REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
N/A |
||
(Translation of registrant’s name into English) |
(Jurisdiction of incorporation or organization) |
Title of each class: |
Trading Symbol(s): |
Name of each exchange on which registered: | ||
one-half ofshare of common stock |
|
* | Not for trading, but only in connection with the listing of American depositary shares on the New York Stock Exchange, pursuant to the requirements of the Securities and Exchange Commission. |
• | “EWP” are to Korea East-West Power Co., Ltd., |
• | “KHNP” are to Korea Hydro & Nuclear Power Co., Ltd., |
• | “KOMIPO” are to Korea Midland Power Co., Ltd., |
• | “KOSEP” are to Korea South-East Power Co., Ltd., |
• | “KOSPO” are to Korea Southern Power Co., Ltd., and |
• | “KOWEPO” are to Korea Western Power Co., Ltd., |
Year Ended December 31, |
At End of Period |
Average (1) |
High |
Low |
||||||||||||
(Won per US$1.00) |
||||||||||||||||
2017 |
1,067.4 | 1,141.6 | 1,207.2 | 1,067.4 | ||||||||||||
2018 |
1,112.9 | 1,099.3 | 1,141.7 | 1,054.6 | ||||||||||||
2019 |
1,155.5 | 1,165.8 | 1,220.7 | 1,111.8 | ||||||||||||
2020 |
1,086.1 | 1,180.6 | 1,267.3 | 1,081.9 | ||||||||||||
2021 |
1,188.6 | 1,144.9 | 1,198.7 | 1,081.6 | ||||||||||||
October |
1,174.9 | 1,181.9 | 1,198.7 | 1,167.3 | ||||||||||||
November |
1,187.5 | 1,184.1 | 1,194.4 | 1,177.0 | ||||||||||||
December |
1,188.6 | 1,183.9 | 1,192.4 | 1,173.6 | ||||||||||||
2022 (through April 8) |
1,225.1 | 1,207.1 | 1,242.7 | 1,187.0 | ||||||||||||
January |
1,206.8 | 1,196.0 | 1,209.0 | 1,187.0 | ||||||||||||
February |
1,202.3 | 1,199.1 | 1,209.4 | 1,192.1 | ||||||||||||
March |
1,211.6 | 1,220.8 | 1,242.7 | 1,204.3 | ||||||||||||
April (through April 8) |
1,225.1 | 1,216.5 | 1,225.1 | 1,212.6 |
(1) | The average rates for annual and interim periods were calculated by taking the simple average of the Noon Buying Rates on the last day of each month during the relevant period. The average rates for the monthly periods (or a portion thereof) were calculated by taking the simple average of the daily Noon Buying Rates during the relevant month (or a portion thereof). |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
Item 3.A. |
[Reserved] |
Item 3.B. |
Capitalization and Indebtedness |
Item 3.C. |
Reasons for the Offer and Use of Proceeds |
Item 3.D. |
Risk Factors |
• | increases in fuel prices which may not be passed on to customers; |
• | Governmental policies that may affect the industry or our operations; |
• | capacity expansion plans based on projections of long-term supply and demand of electricity proving to be inadequate against actual supply and demand; |
• | being subject to various environmental legislations, regulations and Government initiatives; |
• | incurrence of additional indebtedness; |
• | the movement of Won against other currencies; |
• | risks associated with new business strategies and overseas expansion opportunities; |
• | an increase in electricity generated by and/or sourced from independent power producers eroding our market position; |
• | labor unrest and increases in labor cost; |
• | risks associated with the operation of nuclear power generation facilities; |
• | opposition from civic groups in respect of the construction and operation of our facilities; |
• | risk management policies and procedures failing to be effective, including but not limited to failing to prevent losses in our debt and foreign currency positions; |
• | limited amount and scope of insurance coverage; |
• | inability to raise equity capital without the Government’s participation; |
• | claims by current or previous employees for unpaid wages; |
• | cyberattacks; |
• | Russia-related dealings; and |
• | the effects of COVID-19. |
• | unfavorable financial and economic conditions in Korea; |
• | tensions with North Korea; |
• | being subject to Korean corporate governance and disclosure standards; and |
• | risks associated with enforcing a foreign judgment against us. |
• | restrictions on withdrawal and deposit of common shares under the depositary facility; |
• | ownership of our shares being restricted under Korean law; |
• | no preemptive rights in certain circumstances; |
• | being affected by the volatility of the Korean securities market; |
• | dividend payments being affected by fluctuations in the exchange rate; and |
• | restriction on the depositary bank from converting and remitting dividends under emergency circumstances. |
• | Greenhouse Gas Emission Trading System, Related Emission Reduction Targets and the Greenhouse Gas Reduction Roadmap |
¡ |
In accordance with the Act on Allocation and Trading of Greenhouse Gas Emission Allowances enacted in March 2013, the Government implemented a greenhouse gas emission trading system under which the Government will allocate the amount of permitted greenhouse gas emission to companies by industry and a company whose business emits more carbon than the permitted amount is required to purchase the right to emit more carbon through the Korea Exchange. The categories of allowances traded include the Korean Allowance Unit (KAU), which is the |
emissions allowance allocated to applicable companies by the Government; Korean Credit Unit (KCU), which is a tradable unit converted from external carbon offset certifications including the Korean Offset Credit; and Korean Offset Credit (KOC), which is the verified carbon offset credit obtained by companies for reducing carbon emissions through absorption or otherwise. The greenhouse gas emission trading system is expected to be implemented in three stages. During the first phase (2015 to 2017), the Government gradually has set up and conducted a test run of the trading system to ensure its smooth operation, allocating the greenhouse gas emission allowances free of charge. In July 2018, the Government released the allocation plan for the second phase (2018 to 2020), during which 97% of the greenhouse gas emission allowances were allocated free of charge, with 3% allocated through an auction. During the third phase (2021 to 2025), the Government expanded the scale of the system with aggressive greenhouse gas emission reduction targets and allocating 10% of the greenhouse gas emission allowances through an auction. |
¡ |
In connection with the Climate Change Response Initiatives and the 2030 National Greenhouse Gas Reduction Roadmap announced by the Government in December 2016, the government subsequently announced the Long-term Low Greenhouse Gas Emission Development Strategies, which presents a long-term vision and national strategy for achieving carbon neutrality in 2050, and the Nationally Determined Contributions (“NDC”), which sets forth the greenhouse gas reduction targets by 2030. According to the Framework Act on Carbon Neutral and Green Growth to Cope with Climate Crisis and the latest figures of NDC announced by the Government, the target level in 2030 is 436.6 million tons and represents 40% reduction as compared to the level in 2018, and the target level for the electricity conversion sector as a whole which we are the part of is 149.9 million tons and represents 44.4% reduction. We cannot assure you that the reduction target will not be further raised in the future. Adhering to such emission and greenhouse gas reduction requirement may result in significant additional compliance costs. For example, the daily market price of the Korean Allowance Units (KAU), one of the categories of allowance traded on the Korea Exchange and allocated to applicable companies by the Government, was Won 8,640 per ton in early 2015, and the price has increased continuously thereafter, reaching its peak price at Won 42,500 per ton on April 2, 2020. Since then, the price has decreased due to the influence of COVID-19, and, as of the March 31, 2022, the price has been formed in the range of Won 23,000 per ton. We cannot predict how the price of the KAUs will fluctuate over time, and such volatility may adversely affect our results of operation, financial condition and cash flows. |
• | Obligatory and Voluntary Regulation of Coal-Fired Generation Units. |
to change, we expect to incur significant costs of complying with such measures, including in connection with more stringent particulate matter pollution regulations, retrofitting and overall replacement of environmental facilities. In 2021, our generation subsidiaries introduced a voluntary regulation to lower the output of coal-fired generation units, suspending the operations of up to 13 coal power generation plants and imposing a cap of 80% on the output of up to 40 coal-fired generation units. |
• | Coal and LNG Consumption Taxes |
• | Renewable Portfolio Standard |
2022 |
2023 |
2024 |
2025 |
2026 |
||||||||||||||||
Target Percentage under Renewable Portfolio Standard |
12.5 | % | 14.5 | % | 17.0 | % | 20.5 | % | 25.0 | % |
• | Renewable Energy Expansion Plan |
Plan and the Fifth Basic Plan on Renewable Energy announced in December 2020, the Government has set national targets of 82.2 gigawatts in renewable energy generation in 2034, with the goal of increasing the percentage of total electricity to be generated from renewable energy sources to 30% by 2030. |
• | New Energy Industry Fund. small-sized self-sustaining electricity generation grids known as “micro-grids,” among others, as well as invest in start-up companies, ventures, small- to medium-sized enterprise and project businesses that engage in these businesses but have not previously attracted sufficient capital from the private sector. |
• | Environmental and safety considerations in electricity supply and demand planning |
• | Renewable Energy 100. |
• | 2050 Carbon-Neutrality Declaration net-zero emission by 2050, the Korean national assembly has passed a non-binding resolution on September 24, 2020 to establish a special committee on climate change and urge the Government to meet its 2030 carbon reduction goal and bolster its efforts to achieve carbon neutrality by 2050. On November 27, 2020, the Government officially announced the Government’s commitment to implement policies in all areas of the industry to achieve Korea’s carbon neutrality by 2050. On December 10, 2020, the Government followed up with broad 2050 carbon neutrality development strategies. In May 2021, the Government launched a carbon neutrality committee which issued a preliminary draft of the carbon neutrality scenario in August 2021. After going through the process of collecting opinions from the consultative bodies in various sectors and citizen participation groups, the committee deliberated and finalized the 2050 carbon neutrality scenarios in October 2021. According to the two scenarios that have been finalized, both them will aim to achieve net-zero domestic carbon dioxide emissions by 2050. Scenario A will completely suspend thermal power generation, while scenario B will actively utilize technologies such as carbon capture, utilization and storage (CCUS) while allowing some thermal power generation to continue. If any specific regulation or policy affecting our business is announced or implemented, we may experience an increased regulatory scrutiny over carbon dioxide emission from our electricity generation activities and related projects |
overseas. We and our generation subsidiaries announced the 2050 Carbon-Neutrality Vision in November 2021 and will further invest in various renewable energy power generation projects, new business opportunities and core technology development with a goal of entirely replacing domestic coal power generation by 2050. In the process of pursuing such, our business strategy and investment plan may change from time to time and it may result in additional costs to us, including, among other things, increased production costs, additional taxes, reduced emission allowances or additional restrictions on production or operations, particularly as they may relate to our power generation business. In addition, the achievement of carbon neutrality by 2050 may be delayed or made impossible due to unexpected changes in policies or power market conditions including a major shift in the supply and demand of electricity. |
• | there may be restrictions on business diversification due to various regulations that we and our subsidiaries must comply with; |
• | new and expanded business activities may require unanticipated capital expenditures, although our revenue may not be sufficient to cover such expenditures; |
• | if domestic and foreign competitions intensify due to a limited pool of professionals and core technology to pursue new businesses, we may lose competitiveness; |
• | new and expanded business activities may result in less growth or profit than we currently anticipate, and there can be no assurance that such business activities will become profitable at the level we desire or at all; |
• | certain of our new and expanded businesses, particularly in the areas of renewable energy, require substantial Government subsidies to become profitable, and such subsidies may be substantially reduced or entirely discontinued; |
• | we may fail to identify and enter into new business opportunities in a timely fashion, putting us at a disadvantage vis-à-vis |
• | we may need to hire or retrain personnel to supervise and conduct the relevant business activities. |
• | challenges of complying with multiple foreign laws and regulatory requirements, including tax laws and laws regulating our operations and investments; |
• | volatility of overseas economic conditions, including fluctuations in foreign currency exchange rates; |
• | difficulties in enforcing creditors’ rights in foreign jurisdictions; |
• | risk of expropriation and exercise of sovereign immunity where the counterparty is a foreign government; |
• | difficulties in establishing, staffing and managing foreign operations; |
• | differing labor regulations; |
• | political and economic instability, natural calamities, war and terrorism; |
• | lack of familiarity with local markets and competitive conditions; |
• | changes in applicable laws and regulations in Korea that affect foreign operations; |
• | obstacles to the repatriation of earnings and cash; and |
• | environmental regulations and public complaints regarding overseas coal-fired power plants. |
• | disruption in the normal operations of our industrial and commercial customers, which in turn may decrease demand for electricity for such uses; |
• | the likelihood that the Government may not increase our tariff in a timely manner in an effort to ease the burden on the public, which will lead to a decrease in our revenue; |
• | an increase in unemployment among, and/or decrease in disposable income of, Korean consumers, which may decrease demand for electricity for residential use and the products and services of our industrial and commercial customers, thereby also leading to a decrease in demand for electricity for such uses; |
• | disruption in the supply of fuel and equipment from our suppliers; |
• | disruptions or delays in the construction of new generation facilities or maintenance and refurbishment of existing generation facilities; |
• | disruption in the normal operations of our business resulting from contraction of COVID-19 by our employees, which may necessitate our employees to be quarantined and/or our generation facilities or offices to be temporarily shut down; |
• | disruption resulting from the necessity for social distancing, including implementation of temporary adjustment of work arrangements requiring employees to work remotely, which may lead to a reduction in labor productivity; |
• | depreciation of the Won against major foreign currencies, which in turn may increase the cost of imported raw materials and equipment; |
• | unstable global and Korean financial markets, which may adversely affect our ability to meet our funding needs on a timely and cost-effective basis; |
• | significant or extended incline in the prices of LNG, which may lead to the replacement of thermal generation with LNG-combined cycle generation; |
• | impairments in the fair value of our investments in companies that may be adversely affected by the pandemic; and |
• | global inflation caused by expansionary monetary policies and global supply chain disruptions leading to higher commodity prices including fuels. |
• | the global uncertainty and economic recession caused by the novel coronavirus (COVID-19) and its likelihood to further spread in the general population and stifle Korea’s economic activities and also those of the other countries that have economic ties with Korea; |
• | increases in inflation levels, volatility in foreign currency reserve levels, commodity prices (including oil prices), exchange rates (particularly against the U.S. dollar), interest rates, stock market prices and inflows and outflows of foreign capital, either directly, into the stock markets, through derivatives or otherwise, including as a result of increased uncertainty in the wake of the United Kingdom’s formal exit from the European Union on January 31, 2020, commonly known as “Brexit”; |
• | difficulties in the financial sectors in Europe, China and elsewhere and increased sovereign default risks in certain countries and the resulting adverse effects on the global financial markets; |
• | adverse developments in the economies of countries and regions to which Korea exports goods and services (such as the United States, Europe, China and Japan), or in emerging market economies in Asia or elsewhere that could result in a loss of confidence in the Korean economy, including potentially as a result of the Brexit; |
• | potential escalation of the ongoing trade war between the U.S. and China as each country introduces tariffs on goods traded with the other; |
• | social and labor unrest or declining consumer confidence or spending resulting from lay-offs, increasing unemployment and lower levels of income; |
• | uncertainty and volatility and further increases in the market prices of Korean real estate; |
• | a decrease in tax revenues and a substantial increase in the Government’s expenditures for unemployment compensation and other social programs that together could lead to an increased Government budget deficit; |
• | political uncertainty, including as a result of increasing strife among or within political parties in Korea, and political gridlock within the Government or in the legislature, which prevents or disrupts timely and effective policy making to the detriment of Korean economy, as well as the impeachment and indictment of the former president following a series of scandals and social unrest, which also involved the investigation of several leading Korean conglomerates and arrest of their leaders on charges of bribery and other possible misconduct; |
• | deterioration in economic or diplomatic relations between Korea and its trading partners or allies, including deterioration resulting from territorial or trade disputes or disagreements in foreign policy, including as a result of any potential renegotiation of free trade agreements; |
• | increases in social expenditures to support the aging population in Korea or decreases in economic productivity due to the declining population size in Korea; |
• | any other development that has a material adverse effect in the global economy, such as an act of war, the spread of terrorism or a breakout of an epidemic such as SARS, avian flu, swine flu, Middle East Respiratory Syndrome, Ebola or Zika virus, or natural disasters, earthquakes and tsunamis and the related disruptions in the relevant economies with global repercussions; |
• | hostilities involving oil-producing countries in the Middle East and elsewhere and any material disruption in the supply of oil or a material increase in the price of oil resulting from such hostilities; and |
• | an increase in the level of tensions or an outbreak of hostilities in the Korean peninsula or between North Korea and the United States. |
• | In November 2017, North Korea conducted a test launch of another intercontinental ballistic missile, which, due to its improved size, power and range of distance, may potentially enable North Korea to target the United States mainland. |
• | Recently, on September 3, 2017, North Korea conducted its sixth nuclear test, claiming it had tested a hydrogen bomb that could be mounted on an intercontinental ballistic missile. In response, on September 12, 2017, the United Nations Security Council unanimously adopted a resolution imposing additional sanctions on North Korea including new limits on gas, petrol and oil imports, a ban on textile exports and measures to limit North Korean laborers from working abroad. |
• | On August 29, 2017, North Korea tested an intermediate-range ballistic missile which flew directly over northern Japan before landing in the Pacific Ocean. In response, the United Nations Security Council unanimously adopted a statement condemning such launch, reiterating demands that North Korea halt its ballistic missile and nuclear weapons programs. |
• | On July 4, 2017, North Korea tested its first intercontinental ballistic missile. In response, the U.S. government and the Government both issued statements condemning North Korea and conducted a joint military exercise on July 5, 2017. On July 28, 2017, North Korea tested a second intercontinental ballistic missile which landed in the Sea of Japan, inside Japan’s Economic Exclusion Zone. In response, on August 5, 2017, the United Nations Security Council unanimously adopted a resolution that strengthened sanctions on North Korea. The resolution includes a total ban on all exports of coal, iron, iron ore, lead, lead ore and seafood, which is expected to reduce North Korea’s export revenue by a third each year. |
• | In March 2017, North Korea launched four mid-range missiles, which landed off the east coast of the Korean peninsula. |
