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 2021
KOREA ELECTRIC POWER CORPORATION
(Translation of registrants name into English)
55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, 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 ☒ 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 ☒
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .
At the annual general meeting (AGM) of shareholders of Korea Electric Power Corporation (KEPCO) held on March 25, 2021, all the agenda set forth below submitted for shareholder approval were approved by the shareholders as originally proposed:
1. | Agendas for Shareholder Approval: |
1) | Approval of financial statements for the fiscal year 2020 |
2) | Approval of the maximum aggregate amount of remuneration for directors in 2021 |
| Aggregate ceiling on remuneration for directors in 2021 : 2,183,920 thousand won |
3) | Election of one Standing Director |
- | Kim, Tae-Ok |
4) | Approval of amendments to the Articles of Incorporation of KEPCO |
2. | Voting Results |
Agenda |
Outstanding Shares |
Attendant Shares |
Shares for | |||
1. 1) |
641,964,077 | 479,384,007 | 478,466,818 (99.8%) | |||
1. 2) |
641,964,077 | 479,384,007 | 478,439,725 (99.8%) | |||
1. 3) |
641,964,077 | 479,384,007 | 476,531,926 (99.4%) | |||
1. 4) |
641,964,077 | 479,384,007 | 478,729,841 (99.9%) |
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/ Park, Joo-soo | |
Name: | Park, Joo-soo | |
Title: | Corporate Vice President |
Date: March 25, 2021
Attachment
Agenda 1. Approval of Financial Statements for the Fiscal Year 2020
KEPCO seeks to obtain approval for its consolidated financial statements, separate financial statements and accompanying documents for the fiscal year 2020, pursuant to Article 449 of the Commercial Act, Article 43 of the Act on the Management of Public Institutions and Article 50 of the Articles of Incorporation of KEPCO.
Disclaimer: The financial statements for the fiscal year 2020 as presented below is in accordance with the International Financial Reporting Standard adopted in Korea (K-IFRS), and are subject to shareholders approval.
KOREA ELECTRIC POWER CORPORATION
AND ITS SUBSIDIARIES
Consolidated Financial Statements
For the years ended December 31, 2020 and 2019
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Consolidated Statements of Financial Position
As of December 31, 2020 and 2019
In millions of won | 2020 | 2019 | ||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
1,810,129 | |||||||
Current financial assets, net |
2,800,220 | 1,586,509 | ||||||
Trade and other receivables, net |
7,918,470 | 7,701,452 | ||||||
Inventories, net |
6,742,909 | 7,050,700 | ||||||
Income tax receivables |
49,675 | 99,718 | ||||||
Current non-financial assets |
1,020,158 | 1,206,377 | ||||||
Assets held-for-sale |
925 | 28,116 | ||||||
|
|
|
|
|||||
Total current assets |
20,561,941 | 19,483,001 | ||||||
|
|
|
|
|||||
Non-current assets |
||||||||
Non-current financial assets, net |
2,472,821 | 2,563,498 | ||||||
Non-current trade and other receivables, net |
1,861,569 | 2,002,297 | ||||||
Property, plant and equipment, net |
168,709,387 | 164,701,827 | ||||||
Investment properties, net |
225,195 | 158,580 | ||||||
Goodwill |
98,166 | 97,977 | ||||||
Intangible assets other than goodwill, net |
1,055,730 | 1,069,976 | ||||||
Investments in associates |
4,250,787 | 4,251,802 | ||||||
Investments in joint ventures |
1,919,746 | 1,663,029 | ||||||
Defined benefit assets, net |
7,231 | 1,047 | ||||||
Deferred tax assets |
