(b) Changes in liabilities arising from financial activities for the year ended December 31, 2017 were as follows:
| Liabilities |
Derivatives held to hedge borrowings |
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| Short-term borrowings |
long-term borrowings |
Dividend payable |
Finance lease liabilities |
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| (in millions of Won) | ||||||||||||||||||||
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Beginning |
￦ | 7,979,727 | 14,725,271 | 7,770 | 114,409 | (52,373 | ) | |||||||||||||
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Changes from financing cash flows |
558,083 | (1,410,033 | ) | (931,232 | ) | (10,536 | ) | — | ||||||||||||
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Changes arising from obtaining or losing |
(12,469 | ) | 3,299 | — | — | — | ||||||||||||||
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The effect of changes in foreign exchange rates |
(350,523 | ) | (435,170 | ) | — | (10,855 | ) | — | ||||||||||||
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Changes in fair values |
— | — | — | — | 171,693 | |||||||||||||||
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Other changes: |
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Decrease in retained earnings |
— | — | 863,579 | — | — | |||||||||||||||
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Decrease in non-controlling interests |
— | — | 67,096 | — | — | |||||||||||||||
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Amortization of discount on debentures issued |
— | 5,472 | — | — | — | |||||||||||||||
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Ending |
￦ | 8,174,818 | 12,888,839 | 7,213 | 93,018 | 119,320 | ||||||||||||||
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