• | On September 9, 2016, North Korea conducted its fifth nuclear test, which has been the largest in scale among North Korea’s nuclear tests thus far. According to North Korean announcements, the test was successful in detonating a nuclear missile. The test created a sizable earthquake in South Korea. In response, in February 2017 the U.N. Security Council adopted Resolution 2321 (2016) against North Korea, the purpose of which is to strengthen its sanctions regime against North Korea and to condemn North Korea’s September 9, 2016 nuclear test in the strongest terms. |
• | On February 10, 2016, in retaliation of North Korea’s recent launch of a long-range rocket, South Korea announced that it would halt its operations of the Gaeseong Industrial Complex to impede North |
Korea’s utilization of funds from the industrial complex to finance its nuclear and missile programs. In response, North Korea announced on February 11, 2016 that it would expel all South Korean employees from the industrial complex and freeze all South Korean assets there. |
• | On February 7, 2016, North Korea launched a rocket, claimed by them to be carrying a satellite intended for scientific observation. The launch was widely suspected by the international community to be a cover for testing a long-range missile capable of carrying a nuclear warhead. On February 18, 2016, the President of the United States signed into law mandatory sanctions on North Korea to punish it for its recent nuclear and missile tests, human rights violations and cybercrimes. The bill, which marks the first measure by the United States to exclusively target North Korea, is intended to seize the assets of anyone engaging in business related to North Korea’s weapons program, and authorizes US$50 million over five years to transmit radio broadcasts into the country and support humanitarian assistance projects. On March 2, 2016, the United Nations Security Council voted unanimously to adopt a resolution to impose sanctions against North Korea, which include inspection of all cargo going to and from North Korea, a ban on all weapons trade and the expulsion of North Korean diplomats who engage in “illicit activities.” Also, on March 4, 2016, the European Union announced that it would expand its sanctions on North Korea, adding additional companies and individuals to its list of sanction targets. On April 1, 2016, North Korea fired a short-range surface-to-air |
• | On January 6, 2016, North Korea announced that it had successfully conducted its first hydrogen bomb test, hours after international monitors detected a 5.1 magnitude earthquake near a known nuclear testing site in the country. The claims have not been verified independently. The alleged test followed a statement made in the previous month by Kim Jong-un, who claimed that North Korea had developed a hydrogen bomb. |
• | In August 2015, two Korean soldiers were injured in a landmine explosion near the South Korean demilitarized zone. Claiming the landmines were set by North Koreans, the South Korean army re-initiated its propaganda program toward North Korea utilizing loudspeakers near the demilitarized zone. In retaliation, the North Korean army fired artillery rounds on the loudspeakers, resulting in the highest level of military readiness for both Koreas. High-ranking officials from North and South Korea subsequently met for discussions and entered into an agreement on August 25, 2015 intending to deflate military tensions. |
• | From time to time, North Korea has fired short- to medium-range missiles from the coast of the Korean peninsula into the sea. In March 2015, North Korea fired seven surface-to-air |
• | North Korea renounced its obligations under the Nuclear Non-Proliferation Treaty in January 2003 and conducted three rounds of nuclear tests between October 2006 to February 2013, which increased tensions in the region and elicited strong objections worldwide. In response, the United Nations Security Council unanimously passed resolutions that condemned North Korea for the nuclear tests and expanded sanctions against North Korea. |
• | shares by a depositary issuing depositary receipts representing such shares (whether newly issued shares or outstanding shares); |
• | shares by exercise of warrant, conversion right under convertible bonds, exchange right under exchangeable bonds or withdrawal right under depositary receipts issued outside of Korea; |
• | shares from the exercise of shareholders’ rights; or |
• | shares by gift, inheritance or bequest. |
• | a registration statement filed by us under the U.S. Securities Act of 1933, as amended, is in effect with respect to those shares; or |
• | the offering and sale of those shares is exempt from or is not subject to the registration requirements of the U.S. Securities Act. |
• | sudden fluctuations in interest rates or exchange rates; |
• | extreme difficulty in stabilizing the balance of payments; and |
• | a substantial disturbance in the Korean financial and capital markets. |
ITEM 4. |
INFORMATION ON THE COMPANY |
• | Establish power grid system which could further contribute to achieving carbon neutrality |
• | Expand clean energy and promote strategic demand response. |
• | Lead future energy market and improve sales competitiveness |
• | Lead platform-based new businesses |
• | Transform overseas business portfolio to focus on eco-friendly projects and core competencies. eco-friendly projects. We aim to improve our competency and profitability by strengthening our overseas business capacity. |
• | Secure future technologies and build a research and development (“R&D”) ecosystem |
• | Promote digitalization in overall supply chain |
• | Establish a highly reliable and highly efficient management system with respect to human beings and environment. |
Items |
Volume (Gigawatt hours) |
Percentage of Total Volume (%) |
Sales to KEPCO (2) (in billions of Won) |
Percentage of Total Sales (%) |
Unit Price (Won/kWh) |
|||||||||||||||||
Generation Companies |
KHNP | 154,842 | 28.9 | 9,069 | 17.6 | 58.57 | ||||||||||||||||
KOSEP | 43,824 | 8.2 | 4,581 | 8.9 | 104.54 | |||||||||||||||||
KOMIPO | 46,203 | 8.6 | 5,250 | 10.2 | 113.62 | |||||||||||||||||
KOWEPO | 44,469 | 8.3 | 4,825 | 9.3 | 108.51 | |||||||||||||||||
KOSPO | 48,605 | 9.1 | 5,654 | 11.0 | 116.33 | |||||||||||||||||
EWP | 41,530 | 7.7 | 4,604 | 8.9 | 110.86 | |||||||||||||||||
Others (1) |
156,513 | 29.2 | 17,586 | 34.1 | 112.36 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
535,985 | 100.0 | 51,569 | 100.0 | 96.21 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Energy Sources |
Nuclear | 150,163 | 28.0 | 8,451 | 16.4 | 56.28 | ||||||||||||||||
Bituminous coal | 186,813 | 34.9 | 19,001 | 36.9 | 101.71 | |||||||||||||||||
Anthracite coal | 1,654 | 0.3 | 172 | 0.3 | 103.92 | |||||||||||||||||
Oil | 2,110 | 0.4 | 460 | 0.9 | 218.12 | |||||||||||||||||
LNG/Combined-cycle | 163,079 | 30.4 | 19,955 | 38.7 | 122.37 | |||||||||||||||||
Renewables | 23,368 | 4.4 | 2,497 | 4.8 | 106.88 | |||||||||||||||||
Hydro | 2,349 | 0.4 | 253 | 0.5 | 107.64 | |||||||||||||||||
Pumped storage | 3,667 | 0.7 | 515 | 1.0 | 140.38 | |||||||||||||||||
Others | 2,785 | 0.5 | 265 | 0.5 | 95.06 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
535,985 | 100.0 | 51,569 | 100.0 | 96.21 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Load |
Base load | 338,629 | 63.2 | 27,624 | 53.6 | 81.57 | ||||||||||||||||
Non-base load |
197,356 | 36.8 | 23,945 | 46.4 | 121.33 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
535,985 | 100.0 | 51,569 | 100.0 | 96.21 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Others represent independent power producers that trade electricity through the cost-based pool system of power trading (excluding independent power producers that supply electricity under power purchase agreements with us). |
(2) | Based on the payment made by us through Korea Power Exchange. |
Number of Units |
Installed Capacity (1) |
Average Capacity Factor (2) |
||||||||||
(Megawatts) |
(%) |
|||||||||||
Nuclear |
24 | 23,250 | 74.5 | |||||||||
Thermal: |
||||||||||||
Coal |
53 | 32,559 | 60.5 | |||||||||
Oil |
3 | 1,200 | 14.2 | |||||||||
LNG |
4 | 1,400 | 9.6 | |||||||||
Total thermal |
60 | 35,159 | 56.8 | |||||||||
|
|
|
|
|
|
|||||||
Internal combustion |
214 | 177 | 31.7 | |||||||||
Combined-cycle (3) |
117 | 16,652 | 36.8 | |||||||||
Integrated gasification combined cycle (4) |
1 | 346 | 72.2 | |||||||||
Hydro |
61 | 5,358 | 10.1 | |||||||||
Wind |
16 | 168 | 13.3 | |||||||||
Solar |
236 | 329 | 17.1 | |||||||||
Fuel cell |
26 | 305 | 74.6 | |||||||||
Bio |
7 | 705 | 56.2 | |||||||||
Others (5) |
1 | 10 | 75.2 | |||||||||
|
|
|
|
|
|
|||||||
Total |
763 | 82,459 | 55.4 | |||||||||
|
|
|
|
|
|
(1) | Installed capacity represents the level of output that may be sustained continuously without significant risk of damage to plant and equipment. |
(2) | Average capacity factor represents the total number of kilowatt hours of electricity generated in the indicated period divided by the total number of kilowatt hours that would have been generated if the generation units were continuously operated at installed capacity, expressed as a percentage. |
(3) | Involves generation through gas and oil. |
(4) | Involves generation through coal and gasified coal. |
(5) | Includes waste-to-energy. |
2017 |
2018 |
2019 |
2020 |
2021 |
% of 2021 Gross Generation (1) |
|||||||||||||||||||
(in gigawatt hours, except percentages) |
||||||||||||||||||||||||
Electricity generated by us and our generation subsidiaries: |
||||||||||||||||||||||||
Nuclear |
148,426 | 133,505 | 145,910 | 160,184 | 158,015 | 27.4 | ||||||||||||||||||
Coal |
227,187 | 222,818 | 211,785 | 178,808 | 172,419 | 29.9 | ||||||||||||||||||
Oil |
5,225 | 5,845 | 1,842 | 1,504 | 1,494 | 0.3 | ||||||||||||||||||
LNG |
220 | — | — | 587 | 1,177 | 0.2 | ||||||||||||||||||
Internal combustion |
513 | 529 | 579 | 405 | 491 | 0.1 | ||||||||||||||||||
Combined-cycle |
36,957 | 46,780 | 39,049 | 41,446 | 53,609 | 9.3 | ||||||||||||||||||
Hydro |
5,263 | 5,187 | 4,477 | 4,501 | 4,762 | 0.8 | ||||||||||||||||||
Wind |
209 | 195 | 192 | 202 | 195 | 0.0 | ||||||||||||||||||
Solar |
142 | 183 | 209 | 236 | 493 | 0.1 | ||||||||||||||||||
Fuel cells |
273 | 527 | 1,036 | 1,528 | 1,993 | 0.3 | ||||||||||||||||||
Others |
2,069 | 2,758 | 3,991 | 5,121 | 5,725 | 1.0 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total generation by us and our generation subsidiaries |
426,484 | 418,327 | 409,070 | 394,522 | 400,373 | 69.4 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Electricity generated by IPPs: |
||||||||||||||||||||||||
Thermal |
103,727 | 125,830 | 124,128 | 123,856 | 140,891 | 24.4 | ||||||||||||||||||
Hydro, other renewable and others |
23,319 | 26,490 | 29,842 | 33,784 | 35,454 | 6.2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total generation by IPPs |
127,046 | 152,320 | 153,970 | 157,640 | 176,345 | 30.6 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Gross generation |
553,530 | 570,647 | 563,040 | 552,162 | 576,718 | 100 | ||||||||||||||||||
Auxiliary use (2) |
21,707 | 21,390 | 21,573 | 21,135 | 21,254 | 3.7 | ||||||||||||||||||
Pumped-storage (3) |
5,477 | 5,106 | 4,588 | 4,351 | 4,856 | 0.8 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total net generation (4) |
526,346 | 544,151 | 536,879 | 526,676 | 550,608 | 95.5 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Transmission and distribution losses (5) |
18,790 | 19,359 | 19,000 | 18,610 | 19,424 | 3.5 |
(1) | Unless otherwise indicated, percentages are based on gross generation. |
(2) | Auxiliary use represents electricity consumed by generation units in the course of generation. |
(3) | Pumped storage represents electricity consumed during low demand periods in order to store water which is utilized to generate hydroelectric power during peak demand periods. |
(4) | Total net generation represents gross generation minus auxiliary and pumped-storage use. |
(5) | Transmission and distribution losses rate represents total transmission and distribution losses divided by total net generation. |
2017 |
2018 |
2019 |
2020 |
2021 |
||||||||||||||||
(Megawatts) |
||||||||||||||||||||
Total capacity |
116,657 | 117,205 | 121,147 | 127,819 | 131,330 | |||||||||||||||
Peak load |
85,133 | 92,478 | 90,314 | 89,091 | 91,141 | |||||||||||||||
Average load |
63,188 | 65,142 | 64,274 | 62,860 | 65,835 |
Number of Units |
Installed Capacity (1) |
Average Capacity Factor (2) |
||||||||||
(Megawatts) |
(%) |
|||||||||||
Nuclear |
24 | 23,250 | 74.5 | |||||||||
Hydroelectric |
53 | 5,307.475 | 10.0 | |||||||||
Solar |
45 | 61.94 | 15.2 | |||||||||
Wind |
1 | 0.75 | — | |||||||||
|
|
|
|
|||||||||
Total |
123 | 28,620.16 | ||||||||||
|
|
|
|
(1) | Installed capacity represents the level of output that may be sustained continuously without significant risk of damage to plant and equipment. |
(2) | Average capacity factor represents the total number of kilowatt hours of electricity generated in the indicated period divided by the total number of kilowatt hours that would have been generated if the generation units were continuously operated at installed capacity, expressed as a percentage. |
Unit (5) |
Reactor Type (1) |
Reactor Design (2) |
Turbine and Generation (3) |
Commencement of Operations |
Installed Capacity |
Average Capacity Factor(4) (%) |
||||||||||||||
(Megawatts) |
||||||||||||||||||||
Kori-2 |
PWR | W | GEC | 1983 | 650 | 97.9 | ||||||||||||||
Kori-3 |
PWR | W | GEC, Hitachi | 1985 | 950 | 63.2 | ||||||||||||||
Kori-4 |
PWR | W | GEC, Hitachi | 1986 | 950 | 63.9 | ||||||||||||||
Shin-Kori-1 |
PWR | D, KEPCO E&C, W | D, GE | 2011 | 1,000 | 78.7 | ||||||||||||||
Shin-Kori-2 |
PWR | D, KEPCO E&C, W | D, GE | 2012 | 1,000 | 84.1 | ||||||||||||||
Shin-Kori-3 |
PWR | D, KEPCO E&C, W | D, GE | 2016 | 1,400 | 75.6 | ||||||||||||||
Shin-Kori-4 |
PWR | D, KEPCO E&C, W | D, GE | 2019 | 1,400 | 74.3 | ||||||||||||||
Wolsong-2 |
PHWR | AECL, H, K | H, GE | 1997 | 700 | 93.9 | ||||||||||||||
Wolsong-3 |
PHWR | AECL, H | H, GE | 1998 | 700 | 89.1 | ||||||||||||||
Wolsong-4 |
PHWR | AECL, H | H, GE | 1999 | 700 | 85.9 | ||||||||||||||
Shin-Wolsong-1 |
PWR | D, KEPCO E&C, W | D, GE | 2012 | 1,000 | 76.9 | ||||||||||||||
Shin-Wolsong-2 |
PWR | D, KEPCO E&C, W | D, GE | 2015 | 1,000 | 87.2 | ||||||||||||||
Hanbit-1 |
PWR | W | W, D | 1986 | 950 | 72.6 | ||||||||||||||
Hanbit-2 |
PWR | W | W, D | 1987 | 950 | 98.2 | ||||||||||||||
Hanbit-3 |
PWR | H, CE, K | H, GE | 1995 | 1,000 | 100.1 | ||||||||||||||
Hanbit-4 |
PWR | H, CE, K | H, GE | 1996 | 1,000 | 0.0 | ||||||||||||||
Hanbit-5 |
PWR | D, CE, W, KEPCO E&C | D, GE | 2002 | 1,000 | 18.7 | ||||||||||||||
Hanbit-6 |
PWR | D, CE, W, KEPCO E&C | D, GE | 2002 | 1,000 | 62.4 | ||||||||||||||
Hanul-1 |
PWR | F | A | 1988 | 950 | 95.2 | ||||||||||||||
Hanul-2 |
PWR | F | A | 1989 | 950 | 74.0 | ||||||||||||||
Hanul-3 |
PWR | H, CE, K | H, GE | 1998 | 1,000 | 66.2 | ||||||||||||||
Hanul-4 |
PWR | H, CE, K | H, GE | 1999 | 1,000 | 70.9 | ||||||||||||||
Hanul-5 |
PWR | D, KEPCO E&C, W | D, GE | 2004 | 1,000 | 84.9 | ||||||||||||||
Hanul-6 |
PWR | D, KEPCO E&C, W | D, GE | 2005 | 1,000 | 100.0 | ||||||||||||||
|
|
|
|
|||||||||||||||||
Total nuclear |
23,250 | 74.5 | ||||||||||||||||||
|
|
|
|
(1) | “PWR” means pressurized light water reactor; “PHWR” means pressurized heavy water reactor. |
(2) | “W” means Westinghouse Electric Corporation (U.S.A.); “AECL” means Atomic Energy of Canada Limited (Canada); “F” means Framatome (France); “H” means Hanjung; “CE” means Combustion Engineering (U.S.A.); “D” means Doosan Heavy Industries & Construction Co., Ltd.; “K” means Korea Atomic Energy Research Institute; “KEPCO E&C” means KEPCO Engineering & Construction. |
(3) | “GEC” means General Electric Company (U.K.); “W” means Westinghouse Electric Corporation (U.S.A.); “A” means Alstom (France); “H” means Hanjung; “GE” means General Electric (U.S.A.); “D” means Doosan Heavy Industries & Construction Co., Ltd.; “Hitachi” means Hitachi Ltd. (Japan). |
(4) | The average fuel cost per kilowatt in 2021 for the entire generation units, including nuclear fuel cost, power purchase cost and material cost, was Won 7.75 per kilowatt. Hanbit-4 Unit was under an overhaul during 2021 as we had planned. |
(5) | Kori-1 was permanently shut down on June 18, 2017. Shin-Kori-4 commenced operations on August 29, 2019. On December 24, 2019, the NSSC approved the permanent shutdown of Wolsong #1. |
Location of Unit |
Number of Units |
Classification |
Year Built |
Installed Capacity |
Average Capacity Factor |
|||||||||||||||
(Megawatts) |
(%) |
|||||||||||||||||||
Hwacheon |
4 | Dam waterway | 1944 | 108.0 | 13.9 | |||||||||||||||
Chuncheon |
2 | Dam | 1965 | 62.28 | 15.1 | |||||||||||||||
Euiam |
2 | Dam | 1967 | 48.0 | 24.4 | |||||||||||||||
Cheongpyung |
4 | Dam | 1943 | 140.1 | 17.1 | |||||||||||||||
Paldang |
4 | Dam | 1973 | 120.0 | 31.2 | |||||||||||||||
Chilbo (Seomjingang) |
3 | Basin deviation | 1945 | 35.4 | 23.3 | |||||||||||||||
Boseonggang |
2 | Basin deviation | 1937 | 4.5 | 39.4 | |||||||||||||||
Kwoesan |
2 | Dam | 1957 | 2.8 | 35.6 | |||||||||||||||
Anheung (GangLim) |
3 | Dam waterway | 1978 | 0.4 | 3.3 | |||||||||||||||
Kangreung |
2 | Basin deviation | 1991 | 82.0 | 0.0 | |||||||||||||||
Topyeong |
1 | Dam | 2011 | 0.045 | 12.4 | |||||||||||||||
Muju |
1 | Dam | 2003 | 0.4 | 10.0 | |||||||||||||||
Sancheong |
2 | Dam | 2001 | 0.995 | 39.9 | |||||||||||||||
Yangyang |
2 | Dam | 2005 | 1.4 | 38.3 | |||||||||||||||
Yangyang |
1 | Dam | 2020 | 0.15 | 75.2 | |||||||||||||||
Yecheon |
1 | Dam | 2011 | 0.9 | 19.8 | |||||||||||||||
Yecheon (Mini) |
1 | Dam | 2018 | 0.025 | 90.8 | |||||||||||||||
Cheongpeoung |
2 | Pumped Storage | 1980 | 400.0 | 9.3 | |||||||||||||||
Samrangjin |
2 | Pumped Storage | 1985 | 600.0 | 11.1 | |||||||||||||||
Muju |
2 | Pumped Storage | 1995 | 600.0 | 12.0 | |||||||||||||||
Sancheong |
2 | Pumped Storage | 2001 | 700.0 | 12.0 | |||||||||||||||
Yangyang |
4 | Pumped Storage | 2006 | 1,000.0 | 10.7 | |||||||||||||||
Cheongsong |
2 | Pumped Storage | 2006 | 600.0 | 8.9 | |||||||||||||||
Yecheon |
2 | Pumped Storage | 2011 | 800.0 | 0.0 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Total |
53 | 5,307.475 | 10.0 | |||||||||||||||||
|
|
|
|
|
|
Location of Unit |
Classification |
Year Built |
Installed Capacity |
Average Capacity Factor |
||||||||||
(Megawatts) |
(%) |
|||||||||||||
Yonggwang |
Solar | 2008-2021 |
21.56 | 15.3 | ||||||||||
Yecheon |
Solar | 2012 | 2.01 | 14.9 | ||||||||||
Kori |
Wind | 2008 | 0.75 | 0.0 | ||||||||||
Kori |
Solar | 2017-2021 |
6.85 | 17.3 | ||||||||||
Gapyeong |
Solar | 2017 | 0.07 | 14.8 | ||||||||||
Hydro Technical Training Center |
Solar | 2017 | 0.09 | 14.2 | ||||||||||
Cheongpyung |
Solar | 2018 | 0.09 | 14.3 | ||||||||||
Cheongsong |
Solar | 2018-2021 |
4.49 | 15.9 | ||||||||||
Kwoesan |
Solar | 2018 | 0.25 | 15.1 | ||||||||||
Boseonggang |
Solar | 2018 | 1.99 | 13.0 | ||||||||||
Samrangjin |
Solar | 2019 | 2.77 | 15.2 | ||||||||||
Yeoncheon |
Solar | 2020 | 0.99 | 14.3 | ||||||||||
Jeju |
Solar | 2020-2021 |
14.08 | 13.6 | ||||||||||
Gyeongju |
Solar | 2020-2021 |
6.67 | 15.1 | ||||||||||
|
|
|||||||||||||
Total |
62.69 | |||||||||||||
|
|
Weighted Average Age of Units |
Installed Capacity |
Average Capacity Factor |
Average Fuel Cost per kWh |
|||||||||||||
(Years) |
(Megawatts) |
(%) |
(Won) |
|||||||||||||
Bituminous: |
||||||||||||||||
Samcheonpo #3, 4, 5, 6 |
26.2 | 2,120 | 42.4 | 63.5 | ||||||||||||
Yeongheung #1, 2, 3, 4, 5, 6 |
12.7 | 5,080 | 65.4 | 63.3 | ||||||||||||
Yeosu # 2 |
7.8 | 668.6 | 61.8 | 92.4 | ||||||||||||
Combined cycle and internal Combustion: |
||||||||||||||||
Bundang gas turbine #1,2,3,4,5,6,7,8; steam turbine #1, 2 |
28 | 922.1 | 28.9 | 135.5 | ||||||||||||
Hydro, Solar and other renewable energy |
489.6 | 55.3 | 137.9 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
23.4 | 9,280.3 | 55.2 | 73.1 | ||||||||||||
|
|
|
|
|
|
|
|
Weighted Average Age of Units |
Installed Capacity |
Average Capacity Factor |
Average Fuel Cost per kWh |
|||||||||||||
(Years) |
(Megawatts) |
(%) |
(Won) |
|||||||||||||
Bituminous: |
||||||||||||||||
Boryeong #3, 4, 5, 6, 7, 8 |
22.96 | 3,050 | 59.08 | 61.55 | ||||||||||||
Shin Boryeong #1, 2 |
4.46 | 2,038 | 68.72 | 55.54 | ||||||||||||
Shin Seocheon #1 |
0.58 | 1,018 | 58.30 | 76.95 | ||||||||||||
Oil-fired: |
||||||||||||||||
Jeju #2, 3 |
21.46 | 150 | 48.79 | 302.10 | ||||||||||||
Combined-cycle and internal combustion: |
||||||||||||||||
Boryeong gas turbine #1, 2, 3, 4, 5, 6; steam turbine #1, 2, 3 |
22.82 | 1,350 | 14.98 | 113.39 | ||||||||||||
Incheon gas turbine #1, 2, 3, 4, 5, 6; steam turbine #1, 2, 3 |
12.88 | 1,462.45 | 34.09 | 110.70 | ||||||||||||
Seoul gas turbine #1, 2; steam turbine #1, 2 |
2.38 | 738.35 | 71.60 | 89.95 | ||||||||||||
Jeju gas turbine #1, 2; steam turbine #1, 2 |
3.51 | 228.73 | 54.25 | 113.44 | ||||||||||||
Sejong gas turbine #1, 2; steam turbine #1 |
8.17 | 530.44 | 78.05 | 94.96 | ||||||||||||
Jeju Internal Combustion Engine #1,2 |
14.58 | 80 | 27.46 | 159.97 | ||||||||||||
Wind: |
||||||||||||||||
Yangyang #1, 2 |
15.58 | 3 | 15.62 | 6.59 | ||||||||||||
Sejong Maebongsan Wind |
15.47 | 8.80 | — | — | ||||||||||||
Jeju Sangmyung Wind |
5.5 | 21 | 15.63 | 2.69 | ||||||||||||
Combined heat and power: |
||||||||||||||||
Wonju #1 |
6.67 | 10 | 75.17 | 84.55 | ||||||||||||
Hydroelectric: |
||||||||||||||||
Boryeong |
12.86 | 7.50 | 15.41 | 0.46 | ||||||||||||
Shin Boryeong |
5.25 | 5 | 38.52 | 0.01 | ||||||||||||
Shin Seocheon |
0.58 | 2.59 | 22.51 | 0.0007 | ||||||||||||
Photovoltaic (“PV”) power and fuel cell generation: |
||||||||||||||||
Boryeong (PV) site |
4.32 | 3.11 | 13.48 | 3.67 | ||||||||||||
Shin Boryeong (PV) site |
5.58 | 2.90 | 13.61 | 0.01 | ||||||||||||
Seocheon (PV) site |
14 | 1.23 | 12.40 | 0.0003 | ||||||||||||
Jeju (PV) site |
