0001193125-14-097031.txt : 20140313 0001193125-14-097031.hdr.sgml : 20140313 20140313105033 ACCESSION NUMBER: 0001193125-14-097031 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20140313 FILED AS OF DATE: 20140313 DATE AS OF CHANGE: 20140313 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KOREA ELECTRIC POWER CORP CENTRAL INDEX KEY: 0000887225 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 133442428 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13372 FILM NUMBER: 14689976 BUSINESS ADDRESS: STREET 1: 167, SAMSEONG-DONG STREET 2: GANGNAM-GU CITY: SEOUL STATE: M5 ZIP: 135-791 BUSINESS PHONE: 2018948855 MAIL ADDRESS: STREET 1: 400 KELBY STREET STREET 2: 16TH FLOOR CITY: FORT LEE STATE: NJ ZIP: 07024 6-K 1 d693017d6k.htm FORM 6-K Form 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the Month of March 2014

 

 

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

 

 

167 Samseong-dong, Gangnam-gu, Seoul 135-791, Korea

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x             Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   ¨

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨            No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

 

 

 


This Report of Foreign Private Issuer on Form 6-K is deemed filed for all purposes under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.


Korea Electric Power Corporation (“KEPCO”) hereby calls the annual ordinary general meeting of shareholders (“AGM”) and seeks the attendance of its shareholders.

The following is an English translation of the notice given to the shareholders in connection with the AGM:

To: Shareholders

From: Cho, Hwan-Eik, President & CEO of KEPCO

We hereby call the 53rd annual ordinary general meeting of shareholders pursuant to Article 18 of the Articles of Incorporation of Korea Electric Power Corporation as follows and seek your attendance. Pursuant to Article 542-4 of the Commercial Code, this notice shall be in lieu of notices to be given to the shareholders.

 

  1. Date / Time: March 28, 2014 / 10:00 a.m. (Seoul Time)

 

  2. Location: 167 Samseong-dong, Gangnam-gu, Seoul 135-791, KEPCO headquarters, Grand Hall

 

  3. Items to be Reported:

 

    Audit Report

 

    Management report on KEPCO’s operation

 

  4. Agenda for Shareholder Approval:

 

  1) Approval of financial statements for the 53rd Fiscal Year

 

  2) Approval of the ceiling amount of remuneration for directors in 2014

Details on the proposed agenda for the AGM are attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    By:  

/s/ Ko, Weon-Gun

    Name:   Ko, Weon-Gun
    Title:   Vice President
Date: March 13, 2014      


Attachment

Agenda 1. Approval of Financial Statements for the 53rd Fiscal Year

Disclaimer: The financial statements for the 53rd fiscal year as presented below is in accordance with the International Financial Reporting Standard adopted in Korea (K-IFRS), and are subject to change based on the audit of KEPCO’s independent accountants.


KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2013 AND DECEMBER 31, 2012

 

     Dec. 31, 2013      Dec. 31, 2012  
     (KRW in millions)  

ASSETS

  

CURRENT ASSETS:

     

Cash and cash equivalents

     2,232,313         1,954,949   

Current financial assets, net

     436,213         656,217   

Accounts and other receivables, net

     7,526,311         7,184,625   

Inventories, net

     4,279,593         3,440,341   

Income tax receivables

     223,803         30,476   

Current non-financial assets

     570,845         664,047   

Non-current assets held for sale and discontinued operations

     —           2,828   
  

 

 

    

 

 

 
     15,269,078         13,933,483   
  

 

 

    

 

 

 

NON-CURRENT ASSETS:

     

Non-current financial assets, net

     1,902,953         1,873,676   

Non-current accounts and other receivables, net

     1,644,333         1,254,330   

Property, plant and equipment, net

     129,637,596         122,376,140   

Investment properties, net

     538,327         590,223   

Goodwill

     2,582         —     

Intangible assets, net

     810,664         883,814   

Investments in joint ventures

     1,106,181         908,593   

Investments in associates

     4,124,574         3,982,340   

Deferred tax assets

     359,535         209,783   

Non-current non-financial assets

     131,511         140,438   
  

 

 

    

 

 

 
     140,258,256         132,219,337   
  

 

 

    

 

 

 

Total Assets

     155,527,334         146,152,820   
  

 

 

    

 

 

 

LIABILITIES

     

CURRENT LIABILITIES:

     

Accounts and other payables, net

     5,892,763         5,601,852   

Current financial liabilities, net

     8,425,231         7,788,819   

Income tax payables

     51,407         334,053   

Current non-financial liabilities

     4,730,631         4,117,440   

Current provisions

     1,113,817         974,915   
  

 

 

    