1,733,146 | 1,437,829 | ||||||
Non-current non-financial assets |
246,392 | 166,929 | ||||||
|
|
|
|
|||||
Total non-current assets |
182,580,170 | 178,114,791 | ||||||
|
|
|
|
|||||
Total Assets |
197,597,792 | |||||||
|
|
|
|
(Continued)
1
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Consolidated Statements of Financial Position, Continued
As of December 31, 2020 and 2019
In millions of won | 2020 | 2019 | ||||||
Liabilities |
||||||||
Current liabilities |
||||||||
Trade and other payables, net |
6,649,402 | |||||||
Current financial liabilities, net |
10,724,689 | 8,930,903 | ||||||
Income tax payables |
476,898 | 358,277 | ||||||
Current non-financial liabilities |
5,971,450 | 5,688,353 | ||||||
Current provisions |
2,451,664 | 2,604,721 | ||||||
|
|
|
|
|||||
Total current liabilities |
25,881,222 | 24,231,656 | ||||||
|
|
|
|
|||||
Non-current liabilities |
||||||||
Non-current trade and other payables, net |
6,480,412 | 6,965,760 | ||||||
Non-current financial liabilities, net |
59,365,011 | 59,115,598 | ||||||
Non-current non-financial liabilities |
9,661,941 | 8,834,452 | ||||||
Employee benefits liabilities, net |
1,910,860 | 1,929,854 | ||||||
Deferred tax liabilities |
9,100,247 | 8,564,775 | ||||||
Non-current provisions |
20,075,572 | 19,066,048 | ||||||
|
|
|
|
|||||
Total non-current liabilities |
106,594,043 | 104,476,487 | ||||||
|
|
|
|
|||||
Total Liabilities |
128,708,143 | |||||||
|
|
|
|
|||||
Equity |
||||||||
Contributed capital |
||||||||
Share capital |
3,209,820 | |||||||
Share premium |
843,758 | 843,758 | ||||||
|
|
|
|
|||||
4,053,578 | 4,053,578 | |||||||
|
|
|
|
|||||
Retained earnings |
||||||||
Legal reserves |
1,604,910 | 1,604,910 | ||||||
Voluntary reserves |
32,179,066 | 34,785,425 | ||||||
Unappropriated retained earnings |
17,349,625 | 12,811,798 | ||||||
|
|
|
|
|||||
51,133,601 | 49,202,133 | |||||||
|
|
|
|
|||||
Other components of equity |
||||||||
Other capital surplus |
1,224,105 | 1,226,364 | ||||||
Accumulated other comprehensive loss |
(409,577 | ) | (280,730 | ) | ||||
Other equity |
13,294,973 | 13,294,973 | ||||||
|
|
|
|
|||||
14,109,501 | 14,240,607 | |||||||
|
|
|
|
|||||
Equity attributable to owners of the controlling company |
69,296,680 | 67,496,318 | ||||||
Non-controlling interests |
1,370,166 | 1,393,331 | ||||||
|
|
|
|
|||||
Total Equity |
68,889,649 | |||||||
|
|
|
|
|||||
Total Liabilities and Equity |
197,597,792 | |||||||
|
|
|
|
2
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
For the years ended December 31, 2020 and 2019
In millions of won, except per share information | 2020 | 2019 | ||||||
Sales |
||||||||
Sales of goods |
56,894,876 | |||||||
Sales of services |
429,350 | 408,290 | ||||||
Sales of construction services |
812,175 | 1,264,916 | ||||||
Revenue related to transfer of assets from customers |
643,477 | 604,808 | ||||||
|
|
|
|
|||||
58,569,314 | 59,172,890 | |||||||
|
|
|
|
|||||
Cost of sales |
||||||||
Cost of sales of goods |
(50,353,315 | ) | (55,750,468 | ) | ||||
Cost of sales of services |
(441,851 | ) | (1,030,601 | ) | ||||
Cost of sales of construction services |
(1,009,430 | ) | (998,766 | ) | ||||
|
|
|
|
|||||
(51,804,596 | ) | (57,779,835 | ) | |||||
|
|
|
|
|||||
Gross profit |
6,764,718 | 1,393,055 | ||||||
Selling and administrative expenses |
(2,678,443 | ) | (2,669,576 | ) | ||||
|
|
|
|
|||||
Operating profit (loss) |
4,086,275 | (1,276,521 | ) | |||||
Other income |
392,971 | 393,165 | ||||||
Other expenses |
(417,720 | ) | (241,913 | ) | ||||
Other gains (losses), net |