4.84 | 4.29 | 11.42 | 0.42 | ||||||||||||
Seoul (PV) site |
10.42 | 1.30 | 14.43 | 4.55 | ||||||||||||
Sejong (PV) site |
4.08 | 0.33 | 13.98 | 0.001 | ||||||||||||
Yeosu (PV) site |
9.83 | 2.22 | 15.03 | 0.0003 | ||||||||||||
Incheon (PV) site |
4.18 | 1.58 | 13.65 | 0.001 | ||||||||||||
Shin Boryeong (fuel cell) site |
4.17 | 7.48 | 72.05 | 148.24 | ||||||||||||
Incheon (fuel cell) site |
1.92 | 15.84 | 94.26 | 132.22 | ||||||||||||
Seoul (fuel cell) site |
1.25 | 6 | 93.23 | 78.77 | ||||||||||||
Sejong (fuel cell) site |
1.92 | 5.28 | 94.62 | 101.29 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
13.14 | 10,755.46 | 52.81 | 77.90 | ||||||||||||
|
|
|
|
|
|
|
|
Weighted Average Age of Units |
Installed Capacity |
Average Capacity Factor |
Average Fuel Cost per kWh |
|||||||||||||
(Years) |
(Megawatts) |
(%) |
(Won) |
|||||||||||||
Bituminous: |
||||||||||||||||
Taean #1, 2, 3, 4, 5, 6, 7, 8, 9, 10 |
15.7 | 6,100 | 59.1 | 63.58 | ||||||||||||
LNG-fired: |
||||||||||||||||
Pyeongtaek #1, 2, 3, 4 (1) |
40.1 | 1,400 | 9.6 | 143.85 | ||||||||||||
Combined cycle: |
||||||||||||||||
Pyeongtaek #2 |
7.2 | 868.5 | 65.7 | 97.84 | ||||||||||||
Gunsan |
11.6 | 718.4 | 28.7 | 118.30 | ||||||||||||
West Incheon |
29.1 | 1,800 | 28.6 | 112.74 | ||||||||||||
Hydroelectric: |
||||||||||||||||
Taean |
14.3 | 7.2 | 19.2 | — | ||||||||||||
Solar: |
||||||||||||||||
Taean |
4.4 | 17.3 | 13.4 | — | ||||||||||||
Pyeongtaek |
4.5 | 3.9 | 13.0 | — | ||||||||||||
West Incheon |
4.5 | 1.2 | 12.8 | — | ||||||||||||
Gunsan |
6.2 | 1.0 | 16.5 | — | ||||||||||||
Samryangjin |
14.1 | 3.0 | 14.2 | — | ||||||||||||
Sejong City |
9.5 | 5.0 | 13.3 | — | ||||||||||||
Gyeonggi-do |
8.7 | 2.5 | 13.8 | — | ||||||||||||
Yeongam |
8.8 | 13.3 | 15.3 | — | ||||||||||||
Goheung |
2.7 | 1.0 | 14.9 | — | ||||||||||||
Fuel Cell: |
||||||||||||||||
West Incheon 1 |
6.7 | 16.6 | 40.2 | 146.29 | ||||||||||||
West Incheon 2 |
2.4 | 60.3 | 76.0 | 134.25 | ||||||||||||
Cheonan Cheongsu |
2 | 5.3 | 85.3 | 147.96 | ||||||||||||
Hwaseong Namyang |
0.5 | 20.2 | 79.5 | 158.29 | ||||||||||||
Gyeonggi Uiwang |
0.4 | 9.9 | 95.5 | 114.82 | ||||||||||||
Daejeon Hakha |
0.1 | 6.2 | 84.1 | 112.64 | ||||||||||||
Wind Power: |
||||||||||||||||
Hwasun |
6 | 16 | 16.4 | — | ||||||||||||
Jangheung |
0.3 | 18 | 9.9 | — | ||||||||||||
Integrated gasification combined cycle: |
||||||||||||||||
Taean |
5.4 | 346.3 | 72.2 | 56.14 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
19.5 | 11,441.1 | 47.0 | 77.09 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Pyeongtaek #1, 2, 3 and 4 were converted into LNG-fired power plant in February 2020. |
Weighted Average Age of Units |
Installed Capacity |
Average Capacity Factor |
Average Fuel Cost per kWh |
|||||||||||||
(Years) |
(Megawatts) |
(%) |
(Won) |
|||||||||||||
Bituminous: |
||||||||||||||||
Hadong #1, 2, 3, 4, 5, 6, 7, 8 |
20.6 | 4,000 | 64.8 | 63.3 | ||||||||||||
Samcheok #1, 2 |
4.8 | 2,044 | 59.5 | 72.3 | ||||||||||||
Combined cycle: |
||||||||||||||||
Shin Incheon #1, 2, 3, 4 |
24.4 | 1,800 | 36.2 | 109.9 | ||||||||||||
Busan #1, 2, 3, 4 |
18.2 | 1,800 | 46.3 | 102.5 | ||||||||||||
Yeongwol #1 |
11.2 | 848 | 10.9 | 113.8 | ||||||||||||
Hallim |
24.4 | 105 | 50.8 | 141.2 | ||||||||||||
Andong #1 |
7.8 | 362 | 52.7 | 88.7 | ||||||||||||
Nam Jeju #1 |
1.1 | 146 | 9.2 | 248.9 | ||||||||||||
Bio Oil: |
||||||||||||||||
Nam Jeju #1, 2 |
15 | 200 | 43.8 | 289.0 | ||||||||||||
Wind power: |
||||||||||||||||
Hankyung |
15.2 | 21 | 19.8 | 1.4 | ||||||||||||
Seongsan |
12.2 | 20 | 21.5 | 1.0 | ||||||||||||
Solar |
4.8 | 34 | 14.1 | 0.2 | ||||||||||||
Small Hydropower |
4.4 | 3 | 45.3 | 0.0 | ||||||||||||
Fuel Cell |
2.2 | 94 | 91.3 | 133.5 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
16.3 | 11,477 | 50.8 | 83.1 | ||||||||||||
|
|
|
|
|
|
|
|
Weighted Average Age of Units |
Installed Capacity |
Average Capacity Factor |
Average Fuel Cost per kWh |
|||||||||||||
(Years) |
(Megawatts) |
(%) |
(Won) |
|||||||||||||
Bituminous: |
||||||||||||||||
Dangjin #1, 2, 3, 4, 5, 6, 7, 8, 9, 10 |
14.0 | 6,040 | 54.8 | 63.3 | ||||||||||||
Anthracite: |
||||||||||||||||
Donghae #1, 2 |
22.8 | 400 | 52.9 | 96.0 | ||||||||||||
Oil-fired: |
||||||||||||||||
Ulsan #4, 5, 6 |
41.4 | 1,200 | 14.2 | 201.5 | ||||||||||||
Combined cycle: |
||||||||||||||||
Ulsan gas turbine #1, 2, 3, 4, 5, 6, 7, 8; steam turbine #1, 2, 3, 4 |
18.0 | 2,072 | 39.5 | 102.7 | ||||||||||||
Ilsan gas turbine #1, 2, 3, 4, 5, 6; steam turbine #1, 2 |
27.8 | 900 | 15.6 | 146.3 | ||||||||||||
Mini hydro, Photovoltaic, Fuel Cell, Wind-Power, Biomass: |
164 | 40.3 | 71.9 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
20.7 | 11,276 | 44.6 | 79.7 | ||||||||||||
|
|
|
|
|
|
|
|
Power Plant |
Capacity |
Completed (Year) |
Extension |
Company | ||||
Taean #1 - 10 |
6,100 MW (500 MW×8, 1,050 MW×2) |
EP (1) EP upgrade (#6, 2010) EP upgrade (#2, 2016) EP upgrade (#1, 2017) EP upgrade (#3, 4, 2018) SCR (2) SCR upgrade (#1, 8, 2017) SCR upgrade (#3, 5, 6, 2018) FGD (5) FGD upgrade (#2, 3, 4, 2018) |
Anti-pollution | KOWEPO | ||||
Pyeongtaek #1- 4 |
1,400 MW (350 MW×4) |
Steam turbine upgrade (#2, 3, 2014) | 10-year performance-improvement |
KOWEPO | ||||
Boryeong #3 - 6 |
2,000 MW (500 MW×8) |
Retrofit (#3, 2019) Retrofit (#4, 2022) Conversion into LNG-fired plant(#5, 6, 2021) |
Lifetime extension Conversion into LNG-fired Plant |
KOMIPO | ||||
Boryeong #7, 8 |
1,000 MW (500 MW×2) |
FGD, EP upgrade (#7, 2025) FGD, EP upgrade (#8, 2026) |
Performance-improvement | KOMIPO | ||||
Yeosu #1, 2 |
668.6MW (#1:340, #2:328.6MW) |
Boiler Type Change (CFBC (3) |
30 years | KOSEP | ||||
Samcheonpo #5, 6 |
1,000 MW (500 MW ×2) |
EP upgrade(2016 ~ 2017), FGD, SCR, WESP (6) (2019 ~ 2020) |
Anti-pollution | KOSEP | ||||
Yeongheung #1, 2 |
1,600 MW (800 MW ×2) |
EP, FGD, SCR Upgrade (2022) | Anti-pollution | KOSEP | ||||
Yeongdong #1. 2 |
325 MW (#1:125, #2:200 MW) |
Boiler, Hybrid SCR & EP, Draft System Retrofit (Biomass ( 4 ) #1: 2017, #2: 2020) |
Renewable energy | KOSEP | ||||
Dangjin #1 - 4 |
2,000MW (500MW×4) |
FGD, EP, SCR upgrade (2022) | Performance-improvement | EWP | ||||
Dangjin #5 - 8 |
2,000MW (500MW×4) |
FGD, EP, SCR upgrade (2024) | Performance-improvement | EWP | ||||
Dangjin #9 - 10 |
2,040MW (1,020MW×2) |
FGD, EP, SCR upgrade (2026) | Performance-improvement | EWP | ||||
Donghae #1, 2 |
400 MW (200 MW×2) |
FGD (2022) | Anti-pollution & modification of control systems | EWP |
Power Plant |
Capacity |
Completed (Year) |
Extension |
Company | ||||
Hadong #1 - 8 |
4,000 MW (500 MW×8) |
SCR Upgrade (#5. 2016) SCR Upgrade (#2,3,5. 2017) SCR Upgrade (#1,4,6,7. 2018) SCR Upgrade (#8. 2019) FGD Upgrade (#6, 2018) FGD Upgrade (#2, 3, 2019) FGD Upgrade (#4 2020) FGD Upgrade (#5 2021) |
Anti-pollution | KOSPO |
(1) | “EP” means an electrostatic precipitation system. |
(2) | “SCR” means a selective catalytic reduction system. |
(3) | “CFBC” means a circulating fluidized bed combustion system. |
(4) | “Biomass” means wood pallet powered plant. |
(5) | “FGD” means flue-gas desulfurization designed to remove sulfur oxides. |
(6) | “WESP” means wet electrostatic precipitator. |
2017 |
2018 |
2019 |
2020 |
2021 |
||||||||||||||||
Growth in GDP |
3.1 | % | 2.7 | % | 2.0 | % | (1.0 | )% | 4.0 | % | ||||||||||
Growth in electricity consumption |
2.2 | % | 3.6 | % | (1.1 | )% | (2.2 | )% | 4.7 | % |
2017 (GWh) |
YoY growth (%) |
2018 (GWh) |
YoY growth (%) |
2019 (GWh) |
YoY growth (%) |
2020 (GWh) |
YoY growth (%) |
2021 (GWh) |
YoY growth (%) |
% of Total 2021 |
||||||||||||||||||||||||||||||||||
Residential |
68,544 | 0.7 | 72,895 | 6.3 | 72,639 | (0.4 | ) | 76,303 | 5.0 | 79,915 | 4.7 | 15.0 | ||||||||||||||||||||||||||||||||
Commercial |
111,298 | 2.5 | 116,934 | 5.1 | 116,227 | (0.6 | ) | 113,639 | (2.2 | ) | 119,550 | 5.2 | 22.4 | |||||||||||||||||||||||||||||||
Educational |
8,316 | 2.9 | 8,678 | 4.3 | 8,561 | (1.4 | ) | 7,515 | (12.2 | ) | 8,423 | 12.1 | 1.6 | |||||||||||||||||||||||||||||||
Industrial |
285,969 | 2.6 | 292,999 | 2.5 | 289,240 | (1.3 | ) | 278,660 | (3.7 | ) | 291,333 | 4.6 | 54.6 | |||||||||||||||||||||||||||||||
Agricultural |
17,251 | 4.0 | 18,504 | 7.3 | 18,882 | 2.0 | 19,029 | 0.8 | 20,603 | 8.3 | 3.9 | |||||||||||||||||||||||||||||||||
Street lighting |
3,557 | 2.7 | 3,582 | 0.7 | 3,571 | (0.3 | ) | 3,507 | (1.8 | ) | 3,445 | (1.8 | ) | 0.6 | ||||||||||||||||||||||||||||||
Overnight Power |
12,811 | (4.5 | ) | 12,557 | (2.0 | ) | 11,379 | (9.4 | ) | 10,616 | (6.7 | ) | 10,162 | (4.3 | ) | 1.9 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total |
507,746 | 2.2 | 526,149 | 3.6 | 520,499 | (1.1 | ) | 509,270 | (2.2 | ) | 533,431 | 4.7 | 100.0 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
2018 |
2019 |
2020 |
2021 |
||||||||||||||||
Facility reserve margin |
37.0 | % | 26.7 | % | 36.2 | % | 43.5 | % | 44.1 | % | ||||||||||
Supply reserve margin |
12.9 | % | 7.7 | % | 6.7 | % | 9.9 | % | 10.5 | % |
• | net utility plant in service (which is equal to utility plant minus accumulated depreciation minus revaluation reserve); |
• | the portion of working capital which is equal to the appropriate level of operating costs minus depreciation and other non-cash charges while taking into account the actual time of cost recovery; and |
• | the portion of construction-in-progress |
• | Industrial |
• | Commercial |
• | Residential |
• | Educational |
• | Agricultural |
• | Street-lighting |
2019 |
2020 |
2021 |
||||||||
(In billions of Won) |
||||||||||
W |
15,795 | W |
15,485 | W |
13,964 |
Year |
Number of Units |
Type of Units |
Total Installed Capacity |
|||||
(Megawatts) |
||||||||
2022 |
1 | Nuclear power | 1,400 | |||||
36 | Renewables | 186 | ||||||
2023 |
1 | Nuclear power | 1,400 | |||||
1 | LNG-combined |
495 | ||||||
26 | Renewables | 300 | ||||||
2024 |
1 | Nuclear power | 1,400 | |||||
2 | LNG-combined |
1,158 | ||||||
12 | Renewables | 211 | ||||||
2025 |
1 | Nuclear power | 1,400 | |||||
3 | LNG-combined |
1,500 | ||||||
To be determined | Renewables | To be determined |
2022 |
2023 |
2024 |
Total |
|||||||||||||
(in billions of Won) |
||||||||||||||||
Generation (1) : |
||||||||||||||||
Nuclear |
W |
3,141 | W |
2,851 | W |
2,252 | W |
8,244 | ||||||||
Thermal |
3,392 | 3,544 | 4.169 | 11,105 | ||||||||||||
Renewables and others |
969 | 1,237 | 1,184 | 3,390 | ||||||||||||
|
|
|
|
|
|
|||||||||||
Sub-total |
7,502 | 7,632 | 7,605 | 22,739 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Transmission and Distribution: |
||||||||||||||||
Transmission |
2,794 | 2,954 | 3,028 | 8,776 | ||||||||||||
Distribution |
3,613 | 3,933 | 3,987 | 11,533 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Sub-total |
6,407 | 6,887 | 7,015 | 20,809 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Others (2) |
1,451 | 1,653 | 1,513 | 4,617 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
W |
15,360 | W |
16,172 | W |
16,133 | W |
47,665 | ||||||||
|
|
|
|
|
|
|
|
(1) | The budgeted amounts for our generation facilities are based on the Ninth Basic Plan, as amended. |
(2) | Principally consists of investments in telecommunications and new energy industry projects, among others. |
KOSEP |
KOMIPO |
KOWEPO |
KOSPO |
EWP |
||||||||||||||||
Flue Gas Desulfurization System |
14 | 13 | 10 | 10 | 13 | |||||||||||||||
Selective Non-catalytic Reduction System |
1 | — | 1 | — | 5 | |||||||||||||||
Selective Catalytic Reduction System |
24 | 25 | 19 | 26 | 27 | |||||||||||||||
Electrostatic Precipitation System |
16 | 15 | 10 | 12 | 15 | |||||||||||||||
Low NO2 Combustion System |
22 | 402 | 27 | 34 | 25 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
77 | 455 | 67 | 82 | 85 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Year (1) |
SOx (g/MWh) |
NOx (g/MWh) |
TSP (2) (g/MWh) |
CO 2 (kg/MWh) |
||||||||||||
2017 |
138 | 177 | 7 | 506 | ||||||||||||
2018 |
120 | 146 | 7 | 516 | ||||||||||||
2019 |
92 | 118 | 6 | 494 | ||||||||||||
2020 |
61 | 77 | 4 | 445 |
(1) | The amounts of annual SOx, NOx and TSP emission for 2020 are expected to be determined by the end of 2022 and CO 2 emission in June 2022. |
(2) | “TSP” means Total Suspended Particles. |
Generation Capacity (megawatts) |
Generation Volume (gigawatt-hours) |
|||||||
Hydraulic Power (1) |
659 | 1,079 | ||||||
Wind Power |
168 | 195 | ||||||
Solar Energy |
329 | 493 | ||||||
Fuel Cells |
305 | 1,993 | ||||||
Others |
1,051 | 5,660 | ||||||
|
|
|
|
|||||
Subtotal |
2,512 | 9,420 | ||||||
As percentage of total (2) |
3.05 | % | 2.35 | % |
(1) | Excluding generation capacity and volume of pumped storage, which is generally not classified as renewable energy. |
(2) | As a percentage of the total generation capacity or total generation volume, as applicable, of us and our generation subsidiaries. |
2022 |
2023 |
2024 |
2025 |
2026 |
||||||||||||||||
Target Percentage under Renewable Portfolio Standard |
12.5 | % | 14.5 | % | 17.0 | % | 20.5 | % | 25.0 | % |
1. | development of electric power resources; |
2. | generation, transmission, transformation and distribution of electricity and other related business activities; |
3. | research and development of technology related to the businesses mentioned in items 1 and 2; |
4. | overseas businesses related to the businesses mentioned in items 1 through 3; |
5. | investments or contributions related to the businesses mentioned in items 1 through 4; |
6. | businesses incidental to items 1 through 5; |
7. | Development and operation of certain real estate held by us to the extent that: |
a. | it is necessary to develop certain real estate held by us due to external factors, such as relocation, consolidation, conversion to indoor or underground facilities or deterioration of our substation or office; or |
b. | it is necessary to develop certain real estate held by us to accommodate development of relevant real estate due to such real estate being incorporated into or being adjacent to an area under planned urban development; and |
8. | other activities entrusted by the Government. |
• | first, to make up any accumulated deficit; |
• | second, to set aside 20.0% or more of profits as a legal reserve until the accumulated reserve reaches one-half of our capital; |
• | third, to pay dividends to shareholders; |
• | fourth, to set aside a reserve for expansion of our business; |
• | fifth, to set aside a voluntary reserve for the equalization of dividends; and |
• | sixth, to carry forward surplus profit. |
Ownership (%) |
Principal Activities | |||||
Associates: |
||||||
Korea Gas Corporation (1) |
20.47 | Importing and wholesaling LNG | ||||
Korea Electric Power Industrial Development Co., Ltd. |
29.00 | Electricity metering and others | ||||
YTN Co., Ltd. |
21.43 | Broadcasting | ||||
Gangwon Wind Power Co., Ltd. (2) |
15.00 | Power generation | ||||
Hyundai Green Power Co., Ltd. |
29.00 | Power generation equipment consignment and operation service | ||||
Korea Power Exchange (3) |
100.00 | Management of power market and others | ||||
Taebaek Wind Power Co., Ltd. |
25.00 | Power generation | ||||
Taebaek Guinemi Wind Power Co., Ltd. |
25.00 | Power generation | ||||
Pyeongchang Wind Power Co., Ltd. |
25.00 | Power generation | ||||
Daeryun Power Co., Ltd. (2) |
9.34 | Power generation | ||||
Changjuk Wind Power Co., Ltd. |
30.00 | Power generation | ||||
KNH Solar Co., Ltd. |
27.00 | Power generation | ||||
SPC Power Corporation |
38.00 | Power generation | ||||
Gemeng International Energy Co., Ltd. |
34.00 | Power generation | ||||
PT. Cirebon Electric Power |
27.50 | Power generation | ||||
KNOC Nigerian East Oil Co., Ltd. (4) |
14.63 | Resources development | ||||
KNOC Nigerian West Oil Co., Ltd. (4) |
14.63 | Resources development | ||||
PT Wampu Electric Power |
46.00 | Power generation | ||||
PT. Bayan Resources TBK |
20.00 | Resources development | ||||
S-Power Co., Ltd. |
49.00 | Power generation | ||||
Pioneer Gas Power Limited |
38.50 | Power generation | ||||
Eurasia Energy Holdings |
40.00 | Power generation and resources development | ||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
25.00 | Power generation | ||||
PT. Mutiara Jawa |
29.00 | Manufacturing and operating floating coal terminal | ||||
Samcheok Eco Materials Co., Ltd. (5) |
2.35 | Recycling fly ashes | ||||
Noeul Green Energy Co., Ltd. |
29.00 | Power generation | ||||
Goseong Green Power Co., Ltd. |
29.00 | Power generation | ||||
Gangneung Eco Power Co., Ltd. (2) |
1.61 | Power generation | ||||
Shin Pyeongtaek Power Co., Ltd. |
40.00 | Power generation | ||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
28.00 | Power generation |
Ownership (%) |
Principal Activities | |||||
Dongducheon Dream Power Co., Ltd. (6) |
33.61 | Power generation | ||||
Jinbhuvish Power Generation Pvt. Ltd. (2) |
5.16 | Power generation | ||||
Daejung Offshore Wind Power Co., Ltd. |
46.59 | Power generation | ||||
GS Donghae Electric Power Co., Ltd. |
34.00 | Power generation | ||||
Daegu Photovoltaic Co., Ltd. |
29.00 | Power generation | ||||
Busan Green Energy Co., Ltd. |
29.00 | Power generation | ||||
Gunsan Bio Energy Co., Ltd. (2) |
18.87 | Power generation | ||||
Korea Electric Vehicle Charging Service (2) |
17.50 | Electric vehicle charge service | ||||
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) |
28.98 | Electric material agency | ||||
Korea Electric Power Corporation Fund (8) |
98.09 | Developing electric enterprises | ||||
Energy Infra Asset Management Co., Ltd. (2) |
9.90 | Asset management | ||||
Daegu clean Energy Co., Ltd. |
28.00 | Renewable power generation | ||||
Yaksu ESS Co., Ltd. |
29.00 | Installing ESS related equipment | ||||
Nepal Water & Energy Development Company Private Limited (8) |
69.06 | Construction and operation of utility plant | ||||
Gwangyang Green Energy Co., Ltd. |
20.00 | Power generation | ||||
PND Solar Co., Ltd. |
29.00 | Power generation | ||||
Hyundai Eco Energy Co., Ltd. (2) |
19.00 | Power generation | ||||
YeongGwang Yaksu Wind Electric Co., Ltd. (2) |
9.63 | Power generation | ||||
Green Energy Electricity Generation Co., Ltd. |
29.00 | Power generation | ||||
Korea Energy Solutions Co., Ltd. |
20.00 | R & D | ||||
ITR Co., Ltd. |
20.00 | R & D | ||||
Structure test network Co., Ltd. |
20.00 | Technical testing and consulting | ||||
Namjeongsusang Solar Power Operation Co., Ltd. (9) |
15.00 | Power generation | ||||
Indeck Niles Development, LLC (10) |
56.25 | Power generation | ||||
Indeck Niles Asset Management, LLC |
33.33 | Power generation | ||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
49.00 | Holding company | ||||
Suwon New Power Co., Ltd. |
39.90 | Power generation | ||||
KPGE Inc. |
29.00 | Power generation materials business | ||||
Gwangbaek Solar Power Investment Co., Ltd. |
44.00 | Power generation | ||||
Go deok Clean Energy Co., Ltd. |
40.00 | Fuel cell generation | ||||
SureDataLab Co., Ltd. |
23.95 | R & D | ||||
SEP Co., Ltd. |
21.26 | R & D | ||||
Hankook Electric Power Information Co., Ltd. |
25.25 | R & D | ||||
Tronix Co., Ltd. |
20.00 | R & D | ||||
O2&B Global Co., Ltd. |
20.00 | R & D | ||||
Muan Sunshine Solar Power Plant Co., Ltd. |
20.00 | Power generation | ||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
29.90 | Power generation | ||||
Goesan Solar Park Co., Ltd. |
29.00 | Power generation | ||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
35.00 | Power generation | ||||
Bitgoel Eco Energy Co., Ltd. |
29.00 | Power generation | ||||
Jeju Gimnyeong Wind Power Co., Ltd. |
30.00 | Power generation | ||||
Seoroseoro Sunny Power Plant Co., Ltd. |
42.58 | Power generation | ||||
Muan Solar Park Co., Ltd. |
20.00 | Power generation | ||||
YuDang Solar Co., Ltd. |
20.00 | Power generation | ||||
Anjwa Smart Farm & Solar City Co., Ltd. |
20.00 | Power generation | ||||
Daewon Green Energy Co., Ltd. |
25.36 | Power generation | ||||
G.GURU Co., Ltd. |
24.65 | R & D |
Ownership (%) |
Principal Activities | |||||
UD4M Co., Ltd. (2) |
12.50 | R & D | ||||
Dongbu Highway Solar Co., Ltd. |
20.00 | Power generation | ||||
Seobu Highway Solar Co., Ltd. |
20.00 | Power generation | ||||
Korea Energy Data Co., Ltd. |
29.37 | R & D | ||||
Gangneung Sacheon Fuel Cell Co., Ltd. (7) |
65.00 | Power generation | ||||
Kosture Co., Ltd. (2) |
0.26 | Coal recycling business | ||||
Digital Innovation Growth Fund (7) |
76.92 | Holding company | ||||
Taebaek Gadeoksan Wind Power Co., Ltd. (18) |
39.65 | Power generation | ||||
Chuncheon Green Energy Co., Ltd. (7) |
68.00 | Power generation | ||||
Yeomsubong Wind Power Co., Ltd. |
48.72 | Power generation | ||||
Yeongyang Wind Power Corporation II |
30.00 | Power generation | ||||
Haeparang Energy Co., Ltd. |
25.00 | Power generation | ||||
Saemangeum Sebit Power Plant Co., Ltd. (7) |
69.55 | Power generation | ||||
Joint Ventures: |
||||||
KEPCO-Uhde Inc. (11) |
52.80 | Power generation | ||||
Shuweihat Asia Power Investment B.V. |
49.00 | Holding company | ||||
Shuweihat Asia Operation & Maintenance Company (11) |
55.00 | Maintenance of utility plant | ||||
Waterbury Lake Uranium L.P. |
33.10 | Resources development | ||||
ASM-BG Investicii AD |
50.00 | Power generation | ||||
RES Technology AD |
50.00 | Power generation | ||||
KV Holdings, Inc. |
40.00 | Power generation | ||||
KEPCO SPC Power Corporation (11) |
75.20 | Construction and operation of utility plant | ||||
Gansu Datang Yumen Wind Power Co., Ltd. |
40.00 | Power generation | ||||
Datang Chifeng Renewable Power Co., Ltd. |
40.00 | Power generation | ||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
40.00 | Power generation | ||||
Rabigh Electricity Company |
40.00 | Power generation | ||||
Rabigh Operation & Maintenance Company Limited |
40.00 | Maintenance of utility plant | ||||
Jamaica Public Service Company Limited |
40.00 | Power generation | ||||
KW Nuclear Components Co., Ltd. |
45.00 | Manufacturing | ||||
Busan Shinho Solar Power Co., Ltd. |
25.00 | Power generation | ||||
Global Trade Of Power System Co., Ltd. (12) |
