system in which the amount of stock payable is determined at the beginning, and the payment rate is determined in accordance with the degree of achievement of the pre-set performance target. 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