35,094 | (582,258 | ) | |||||
Finance income |
1,510,249 | 1,009,706 | ||||||
Finance expenses |
(2,896,443 | ) | (2,782,156 | ) | ||||
Profit (loss) related to associates, joint ventures and subsidiaries |
||||||||
Share in profit of associates and joint ventures |
398,972 | 257,673 | ||||||
Gain on disposal of investments in associates and joint ventures |
10,165 | 70,094 | ||||||
Share in loss of associates and joint ventures |
(119,848 | ) | (90,853 | ) | ||||
Loss on disposal of investments in associates and joint ventures |
(16 | ) | (2 | ) | ||||
Impairment loss on investments in associates and joint ventures |
(1,556 | ) | (22,517 | ) | ||||
Loss on disposal of investments in subsidiaries |
(6,610 | ) | (256 | ) | ||||
|
|
|
|
|||||
281,107 | 214,139 | |||||||
|
|
|
|
|||||
Profit (loss) before income tax |
2,991,533 | (3,265,838 | ) | |||||
Income tax benefit (expense) |
(899,064 | ) | 1,002,303 | |||||
|
|
|
|
|||||
Profit (loss) for the year |
(2,263,535 | ) |
(Continued)
3
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss), Continued
For the years ended December 31, 2020 and 2019
In millions of won, except per share information | 2020 | 2019 | ||||||
Other comprehensive income (loss), net of tax |
||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||
Remeasurement of defined benefit liability |
42,315 | |||||||
Share in other comprehensive income (loss) of associates and joint ventures |
3,181 | (6,789 | ) | |||||
Net change in fair value of equity investments at fair value through other comprehensive income |
(8,532 | ) | (11,732 | ) | ||||
Items that are or may be reclassified subsequently to profit or loss: |
||||||||
Net change in the unrealized fair value of derivatives using cash flow hedge accounting |
64,561 | 19,242 | ||||||
Foreign currency translation of foreign operations |
(76,442 | ) | 72,816 | |||||
Share in other comprehensive income (loss) of associates and joint ventures |
(132,805 | ) | 19,344 | |||||
|
|
|
|
|||||
Other comprehensive income (loss) for the year |
(219,841 | ) | 135,196 | |||||
|
|
|
|
|||||
Total comprehensive income (loss) for the year |
(2,128,339 | ) | ||||||
|
|
|
|
|||||
Profit (loss) attributable to: |
||||||||
Owners of the controlling company |
(2,345,517 | ) | ||||||
Non-controlling interests |
101,122 | 81,982 | ||||||
|
|
|
|
|||||
(2,263,535 | ) | |||||||
|
|
|
|
|||||
Total comprehensive income (loss) attributable to: |
||||||||
Owners of the controlling company |
(2,239,147 | ) | ||||||
Non-controlling interests |
69,804 | 110,808 | ||||||
|
|
|
|
|||||
(2,128,339 | ) | |||||||
|
|
|
|
|||||
Earnings (loss) per share (in won) |
||||||||
Basic and diluted earnings (loss) per share |
(3,654 | ) |
4
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Consolidated Statements of Changes in Equity
For the years ended December 31, 2020 and 2019
In millions of won | Equity attributable to owners of the controlling company |
|||||||||||||||||||||||
Contributed capital |
Retained earnings |
Other components of equity |
Subtotal | Non- controlling interests |
Total equity |
|||||||||||||||||||
Balance at January 1, 2019 |
51,519,119 | 14,171,228 | 69,743,925 | 1,348,837 | 71,092,762 | |||||||||||||||||||
Total comprehensive income (loss) for the year |
||||||||||||||||||||||||
Profit (loss) for the year |
| (2,345,517 | ) | | (2,345,517 | ) | 81,982 | (2,263,535 | ) | |||||||||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||
Remeasurements of defined benefit liability, net of tax |
| 36,160 | | 36,160 | 6,155 | 42,315 | ||||||||||||||||||