29.00 | Exporting products and technology of small or medium business by proxy | ||||
Expressway Solar-light Power Generation Co., Ltd. (12) |
29.00 | Power generation | ||||
Amman Asia Electric Power Company (11) |
60.00 | Power generation | ||||
KAPES, Inc. (11) |
51.00 | R & D | ||||
Honam Wind Power Co., Ltd. |
29.00 | Power generation | ||||
Korea Power Engineering Service Co., Ltd. |
29.00 | Construction and service | ||||
Chun-cheon Energy Co., Ltd. |
29.90 | Power generation | ||||
Yeonggwangbaeksu Wind Power Co., Ltd. (12) |
15.00 | Power generation | ||||
Nghi Son 2 Power LLC |
50.00 | Power generation | ||||
Kelar S.A. (11) |
65.00 | Power generation | ||||
PT. Tanjung Power Indonesia |
35.00 | Power generation | ||||
Incheon New Power Co., Ltd. (13) |
29.00 | Power generation | ||||
Seokmun Energy Co., Ltd. |
29.00 | Power generation | ||||
Daehan Wind Power PSC |
50.00 | Power generation | ||||
Barakah One Company (14) |
18.00 | Power generation |
Ownership (%) |
Principal Activities | |||||
Nawah Energy Company (14) |
18.00 | Operation of utility plant | ||||
Momentum |
33.33 | International thermonuclear experimental reactor construction management | ||||
Daegu Green Power Co., Ltd. (15) |
29.00 | Power generation | ||||
Yeonggwang Wind Power Co., Ltd. |
46.00 | Power generation | ||||
Chester Solar IV SpA |
45.00 | Power generation | ||||
Chester Solar V SpA |
45.00 | Power generation | ||||
Diego de Almagro Solar SpA |
45.00 | Power generation | ||||
South Jamaica Power Company Limited |
20.00 | Power generation | ||||
Daesan Green Energy Co., Ltd. |
35.00 | Power generation | ||||
RE Holiday Holdings LLC |
50.00 | Power generation | ||||
RE Pioneer Holdings LLC |
50.00 | Power generation | ||||
RE Barren Ridge 1 Holdings LLC |
50.00 | Power generation | ||||
RE Astoria 2 LandCo LLC |
50.00 | Power generation | ||||
RE Barren Ridge LandCo LLC |
50.00 | Power generation | ||||
Laurel SpA |
45.00 | Power generation | ||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd. (12) |
12.37 | Power generation | ||||
Chile Solar JV SpA |
50.00 | Power generation | ||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
29.01 | Power generation | ||||
Chester Solar I SpA |
45.00 | Power generation | ||||
Solar Philippines Calatagan Corporation |
38.00 | Power generation | ||||
Saemangeum Solar Power Co., Ltd. (16) |
81.00 | Power generation | ||||
Chungsongmeon BongSan wind power Co., Ltd. (12) |
29.00 | Power generation | ||||
Jaeun Resident Wind Power Plant Co., Ltd. |
29.00 | Power generation | ||||
DE Energia SpA |
49.00 | Power generation | ||||
Dangjin Eco Power Co., Ltd. |
34.00 | Power generation | ||||
Haemodum Solar Co., Ltd. |
49.00 | Power generation | ||||
Yangyang Wind Power Co., Ltd. |
50.00 | Power generation | ||||
Horus Solar, S.A. De C.V. (17) |
14.95 | Renewable power generation | ||||
Recursos Solares PV De Mexico II, S.A. De C.V. (17) |
14.95 | Renewable power generation | ||||
Sunmex Renovables, S.A. De C.V. (17) |
14.95 | Renewable power generation | ||||
Stavro Holding II A.B. |
20.00 | Holding company | ||||
Solaseado Solar Power Co., Ltd. |
38.90 | Power generation | ||||
Yeongam Solar Power Co., Ltd. (12) |
19.00 | Power generation | ||||
Samsu Wind Power Co., Ltd. (12) |
19.00 | Power generation | ||||
Pulau Indah Power Plant Sdn. Bhd. |
25.00 | Power generation | ||||
Sam-Yang Photovoltaic Power Co., Ltd. |
49.00 | Power generation | ||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
29.53 | Holding company | ||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream(11) |
90.00 | Holding company | ||||
PT Barito Wahana Tenaga |
30.61 | Power generation | ||||
Cheongna Energy Co., Ltd. (16) |
50.10 | Generating and distributing vapor and hot/cold water | ||||
Naepo Green Energy Co., Ltd. |
29.20 | Power generation | ||||
Dayone Energy Co., Ltd. (19) |
30.66 | Power generation | ||||
OneEnergy Asia Limited |
40.00 | Power generation | ||||
KAS Investment I LLC |
29.89 | Holding company |
Ownership (%) |
Principal Activities | |||||
KAS Investment II LLC |
29.89 | Holding company | ||||
Energyco Co., Ltd. (formerly, Energyco LLC) |
29.00 | Power generation | ||||
CAES, LLC |
36.00 | Holding company | ||||
Hapcheon Floating Photovoltaic Power Plant Inc. (12) |
49.00 | Power generation | ||||
Busan Industrial Solar Power Co., Ltd. |
28.02 | Power generation | ||||
Bitsolar Energy Co., Ltd. |
27.10 | Power generation | ||||
Pulau Indah O&M Sdn. Bhd. (20) |
60.00 | Power generation | ||||
Guadalupe Solar SpA (20) |
60.00 | Power generation | ||||
Omisan Wind Power Co., Ltd. |
42.00 | Power generation | ||||
Foresight Iberian Solar Group Holding, S.L. (20) |
75.00 | Power generation | ||||
Yeongwol Eco Wind Co., Ltd. |
29.00 | Power generation | ||||
Gurae Resident Power Co., Ltd. |
29.00 | Power generation | ||||
Cheongju Eco Park Co., Ltd. |
29.00 | Power generation | ||||
Enel X Midland Photovoltaic, LLC |
20.00 | Power generation | ||||
Geumsungsan Wind Power Co., Ltd. |
29.00 | Power generation | ||||
KEPCO KPS Carabao Corp. |
40.00 | Utility plant maintenance | ||||
Prime Swedish Holding AB |
45.00 | Holding company | ||||
Goheung New Energy Co., Ltd. |
46.15 | Power generation | ||||
Gunsan Land Solar Co., Ltd. (20) |
75.29 | Power generation | ||||
CapMan Lynx SCA, SICAR |
50.00 | Holding company | ||||
International Offshore Power Transmission Holding Company Limited |
35.00 | Undersea transmission network operation |
(1) | Due to changes in equity, the nominal and effective percentage of ownership are 20.47%. |
(2) | The effective percentage of ownership is less than 20%. However, we can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of our financial and operating policy of the board of directors. |
(3) | The effective percentage of ownership is 100%. However, the Government regulates our ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and our other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. We can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity. |
(4) | The effective percentage of ownership is less than 20%. However, we can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, we have significant financial transactions, which can affect its significant influence on the entity. |
(5) | Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as liability component. |
(6) | The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock. |
(7) | The effective percentage of ownership is more than 50% but we do not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate. |
(8) | The effective percentage of ownership is more than 50% but we do not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate. |
(9) | The effective percentage of ownership is less than 20%. However, we consider the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate. |
(10) | According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022. |
(11) | The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures. |
(12) | According to the shareholders’ agreement, the parties have joint control over all decisions related to financial and operation. Accordingly, the entity is classified as joint ventures. |
(13) | The joint arrangement which we have joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement. |
(14) | The effective percentage of ownership is less than 20%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures. |
(15) | Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component. |
(16) | The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture. |
(17) | The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, we can exercise significant influence. |
(18) | The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from a joint venture to an associate, due to the changes in voting rights. |
(19) | According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, we have a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, we were deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, we have joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture. |
(20) | The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture. |
ITEM 4A. |
UNRESOLVED STAFF COMMENTS |
ITEM 5. |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
• | demand for electricity; |
• | electricity rates we charge to our customers; |
• | fuel costs; and |
• | the exchange rates of Won against other foreign currencies, in particular the U.S. dollar. |
2017 |
2018 |
2019 |
2020 |
2021 |
||||||||||||||||
Growth in GDP |
3.1 | % | 2.7 | % | 2.0 | % | (1.0 | %) | 4.0 | % | ||||||||||
Growth in electricity consumption |
2.2 | % | 3.6 | % | (1.1 | %) | (2.2 | %) | 4.7 | % |
• | The industrial sector represents the largest segment of electricity consumption in Korea. Demand for electricity from the industrial sector was 291,333 gigawatt hours in 2021, representing a 4.6% increase from 2020, largely due to a base effect from continued demand decreases for the last two years, a rapid recovery of domestic economy and consequent increases of industrial products. |
• | Demand for electricity from the commercial sector depends largely on the level and scope of commercial activities in Korea. Demand for electricity from the commercial sector increased to 119,550 gigawatt hours in 2021, representing a 5.2% increase from 2020, largely due to an improved consumer sentiment on service industry and increased heating and air conditioning each in January, February, July and August. |
• | Demand for electricity from the residential sector is largely dependent on population growth and use of heaters, air conditioners and other electronic appliances. Demand for electricity from the residential |
sector increased to 79,915 gigawatt hours in 2021, representing a 4.7% increase compared to 2020, largely due to an increase in household electricity usage from an increased time spent at home and telecommuting in response to the COVID-19 pandemic and tightened disinfection guidelines. For a discussion on demand by the type of customers, see Item 4.B. “Business Overview—Sales and Customers—Demand by the Type of Usage.” |
2019 |
2020 |
2021 |
2021 |
|||||||||||||
(rounded to billions of Won and millions of US$) (1) |
||||||||||||||||
Sales |
W |
58,568 | W |
57,926 | W |
59,914 | $ | 50,407 | ||||||||
Cost of sales |
57,780 | 51,805 | 63,559 | 53,474 | ||||||||||||
Gross profit (loss) |
788 | 6,121 | (3,646 | ) | (3,067 | ) | ||||||||||
Selling and administrative expenses |
2,670 | 2,678 | 2,876 | 2,419 | ||||||||||||
Other income (expenses), net |
756 | 619 | 776 | 653 | ||||||||||||
Other gains (losses), net |
(582 | ) | 35 | 9 | 7 | |||||||||||
Operating profit (loss) |
(1,708 | ) | 4,097 | (5,737 | ) | (4,826 | ) | |||||||||
Finance income (expenses), net |
(1,772 | ) | (1,386 | ) | (1,843 | ) | (1,551 | ) | ||||||||
Profit (loss) before income tax |
(3,266 | ) | 2,992 | (7,085 | ) | (5,961 | ) | |||||||||
Profit (loss) related to associates, joint ventures and subsidiaries |
214 | 281 | 495 | 416 | ||||||||||||
Income tax benefit (expense) |
1,002 | (899 | ) | 1,856 | 1,561 | |||||||||||
Profit (loss) for the period |
(2,264 | ) | 2,092 | (5,229 | ) | (4,399 | ) | |||||||||
Other comprehensive income (loss) |
135 | (220 | ) | 600 | 504 | |||||||||||
Total comprehensive income (loss) |
(2,128 | ) | 1,873 | (4,630 | ) | (3,895 | ) |
(1) | The financial information denominated in Won as of and for the year ended December 31, 2021 has been translated into U.S. dollars at the exchange rate of Won 1,188.6 to US$1.00, which was the Noon Buying Rate as of December 31, 2021. |
Item 5.B. |
Liquidity and Capital Resources |
• | capital expenditures pursuant to our capital investment program; |
• | working capital requirements, the largest component of which is fuel purchases; |
• | payment of principal and interest on our existing debt; and |
• | overseas investments. |
Year ended December 31 |
Local Currency Borrowings |
Foreign Currency Borrowings |
Domestic Debentures |
Foreign Debentures |
Total (1) |
|||||||||||||||
(in billions of Won) |
||||||||||||||||||||
2022 |
3,387.1 | 363.8 | 7,430.4 | 2,193.2 | 13,374.5 | |||||||||||||||
2023 |
6.3 | — | 7,920.0 | 1,659.7 | 9,586.0 | |||||||||||||||
2024 |
5.8 | — | 7,500.0 | 1,369.4 | 8,875.3 | |||||||||||||||
2025 |
155.0 | — | 4,020.0 | 1,896.8 | 6,071.8 | |||||||||||||||
2026 |
3.2 | 10.4 | 7,330.0 | 2,276.7 | 9,620.2 | |||||||||||||||
Thereafter |
57.4 | — | 27,960.3 | 1,927.6 | 29,945.3 | |||||||||||||||
Total (1) |
3,614.9 | 374.2 | 62,160.7 | 11,323.3 | 77,473.1 |
(1) | The figures may not add up to the relevant total numbers due to rounding. |
2019 |
2020 |
2021 |
2021 |
|||||||||||||
(rounded to billions of Won and millions of US$) (1) |
||||||||||||||||
Net cash provided by operating activities |
W |
8,213 | W |
13,208 | W |
4,473 | $ | 3,763 | ||||||||
Long-term debt (excluding current portion) (2) |
59,019 | 59,050 | 66,500 | 55,948 | ||||||||||||
Current portion of the long-term debt |
7,759 | 9,238 | 11,109 | 9,347 | ||||||||||||
Total long-term debt (3) |
66,890 | 68,450 | 77,781 | 65,440 | ||||||||||||
Won-denominated long-term debt |
55,196 | 56,759 | 64,995 | 54,683 | ||||||||||||
Foreign currency-denominated long-term debt |
11,694 | 11,692 | 12,786 | 10,757 | ||||||||||||
Other long-term liabilities (4) |
45,457 | 47,544 | 47,565 | 40,018 | ||||||||||||
Short-term borrowings |
1,099 | 1,437 | 2,921 | 2,457 | ||||||||||||
Total equity |
68,890 | 70,667 | 65,312 | 54,949 |
(1) | The financial information denominated in Won as of and for the year ended December 31, 2021 has been translated into U.S. dollars at the exchange rate of Won 1,188.6 to US$1.00, which was the Noon Buying Rate as of December 31, 2021. |
(2) | Long-term debt, net consists of long-term borrowings and debt securities (excluding the current portions but including original issue discounts and premiums) without taking into consideration of swap transactions. |
(3) | Total long-term debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions. |
(4) | Other long-term liabilities consist of total non-current liabilities of our consolidated financial statements included in this annual report minus long-term debt (excluding current portion) of this table. |
2019 |
2020 |
2021 |
2021 |
|||||||||||||
(rounded to billions of Won and millions of US$) (1) |
||||||||||||||||
Property, plant and equipment, net |
W |
164,702 | W |
168,709 | W |
173,120 | $ | 145,651 | ||||||||
Current trade and other payables, net |
6,649 | 6,257 | 8,153 | 6,860 | ||||||||||||
Current financial liabilities, net |
8,931 | 10,725 | 14,037 | 11,810 | ||||||||||||
Net cash provided by operating activities |
8,213 | 13,208 | 4,473 | 3,763 | ||||||||||||
Net cash used in investing activities |
(13,499 | ) | (14,832 | ) | (12,354 | ) | (10,394 | ) | ||||||||
Net cash provided by financing activities |
5,775 | 1,881 | 8,435 | 7,097 | ||||||||||||
Net working capital (deficit) (2) |
(4,749 | ) | (5,319 | ) | (9,681 | ) | (8,145 | ) |
(1) | The financial information denominated in Won as of and for the year ended December 31, 2021 has been translated into U.S. dollars at the exchange rate of Won 1,188.6 to US$1.00, which was the Noon Buying Rate as of December 31, 2021. |
(2) | Net working capital is defined as current assets minus current liabilities. For the periods indicated, current liabilities exceeded current assets, which resulted in working capital deficit for such periods. |
Contractual Obligations |
Less than 1 Year |
1~2 Years |
2~5 Years |
More than 5 Years |
Total (3) |
|||||||||||||||
In billions of Won |
||||||||||||||||||||
Borrowings and debt securities (1) |
W |
15,834 | 11,230 | 28,664 | 36,224 | 91,950 | ||||||||||||||
Lease liabilities |
620 | 637 | 1,521 | 2,151 | 4,929 | |||||||||||||||
Trade and other payables |
7,570 | 777 | 725 | 667 | 9,739 | |||||||||||||||
Financial guarantee contracts (2) |
436 | — | 3,106 | 177 | 3,718 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total (3) |
W |
24,459 | 12,643 | 34,016 | 39,218 | 110,337 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | These includes interest payments on the borrowings and debts for the periods indicated. |
(2) | This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2020 and 2021 are Won 66,354 million and Won 80,841 million, respectively. |
(3) | The figures may not add up to the relevant total numbers due to rounding. |
Item 5.C. |
Research and Development, Patents and Licenses, etc. |
• | in the electric power system sector, enhancing renewable electricity capacity and storage of renewable energy surplus; |
• | in the power generation sector, reducing CO 2 emissions and establishing an environment-friendly power generation system; |
• | establishing an intelligent plant operation system using data, networks, and artificial intelligence; |
• | commercializing high efficiency transmission technologies including superconductor; and |
• | establishing a system for avoiding safety incidents and disaster damage. |
Item 5.D. |
Trend Information |
Item 5.E. |
Critical Accounting Estimates |
ITEM 6. |
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
Name (Gender) |
Age |
Position |
Outside Occupation |
Position Held Since | ||||
Cheong, Seung-Il (Male) |
56 | President & Chief Executive Officer | None | June 1, 2021 | ||||
Choi, Young-Ho (Male) |
57 | Comptroller & Auditor General and Member of the Audit Committee (Non-executive) |
None | November 16, 2020 | ||||
Lee, Heyn-Bin (Male) |
59 | Corporate Senior Executive Vice President & Chief Business Management Officer | None | September 14, 2020 | ||||
Lee, Jong-Hwan (Male) |
61 | Corporate Senior Executive Vice President & Chief Safety Officer & Chief Business Operations Officer | None | November 9, 2020 | ||||
Park, Heon-Gyu (Male) |
59 | Corporate Senior Executive Vice President & Chief Financial & Strategic Planning Officer | None | May 28, 2021 | ||||
Kim, Tae-Ok (Male) |
59 | Corporate Senior Executive Vice President & Chief Power Grid Officer | None | March 25, 2021 | ||||
Lee, Heung-Joo (Male) |
60 | Corporate Senior Executive Vice President & Chief Global & Nuclear Business Officer | None | October 14, 2021 |
Name (Gender) |
Age |
Position |
Principal Occupation |
Position Held Since | ||||
Seong, Si-Heon (Male) |
61 | Non-Executive Director, Chairperson of the Board of Directors and the ESG Committee |
None | June 10, 2020 | ||||
Kim, Jae-Shin (Female) |
55 | Non-Executive Director and Chairperson of the Audit Committee | Certified public accountant of Saedure Accounting Firm | July 9, 2021 | ||||
Park, Jong-Bae (Male) |
58 | Non-Executive Director |
Professor of Electrical and Electronics Engineering, Konkuk University | January 31, 2020 | ||||
Bang, Su-Ran (Female) |
35 | Non-Executive Director and Member of the ESG Committee |
Senior Advisor of Seoul Energy Corporation Attorney-at-law/Partner |
September 1, 2020 | ||||
Park, Hyo-Sung (Male) |
63 | Non-Executive Director and Member of the Audit Committee |
None | April 14, 2021 | ||||
Lee, Kee-Man (Male) |
61 | Non-Executive Director |
Professor of Aerospace Engineering, Sunchon University | April 14, 2021 | ||||
Hwang, Cheol-Ho (Male) |
44 | Non-Executive Director and Member of the ESG Committee |
Head of Research support group on Carbon-neutral City under International Climate & Environment Center | April 14, 2021 | ||||
Lee, Kye-Sung (Male) |
65 | Non-Executive Director |
None | July 9, 2021 |
KEPCO |
KHNP |
KOSEP |
KOMIPO |
KOWEPO |
KOSPO |
EWP |
Total |
|||||||||||||||||||||||||
Regular Employees |
||||||||||||||||||||||||||||||||
Administrative |
5,207 | 1,037 | 355 | 417 | 280 | 313 | 271 | 7,880 | ||||||||||||||||||||||||
Engineers |
12,518 | 9,925 | 2,239 | 2,158 | 2,154 | 1,952 | 2,109 | 33,055 | ||||||||||||||||||||||||
Others |
5,556 | 1,130 | 213 | 175 | 257 | 418 | 125 | 7,874 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
23,281 | 12,092 | 2,807 | 2,750 | 2,691 | 2,683 | 2,505 | 48,809 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Head Office Employees |
1,778 | 1,409 | 465 | 420 | 393 | 450 | 403 | 5,318 | ||||||||||||||||||||||||
% of total |
7.6% | 11.7% | 16.6% | 15.3% | 14.6% | 16.8% | 16.1% | 10.9% | ||||||||||||||||||||||||
Members of Labor Union |
18,119 | 8,611 | 2,023 | 1,715 | 1,894 | 1,796 | 1,807 | 35,965 | ||||||||||||||||||||||||
% of total |
77.8% | 71.2% | 72.1% | 62.4% | 70.4% | 66.9% | 72.1% | 73.7% |
ITEM 7. |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
Title of Class |
Identity of Person or Group |
Shares Owned |
Percentage of Class (1) (%) |
|||||||
Common stock |
Government | 116,841,794 | 18.2 | |||||||
Korea Development Bank (2) |
211,235,264 | 32.9 | ||||||||
|
|
|
|
|||||||
Subtotal | 328,077,058 | 51.1 | ||||||||
National Pension Service | 37,969,179 | 5.9 | ||||||||
Employee Stock Ownership Association | 4,874,457 | 0.8 | ||||||||
Directors as a group | 1,789 | 0.0 | ||||||||
Public (non-Koreans) |
91,105,897 | 14.2 | ||||||||
Common shares |
79,780,464 | 12.4 | ||||||||
American depositary shares |
11,325,433 | 1.8 | ||||||||
Public (Koreans) | 179,935,697 | 28.0 | ||||||||
|
|
|
|
|||||||
Total | 641,964,077 | 100.0 | ||||||||
|
|
|
|
(1) | Percentages are based on issued shares of common stock. |
(2) | Korea Development Bank is a Government-controlled entity. |
ITEM 8. |
FINANCIAL INFORMATION |
• | Enzen, one of our subcontractors, filed an arbitration case against us over a contractual dispute in connection with the electric power IT modernization project in Kerala, India. We have not recognized any losses because the probability of economic benefit outflow is remote and the related amount cannot be reasonably determined. |
• | GE Energy Products France SNC and General Electric Global Services GmbH filed for arbitration against us to the Korea Commercial Arbitration Board regarding additional payments of construction cost, but we have not recognized any estimated provision because we believe the probability of economic benefit outflow is remote and the related amount cannot be reliably estimated. |