 

 

 
     20,213,849         18,817,079   
  

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

     

Non-current accounts and other payables, net

     3,971,519         4,173,691   

Non-current financial liabilities, net

     53,163,394         46,050,766   

Non-current non-financial liabilities

     6,985,641         6,298,650   

Employee benefits obligations, net

     2,137,296         2,144,334   

Deferred tax liabilities, net

     5,002,585         5,433,292   

Non-current provisions

     12,602,314         12,170,806   
  

 

 

    

 

 

 
     83,862,749         76,271,539   
  

 

 

    

 

 

 

Total Liabilities

     104,076,598         95,088,618   
  

 

 

    

 

 

 

 

(Continued)


CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF DECEMBER 31, 2013 AND DECEMBER 31, 2012

 

     Dec. 31, 2013     Dec. 31, 2012  
     (KRW in millions)  

EQUITY

    

CONTRIBUTED CAPITAL:

    

Shares issued

     3,209,820        3,209,820   

Share premium

     843,758        843,758   
  

 

 

   

 

 

 
     4,053,578        4,053,578   
  

 

 

   

 

 

 

RETAINED EARNINGS:

    

Legal reserves

     1,603,919        1,603,919   

Voluntary reserves

     22,753,160        25,961,315   

Retained earnings before appropriations

     8,409,007        4,999,049   
  

 

 

   

 

 

 
     32,766,086        32,564,283   
  

 

 

   

 

 

 

OTHER COMPONENTS OF EQUITY:

    

Other capital surpluses

     830,982        705,448   

Cumulative other comprehensive income

     55,538        11,957   

Treasury stocks

     (741,489     (741,489

Other equity

     13,294,973        13,294,990   
  

 

 

   

 

 

 
     13,440,004        13,270,906   
  

 

 

   

 

 

 

EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY

     50,259,668        49,888,767   
  

 

 

   

 

 

 

NON-CONTROLLING INTERESTS

     1,191,068        1,175,435   
  

 

 

   

 

 

 

Total Equity

     51,450,736        51,064,202   
  

 

 

   

 

 

 

Total Liabilities and Equity

     155,527,334        146,152,820   
  

 

 

   

 

 

 


KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2013 AND DECEMBER 31, 2012

 

     2013     2012  
     (KRW in millions except per
share amounts)
 

SALES

    

Sales of goods

     51,132,803        46,906,587   

Sales of service

     326,619        357,877   

Sales of construction contracts

     2,253,083        1,856,045   

Sales of construction grant

     325,290        301,004   
  

 

 

   

 

 

 
     54,037,795        49,421,513   
  

 

 

   

 

 

 

COST OF SALES

    

Cost of sales of goods

     47,983,987        46,293,591   

Cost of sales of service

     452,628        470,453   

Cost of sales of construction contracts

     2,159,023        1,695,218   
  

 

 

   

 

 

 
     50,595,638        48,459,262   
  

 

 

   

 

 

 

GROSS PROFIT

     3,442,157        962,251   

SELLING AND ADMINISTRATIVE EXPENSES

     1,923,192        1,780,168   
  

 

 

   

 

 

 

OPERATING INCOME (LOSS)

     1,518,965        (817,917

OTHER OPERATING INCOME

     400,167        373,996   

OTHER OPERATING EXPENSES

     99,811        74,567   

OTHER INCOME (LOSS)

     128,514        (1,781,835

FINANCE INCOME

     629,542        1,128,357   

FINANCE EXPENSES

     2,931,622        3,068,321   

PROFITS OF ASSOCIATES AND JOINT VENTURES USING EQUITY METHOD

     (42,243     176,941   

Share in income of associates and joint ventures

     170,399        205,987   

Gain on disposal of associates and joint ventures

     1,725        —     

Share in loss of associates and joint ventures

     140,984        20,127   

Loss on disposal of associates and joint ventures

     45,291        162   

Impairment loss on associates and joint ventures

     28,092        8,757   
  

 

 

   

 

 

 

INCOME (LOSS) BEFORE INCOME TAX

     (396,488     (4,063,346

INCOME TAX EXPENSE

     (570,794     (985,377
  

 

 

   

 

 

 

NET LOSS FOR THE YEAR

     174,306        (3,077,969
  

 

 

   

 

 

 

 

(Continued)


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2013 AND DECEMBER 31, 2012

 

     2013     2012  
     (KRW in millions except
per share amounts)
 

OTHER COMPREHENSIVE INCOME (LOSS)

    

Items that will not be reclassified subsequently to profit or loss

    

Actuarial losses on retirement benefit obligations

     132,457        (41,310

Share in other comprehensive income (loss) of associates and joint ventures, net of tax