Share in other comprehensive loss of associates and joint ventures, net of tax |
| (6,789 | ) | | (6,789 | ) | | (6,789 | ) | |||||||||||||||
Net change in fair value of equity investments at fair value through other comprehensive income, net of tax |
| | (11,732 | ) | (11,732 | ) | | (11,732 | ) | |||||||||||||||
Items that are or may be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |
| | 14,041 | 14,041 | 5,201 | 19,242 | ||||||||||||||||||
Foreign currency translation of foreign operations, net of tax |
| | 55,347 | 55,347 | 17,469 | 72,816 | ||||||||||||||||||
Share in other comprehensive income of associates and joint ventures, net of tax |
| | 19,343 | 19,343 | 1 | 19,344 | ||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity |
||||||||||||||||||||||||
Dividends paid |
| | | | (99,255 | ) | (99,255 | ) | ||||||||||||||||
Issuance of shares of capital by subsidiaries and others |
| | | | 21,071 | 21,071 | ||||||||||||||||||
Transactions between consolidated entities |
| | (8,460 | ) | (8,460 | ) | 323 | (8,137 | ) | |||||||||||||||
Changes in consolidation scope |
| | | | 24,932 | 24,932 | ||||||||||||||||||
Dividends paid (hybrid bond) |
| | | | (13,385 | ) | (13,385 | ) | ||||||||||||||||
Others |
| (840 | ) | 840 | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2019 |
49,202,133 | 14,240,607 | 67,496,318 | 1,393,331 | 68,889,649 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
5
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Consolidated Statements of Changes in Equity, Continued
For the years ended December 31, 2020 and 2019
In millions of won | Equity attributable to owners of the controlling company |
|||||||||||||||||||||||
Contributed capital |
Retained earnings |
Other components of equity |
Subtotal | Non- controlling interests |
Total equity |
|||||||||||||||||||
Balance at January 1, 2020 |
49,202,133 | 14,240,607 | 67,496,318 | 1,393,331 | 68,889,649 | |||||||||||||||||||
Total comprehensive income (loss) for the year |
||||||||||||||||||||||||
Profit for the year |
| 1,991,347 | | 1,991,347 | 101,122 | 2,092,469 | ||||||||||||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||
Remeasurement of defined benefit liability, net of tax |
| (62,857 | ) | | (62,857 | ) | (6,947 | ) | (69,804 | ) | ||||||||||||||
Share in other comprehensive loss of associates and joint ventures, net of tax |
| 3,181 | | 3,181 | | 3,181 | ||||||||||||||||||
Net change in fair value of equity investments at fair value through other comprehensive income, net of tax |
| | (8,533 | ) | (8,533 | ) | 1 | (8,532 | ) | |||||||||||||||
Items that are or may be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |
| | 58,523 | 58,523 | 6,038 | 64,561 | ||||||||||||||||||
Foreign currency translation of foreign operations, net of tax |
| | (46,032 | ) | (46,032 | ) | (30,410 | ) | (76,442 | ) | ||||||||||||||
Share in other comprehensive loss of associates and joint ventures, net of tax |
| | (132,805 | ) | (132,805 | ) | | (132,805 | ) | |||||||||||||||
Transactions with owners of the Company, recognized directly in equity |
||||||||||||||||||||||||
Dividends paid |
| | | | (81,011 | ) | (81,011 | ) | ||||||||||||||||
Issuance of shares of capital by subsidiaries and others |
| | (148 | ) | (148 | ) | (5,297 | ) | (5,445 | ) | ||||||||||||||
Transactions between consolidated entities |
| (203 | ) | (2,111 | ) | (2,314 | ) | 1,040 | (1,274 | ) | ||||||||||||||
Changes in consolidation scope |
| | | | 5,684 | 5,684 | ||||||||||||||||||