• | Implementing web training program on integrity for all employees, |
• | Strengthening integrity and anti-corruption evaluation systems for high-ranking officers and reflecting such results in performance evaluations, |
• | Increasing the punishment and penalties for employee corruption, and |
• | Declaring management unaffected by conflicts of interest through banning the pursuit of private interests in the course of job performance and creating a work environment that caters integrity. |
ITEM 9. |
THE OFFER AND LISTING |
• | 7.95% Zero-To-Full |
• | 6% Debentures due December 1, 2026, (the “6% Debentures”); |
• | 7% Debentures due February 1, 2027 (the “7% Debentures”); and |
• | 6-3/4% Debentures due August 1, 2027 (the “6-3/4% Debentures,” and together with the 7.95% Debentures, the 6% Debentures and the 7% Debentures, the “Registered Debt Securities”). |
Closing Price |
||||||||
Period |
High |
Low |
||||||
(In Won) |
||||||||
2017 |
||||||||
First Quarter |
48,750 | 40,350 | ||||||
Second Quarter |
46,700 | 40,800 | ||||||
Third Quarter |
45,500 | 38,200 | ||||||
Fourth Quarter |
41,100 | 37,350 | ||||||
2018 |
||||||||
First Quarter |
37,750 | 30,850 | ||||||
Second Quarter |
37,750 | 32,000 | ||||||
Third Quarter |
33,300 | 28,700 | ||||||
Fourth Quarter |
34,350 | 23,850 | ||||||
2019 |
||||||||
First Quarter |
35,800 | 29,900 | ||||||
Second Quarter |
30,350 | 24,700 | ||||||
Third Quarter |
27,950 | 24,700 | ||||||
Fourth Quarter |
29,250 | 25,100 | ||||||
October |
26,300 | 25,100 | ||||||
November |
28,150 | 25,250 | ||||||
December |
29,250 | 27,450 | ||||||
2020 |
||||||||
First Quarter |
28,500 | 16,250 | ||||||
Second Quarter |
23,850 | 19,000 | ||||||
Third Quarter |
21,950 | 18,700 | ||||||
Fourth Quarter |
28,300 | 19,950 | ||||||
October |
21,750 | 19,950 | ||||||
November |
22,550 | 20,300 | ||||||
December |
28,300 | 21,500 | ||||||
December |
29,250 | 27,450 | ||||||
2021 |
||||||||
First Quarter |
27,150 | 22,700 | ||||||
Second Quarter |
27,150 | 23,350 | ||||||
Third Quarter |
25,650 | 23,150 | ||||||
Fourth Quarter |
23,750 | 20,750 | ||||||
October |
23,450 | 22,250 | ||||||
November |
23,750 | 20,750 | ||||||
December |
22,500 | 20,950 | ||||||
2022 |
||||||||
First Quarter |
24,750 | 20,100 | ||||||
January |
22.350 | 20.100 | ||||||
February |
23,200 | 21,100 | ||||||
March |
24,750 | 22,550 | ||||||
April (through April 8) |
23,250 | 22,000 |
Closing Price per ADS |
||||||||
Period |
High |
Low |
||||||
(In US$) |
||||||||
2017 |
||||||||
First Quarter |
21.35 | 17.53 | ||||||
Second Quarter |
20.80 | 17.82 | ||||||
Third Quarter |
20.38 | 16.73 | ||||||
Fourth Quarter |
18.22 | 16.60 | ||||||
2018 |
||||||||
First Quarter |
17.83 | 14.28 | ||||||
Second Quarter |
17.43 | 14.34 | ||||||
Third Quarter |
14.70 | 12.62 | ||||||
Fourth Quarter |
14.96 | 10.52 | ||||||
2019 |
||||||||
First Quarter |
15.75 | 13.01 | ||||||
Second Quarter |
13.20 | 10.42 | ||||||
Third Quarter |
11.79 | 10.24 | ||||||
Fourth Quarter |
12.22 | 10.52 | ||||||
2020 |
||||||||
First Quarter |
17.82 | 10.51 | ||||||
Second Quarter |
15.65 | 10.15 | ||||||
Third Quarter |
14.59 | 11.20 | ||||||
Fourth Quarter |
16.25 | 11.47 | ||||||
October |
12.62 | 11.47 | ||||||
2021 |
||||||||
First Quarter |
12.37 | 10.04 | ||||||
Second Quarter |
12.18 | 10.39 | ||||||
Third Quarter |
11.06 | 9.84 | ||||||
Fourth Quarter |
10.04 | 8.77 | ||||||
October |
10.01 | 8.77 | ||||||
November |
10.04 | 8.78 | ||||||
December |
9.65 | 8.77 | ||||||
2022 |
||||||||
First Quarter |
10.18 | 8.34 | ||||||
January |
9.29 | 8.34 | ||||||
February |
9.70 | 8.71 | ||||||
March |
10.18 | 9.31 | ||||||
April (through April 8) |
9.54 | 9.00 |
Opening |
High |
Low |
Closing |
|||||||||||||
2017 |
2,026.16 | 2,557.97 | 2,026.16 | 2,467.49 | ||||||||||||
2018 |
2,479.65 | 2,598.19 | 1,996.05 | 2,041.04 | ||||||||||||
2019 |
2,010.00 | 2,248.63 | 1,909.71 | 2,197.67 | ||||||||||||
2020 |
2,175.17 | 2,873.47 | 1,457.64 | 2,873.47 | ||||||||||||
2021 |
2,944.45 | 3,305.21 | 2,839.01 | 2,977.65 | ||||||||||||
2022 (through April 8) |
2,988.77 | 2,989.24 | 2,614.49 | 2,700.39 |
Previous Day’s Closing Price (Won) |
Rounded Down to (Won) |
|||
less than 5,000 |
W |
5 | ||
5,000 to less than 10,000 |
10 | |||
10,000 to less than 50,000 |
50 | |||
50,000 to less than 100,000 |
100 | |||
100,000 to less than 500,000 |
500 | |||
500,000 or more |
1,000 |
Year |
Number of Listed Companies |
Total Market Capitalization on the Last Day for Each Period |
Average Daily Trading Volume, Value |
|||||||||||||||||||||
(Millions of Won) |
(Thousands of U.S. dollars) (1) |
(Thousands of Shares) |
(Millions of Won) |
(Thousands of U.S. dollars) (1) |
||||||||||||||||||||
2017 |
774 | 1,605,820,912 | 1,504,422,814 | 340,457 | 5,325,760 | 4,989,470 | ||||||||||||||||||
2018 |
788 | 1,343,971,858 | 1,207,630,387 | 397,972 | 6,548,622 | 5,884,286 | ||||||||||||||||||
2019 |
799 | 1,475,909,366 | 1,277,290,667 | 470,723 | 4,989,807 | 4,318,309 | ||||||||||||||||||
2020 |
795 | 1,980,543,162 | 1,823,536,656 | 895,256 | 12,200,417 | 11,233,235 | ||||||||||||||||||
2021 |
818 | 2,203,366,546 | 1,853,749,408 | 1,039,479 | 15,424,224 | 12,976,800 | ||||||||||||||||||
2022 (through April 8) |
821 | 2,119,201,356 | 1,729,819,081 | 656,227 | 11,067,694 | 9,034,114 |
(1) | Converted at the market average exchange rate as announced by Seoul Money Brokerage Services, Ltd. in Seoul at the end of the periods indicated. |
1. | development of electric power resources; |
2. | generation, transmission, transformation and distribution of electricity and other related business activities; |
3. | research and development of technology related to the businesses mentioned in items 1 and 2; |
4. | overseas businesses related to the businesses mentioned in items 1 through 3; |
5. | investments or contributions related to the businesses mentioned in items 1 through 4; |
6. | businesses incidental to items 1 through 5; |
7. | development and operation of certain real estate held by us to the extent that: |
a. | it is necessary to develop certain real estate held by us due to external factors, such as relocation, consolidation, conversion to indoor or underground facilities or deterioration of our substation or office; or |
b. | it is necessary to develop certain real estate held by us to accommodate development of relevant real estate due to such real estate being incorporated into or being adjacent to an area under planned urban development; and |
8. | other activities entrusted by the Government. |
• | amend our Articles of Incorporation; |
• | remove a director (including a member of the audit committee); |
• | effect any dissolution, merger, consolidation or spin-off of us; |
• | transfer the whole or any significant part of our business; |
• | effect the acquisition by us of all of the business of any other company; |
• | effect the acquisition by us of the business of another company that may have a material effect on our business; |
• | reduce capital; or |
• | issue any new shares at a price lower than their par value. |
• | shares by a depositary issuing depositary receipts representing such shares (whether newly issued shares or outstanding shares); |
• | Converted Shares; |
• | shares from the exercise of shareholders’ rights; or |
• | shares by gift, inheritance or bequest. |
• | a resident of Korea; |
• | a corporation having its head office, principal place of business or place of effective management in Korea; or |
• | engaged in a trade or business in Korea through a permanent establishment or a fixed base to which the relevant income is attributable or with which the relevant income is effectively connected. |
• | an individual citizen or resident of the United States; |
• | a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; |
• | an estate the income of which is subject to U.S. federal income taxation regardless of its source; or |
• | a trust if (1) it is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person. |
Counterparty |
Contract Year |
Settlement Year |
Contract amounts |
Contract interest rate |
Contract Exchange Rate |
|||||||||||||||||||||
Type |
Pay |
Receive |
Pay |
Receive | ||||||||||||||||||||||
(in millions of Won or thousands of foreign currencies except contract exchange rate information) |
||||||||||||||||||||||||||
Trading |
Standard Chartered | 2014 | 2029 | KRW 102,470 | USD 100,000 | 3.14% | 3.57% | 1,024.70 | ||||||||||||||||||
Societe Generale | 2014 | 2024 | KRW 105,017 | USD 100,000 | 4.92% | 5.13% | 1,050.17 | |||||||||||||||||||
Hana Bank | 2015 | 2024 | KRW 107,970 | USD 100,000 | 4.75% | 5.13% | 1,079.70 | |||||||||||||||||||
Credit Agricole | 2015 | 2024 | KRW 94,219 | USD 86,920 | 4.85% | 5.13% | 1,083.97 | |||||||||||||||||||
Woori Bank | 2019 | 2027 | KRW 21,708 | USD 19,417 | 5.04% | 6.75% | 1,118.00 | |||||||||||||||||||
Woori Bank | 2019 | 2024 | KRW 296,000 | USD 250,000 | 1.21% | 2.50% | 1,184.00 | |||||||||||||||||||
Korea Development Bank | 2019 | 2024 | KRW 177,600 | USD 150,000 | 1.24% | 2.50% | 1,184.00 | |||||||||||||||||||
Hana Bank | 2019 | 2024 | KRW 118,400 | USD 100,000 | 1.24% | 2.50% | 1,184.00 | |||||||||||||||||||
Woori Bank | 2020 | 2025 | KRW 241,320 | USD 200,000 | 0.54% | 1.13% | 1,206.60 | |||||||||||||||||||
Korea Development Bank | 2020 | 2025 | KRW 241,320 | USD 200,000 | 0.54% | 1.13% | 1,206.60 | |||||||||||||||||||
Kookmin Bank | 2020 | 2025 | KRW 120,660 | USD 100,000 | 0.54% | 1.13% | 1,206.60 | |||||||||||||||||||
Kookmin Bank | 2020 | 2026 | KRW 76,355 | USD 70,445 | 5.83% | 6.00% | 1,083.90 | |||||||||||||||||||
Woori Bank | 2021 | 2026 | KRW 118,170 | USD 100,000 | 1.11% | 1.13% | 1,181.70 | |||||||||||||||||||
Korea Development Bank | 2021 | 2026 | KRW 118,170 | USD 100,000 | 1.11% | 1.13% | 1,181.70 | |||||||||||||||||||
Hana Bank | 2021 | 2026 | KRW 118,170 | USD 100,000 | 1.11% | 1.13% | 1,181.70 | |||||||||||||||||||
Citibank | 2012 | 2022 | KRW 112,930 | USD 100,000 | 2.79% | 3.00% | 1,129.30 | |||||||||||||||||||
JP Morgan | 2012 | 2022 | KRW 112,930 | USD 100,000 | 2.79% | 3.00% | 1,129.30 | |||||||||||||||||||
Bank of America | 2012 | 2022 | KRW 112,930 | USD 100,000 | 2.79% | 3.00% | 1,129.30 | |||||||||||||||||||
Shinhan Bank | 2016 | 2022 | KRW 112,930 | USD 100,000 | 2.79% | 3.00% | 1,129.30 | |||||||||||||||||||
HSBC | 2012 | 2022 | KRW 111,770 | USD 100,000 | 2.89% | 3.00% | 1,117.70 | |||||||||||||||||||
Hana Bank | 2012 | 2022 | KRW 111,770 | USD 100,000 | 2.87% | 3.00% | 1,117.70 | |||||||||||||||||||
Standard Chartered | 2012 | 2022 | KRW 111,770 | USD 100,000 | 2.89% | 3.00% | 1,117.70 | |||||||||||||||||||
Deutsche Bank | 2012 | 2022 | KRW 55,885 | USD 50,000 | 2.79% | 3.00% | 1,117.70 | |||||||||||||||||||
Nomura | 2015 | 2025 | KRW 111,190 | USD 100,000 | 2.60% | 3.25% | 1,111.90 | |||||||||||||||||||
Korea Development Bank | 2015 | 2025 | KRW 111,190 | USD 100,000 | 2.62% | 3.25% | 1,111.90 | |||||||||||||||||||
Woori Bank | 2015 | 2025 | KRW 55,595 | USD 50,000 | 2.62% | 3.25% | 1,111.90 | |||||||||||||||||||
Hana Bank | 2015 | 2025 | KRW 55,595 | USD 50,000 | 2.62% | 3.25% | 1,111.90 | |||||||||||||||||||
Woori Bank | 2017 | 2027 | KRW 111,610 | USD 100,000 | 2.25% | 3.13% | 1,116.10 | |||||||||||||||||||
Korea Development Bank | 2017 | 2027 | KRW 111,610 | USD 100,000 | 2.31% | 3.13% | 1,116.10 | |||||||||||||||||||
Hana Bank | 2017 | 2027 | KRW 111,610 | USD 100,000 | 2.31% | 3.13% | 1,116.10 | |||||||||||||||||||
Korea Development Bank | 2018 | 2028 | KRW 108,600 | HKD 800,000 | 2.69% | 3.35% | 135.75 | |||||||||||||||||||
Shinhan Bank | 2018 | 2028 | KRW 115,387 | HKD 850,000 | 2.66% | 3.35% | 135.75 | |||||||||||||||||||
Korea Development Bank | 2018 | 2023 | KRW 170,280 | USD 150,000 | 2.15% | 3.75% | 1,135.20 | |||||||||||||||||||
Woori Bank | 2018 | 2023 | KRW 170,280 | USD 150,000 | 2.18% | 3.75% | 1,135.20 | |||||||||||||||||||
Hana Bank | 2018 | 2023 | KRW 113,520 | USD 100,000 | 2.17% | 3.75% | 1,135.20 | |||||||||||||||||||
Shinhan Bank | 2018 | 2023 | KRW 227,040 | USD 200,000 | 2.17% | 3.75% | 1,135.20 | |||||||||||||||||||
Citibank | 2019 | 2024 | KRW 239,956 | CHF 200,000 | 1.44% | 0.00% | 1,199.78 | |||||||||||||||||||
Korea Development Bank | 2019 | 2027 | KRW 119,978 | CHF 100,000 | 1.43% | 0.05% | 1,199.78 | |||||||||||||||||||
Woori Bank | 2021 | 2026 | KRW 222,800 | USD 200,000 | 0.93% | 1.25% | 1,114.00 | |||||||||||||||||||
Shinhan Bank | 2021 | 2026 | KRW 111,400 | USD 100,000 | 0.92% | 1.25% | 1,114.00 | |||||||||||||||||||
Korea Development Bank | 2021 | 2026 | KRW 111,400 | USD 100,000 | 0.93% | 1.25% | 1,114.00 | |||||||||||||||||||
Nonghyup Bank | 2021 | 2026 | KRW 111,400 | USD 100,000 | 0.93% | 1.25% | 1,114.00 | |||||||||||||||||||
HSBC | 2019 | 2024 | USD 205,500 | AUD 300,000 | 3M Libor + 0.78% |
3M BBSW + 0.97% |
USD 0.69 | |||||||||||||||||||
Cash flow hedge |
Kookmin Bank | 2020 | 2025 | KRW 118,780 | USD 100,000 | 1.29% | 2.13% | 1,187.80 | ||||||||||||||||||
Shinhan Bank | 2020 | 2025 | KRW 118,780 | USD 100,000 | 1.29% | 2.13% | 1,187.80 | |||||||||||||||||||
Hana Bank | 2020 | 2025 | KRW 118,780 | USD 100,000 | 1.29% | 2.13% | 1,187.80 | |||||||||||||||||||
Korea Development Bank | 2020 | 2026 | KRW 118,910 | USD 100,000 | 0.61% | 1.00% | 1,189.10 | |||||||||||||||||||
Hana Bank | 2020 | 2026 | KRW 118,910 | USD 100,000 | 0.61% | 1.00% | 1,189.10 | |||||||||||||||||||
Woori Bank | 2020 | 2026 | KRW 118,910 | USD 100,000 | 0.62% | 1.00% | 1,189.10 | |||||||||||||||||||
Nomura | 2017 | 2037 | KRW 52,457 | EUR 40,000 | 2.60% | 1.70% | 1,311.42 |
Counterparty |
Contract Year |
Settlement Year |
Contract amounts |
Contract interest rate |
Contract Exchange Rate |
|||||||||||||||||||||
Type |
Pay |
Receive |
Pay |
Receive | ||||||||||||||||||||||
(in millions of Won or thousands of foreign currencies except contract exchange rate information) |
||||||||||||||||||||||||||
Nomura | 2017 | 2037 | KRW 59,423 | SEK 450,000 | 2.62% | 2.36% | 132.05 | |||||||||||||||||||
Korea Development Bank | 2019 | 2022 | KRW 112,650 | USD 100,000 | 1.80% | 3.38% | 1,126.50 | |||||||||||||||||||
Kookmin Bank | 2019 | 2022 | KRW 112,650 | USD 100,000 | 1.80% | 3.38% | 1,126.50 | |||||||||||||||||||
Woori Bank | 2019 | 2022 | KRW 112,650 | USD 100,000 | 1.80% | 3.38% | 1,126.50 | |||||||||||||||||||
Kookmin Bank | 2021 | 2026 | KRW 114,230 | USD 100,000 | 1.27% | 1.25% | 1,142.30 | |||||||||||||||||||
Korea Development Bank | 2021 | 2026 | KRW 114,230 | USD 100,000 | 1.27% | 1.25% | 1,142.30 | |||||||||||||||||||
Hana Bank | 2021 | 2026 | KRW 114,230 | USD 100,000 | 1.27% | 1.25% | 1,142.30 | |||||||||||||||||||
Korea Development Bank | 2018 | 2023 | KRW 320,880 | USD 300,000 | 2.03% | 3.75% | 1,069.60 | |||||||||||||||||||
BNP Paribas | 2019 | 2024 | KRW 111,841 | CHF 100,000 | 1.78% | 0.13% | 1,118.41 | |||||||||||||||||||
Kookmin Bank | 2019 | 2024 | KRW 111,841 | CHF 100,000 | 1.78% | 0.13% | 1,118.41 | |||||||||||||||||||
Korea Development Bank | 2019 | 2022 | KRW 117,340 | USD 100,000 | 1.06% | 2.38% | 1,173.40 | |||||||||||||||||||
Hana Bank |
2019 | 2022 | KRW 117,340 | USD 100,000 | 1.06% | 2.38% | 1,173.40 | |||||||||||||||||||
Kookmin Bank |
2019 | 2022 | KRW 117,340 | USD 100,000 | 1.06% | 2.38% | 1,173.40 | |||||||||||||||||||
Woori Bank |
2021 | 2026 | KRW 220,600 | USD 200,000 | 0.47% | 0.75% | 1,103.00 | |||||||||||||||||||
Shinhan Bank |
2021 | 2026 | KRW 220,600 | USD 200,000 | 0.47% | 0.75% | 1,103.00 | |||||||||||||||||||
Hana Bank |
2021 | 2026 | KRW 55,150 | USD 50,000 | 0.48% | 0.75% | 1,103.00 | |||||||||||||||||||
Hana Bank |
2017 | 2022 | KRW 226,600 | USD 200,000 | 1.94% | 2.63% | 1,133.00 | |||||||||||||||||||
Korea Development Bank |
2017 | 2022 | KRW 113,300 | USD 100,000 | 1.94% | 2.63% | 1,133.00 | |||||||||||||||||||
Nomura |
2017 | 2022 | KRW 113,300 | USD 100,000 | 1.95% | 2.63% | 1,133.00 | |||||||||||||||||||
Woori Bank |
2017 | 2022 | KRW 56,650 | USD 50,000 | 1.95% | 2.63% | 1,133.00 | |||||||||||||||||||
Kookmin Bank |
2017 | 2022 | KRW 56,650 | USD 50,000 | 1.95% | 2.63% | 1,133.00 | |||||||||||||||||||
Korea Development Bank |
2018 | 2023 | KRW 169,335 | USD 150,000 | 2.26% | 3.88% | 1,128.90 | |||||||||||||||||||
Woori Bank |
2018 | 2023 | KRW 169,335 | USD 150,000 | 2.26% | 3.88% | 1,128.90 | |||||||||||||||||||
Credit Agricole |
2018 | 2023 | KRW 112,890 | USD 100,000 | 2.26% | 3.88% | 1,128.90 | |||||||||||||||||||
Hana Bank |
2018 | 2023 | KRW 56,445 | USD 50,000 | 2.26% | 3.88% | 1,128.90 | |||||||||||||||||||
Kookmin Bank |
2018 | 2023 | KRW 56,445 | USD 50,000 | 2.26% | 3.88% | 1,128.90 | |||||||||||||||||||
Woori Bank |
2020 | 2025 | KRW 245,560 | USD 200,000 | 0.93% | 1.75% | 1,227.80 | |||||||||||||||||||
Hana Bank |
2020 | 2025 | KRW 245,560 | USD 200,000 | 0.93% | 1.75% | 1,227.80 | |||||||||||||||||||
Korea Development Bank |
2020 | 2025 | KRW 122,780 | USD 100,000 | 0.93% | 1.75% | 1,227.80 |
Counterparty |
Contract Year |
Settlement Year |
Contract amounts |
Contract interest rate per annum | ||||||||||||||
Type |
Pay |
Receive | ||||||||||||||||
(in millions of Won or thousands of USD) |
||||||||||||||||||
Trading |
Hana Bank | 2017 | 2022 | KRW 100,000 | 2.01% | 3M CD + 0.24% | ||||||||||||
Hana Bank | 2017 | 2022 | KRW 100,000 | 2.06% | 3M CD + 0.27% | |||||||||||||
Nomura (1) |
2018 | 2038 | KRW 30,000 | 2.56% | 3.75% | |||||||||||||
Hana Bank | 2018 | 2023 | KRW 200,000 | 2.15% | 3M CD + 0.19% | |||||||||||||
Hana Bank | 2018 | 2023 | KRW 200,000 | 2.17% | 3M CD + 0.19% | |||||||||||||
Hana Bank | 2018 | 2023 | KRW 150,000 | 2.03% | 3M CD + 0.21% | |||||||||||||
Hana Bank | 2019 | 2024 | KRW 200,000 | 1.87% | 3M CD + 0.13% | |||||||||||||
Shinhan Bank | 2021 | 2025 | KRW 100,000 | 2.32% | 3M CD + 0.43% | |||||||||||||
Societe Generale | 2017 | 2022 | KRW 200,000 | 3M Libor + 3.44% | 3.77% | |||||||||||||
Nomura | 2017 | 2032 | KRW 52,457 | 3M Libor + 2.22% | 2.60% | |||||||||||||
Nomura | 2017 | 2032 | KRW 59,423 | 3M Libor + 2.24% | 2.62% | |||||||||||||
Nomura (2) |
2021 | 2041 | KRW 30,000 | 1.84% | 2.60% | |||||||||||||
Nomura (3) |
2021 | 2041 | KRW 50,000 | 1.87% | 2.38% | |||||||||||||
Cash flow hedge |
Export-Import Bank of Korea |
2015 | 2031 | USD 15,893 | 2.67% | 6M USD Libor | ||||||||||||
ING Bank | 2015 | 2031 | USD 7,861 | 2.67% | 6M USD Libor | |||||||||||||
BNP Paribas | 2015 | 2031 | USD 7,861 | 2.67% | 6M USD Libor | |||||||||||||
BNP Paribas | 2009 | 2027 | USD 60,316 | 4.16% | 6M USD Libor | |||||||||||||
KFW | 2009 | 2027 | USD 60,316 | 4.16% | 6M USD Libor | |||||||||||||
Export-Import Bank of Korea |
2016 | 2036 | USD 71,116 | 3.00% | 6M USD Libor |
(1) | 2.56% of the contract interest rate for paying is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. Depending on exercise of counterparty’s right, it can be reimbursed before the due date on the same day of every year starting from June 15, 2023. |
(2) | 1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter. |
(3) | 1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter. |
Assets |
Liabilities |
|||||||||||||||
Type |
2020 |
2021 |
2020 |
2021 |
||||||||||||
(In thousands of foreign currencies) |
||||||||||||||||
AED |
39,678 | 6,481 | 31,594 | 31,637 | ||||||||||||
AUD |
133 | 3,733 | 707,538 | 926,960 | ||||||||||||
BDT |
93,442 | 50,145 | — | 577 | ||||||||||||
BWP |
890 | 939 | — | — | ||||||||||||
EGP |
— | — | 948 | 595 | ||||||||||||
CAD |
247 | 582 | 1,840 | 2,266 | ||||||||||||
CHF |
— | — | 500,406 | 500,230 | ||||||||||||
CZK |
— | — | 2,033 | 386 | ||||||||||||
EUR |
310 | 1,809 | 121,069 | 42,981 | ||||||||||||
GBP |
— | — | 43 | — | ||||||||||||
HKD |
— | — | 1,651,839 | 1,651,665 | ||||||||||||
IDR |
342,496 | 768,731 | 555,241 | 995,510 | ||||||||||||
INR |
1,231,895 | 1,715,900 | 155,134 | 342,833 | ||||||||||||
JOD |
1,673 | 1,852 | — | 118 | ||||||||||||
JPY |
825,269 | 697,747 | 484,585 | 153,383 | ||||||||||||
KZT |
1,510 | 1,510 | — | — | ||||||||||||
MGA |
5,645,349 | 4,262,857 | — | 475,807 | ||||||||||||
MMK |
11,032 | 210,335 | — | — | ||||||||||||
MYR |
— | 1,964 | — | — | ||||||||||||
PHP |
191,122 | 164,167 | 104,161 | 104,245 | ||||||||||||
PKR |
371,328 | 200,844 | 12,222 | 74,423 | ||||||||||||
SAR |
2,178 | 2,615 | — | — | ||||||||||||
SEK |
— | — | 449,824 | 449,167 | ||||||||||||
USD |
1,445,522 | 1,381,441 | 12,234,563 | 12,023,085 | ||||||||||||
UYU |
78,265 | 90,930 | 1,585 | 3,097 | ||||||||||||
VND |
672,563 | 952,135 | — | 262,372 | ||||||||||||
ZAR |
303 | 31,971 | — | — |
ITEM 12. |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
Item |
Services |
Fees | ||
1 | Taxes and other governmental charges | As applicable | ||
2 | Registration of transfer of common shares generally on our shareholders’ register, any institution authorized under the applicable law to effect book-entry transfers of securities (including Korea Securities Depositary), or any entity that presently carries out the duties of registrar for the common shares, and applicable to transfers of common shares to the name of the Depositary or its nominee on the making of deposits or withdrawals | A fee of US$1.50 or less per ADS | ||
3 | Cable, telex and facsimile transmission expenses | As applicable | ||
4 | Expenses incurred by the Depositary in the conversion of foreign currency | As applicable | ||
5 | Execution and delivery of ADRs and the surrender of ADRs | Fee of US$0.05 or less per ADS | ||
6 | Cash distribution made by the Depositary or its agent | Fee of US$0.02 or less per ADS | ||
7 | Fee for the distribution of proceeds of sales of securities or rights for distribution other than cash, common shares or rights to subscribe for shares, distribution in shares or distribution in rights to subscribe for shares | Lesser of (i) the fee for the execution and delivery of ADRs referred to above which would have been charged as a result of the deposit by the holders of securities or common shares received in exercise of rights distributed to them, but which securities or rights are instead sold by the Depositary and the net proceeds distributed and (ii) the amount of such proceeds | ||