     7,671        (846

Items that may be reclassified subsequently to profit or loss:

    

Net change in fair value of available-for-sale financial assets, net of tax

     86,570        2,245   

Loss on valuation of derivatives using of cash flow hedge accounting, net of tax

     29,332        (63,850

Share in other comprehensive income (loss) of associates and joint ventures, net of tax

     38,366        (96,060

Foreign currency translation of foreign operations, net of tax

     (108,625     (121,892
  

 

 

   

 

 

 
     185,771        (321,713
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

     360,077        (3,399,682
  

 

 

   

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO;

    

Owners of the Company

     60,011        (3,166,616

Non-controlling interests

     114,295        88,647   
  

 

 

   

 

 

 
     174,306        (3,077,969
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO;

    

Owners of the Company

     245,384        (3,447,949

Non-controlling interests

     114,693        48,267   
  

 

 

   

 

 

 
     360,077        (3,399,682
  

 

 

   

 

 

 

EARNINGS PER SHARE;

    

Basic earnings per share

     96        (5,083

Diluted earnings per share

     96        (5,083


KOREA ELECTRIC POWER CORPORATION

SEPARATE (NON-CONSOLIDATED) STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2013 AND DECEMBER 31, 2012

 

     Won  
     Dec. 31, 2013      Dec. 31, 2012  
     (KRW in millions)  
ASSETS      

CURRENT ASSETS:

     

Cash and cash equivalents

     731,833         439,425   

Current financial assets

     16,221         71,056   

Accounts and other receivables

     6,872,873         6,569,475   

Inventories

     88,662         65,698   

Income tax receivables

     716         831   

Current non-financial assets

     62,896         57,686   
  

 

 

    

 

 

 
     7,773,201         7,204,171   
  

 

 

    

 

 

 

NON-CURRENT ASSETS:

     

Non-current financial assets

     899,291         782,913   

Non-current accounts and other receivables

     354,808         366,798   

Property, plant and equipment, net

     57,359,689         55,922,112   

Investment properties

     853,881         872,420   

Intangible assets

     63,238         75,071   

Investments in subsidiaries

     28,866,623         28,928,951   

Investments in joint ventures

     20,642         20,642   

Investments in affiliates

     2,021,302         2,021,313   

Non-current non-financial assets

     37,252         40,307   
  

 

 

    

 

 

 
     90,476,726         89,030,527   
  

 

 

    

 

 

 

Total Assets

     98,249,927         96,234,698   
  

 

 

    

 

 

 
LIABILITIES      

CURRENT LIABILITIES:

     

Accounts and other payables

     4,513,403         4,972,229   

Current financial liabilities

     4,819,861         4,532,461   

Current non-financial liabilities

     5,339,106         4,478,921   

Current provisions

     309,019         348,950   
  

 

 

    

 

 

 
     14,981,389         14,332,561   
  

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

     

Non-current accounts and other payables

     917,456         1,034,136   

Non-current financial liabilities

     30,701,559         29,830,159   

Non-current non-financial liabilities

     6,918,489         6,270,095   

Employee benefits obligations

     1,500,508         1,485,073   

Deferred tax liabilities

     1,321,755         1,757,057   

Non-current provisions

     249,225         254,537   
  

 

 

    

 

 

 
     41,608,992         40,631,057   
  

 

 

    

 

 

 

Total Liabilities

     56,590,381         54,963,618   
  

 

 

    

 

 

 

 

(Continued)


SEPARATE STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF DECEMBER 31, 2013 AND DECEMBER 31, 2012

 

     Won  
     Dec. 31, 2013     Dec. 31, 2012  
     (KRW in millions)  
SHAREHOLDER’S EQUITY     

CONTRIBUTED EQUITY:

    

Shares issued

     3,209,820        3,209,820   

Share premium

     843,758        843,758   
  

 

 

   

 

 

 
     4,053,578        4,053,578   
  

 

 

   

 

 

 

RETAINED EARNINGS:

    

Legal reserves

     1,603,919        1,603,919   

Voluntary reserves

     22,753,161        25,961,316   

Retained earnings before appropriations

     303,263        (3,208,155
  

 

 

   

 

 

 
     24,660,343        24,357,080   
  

 

 

   

 

 

 

OTHER COMPONENTS OF EQUITY:

    

Other capital surpluses

     303,028        303,028   

Cumulative other comprehensive income

     88,988        3,785   

Treasury stock

     (741,489     (741,489

Other equity

     13,295,098        13,295,098   
  

 

 

   

 

 

 
     12,945,625        12,860,422   
  

 

 

   

 

 

 