Dividends paid (hybrid bond) |
| | | | (13,385 | ) | (13,385 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2020 |
51,133,601 | 14,109,501 | 69,296,680 | 1,370,166 | 70,666,846 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
6
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Consolidated Statements of Cash Flows
For the years ended December 31, 2020 and 2019
In millions of won | 2020 | 2019 | ||||||
Cash flows from operating activities |
||||||||
Profit (loss) for the year |
(2,263,535 | ) | ||||||
|
|
|
|
|||||
Adjustments to reconcile net loss to net cash flows provided by operating activities: |
||||||||
Income tax expense (benefit) |
899,064 | (1,002,303 | ) | |||||
Depreciation |
11,377,553 | 10,971,825 | ||||||
Amortization |
170,466 | 156,915 | ||||||
Employee benefit expense |
492,288 | 725,120 | ||||||
Bad debt expense |
50,686 | 16,629 | ||||||
Interest expense |
1,995,425 | 2,046,811 | ||||||
Loss on disposal of financial assets |
648 | 2,106 | ||||||
Loss on disposal of property, plant and equipment |
162,725 | 72,508 | ||||||
Loss on abandonment of property, plant, and equipment |
255,346 | 364,233 | ||||||
Loss on impairment of property, plant, and equipment |
80,413 | 50,034 | ||||||
Loss on impairment of intangible assets |
3,599 | 513,609 | ||||||
Loss on disposal of intangible assets |
392 | 827 | ||||||
Increase in provisions |
1,832,765 | 2,301,215 | ||||||
Loss (gain) on foreign currency translation, net |
(782,167 | ) | 370,309 | |||||
Gain on valuation of financial assets at fair value through profit or loss |
(12,904 | ) | (5,575 | ) | ||||
Loss on valuation of financial assets at fair value through profit or loss |
7,396 | 4,513 | ||||||
Valuation and transaction loss (gain) on derivative instruments, net |
390,322 | (403,765 | ) | |||||
Share in profit of associates and joint ventures, net |
(279,124 | ) | (166,820 | ) | ||||
Gain on disposal of financial assets |
(11,992 | ) | (3,866 | ) | ||||
Gain on disposal of property, plant and equipment |
(93,195 | ) | (43,784 | ) | ||||
Gain on disposal of intangible assets |
(1,556 | ) | (206 | ) | ||||
Gain on disposal of associates and joint ventures |
(10,165 | ) | (70,094 | ) | ||||
Loss on disposal of associates and joint ventures |
16 | 2 | ||||||
Impairment loss on associates and joint ventures |
1,556 | 22,517 | ||||||
Loss on disposal of subsidiaries |
6,610 | 256 | ||||||
Interest income |
(242,586 | ) | (268,118 | ) | ||||
Dividend income |
(7,316 | ) | (13,838 | ) | ||||
Others, net |
30,411 | 128,237 | ||||||
|
|
|
|
|||||
16,316,676 | 15,769,297 | |||||||
|
|
|
|
|||||
Changes in working capital: |
||||||||
Trade receivables |
(107,639 | ) | 95,345 | |||||
Non-trade receivables |
459,524 | 64,027 | ||||||
Accrued income |
(258,963 | ) | 83,589 | |||||
Other receivables |
(32,536 | ) | (116,583 | ) | ||||
Other current assets |
(462,125 | ) | (271,986 | ) | ||||
Inventories |
(723,495 | ) | (980,216 | ) | ||||
Other non-current assets |
(140,017 | ) | (611,066 | ) | ||||
Trade payables |
(262,985 | ) | (546,159 | ) | ||||
Non-trade payables |
(363,260 | ) | 192,506 | |||||
Accrued expenses |
(222,113 | ) | (454,501 | ) | ||||
Other current liabilities |
388,163 | 373,403 | ||||||
Other non-current liabilities |
755,005 | 650,468 | ||||||
Investments in associates and joint ventures (dividends received) |
237,695 | 215,612 | ||||||
Provisions |
(1,499,436 | ) | (1,473,461 | ) | ||||
Payments of employee benefit obligations |
(74,848 | ) | (65,242 | ) | ||||
Plan assets |
(582,275 | ) | (348,386 | ) | ||||