8 | Depositary services performed in administering the ADRs (which fee shall be assessed against holders of ADSs as of the record date or dates and shall be payable at the sole discretion of the Depositary by billing such holders or by deducting such charge from one or more cash dividends or other cash distributions) | Fee of US$0.02 or less per ADS per calendar year |
(In thousands of U.S. dollars) (1) |
||||
Reimbursement of legal fees |
US$ | 148,993 | ||
Contributions towards our investor relations and other financing efforts (including investor conferences, non-deal roadshows and market information services) |
224,295 | |||
Other |
140,604 | |||
|
|
|||
Total |
US$ | 513,892 | ||
|
|
(1) | Converted at the market average exchange rate as announced by Seoul Money Brokerage Services, Ltd. in Seoul for the year ended December 31, 2021. |
ITEM 13. |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
ITEM 14. |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
ITEM 15. |
CONTROLS AND PROCEDURES |
ITEM 16. |
[RESERVED] |
Aggregate Fees Billed During |
||||||||||
Type of Services |
2020 |
2021 |
Nature of Services | |||||||
(In millions of Won) |
||||||||||
Audit Fees |
W |
7,774 | W |
8,002 | Audit service including interim review service for KEPCO and its subsidiaries. | |||||
Audit-Related Fees |
516 | 498 | Comfort letter services. | |||||||
Tax Fees |
56 | 20 | Tax return and consulting advisory service. | |||||||
All Other Fees |
— | — | All other services which do not meet the three categories above. | |||||||
|
|
|
|
|||||||
Total |
W |
8,346 | W |
8,520 | ||||||
|
|
|
|
• | In August 2010, in furtherance of the Act on the Management of Public Institutions, the Ministry of Economy and Finance announced the Proposal for the Improvement in the Structure of the Electric Power Industry, which was designed to promote responsible management by and improve operational efficiency of Government-affiliated electricity companies by fostering competition among them. Key initiatives of the proposal included the following: (i) maintain the current structure of having six generation subsidiaries and designate the six generation subsidiaries as market-oriented public enterprises under the Act on the Management of Public Institutions in order to foster competition among the generation subsidiaries and promote efficiency in their operations, and (ii) clarify the scope of the business of us and the six generation subsidiaries (namely, that we shall manage the financial structure and governance of the six generation subsidiaries and nuclear power plant and overseas resources development projects, while the six generation subsidiaries will have greater autonomy with respect to construction and management of generation units and procurement of fuel, among others). |
• | In January 2011, the Ministry of Economy and Finance created a “joint cooperation unit” consisting of officers and employees selected from the five thermal power generation subsidiaries in order to reduce inefficiencies in areas such as fuel transportation, inventories, materials and equipment and construction, etc. and allow the thermal power generation subsidiaries to continue utilizing the benefits of economy of scale after split off of our generation business units into separate subsidiaries. The purpose of the joint cooperation unit was to give greater autonomy to the generation subsidiaries with regard to power plant construction and management and fuel procurements, and thereby enhance efficiency in operating power plants. The main functions of the joint cooperation unit are as follows: (i) maintain inventories of bituminous coal through volume exchanges and joint purchases, (ii) reduce shipping and demurrage expenses through joint operation and distribution of dedicated vessels, (iii) reduce costs by sharing information on generation material inventories and (iv) sharing human resources among the five thermal power generation subsidiaries for construction projects, among other things. |
• | In June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) for the purpose of streamlining the operations of Government-affiliated |
energy companies by discouraging them from engaging in overlapping or similar businesses with each other, reducing non-core assets and activities and improving management and operational efficiency. The initiatives contemplated in this proposal that would affect us and our generation subsidiaries include the following: (i) the generation companies should take on greater responsibilities in overseas resource exploration and production projects as these involve procurement of fuels necessary for electricity generation while fostering cooperation among each other through closer coordination, (ii) KHNP should take a greater role in export of nuclear technology, and (iii) the current system of retail sale of electricity to end-users should be liberalized to encourage more competition. |
• | We are the sole purchaser of electricity produced by the generation subsidiaries and continue to have near monopoly in terms of transmitting and distributing electricity in Korea. Accordingly, we continue to have significant influence over our generation subsidiaries in the electricity industry. |
• | Our president holds regular meetings (known as “CEO Meetings”) with the presidents of our generation subsidiaries for which our president determines whether and when to convene such meetings, sets the agenda for such meetings and chairs such meetings. Since significant issues that jointly affect us and our generation subsidiaries are often discussed and decided at these meetings, the leadership role exercised by our president in such meetings is significant in setting the policies and direction for us and our generation subsidiaries as a whole. |
• | We maintain and operate the Affiliated Company Management Team within the parent company organizational structure. The purpose of this team is to support and coordinate the management of the generation subsidiaries. Activities of the Affiliated Company Management Team include preparation of the CEO meetings, deliberation on major issues to be discussed at CEO Meetings, convening a general meeting of shareholders of the generation subsidiaries and coordination on the decision-making process for the general meeting of shareholders of the generation subsidiaries. |
ITEM 16H. |
MINE SAFETY DISCLOSURE |
ITEM 16I. |
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 17. |
FINANCIAL STATEMENTS |
ITEM 18. |
FINANCIAL STATEMENTS |
ITEM 19. |
EXHIBITS |
(a) |
Exhibits filed as part of this Annual Report |
(b) |
Financial Statements filed as part of this Annual Report |
* | Incorporated by reference to the Registrant’s annual report on Form 20-F (No. 001-13372) previously filed on April 30, 2021. |
** | Incorporated by reference to the Registrant’s Registration Statement on Form F-6 with respect to the ADSs, registered under Registration No. 333-196703. |
*** | Incorporated by reference to the Registrant’s annual report on Form 20-F (No. 001-13372) previously filed on April 30, 2019. |
KOREA ELECTRIC POWER CORPORATION | ||
By: | /s/ Cheong, Seung-Il | |
Name: | Cheong, Seung-Il | |
Title: | President and Chief Executive Officer | |
Date: | April 29, 2022 |
Page |
||||
F-2 |
||||
F-4 |
||||
F-5 |
||||
F-7 |
||||
F-9 |
||||
F-12 |
||||
F-14 |
Impairment of property, plant and equipment in electricity transmission and distribution business | ||
Description of the Matter |
As described in note 18 to the consolidated financial statements, the aggregate carrying value of the Company’s property, plant and equipment (“PP&E”) as of December 31, 2021 is KRW 173,119,781 million, and no impairment charge was recognized during the year ended December 31, 2021. Since the Company was operating at a loss during the year, the Company evaluated its cash-generating unit (“CGU”) in its electricity transmission and distribution business for recoverability by comparing the carrying amount of the CGU with its value-in-use Auditing the Company’s impairment assessment involved subjective judgment and required the involvement of specialists because, in preparing the VIU estimate, management uses estimates in the discounted cash flow model that include, among others, assumptions about future sales volumes, unit sales prices, cost of power |
purchases, and discount rates, that are inherently uncertain. Further, the carrying amount of PP&E to the consolidated financial statements is material and as such these assumptions have a significant effect on the outcome of the impairment assessment. | ||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design, and tested the operating effectiveness, of controls over the Company’s processes in determining the VIU of the CGU. This included our evaluation of management review controls over significant assumptions (i.e., future sales volumes, unit sales prices, cost of power purchases, and discount rates) used to develop the discounted cash flow forecasts. Our testing of the Company’s impairment calculation included, among other procedures, evaluating the discounted cash flow model used by the Company by involving our valuation specialists to assist in testing the significant assumptions used to develop the cash flow forecasts and testing the completeness and accuracy of the underlying data. We assessed the accuracy of the Company’s historical projections by comparing them with actual operating results, evaluated management’s methodology for determining the discount rate used to calculate the present value of the forecasted cash flows by comparing it against our own calculated rate using both market and entity-specific information, searched for and evaluated information that corroborates or contradicts the Company’s assumptions, and performed sensitivity analyses of significant assumptions to evaluate the changes in the VIU estimate that could result from changes in the assumptions. Furthermore, we considered the Company’s business plan and external market data for major unobservable inputs such as future sales volumes, unit sales prices and cost of power purchases, that were used in estimating the VIU. For example, we compared these significant assumptions to current industry practice, market and economic trends, historical results of the Company’s business and other relevant factors. |
Note |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Assets |
||||||||||||||||
Current assets |
||||||||||||||||
Cash and cash equivalents |
5,6,7,45 | ₩ | ||||||||||||||
Current financial assets, net |
5,6,9,11,12,13,45,47 | |||||||||||||||
Trade and other receivables, net |
5,8,20,24,45,46,47 | |||||||||||||||
Inventories, net |
14 | |||||||||||||||
Income tax receivables |
41 | |||||||||||||||
Current non-financial assets |
15 | |||||||||||||||
Assets held-for-sale |
16,42 | |||||||||||||||
Total current assets |
||||||||||||||||
Non-current assets |
||||||||||||||||
Non-current financial assets, net |
5,6,9,10,11,12,13,45,47 | |||||||||||||||
Non-current trade and other receivables, net |
5,8,20,45,46,47 | |||||||||||||||
Property, plant and equipment, net |
18,24,27,49 | |||||||||||||||
Investment properties, net |
19,27 | |||||||||||||||
Goodwill |
16,51 | |||||||||||||||
Intangible assets other than goodwill, net |
21,27,46 | |||||||||||||||
Investments in associates |
4,17 | |||||||||||||||
Investments in joint ventures |
4,17 | |||||||||||||||
Defined benefit assets, net |
25 | |||||||||||||||
Deferred tax assets |
41 | |||||||||||||||
Non-current non-financial assets |
15 | |||||||||||||||
Total non-current assets |
||||||||||||||||
Total Assets |
4 | ₩ | ||||||||||||||
Note |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Liabilities |
||||||||||||||||
Current liabilities |
||||||||||||||||
Trade and other payables, net |
5,22,24,45,47 | ₩ | ||||||||||||||
Current financial liabilities, net |
5,12,23,45,47 | |||||||||||||||
Income tax payables |
41 | |||||||||||||||
Current non-financial liabilities |
20,28,29 | |||||||||||||||
Current provisions |
26,45 | |||||||||||||||
Total current liabilities |
||||||||||||||||
Non-current liabilities |
||||||||||||||||
Non-current trade and other payables, net |
5,22,24,45,47 | |||||||||||||||
Non-current financial liabilities, net |
5,12,23,45,47 | |||||||||||||||
Non-current non-financial liabilities |
28,29 | |||||||||||||||
Employee benefits liabilities, net |
25,45 | |||||||||||||||
Deferred tax liabilities |
41 | |||||||||||||||
Non-current provisions |
26,45 | |||||||||||||||
Total non-current liabilities |
||||||||||||||||
Total Liabilities |
4 | ₩ | ||||||||||||||
Equity |
||||||||||||||||
Contributed capital |
1,30,45 | |||||||||||||||
Share capital |
₩ | |||||||||||||||
Share premium |
||||||||||||||||
Retained earnings |
31 | |||||||||||||||
Legal reserves |
||||||||||||||||
Voluntary reserves |
||||||||||||||||
Unappropriated retained earnings |
||||||||||||||||
Other components of equity |
34 | |||||||||||||||
Other capital surplus |
||||||||||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||||||||||
Other equity |
||||||||||||||||
Equity attributable to owners of the controlling company |
||||||||||||||||
Non-controlling interests |
16,33 | |||||||||||||||
Total Equity |
₩ | |||||||||||||||
Total Liabilities and Equity |
₩ | |||||||||||||||
Note |
2019 |
2020 |
2021 |
|||||||||||||||||
In millions of won, except per share information |
||||||||||||||||||||
Sales |
4,35,45,47 | |||||||||||||||||||
Sales of goods |
₩ | |||||||||||||||||||
Sales of construction services |
20 | |||||||||||||||||||
Sales of services |
||||||||||||||||||||
Cost of sales |
14,25,43,47 | |||||||||||||||||||
Cost of sales of goods |
( |
) | ( |
) | ( |
) | ||||||||||||||
Cost of sales of construction services |
( |
) | ( |
) | ( |
) | ||||||||||||||
Cost of sales of services |
( |
) | ( |
) | ( |
) | ||||||||||||||
( |
) | ( |
) | ( |
) | |||||||||||||||
Gross profit (loss) |
( |
) | ||||||||||||||||||
Selling and administrative expenses |
25,36,43,47 | ( |
) | ( |
) | ( |
) | |||||||||||||
Other income |
28,37 | |||||||||||||||||||
Other expenses |
37 | ( |
) | ( |
) | ( |
) | |||||||||||||
Other gains (losses), net |
38 | ( |
) | |||||||||||||||||
Operating profit (loss) |
4 | ( |
) | ( |
) | |||||||||||||||
Finance income |
5,12,39 | |||||||||||||||||||
Finance expenses |
5,12,40 | ( |
) | ( |
) | ( |
) | |||||||||||||
Profit (loss) related to associates, joint ventures and subsidiaries |
4,16,17 | |||||||||||||||||||
Share in profit of associates and joint ventures |
||||||||||||||||||||
Gain on disposal of investments in associates and joint ventures |
||||||||||||||||||||
Share in loss of associates and joint ventures |
( |
) | ( |
) | ( |
) | ||||||||||||||
Loss on disposal of investments in associates and joint ventures |
( |
) | ( |
) | ( |
) | ||||||||||||||
Impairment loss on investments in associates and joint ventures |
( |
) | ( |
) | ||||||||||||||||
Loss on disposal of investments in subsidiaries |
( |
) | ( |
) | ( |
) | ||||||||||||||
Profit (loss) before income tax |
( |
) | ( |
) | ||||||||||||||||
Income tax benefit (expense) |
41 | ( |
) | |||||||||||||||||
Profit (loss) for the year |
₩ | ( |
) | ( |
) |
Note |
2019 |
2020 |
2021 |
|||||||||||||||||
In millions of won, except per share information |
||||||||||||||||||||
Other comprehensive income (loss), net of tax |
5,12,25,31,34 | |||||||||||||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||||||||||||||
Remeasurements of defined benefit liability |
25,31 | ₩ | ( |
) | ||||||||||||||||
Share in other comprehensive income (loss) of associates and joint ventures |
31 | ( |
) | |||||||||||||||||
Net change in fair value of financial assets at fair value through other comprehensive income |
34 | ( |
) | ( |
) | |||||||||||||||
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 |
5,12,34 | ( |
) | |||||||||||||||||
Foreign currency translation of foreign operations |
34 | ( |
) | |||||||||||||||||
Share in other comprehensive income (loss) of associates and joint ventures |
34 | ( |
) | |||||||||||||||||
Other comprehensive income (loss) for the year |
( |
) | ||||||||||||||||||
Total comprehensive income (loss) for the year |
₩ | ( |
) | ( |
) | |||||||||||||||
Profit (loss) attributable to: |
||||||||||||||||||||
Owners of the controlling company |
44 | ₩ | ( |
) | ( |
) | ||||||||||||||
Non-controlling interests |
||||||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
Total comprehensive income (loss) attributable to: |
||||||||||||||||||||
Owners of the controlling company |
₩ | ( |
) | ( |
) | |||||||||||||||
Non-controlling interests |
||||||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
Earnings (loss) per share (in won) |
44 | |||||||||||||||||||
Basic and diluted earnings (loss) per share |
₩ | ( |
) | ( |
) |
Equity attributable to owners of the controlling company |
Non- controlling interests |
|||||||||||||||||||||||||||
Contributed capital |
Retained earnings |
Other components of equity |
Subtotal |
Total equity |
||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Balance at January 1, 2019 |
₩ | |||||||||||||||||||||||||||
Total comprehensive income (loss) for the year |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Profit (loss) for the year |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||||||
Remeasurements of defined benefit liability, net of tax |
||||||||||||||||||||||||||||
Share in other comprehensive loss of associates and joint ventures, net of tax |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
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 |
||||||||||||||||||||||||||||
Foreign currency translation of foreign operations, net of tax |
||||||||||||||||||||||||||||
Share in other comprehensive income of associates and joint ventures, net of tax |
||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity |
||||||||||||||||||||||||||||
Dividends paid |
( |
) | ( |
) | ||||||||||||||||||||||||
Issuance of shares of capital by subsidiaries and others |
||||||||||||||||||||||||||||
Transactions between consolidated entities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Changes in consolidation scope |
||||||||||||||||||||||||||||
Dividends paid (hybrid bond) |
( |
) | ( |
) | ||||||||||||||||||||||||
Others |
( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at December 31, 2019 |
₩ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the controlling company |
Non- controlling interests |
|||||||||||||||||||||||||||
Contributed capital |
Retained earnings |
Other components of equity |
Subtotal |
Total equity |
||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Balance at January 1, 2020 |
₩ | |||||||||||||||||||||||||||
Total comprehensive income (loss) for the year |
||||||||||||||||||||||||||||
Profit for the year |
||||||||||||||||||||||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||||||
Remeasurements of defined benefit liability, net of tax |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Share in other comprehensive income of associates and joint ventures, net of tax |
||||||||||||||||||||||||||||
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
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 |
||||||||||||||||||||||||||||
Foreign currency translation of foreign operations, net of tax |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Share in other comprehensive loss of associates and joint ventures, net of tax |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity |
||||||||||||||||||||||||||||
Dividends paid |
( |
) | ( |
) | ||||||||||||||||||||||||
Issuance of shares of capital by subsidiaries and others |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Transactions between consolidated entities |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Changes in consolidation scope |
||||||||||||||||||||||||||||
Dividends paid (hybrid bond) |
( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at December 31, 2020 |
₩ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the controlling company |
Non- controlling interests |
Total equity |
||||||||||||||||||||||||||
Contributed capital |
Retained earnings |
Other components of equity |
Subtotal |
|||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Balance at January 1, 2021 |
₩ | |||||||||||||||||||||||||||
Total comprehensive income (loss) for the year |
||||||||||||||||||||||||||||
Profit (loss) for the year |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Items that will not be reclassified subsequently to profit or loss: |
||||||||||||||||||||||||||||
Remeasurements of defined benefit liability, net of tax |
||||||||||||||||||||||||||||
Share in other comprehensive income of associates and joint ventures, net of tax |
||||||||||||||||||||||||||||
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |
||||||||||||||||||||||||||||
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 |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Foreign currency translation of foreign operations, net of tax |
||||||||||||||||||||||||||||
Share in other comprehensive loss of associates and joint ventures, net of tax |
||||||||||||||||||||||||||||
Transactions with owners of the Company, recognized directly in equity |
||||||||||||||||||||||||||||
Dividends paid |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Issuance of shares of capital by subsidiaries and others |
( |
) | ( |
) | ||||||||||||||||||||||||
Transactions between consolidated entities |
( |
) | ( |
) | ||||||||||||||||||||||||
Changes in consolidation scope |
||||||||||||||||||||||||||||
Dividends paid (hybrid bond) |
( |
) | ( |