Total Shareholder’s Equity

     41,659,546        41,271,080   
  

 

 

   

 

 

 

Total Liabilities and Equity

     98,249,927        96,234,698   
  

 

 

   

 

 

 


KOREA ELECTRIC POWER CORPORATION

SEPARATE (NON-CONSOLIDATED) STATEMENTS OF COMPREHENSIVE INCOME

FOR YEARS ENDED DECEMBER 31, 2013 AND 2012

 

     2013     2012  
     (KRW in millions)  

SALES

    

Sales of goods

     51,564,321        47,413,257   

Sales of services

     70,238        71,927   

Sales of construction contracts

     1,732,557        1,548,685   

Sales of construction grant

     325,290        301,004   
  

 

 

   

 

 

 
     53,692,406        49,334,873   
  

 

 

   

 

 

 

COST OF SALES

    

Costs of sales of goods

     50,280,455        49,116,803   

Costs of sales of services

     238,017        258,764   

Costs of sales of construction contracts

     1,646,292        1,409,153   
  

 

 

   

 

 

 
     52,164,764        50,784,720   
  

 

 

   

 

 

 

GROSS PROFIT

     1,527,642        (1,449,847

SELLING AND ADMINISTRATIVE EXPENSES

     1,264,647        1,243,005   

OPERATING PROFIT

     262,995        (2,692,852

OTHER INCOME

     243,806        252,021   

OTHER EXPENSE

     49,398        30,908   

OTHER GAINS AND LOSSES

     92,527        (1,774,553
  

 

 

   

 

 

 

FINANCE INCOME

     792,518        1,361,991   

FINANCE COSTS

     1,634,286        1,814,299   

PROFITS OF AFFILIATES OR JOINT VENTURES

     47,916        88,176   
  

 

 

   

 

 

 

LOSS BEFORE INCOME TAX

     (243,922     (4,610,424

INCOME TAX EXPENSE (BENEFIT)

     (482,229     (1,383,827
  

 

 

   

 

 

 

LOSS FOR THE PERIOD

     238,307        (3,226,597

OTHER COMPREHENSIVE INCOME

    

Net change in fair value of available-for-sale financial assets

     85,203        39,930   

Actuarial gains (losses) on retirement benefit obligation

     64,956        18,442   
  

 

 

   

 

 

 
     150,159        58,372   
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

     388,466        (3,168,225
  

 

 

   

 

 

 

EARNINGS PER SHARE

    

Basic earnings per share

     382        (5,179

Diluted earnings per share

     382        (5,179


STATEMENT OF APPROPRIATION OF RETAINED EARNINGS

FOR YEARS ENDED DECEMBER 31, 2013 AND DECEMBER 31, 2012

 

     For year ended,  
     2013     2012  
     ( KRW in millions)  

¨. RETAINED EARNINGS BEFORE APPROPRIATIONS:

    

Retained earnings carried over from prior year

     —          —     

Effect of transition to K-IFRS

     —          —     

Gain for the period(Loss)

     238,307        (3,226,597

Actuarial losses on retirement benefit obligations

     64,956        18,442   
  

 

 

   

 

 

 
     303,263        (3,208,155
  

 

 

   

 

 

 

¨. TRANSFER FROM VOLUNTARY RESERVES:

    

Transfer from reserve for business expansion

     —          3,208,155   
  

 

 

   

 

 

 
     —          3,208,155   
  

 

 

   

 

 

 

III. I+ II

     303,263        —     
  

 

 

   

 

 

 

IV. APPROPRIATIONS OF RETAINED EARNINGS:

    

Regal appropriated retained earnings

     (991     —     

Shareholder dividend

     (56,073     —     

Transfer to reserve for business expansion

     (246,199     —     
  

 

 

   

 

 

 
     (303,263     —     
  

 

 

   

 

 

 

V. UNAPPROPRIATED RETAINED EARNINGS TO BE CARRIED FORWARD TO SUBSEQUENT YEAR

     —          —     
  

 

 

   

 

 

 


DIVIDEND PAYMENT

FOR THE FISCAL YEARS 2013 AND 2012

 

Fiscal year

   2013     2012  

Dividend per share

   KRW 90        —     

Aggregate dividend amount

   KRW  56,073,067,380        —     

Market value dividend ratio

     0.3     —     


Agenda 2. Approval of the ceiling amount of remuneration for directors

 

    Proposed aggregate ceiling on remuneration for directors:

 

    1,921,067 thousand won in fiscal year 2014 (total number of directors: 15; number of non-standing directors: 8)

 

    2,083,394 thousand won in fiscal year 2013 (total number of directors: 15; number of non-standing directors: 8)