|
|
|
|
|||||
(3,192,650 | ) | |||||||
|
|
|
|
(Continued)
7
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
For the years ended December 31, 2020 and 2019
In millions of won | 2020 | 2019 | ||||||
Cash generated from operating activities |
10,313,112 | |||||||
Dividends received (financial assets at fair value through other comprehensive income) |
7,316 | 24,255 | ||||||
Interest paid |
(2,081,663 | ) | (2,027,850 | ) | ||||
Interest received |
215,183 | 186,122 | ||||||
Income taxes paid |
(452,203 | ) | (282,211 | ) | ||||
|
|
|
|
|||||
Net cash provided by operating activities |
13,208,473 | 8,213,428 | ||||||
|
|
|
|
|||||
Cash flows from investing activities |
||||||||
Proceeds from disposals of associates and joint ventures |
5,444 | | ||||||
Acquisition of investments in associates and joint ventures |
(342,116 | ) | (107,821 | ) | ||||
Proceeds from disposals of property, plant and equipment |
331,777 | 522,742 | ||||||
Acquisition of property, plant and equipment |
(13,281,294 | ) | (14,000,359 | ) | ||||
Proceeds from disposals of intangible assets |
10,871 | 7,702 | ||||||
Acquisition of intangible assets |
(120,371 | ) | (229,426 | ) | ||||
Proceeds from disposals of financial assets |
8,020,406 | 2,783,474 | ||||||
Acquisition of financial assets |
(9,203,450 | ) | (2,165,342 | ) | ||||
Increase in loans |
(336,744 | ) | (335,773 | ) | ||||
Collection of loans |
215,292 | 292,745 | ||||||
Increase in deposits |
(276,255 | ) | (280,637 | ) | ||||
Decrease in deposits |
280,941 | 275,314 | ||||||
Proceeds from disposals of assets held-for-sale |
32,578 | 30,662 | ||||||
Receipt of government grants |
41,209 | 21,705 | ||||||
Cash outflow from merger |
| (154,311 | ) | |||||
Net cash outflow from changes in consolidation scope |
(24,624 | ) | (2,917 | ) | ||||
Other cash outflow from investing activities, net |
(185,475 | ) | (157,116 | ) | ||||
|
|
|
|
|||||
Net cash used in investing activities |
(14,831,811 | ) | (13,499,358 | ) | ||||
|
|
|
|
|||||
Cash flows from financing activities |
||||||||
Proceeds from short-term borrowings, net |
345,338 | 188,957 | ||||||
Proceeds from long-term borrowings and debt securities |
10,170,107 | 13,221,407 | ||||||
Repayment of long-term borrowings and debt securities |
(7,976,658 | ) | (7,068,290 | ) | ||||
Payment of lease liabilities |
(613,977 | ) | (573,437 | ) | ||||
Settlement of derivative instruments, net |
42,263 | 102,146 | ||||||
Change in non-controlling interest |
11,554 | 17,365 | ||||||
Dividends paid (hybrid bond) |
(13,385 | ) | (13,385 | ) | ||||
Dividends paid |
(81,298 | ) | (99,356 | ) | ||||
Other cash outflow from financing activities, net |
(3,120 | ) | | |||||
|
|
|
|
|||||
Net cash provided by financing activities |
1,880,824 | 5,775,407 | ||||||
|
|
|
|
|||||
Net increase in cash and cash equivalents before effect of exchange rate fluctuations |
257,486 | 489,477 | ||||||
Effect of exchange rate fluctuations on cash held |
(38,031 | ) | (37,693 | ) | ||||
|
|
|
|
|||||
Net increase in cash and cash equivalents |
219,455 | 451,784 | ||||||
Cash and cash equivalents at January 1 |
1,810,129 | 1,358,345 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at December 31 |
1,810,129 | |||||||
|
|
|
|
8
Agenda 2. Approval of the ceiling amount of remuneration for directors
KEPCO seeks to obtain approval regarding the ceiling amount of remuneration for directors for the fiscal year 2021, pursuant to Article 388 of the Commercial Act and Article 35 of the Articles of Incorporation of KEPCO.