) | ||||||||||||||||||||||||
Others |
( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at December 31, 2021 |
₩ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Cash flows from operating activities |
||||||||||||||||
Profit (loss) for the year |
₩ | ( |
) | ( |
) | |||||||||||
|
|
|
|
|
|
|||||||||||
Adjustments to reconcile profit (loss) for the year to net cash provided by operating activities: |
||||||||||||||||
Income tax expense (benefit) |
( |
) | ( |
) | ||||||||||||
Depreciation |
||||||||||||||||
Amortization |
||||||||||||||||
Employee benefit expense |
||||||||||||||||
Bad debt expense |
||||||||||||||||
Interest expense |
||||||||||||||||
Loss on disposal of financial assets |
||||||||||||||||
Loss on disposal of property, plant and equipment |
||||||||||||||||
Loss on abandonment of property, plant and equipment |
||||||||||||||||
Loss on impairment of property, plant and equipment |
||||||||||||||||
Loss on impairment of intangible assets |
||||||||||||||||
Loss on disposal of intangible assets |
||||||||||||||||
Increase in provisions |
||||||||||||||||
Loss (gain) on foreign currency translation, net |
( |
) | ||||||||||||||
Gain on valuation of financial assets at fair value through profit or loss |
( |
) | ( |
) | ( |
) | ||||||||||
Loss on valuation of financial assets at fair value through profit or loss |
||||||||||||||||
Valuation and transaction loss (gain) on derivative instruments, net |
( |
) | ( |
) | ||||||||||||
Share in profit of associates and joint ventures, net |
( |
) | ( |
) | ( |
) | ||||||||||
Gain on disposal of financial assets |
( |
) | ( |
) | ( |
) | ||||||||||
Reversal of impairment loss on intangible assets |
( |
) | ||||||||||||||
Gain on disposal of property, plant and equipment |
( |
) | ( |
) | ( |
) | ||||||||||
Gain on disposal of intangible assets |
( |
) | ( |
) | ( |
) | ||||||||||
Gain on disposal of investments in associates and joint ventures |
( |
) | ( |
) | ( |
) | ||||||||||
Loss on disposal of investments in associates and joint ventures |
||||||||||||||||
Impairment loss on investments in associates and joint ventures |
||||||||||||||||
Loss on disposal of investments in subsidiaries |
||||||||||||||||
Interest income |
( |
) | ( |
) | ( |
) | ||||||||||
Dividend income |
( |
) | ( |
) | ( |
) | ||||||||||
Others, net |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Changes in working capital: |
||||||||||||||||
Trade receivables |
( |
) | ( |
) | ||||||||||||
Non-trade receivables |
||||||||||||||||
Accrued income |
( |
) | ( |
) | ||||||||||||
Other receivables |
( |
) | ( |
) | ||||||||||||
Other current assets |
( |
) | ( |
) | ( |
) | ||||||||||
Inventories |
( |
) | ( |
) | ( |
) | ||||||||||
Other non-current assets |
( |
) | ( |
) | ( |
) | ||||||||||
Trade payables |
( |
) | ( |
) | ||||||||||||
Non-trade payables |
( |
) | ( |
) | ||||||||||||
Accrued expenses |
( |
) | ( |
) | ( |
) | ||||||||||
Other current liabilities |
||||||||||||||||
Other non-current liabilities |
||||||||||||||||
Investments in associates and joint ventures (dividends received) |
||||||||||||||||
Provisions |
( |
) | ( |
) | ( |
) | ||||||||||
Payments of employee benefit obligations |
( |
) | ( |
) | ( |
) | ||||||||||
Plan assets |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Cash generated from operating activities |
₩ | |||||||||||||||
Dividends received (financial assets at fair value through other comprehensive income) |
||||||||||||||||
Interest paid |
( |
) | ( |
) | ( |
) | ||||||||||
Interest received |
||||||||||||||||
Income taxes paid |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash provided by operating activities |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Cash flows from investing activities |
||||||||||||||||
Proceeds from disposals of investments in associates and joint ventures |
||||||||||||||||
Acquisition of investments in associates and joint ventures |
( |
) | ( |
) | ( |
) | ||||||||||
Proceeds from disposals of property, plant and equipment |
||||||||||||||||
Acquisition of property, plant and equipment |
( |
) | ( |
) | ( |
) | ||||||||||
Proceeds from disposals of intangible assets |
||||||||||||||||
Acquisition of intangible assets |
( |
) | ( |
) | ( |
) | ||||||||||
Proceeds from disposals of financial assets |
||||||||||||||||
Acquisition of financial assets |
( |
) | ( |
) | ( |
) | ||||||||||
Increase in loans |
( |
) | ( |
) | ( |
) | ||||||||||
Collection of loans |
||||||||||||||||
Increase in deposits |
( |
) | ( |
) | ( |
) | ||||||||||
Decrease in deposits |
||||||||||||||||
Proceeds from disposals of assets held-for-sale |
||||||||||||||||
Receipt of government grants |
||||||||||||||||
Cash outflow from merger |
( |
) | ||||||||||||||
Net cash outflow from changes in consolidation scope |
( |
) | ( |
) | ( |
) | ||||||||||
Other cash outflow from investing activities, net |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash used in investing activities |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
Cash flows from financing activities |
||||||||||||||||
Proceeds from short-term borrowings, net |
||||||||||||||||
Proceeds from long-term borrowings and debt securities |
||||||||||||||||
Repayment of long-term borrowings and debt securities |
( |
) | ( |
) | ( |
) | ||||||||||
Payment of lease liabilities |
( |
) | ( |
) | ( |
) | ||||||||||
Settlement of derivative instruments, net |
||||||||||||||||
Change in non-controlling interests |
||||||||||||||||
Dividends paid (hybrid bond) |
( |
) | ( |
) | ( |
) | ||||||||||
Dividends paid |
( |
) | ( |
) | ( |
) | ||||||||||
Other cash outflow from financing activities, net |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|||||||||||
Net cash provided by financing activities |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Net increase in cash and cash equivalents before effect of exchange rate fluctuations |
||||||||||||||||
Effect of exchange rate fluctuations on cash held |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|||||||||||
Net increase in cash and cash equivalents |
||||||||||||||||
Cash and cash equivalents at January 1 |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents at December 31 |
₩ | |||||||||||||||
|
|
|
|
|
|
1. |
Reporting Entity (Description of the controlling company) |
Number of shares |
Percentage of ownership |
|||||||
The Government of the Republic of Korea |
% | |||||||
Korea Development Bank (KDB) |
% | |||||||
Foreign investors |
% | |||||||
Other |
% | |||||||
% | ||||||||
2. |
Basis of Preparation |
(1) |
Statement of compliance |
(2) |
Basis of measurement |
• | financial assets at fair value through profit or loss |
• | financial assets at fair value through other comprehensive income |
• | derivative financial instruments are measured at fair value |
• | liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit obligations less the fair value of plan assets |
(3) |
Functional and presentation currency |
(4) |
Use of estimates and judgments |
2. |
Basis of Preparation, Continued |
(4) |
Use of estimates and judgments, continued |
(i) | Useful lives of property, plant and equipment, and estimations on provision for decommissioning costs |
(ii) | Deferred tax |
(iii) | Valuations of financial instruments at fair values |
(iv) | Defined employee benefit liabilities |
2. |
Basis of Preparation, Continued |
(4) |
Use of estimates and judgments, continued |
(v) | Unbilled revenue |
(vi) | Construction contracts |
(vii) |
Early shutdown of the Wolsong Unit 1 nuclear power plant and changes in new nuclear power plants construction |
2. |
Basis of Preparation, Continued |
(4) |
Use of estimates and judgments, continued |
✓ | Note 17 – Investments in Associates and Joint Ventures |
✓ | Note 18 – Property, Plant and Equipment |
✓ | Note 20 – Construction Contracts |
✓ | Note 45 – Risk Management |
✓ | Note 25 – Employment Benefits |
✓ | Note 41 – Income Taxes |
(5) |
Changes in accounting policies |
• | A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest |
• | Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued |
• | Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component |
3. |
Significant Accounting Policies |
(1) |
Basis of consolidation |
(2) |
Business combinations |
3. |
Significant Accounting Policies, Continued |
(2) |
Business combinations, continued |
• | deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with IAS 12 ‘Income Taxes’ and IAS 19 ‘Employee Benefits’ respectively; |
• | assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 ‘Non-current Assets Held for Sale’ are measured in accordance with that standard. |
3. |
Significant Accounting Policies, Continued |
(3) |
Investments in associates |
3. |
Significant Accounting Policies, Continued |
(4) |
Joint arrangements |
(5) |
Non-current assets held for sale |
(6) |
Goodwill |
3. |
Significant Accounting Policies, Continued |
(7) |
Revenue from Contracts with Customers |
(i) | Sale of goods |
(ii) | Sale of construction services |
(iii) | Sale of services |
(iv) |
Adoption of the cost pass-through tariff system |
3. |
Significant Accounting Policies, Continued |
(8) |
Deferred Revenue |
(9) |
Leases |
(i) | The Company as a lessor |
(ii) | The Company as a lessee |
(a) | Right-of-use |
(b) | Lease liabilities |
3. |
Significant Accounting Policies, Continued |
(9) |
Leases, continued |
(c) | Short-term leases and leases of low-value assets |
(10) |
Foreign currencies |
• | Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings; |
• | Exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer to note 3.(24) Derivative financial instruments, including hedge accounting); and |
• | Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the net investment. |
3. |
Significant Accounting Policies, Continued |
(11) |
Borrowing costs |
(12) |
Government grants |
(i) |
If the Company received grants related to assets, government grants whose primary condition is that the Company purchases, constructs or otherwise acquires long-term assets are deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense. |
(ii) |
If the Company received grants related to expenses, government grants which are intended to compensate the Company for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Company recognizes the related costs as expenses. |
(13) |
Employee benefits |
3. |
Significant Accounting Policies, Continued |
(14) |
Income taxes |
(i) |
Current tax |
(ii) |
Deferred tax |
3. |
Significant Accounting Policies, Continued |
(14) |
Income taxes, continued |
(iii) | Current and deferred tax for the year |
(15) |
Property, plant and equipment |
Useful lives (years) | ||
Buildings |
||
Structures |
||
Machinery |
||
Vehicles |
||
Loaded heavy water |
||
Asset retirement costs |
||
Right-of-use |
||
Ships |
||
Others |
3. |
Significant Accounting Policies, Continued |
(16) |
Investment property |
(17) |
Intangible assets |
(i) | Intangible assets acquired separately |
(ii) | Research and development |
• | The technical feasibility of completing the intangible asset so that it will be available for use or sale; |
• | The intention to complete the intangible asset and use or sell it; |
• | The ability to use or sell the intangible asset; |
• | How the intangible asset will generate probable future economic benefits; |
• | The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and |
• | The ability to measure reliably the expenditure attributable to the intangible asset during its development. |
3. |
Significant Accounting Policies, Continued |
(17) |
Intangible assets, continued |
Useful lives (years) |
Amortization methods | |||
Usage rights for donated assets |
||||
Software |
||||
Industrial rights |
||||
Development expenditures |
||||
Leasehold rights |
||||
Others |
||||
Mining rights |
(iii) | Intangible assets acquired in a business combination |
(iv) | Derecognition of intangible assets |
(18) |
Greenhouse gas emissions rights (allowances) and obligations |
(i) | Greenhouse gas emissions rights |
(ii) | Greenhouse gas emissions obligations |
3. |
Significant Accounting Policies, Continued |
(19) |
Impairment of non-financial assets other than goodwill |
(20) |
Inventories |
(21) |
Provisions |
3. |
Significant Accounting Policies, Continued |
(21) |
Provisions, continued |
(i) | Provision for employment benefits |
(ii) | Provision for decommissioning costs of nuclear power plants |
(iii) | Provision for disposal of spent nuclear fuel |
(iv) | Provision for low and intermediate radioactive wastes |
(v) | Provision for Polychlorinated Biphenyls (“PCBs”) |
(vi) | Provisions for the power plant region support programs |
(vii) | Provisions for the transmission and transformation facilities-neighboring areas support |
(viii) | Renewable Portfolio Standard (“RPS”) provisions |
3. |
Significant Accounting Policies, Continued |
(22) |
Financial instruments |
(i) | Classification and measurement of financial assets |
Cash flow characteristics | ||||
Business model |
Solely payments of principal and interest (SPPI) |
Other than SPPI | ||
To collect contractual cash flows |
(*2) | |||
Both collecting contractual cash flows and selling financial assets |
(*1) | |||
To sell financial assets |
(*1) |
To eliminate or reduce an accounting mismatch, the Company may elect to recognize the amount of change in fair value in profit or loss. |
(*2) |
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI. |
(ii) |
Classification and measurement of financial liabilities |
3. |
Significant Accounting Policies, Continued |
(22) |
Financial instruments, continued |
(iii) | Impairment: Financial assets and contract assets |
Classification |
Loss allowances | |||||
Stage 1 |
Credit risk has not increased significantly since the initial recognition |
12-month ECL: |
ECLs that resulted from possible default events within the 12 months after the reporting date | |||
Stage 2 |
Credit risk has increased significantly since the initial recognition |
Lifetime ECL: |
ECL that resulted from all possible default events over the expected life of a financial instrument | |||
Stage 3 |
Credit-impaired |
(iv) | Derecognition |
(23) |
Service Concession Arrangements |
3. |
Significant Accounting Policies, Continued |
(24) |
Derivative financial instruments, including hedge accounting |
(i) | Separable embedded derivatives |
(ii) | Hedge accounting |
(iii) | Fair value hedges |
3. |
Significant Accounting Policies, Continued |
(24) |
Derivative financial instruments, including hedge accounting, continued |
(iv) | Cash flow hedges |
(25) |
Assets held-for-sale |
4. |
Segment, Geographic and Other Information |
(1) |
Segment determination and explanation of the measurements |
4. |
Segment, Geographic and Other Information, Continued |
(2) |
Financial information of the segments for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows: |
2019 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment |
Total segment revenue |
Intersegment revenue |
Revenue from external customers |
Depreciation and amortization |
Interest income |
Interest expense |
Profit related to associates, joint ventures and subsidiaries |
Employee benefit expense |
Loss on abandonment of property, plant and equipment |
Increase in provisions, net |
Operating profit (loss) |
|||||||||||||||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Transmission and distribution |
₩ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||
Electric power generation (Nuclear) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric power generation (Non-nuclear) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant maintenance & engineering service |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Others |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation adjustments |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
₩ | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain related to associates, joint ventures and subsidiaries |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss before income tax |
₩ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||
4. |
Segment, Geographic and Other Information, Continued |
(2) |
Financial information of the segments for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows, continued: |
2020 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment |
Total segment revenue |
Intersegment revenue |
Revenue from external customers |
Depreciation and amortization |
Interest income |
Interest expense |
Profit (loss) related to associates, joint ventures and subsidiaries |
Employee benefit expense |
Loss on abandonment of property, plant and equipment |
Increase in provisions, net |
Operating profit (loss) |
|||||||||||||||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Transmission and distribution |
₩ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Electric power generation (Nuclear) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric power generation (Non-nuclear) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plant maintenance & engineering service |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Others |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation adjustments |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||
₩ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain related to associates, joint ventures and subsidiaries |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss before income tax |
₩ | |||||||||||||||||||||||||||||||||||||||||||||||||||
4. |
Segment, Geographic and Other Information, Continued |
(2) |
Financial information of the segments for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment |
Total segment revenue |
Intersegment revenue |
Revenue from external customers |
Depreciation and amortization |
Interest income |
Interest expense |
Profit (loss) related to associates, joint ventures and subsidiaries |
Employee benefit expense |
Loss on abandonment of property, plant and equipment |
Increase in provisions, net |
Operating profit (loss) |
|||||||||||||||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Transmission and distribution |
₩ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||
Electric power generation (Nuclear) |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Electric power generation (Non-nuclear) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant maintenance & engineering service |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Others |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation adjustments |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||
₩ | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Finance income |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance expense |
( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain related to associates, joint ventures and subsidiaries |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit before income tax |
₩ | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||
4. |
Segment, Geographic and Other Information, Continued |
(3) |
Information related to segment assets and segment liabilities as of and for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Segment |
Segment assets |
Investments in associates and joint ventures |
Acquisition of non-current assets |
Segment liabilities |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Transmission and distribution |
₩ | |||||||||||||||||||
Electric power generation (Nuclear) |
||||||||||||||||||||
Electric power generation (Non-nuclear) |
||||||||||||||||||||
Plant maintenance & engineering service |
||||||||||||||||||||
Others |
||||||||||||||||||||
Segment totals |
||||||||||||||||||||
Consolidation adjustments: |
||||||||||||||||||||
Elimination of inter-segment amounts |
( |
) | ( |
) | ( |
) | ||||||||||||||
Equity method adjustment |
||||||||||||||||||||
Deferred taxes |
||||||||||||||||||||
Others |
( |
) | ( |
) | ||||||||||||||||
( |
) | ( |
) | ( |
) | |||||||||||||||
Consolidated totals |
₩ | |||||||||||||||||||
2021 |
||||||||||||||||||||
Segment |
Segment assets |
Investments in associates and joint ventures |
Acquisition of non-current assets |
Segment liabilities |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Transmission and distribution |
₩ | |||||||||||||||||||
Electric power generation (Nuclear) |
||||||||||||||||||||
Electric power generation (Non-nuclear) |
||||||||||||||||||||
Plant maintenance & engineering service |
||||||||||||||||||||
Others |
||||||||||||||||||||
Segment totals |
||||||||||||||||||||
Consolidation adjustments: |
||||||||||||||||||||
Elimination of inter-segment amounts |
( |
) | ( |
) | ( |
) | ||||||||||||||
Equity method adjustment |
||||||||||||||||||||
Deferred taxes |
||||||||||||||||||||
Others |
( |
) | ( |
) | ||||||||||||||||
( |
) | ( |
) | ( |
) | |||||||||||||||
Consolidated totals |
₩ | |||||||||||||||||||
4. |
Segment, Geographic and Other Information, Continued |
(4) |
Geographic information |
Revenue from external customers |
Non-current assets (*2) |
|||||||||||||||||||||||||||
Geographical unit |
2019 |
2020 |
2021 |
2019 |
2020 |
2021 |
||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Domestic |
₩ | |||||||||||||||||||||||||||
Overseas (*1) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
₩ | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(*1) | Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually. |
(*2) | The amounts exclude financial assets and deferred tax assets. |
(5) |
Information on significant customers |
5. |
Classification of Financial Instruments |
(1) |
Classification of financial assets as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||
Financial assets at fair value through profit or loss |
Financial assets at fair value through other comprehensive income |
Financial assets at amortized cost |
Derivative assets (applying hedge accounting) |
Total |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Current assets |
||||||||||||||||||||||||