| Proposed aggregate ceiling on remuneration for directors: |
| 2,183,920 thousand won in fiscal year 2021 (total number of directors: 15; number of non-standing directors: 8) |
| 2,247,869 thousand won in fiscal year 2020 (total number of directors: 15; number of non-standing directors: 8) |
| The actual remuneration for directors in the fiscal year 2020 was 1,580,309 thousand won. |
| We proposed to decrease the maximum aggregate amount of remuneration for directors in 2021 by 2.8% compared to 2020 as a result of (i) the notification by the Government to increase the remuneration for directors of government controlled entities by 0.9% (8,282 thousand won) and (ii) the decreased performance-based compensation by 103,502 thousand won which reflected the vacant period of the standing director and the member of the Audit committee as his appointment was delayed and (iii) the increased severance payments (31,271 thousand won) due to the increase in the average incumbency of our directors from 25 months to 30 months. |
Agenda 3. Election of One Standing Director
| Kim, Tae-Ok |
| Date of Birth : July 14, 1962 |
| Current Position : Vice President of Regional Headquarters KEPCO Gwangju-Jeonnam (from Dec. 2020 and on) |
| Previous Positions in KEPCO |
| Vice President & Head of Technology Planning Department (from Dec. 2018 to Dec. 2020) |
| Director General of Guri Regional Transmission and Substation Management Office under Regional Headquarters KEPCO North Gyeonggi (from Jul. 2018 to Dec. 2018) |
| Assistant Vice President & Head of Power System Planning Team Under Power System Planning Department (from Dec. 2015 to Jul. 2018) |
| Director General of Namseoul Regional Construction office under Regional Construction Headquarters KEPCO Gyeongin (from Dec. 2014 to Dec. 2015) |
| Director General of Chungbuk-Gangwon Regional Construction office under Regional Construction Headquarters KEPCO Jungbu (from Jan. 2014 to Dec. 2014) |
| Nominated by : President & CEO of KEPCO |
| Relationships with the largest shareholder of KEPCO : None |
| Transactions with KEPCO in the last three years : None |
| Tax Delinquency : None |
| Management Positions in any Insolvent Enterprise : None |
| Disqualifications under relevant laws : None |
| Term of Office as Standing and Executive Director in KEPCO : Two Years |
The nominee, Mr. Kim, Tae-Ok, has proved his outstanding competence and job performance while working in various positions in KEPCO. In particular, the nominee is specialized in electric power transmission, substation and grid system with wide knowledge and experiences in the power industry.
Based on his expertise, Mr. Kim has successfully reorganized R&D strategies, taken the lead in securing future technologies in the power industry, established long-term plans for transmission and substation facilities, and participated in establishing basic plan for supply and demand of electricity.
If the nominee is appointed as a standing director, he will contribute to further enhancing shareholder value by establishing strategies for construction of transmission and substation facilities, planning for power system, preemptively securing advanced technologies, and maintaining stable power supply based on the above capabilities and experiences.
Agenda 4. Approval of amendments to the Articles of Incorporation of KEPCO (the Articles of Incorporation)
1) | KEPCO proposes to amend the Articles of Incorporation pursuant to Article 433 of the Commercial Act and Article 4 of the Articles of Incorporation. |
2) | KEPCO proposes to amend the Articles of Incorporation to clarify the article on shareholder right regarding the dividend record date and in accordance with the amendment of the Commercial Act. |
| The table below compares the current provisions in the Articles of Incorporation with the proposed amendments. |
Current provision |
Proposed amendment |
Rationale | ||
Article 15 (Suspension of Changes in the Register of Shareholders) (2) The Corporation shall permit the shareholders whose names appear in the register of shareholders on December 31 of each year to exercise the rights as shareholders in the Ordinary General Meeting of Shareholders held in respect of such fiscal year. |
Article 15 (Suspension of Changes in the Register of Shareholders) (2) The Corporation shall permit the shareholders whose names appear in the register of shareholders on December 31 of each year to exercise voting rights and receive dividends as shareholders in the Ordinary General Meeting of Shareholders held in respect of such fiscal year. |
To clarify the article on shareholder right regarding the dividend record date | ||
Article 41-2 (Composition of the Audit Committee)
(New Provision) |
Article 41-2 (Composition of the Audit Committee) (4) The Corporation shall appoint a director who will serve as a member of the Audit Committee separately from other directors in accordance with the Article 542-12 of the Commercial Act. |
To introduce the system for separate appointment of the member of the audit committee in accordance with the amendment of the Commercial Act |
All amendments to the Articles of Incorporation shall be effective on and from the date in which the amendments have been promulgated.