Cash and cash equivalents |
₩ | |||||||||||||||||||||||
Current financial assets |
||||||||||||||||||||||||
Current financial assets at fair value through profit or loss |
||||||||||||||||||||||||
Current financial assets at amortized costs |
||||||||||||||||||||||||
Current derivative assets |
||||||||||||||||||||||||
Other financial assets |
||||||||||||||||||||||||
Trade and other receivables |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-current assets |
||||||||||||||||||||||||
Non-current financial assets |
||||||||||||||||||||||||
Non-current financial assets at fair value through profit or loss |
||||||||||||||||||||||||
Non-current financial assets at fair value through other comprehensive income |
||||||||||||||||||||||||
Non-current financial assets at amortized costs |
||||||||||||||||||||||||
Non-current derivative assets |
||||||||||||||||||||||||
Other financial assets |
||||||||||||||||||||||||
Trade and other receivables |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
5. |
Classification of Financial Instruments, Continued |
(1) |
Classification of financial assets as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Financial assets at fair value through profit or loss |
Financial assets at fair value through other comprehensive income |
Financial assets at amortized cost |
Derivative assets (applying hedge accounting) |
Total |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Current assets |
||||||||||||||||||||||||
Cash and cash equivalents |
₩ | |||||||||||||||||||||||
Current financial assets |
||||||||||||||||||||||||
Current financial assets at fair value through profit or loss |
||||||||||||||||||||||||
Current financial assets at amortized costs |
||||||||||||||||||||||||
Current derivative assets |
||||||||||||||||||||||||
Other financial assets |
||||||||||||||||||||||||
Trade and other receivables |
||||||||||||||||||||||||
Non-current assets |
||||||||||||||||||||||||
Non-current financial assets |
||||||||||||||||||||||||
Non-current financial assets at fair value through profit or loss |
||||||||||||||||||||||||
Non-current financial assets at fair value through other comprehensive income |
||||||||||||||||||||||||
Non-current financial assets at amortized costs |
||||||||||||||||||||||||
Non-current derivative assets |
||||||||||||||||||||||||
Other financial assets |
||||||||||||||||||||||||
Trade and other receivables |
||||||||||||||||||||||||
₩ | ||||||||||||||||||||||||
5. |
Classification of Financial Instruments, Continued |
(2) |
Classification of financial liabilities as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Financial liabilities at fair value through profit or loss |
Financial liabilities recognized at amortized cost |
Derivative liabilities (applying hedge accounting) |
Total |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Current liabilities |
||||||||||||||||||||
Borrowings |
₩ | |||||||||||||||||||
Debt securities |
||||||||||||||||||||
Derivative liabilities |
||||||||||||||||||||
Trade and other payables |
||||||||||||||||||||
Non-current liabilities |
||||||||||||||||||||
Borrowings |
||||||||||||||||||||
Debt securities |
||||||||||||||||||||
Derivative liabilities |
||||||||||||||||||||
Trade and other payables |
||||||||||||||||||||
₩ | ||||||||||||||||||||
2021 |
||||||||||||||||||||
Financial liabilities at fair value through profit or loss |
Financial liabilities recognized at amortized cost |
Derivative liabilities (applying hedge accounting) |
Total |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Current liabilities |
||||||||||||||||||||
Borrowings |
₩ | |||||||||||||||||||
Debt securities |
||||||||||||||||||||
Derivative liabilities |
||||||||||||||||||||
Trade and other payables |
||||||||||||||||||||
Non-current liabilities |
||||||||||||||||||||
Borrowings |
||||||||||||||||||||
Debt securities |
||||||||||||||||||||
Derivative liabilities |
||||||||||||||||||||
Trade and other payables |
||||||||||||||||||||
₩ | ||||||||||||||||||||
5. |
Classification of Financial Instruments, Continued |
(3) |
Classification of comprehensive income (loss) from financial instruments for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||||
In millions of won |
||||||||||||||||||
Cash and cash equivalents |
Interest income |
₩ | ||||||||||||||||
Gain (loss) on foreign currency transactions and translations |
( |
) | ( |
) | ||||||||||||||
Financial assets at fair value through profit or loss |
Interest income |
|||||||||||||||||
Dividends income |
||||||||||||||||||
Gain (loss) on valuation of derivatives |
( |
) | ||||||||||||||||
Gain (loss) on transaction of derivatives |
||||||||||||||||||
Gain (loss) on valuation of financial assets |
||||||||||||||||||
Gain (loss) on disposal of financial assets |
||||||||||||||||||
Financial assets at fair value through other comprehensive income |
Dividends income |
|||||||||||||||||
Financial assets at amortized cost |
Interest income |
|||||||||||||||||
Gain (loss) on foreign currency transactions and translations |
( |
) | ( |
) | ( |
) | ||||||||||||
Loans |
Interest income |
|||||||||||||||||
Gain (loss) on foreign currency transactions and translations |
( |
) | ( |
) | ||||||||||||||
Trade and other receivables |
Interest income |
|||||||||||||||||
Gain (loss) on disposal of financial assets |
— | — | ||||||||||||||||
Gain (loss) on foreign currency transactions and translations |
( |
) | ||||||||||||||||
Short-term financial instruments |
Interest income |
|||||||||||||||||
Gain (loss) on foreign currency transactions and translations |
( |
) | ||||||||||||||||
Long-term financial instruments |
Interest income |
|||||||||||||||||
Gain (loss) on foreign currency transactions and translations |
||||||||||||||||||
Other financial assets |
Interest income |
|||||||||||||||||
Derivatives (applying hedge accounting) |
Gain (loss) on valuation of derivatives (profit or loss) |
( |
) | |||||||||||||||
Gain (loss) on valuation of derivatives (equity, before tax) |
( |
) | ||||||||||||||||
Gain (loss) on transaction of derivatives |
||||||||||||||||||
Financial liabilities at fair value through profit or loss |
Gain (loss) on valuation of derivatives |
( |
) | |||||||||||||||
Gain (loss) on transaction of derivatives |
( |
) | ( |
) | ( |
) | ||||||||||||
Financial liabilities carried at amortized cost |
Interest expense of borrowings and debt securities |
|||||||||||||||||
Gain (loss) on repayment of financial liabilities |
( |
) | ( |
) | ||||||||||||||
Interest expense of trade and other payables |
||||||||||||||||||
Interest expense of others |
||||||||||||||||||
Other finance income |
||||||||||||||||||
Other finance expenses |
||||||||||||||||||
Gain (loss) on foreign currency transactions and translations |
( |
) | ( |
) | ||||||||||||||
Derivatives (applying hedge accounting) |
Gain (loss) on valuation of derivatives (profit or loss) |
( |
) | |||||||||||||||
Gain (loss) on valuation of derivatives (equity, before tax) |
( |
) | ( |
) | ||||||||||||||
Gain (loss) on transaction of derivatives |
( |
) |
6. |
Restricted Deposits |
2020 |
2021 |
|||||||||||||
In millions of won |
||||||||||||||
Cash and cash equivalents |
Escrow accounts |
₩ | ||||||||||||
Deposits for government project and others |
||||||||||||||
Collateral provided for borrowings |
||||||||||||||
Collateral provided for lawsuit |
||||||||||||||
Deposits for transmission regional support program |
||||||||||||||
Deposits for other business purposes |
— | |||||||||||||
Short-term financial instruments |
Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others |
|||||||||||||
Collateral provided for borrowings |
— | |||||||||||||
Non-current financial assets at fair value through profit or loss |
Decommissioning costs of nuclear power plants |
|||||||||||||
Long-term financial instruments |
Escrow accounts |
|||||||||||||
Guarantee deposits for banking accounts at oversea branches |
||||||||||||||
Collateral provided for borrowings |
||||||||||||||
Decommissioning costs of nuclear power plants |
||||||||||||||
Funds for developing small and medium enterprises (*) |
||||||||||||||
₩ | ||||||||||||||
(*) | As of December 31, 2020, it consisted of the deposits for small and medium enterprises at the Industrial Bank of Korea (IBK) and others for construction of Bitgaram Energy Valley and support for high potential businesses amounting to ₩ |
7. |
Cash and Cash Equivalents |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Cash |
₩ | |||||||||||
Other demand deposits |
||||||||||||
Short-term deposits classified as cash equivalents |
||||||||||||
Short-term investments classified as cash equivalents |
||||||||||||
₩ | ||||||||||||
8. |
Trade and Other Receivables |
(1) |
Trade and other receivables as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Gross amount |
Allowance for doubtful accounts |
Present value discount |
Book value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Current assets |
||||||||||||||||||||
Trade receivables |
₩ | ( |
) | |||||||||||||||||
Other receivables |
( |
) | ( |
) | ||||||||||||||||
( |
) | ( |
) | |||||||||||||||||
Non-current assets |
||||||||||||||||||||
Trade receivables |
( |
) | ||||||||||||||||||
Other receivables |
( |
) | ( |
) | ||||||||||||||||
( |
) | ( |
) | |||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
2021 |
||||||||||||||||||||
Gross amount |
Allowance for doubtful accounts |
Present value discount |
Book value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Current assets |
||||||||||||||||||||
Trade receivables |
₩ | ( |
) | |||||||||||||||||
Other receivables |
( |
) | ( |
) | ||||||||||||||||
( |
) | ( |
) | |||||||||||||||||
Non-current assets |
||||||||||||||||||||
Trade receivables |
( |
) | ||||||||||||||||||
Other receivables |
( |
) | ( |
) | ||||||||||||||||
( |
) | ( |
) | |||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
8. |
Trade and Other Receivables, Continued |
(2) |
Other receivables as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Gross amount |
Allowance for doubtful accounts |
Present value discount |
Book value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Current assets |
||||||||||||||||||||
Non-trade receivables |
₩ | ( |
) | |||||||||||||||||
Accrued income |
||||||||||||||||||||
Deposits |
( |
) | ||||||||||||||||||
Finance lease receivables(*1) |
( |
) | ||||||||||||||||||
Others |
( |
) | ||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||
Non-current assets |
||||||||||||||||||||
Non-trade receivables |
( |
) | ||||||||||||||||||
Accrued income |
||||||||||||||||||||
Deposits |
( |
) | ||||||||||||||||||
Finance lease receivables(*2) |
( |
) | ||||||||||||||||||
Others |
( |
) | ||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
(*1) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩ (*2) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩ |
||||||||||||||||||||
2021 |
||||||||||||||||||||
Gross amount |
Allowance for doubtful accounts |
Present value discount |
Book value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Current assets |
||||||||||||||||||||
Non-trade receivables |
₩ | ( |
) | ( |
) | |||||||||||||||
Accrued income |
||||||||||||||||||||
Deposits |
( |
) | ||||||||||||||||||
Finance lease receivables(*1) |
( |
) | ||||||||||||||||||
Others |
( |
) | ||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||
Non-current assets |
||||||||||||||||||||
Non-trade receivables |
( |
) | ( |
) | ||||||||||||||||
Accrued income |
||||||||||||||||||||
Deposits |
( |
) | ||||||||||||||||||
Finance lease receivables(*2) |
( |
) | ||||||||||||||||||
Others |
( |
) | ||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
(*1) | Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩ |
(*2) | Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩ |
(3) | Trade and other receivables are classified as financial assets at amortized cost and are measured using the effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However once trade receivables are overdue, the Company imposes a monthly interest rate of |
8. |
Trade and Other Receivables, Continued |
(4) |
Aging analysis of trade receivables as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Trade receivables: (not overdue) |
₩ | |||||||||||
Trade receivables: (impairment reviewed) |
||||||||||||
Less than 60 days |
||||||||||||
60 ~ 90 days |
||||||||||||
90 ~ 120 days |
||||||||||||
120 days ~ 1 year |
||||||||||||
Over 1 year |
||||||||||||
Less: allowance for doubtful accounts |
( |
) | ( |
) | ||||||||
₩ | ||||||||||||
(5) |
Aging analysis of other receivables as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Other receivables: (not overdue) |
₩ | |||||||||||
Other receivables: (impairment reviewed) |
||||||||||||
Less than 60 days |
||||||||||||
60 ~ 90 days |
||||||||||||
90 ~ 120 days |
||||||||||||
120 days ~ 1 year |
||||||||||||
Over 1 year |
||||||||||||
Less: allowance for doubtful accounts |
( |
) | ( |
) | ||||||||
Less: present value discount |
( |
) | ( |
) | ||||||||
₩ | ||||||||||||
8. |
Trade and Other Receivables, Continued |
(6) |
Changes in the allowance for doubtful accounts for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||||||||||||||
Trade receivables |
Other receivables |
Trade receivables |
Other receivables |
Trade receivables |
Other receivables |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Beginning balance |
₩ | |||||||||||||||||||||||||||
Bad debt expense |
||||||||||||||||||||||||||||
Write-off |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Reversal |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Ending balance |
₩ | |||||||||||||||||||||||||||
9. |
Financial Assets at Fair Value through Profit or Loss |
(1) |
Financial assets at fair value through profit or loss as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Financial assets at fair value through profit or loss |
||||||||||||||||||||
Beneficiary Certificate |
₩ | |||||||||||||||||||
Cooperative |
||||||||||||||||||||
Other (*) |
||||||||||||||||||||
Financial assets designated as at fair value through profit or loss |
||||||||||||||||||||
Debt with embedded derivatives |
||||||||||||||||||||
₩ | ||||||||||||||||||||
(*) | ‘Other’ includes MMT, etc. |
(2) |
Details of income (loss) from financial assets at fair value through profit or loss for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Beneficiary Certificate |
₩ | |||||||||||
Cooperative |
||||||||||||
Debt with embedded derivatives |
||||||||||||
Other |
||||||||||||
₩ | ||||||||||||
10. |
Financial Assets at Fair Value through Other Comprehensive Income |
(1) |
Changes in financial assets at fair value through other comprehensive income for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||
Beginning balance |
Acquisition |
Disposal |
Valuation |
Others |
Ending balance |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Listed |
₩ | ( |
) | ( |
) | |||||||||||||||||||||||
Unlisted |
( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
( |
) | ( |
) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Current financial assets at fair value through other comprehensive income |
₩ | |||||||||||||||||||||||||||
Non-current financial assets at fair value through other comprehensive income |
( |
) | ( |
) | ||||||||||||||||||||||||
2021 |
||||||||||||||||||||||||||||
Beginning balance |
Acquisition |
Disposal |
Valuation |
Others |
Ending balance |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Equity securities |
||||||||||||||||||||||||||||
Listed |
₩ | ( |
) | |||||||||||||||||||||||||
Unlisted |
( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
( |
) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Debt securities |
||||||||||||||||||||||||||||
Corporate bond |
( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
( |
) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Current financial assets at fair value through other comprehensive income |
₩ | |||||||||||||||||||||||||||
Non-current financial assets at fair value through other comprehensive income |
( |
) |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition cost |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Listed |
||||||||||||||||||||||||
Korea District Heating Corp. |
% | ₩ | ||||||||||||||||||||||
Ssangyong Motor Co., Ltd. |
% | |||||||||||||||||||||||
SM Korea Line Corp. |
% | |||||||||||||||||||||||
Namkwang Engineering & Construction Co., Ltd. |
% | |||||||||||||||||||||||
Bumyang Construction Co., Ltd. |
% | |||||||||||||||||||||||
Elcomtec Co., Ltd. |
% | |||||||||||||||||||||||
P an Ocean Co., Ltd. |
% | |||||||||||||||||||||||
Dongbu Corp. |
% | |||||||||||||||||||||||
KSP Co., Ltd. |
% | |||||||||||||||||||||||
STX Heavy Industries Co., Ltd. |
% | |||||||||||||||||||||||
Codes Combine Co., Ltd. |
% | |||||||||||||||||||||||
PT Adaro Energy Tbk. |
% | |||||||||||||||||||||||
Energy Fuels Inc. |
% | |||||||||||||||||||||||
Bunji Corporation Limited |
% | |||||||||||||||||||||||
Denison Mines Corp. |
% | |||||||||||||||||||||||
Fission 3.0 |
% | |||||||||||||||||||||||
Fission Uranium Corp. |
% | |||||||||||||||||||||||
SangSangin Industry Co., Ltd.(formerly, DMC Co., Ltd.) |
% | |||||||||||||||||||||||
Vitzosys Co., Ltd. |
% |
|||||||||||||||||||||||
EMnI Co., Ltd. |
% | |||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Unlisted |
||||||||||||||||||||||||
Intellectual Discovery Co., Ltd. |
% | ₩ | ||||||||||||||||||||||
Hwan Young Steel Co., Ltd. |
% | |||||||||||||||||||||||
Sambo Auto . Co., Ltd. |
% | |||||||||||||||||||||||
Mobo Co., Ltd. |
% | |||||||||||||||||||||||
Dae Kwang Semiconductor Co., Ltd. |
% | |||||||||||||||||||||||
Sanbon Department Store |
% | |||||||||||||||||||||||
Miju Steel Mfg. Co., Ltd. |
% | |||||||||||||||||||||||
Sungwon Co., Ltd. |
% | |||||||||||||||||||||||
KC Development Co., Ltd. |
% | |||||||||||||||||||||||
Imhwa Corp. |
% | |||||||||||||||||||||||
Dalim Special Vehicle Co., Ltd. |
% | |||||||||||||||||||||||
ASA Jeonju |
% | |||||||||||||||||||||||
Moonkyung Silica Co., Ltd. |
% | |||||||||||||||||||||||
Sungkwang Timber Co., Ltd. |
% | |||||||||||||||||||||||
HJ Steel Co., Ltd. |
% | |||||||||||||||||||||||
KS Remicon Co., Ltd. |
% | |||||||||||||||||||||||
Joongang Platec Co., Ltd. |
% | |||||||||||||||||||||||
Pyungsan SI Co., Ltd. |
% | |||||||||||||||||||||||
Samgong Development Co., Ltd. |
% | |||||||||||||||||||||||
Joongang Development Co., Ltd. |
% | |||||||||||||||||||||||
AJS Co., Ltd. |
% | |||||||||||||||||||||||
MSE Co., Ltd. |
% | |||||||||||||||||||||||
Ilrim Nano Tec Co., Ltd. |
% | |||||||||||||||||||||||
Youngjin Hi-Tech Co., Ltd. |
% | |||||||||||||||||||||||
Buyoung Co., Ltd. |
% | |||||||||||||||||||||||
Ilsuk Co., Ltd. |
% | |||||||||||||||||||||||
Dongyang Telecom Co., Ltd. |
% | |||||||||||||||||||||||
Jongwon Remicon Co., Ltd. |
% | |||||||||||||||||||||||
Zyle Daewoo Motor Sales Co., Ltd. |
% | |||||||||||||||||||||||
Daewoo Development Co., Ltd. |
% | |||||||||||||||||||||||
Seyang Inc. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition cost |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Seungri Enterprise Co., Ltd. |
% | |||||||||||||||||||||||
Shin-E P&C Co., Ltd. |
% | |||||||||||||||||||||||
Ejung Ad Co., Ltd. |
% | |||||||||||||||||||||||
Solvus Co., Ltd. |
% | |||||||||||||||||||||||
Myung Co., Ltd. |
% | |||||||||||||||||||||||
Shinil Engineering Co., Ltd. |
% | |||||||||||||||||||||||
Biwang Industry Co., Ltd |
% | |||||||||||||||||||||||
Young Sung Co., Ltd. |
% | |||||||||||||||||||||||
Yuil Industrial Electronics Co., Ltd. |
% | |||||||||||||||||||||||
Woojin Industry Corporation |
% | |||||||||||||||||||||||
Kwang Sung Industry Co., Ltd. |
% | |||||||||||||||||||||||
Futech Mold Co., Ltd. |
% | |||||||||||||||||||||||
Woojoo Environment Ind. Co., Ltd. |
% | |||||||||||||||||||||||
Hyungji Esquire Co., Ltd. |
% | |||||||||||||||||||||||
Kolmar Pharma Co., Ltd. |
% | |||||||||||||||||||||||
Morado Co., Ltd. |
% | |||||||||||||||||||||||
Myung Sung Tex Co., Ltd. |
% | |||||||||||||||||||||||
Kwang Sung Co., Ltd. |
% | |||||||||||||||||||||||
Seen Business and Technology co., Ltd. |
% | |||||||||||||||||||||||
Woobang Construction Co., Ltd. |
% | |||||||||||||||||||||||
Shin Pyung Co., Ltd. |
% | |||||||||||||||||||||||
JMC Heavy Industries Co., Ltd. |
% | |||||||||||||||||||||||
Najin Steel Co., Ltd. |
% | |||||||||||||||||||||||
Sinkwang Industry Co., Ltd. |
% | |||||||||||||||||||||||
Elephant & Friends Co., Ltd. |
% | |||||||||||||||||||||||
Mireco Co., Ltd. |
% | |||||||||||||||||||||||
L&K Industry Co., Ltd. |
% | |||||||||||||||||||||||
JO Tech Co., Ltd. |
% | |||||||||||||||||||||||
Kendae Printing Co., Ltd. |
% | |||||||||||||||||||||||
Dauning Co., Ltd. |
% | |||||||||||||||||||||||
Korea Trecision Co., Ltd. |
% | |||||||||||||||||||||||
Ace Track Co., Ltd. |
% | |||||||||||||||||||||||
Dung Hwan Co., Ltd. |
% | |||||||||||||||||||||||
Hurim Biocell Co., Ltd. |
% | |||||||||||||||||||||||
Smart Power Co., Ltd. |
% | |||||||||||||||||||||||
Sunjin Power Tech Co., Ltd. |
% | |||||||||||||||||||||||
Beer Yeast Korea Inc. |
% | |||||||||||||||||||||||
B CON Co., Ltd. |
% | |||||||||||||||||||||||
Ace Integration Co., Ltd |
% | |||||||||||||||||||||||
AceInti Agricultural Co., Ltd. |
% | |||||||||||||||||||||||
KyungDong Co., Ltd. |
% | |||||||||||||||||||||||
ChunWon Development Co., Ltd. |
% | |||||||||||||||||||||||
SungLim Industrial Co., Ltd. |
% | |||||||||||||||||||||||
Korea Minerals Co., Ltd. |
% | |||||||||||||||||||||||
HyoDong Development Co., Ltd. |
% | |||||||||||||||||||||||
Haspe Tech Co., Ltd. |
% | |||||||||||||||||||||||
JoHyun Co., Ltd. |
% | |||||||||||||||||||||||
KC Co., Ltd. |
% | |||||||||||||||||||||||
SeongJi Industrial Co.,Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition cost |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Dong Yang Metal Co., Ltd. |
% | |||||||||||||||||||||||
Seyang Precision Ind.Co., Ltd. |
% | |||||||||||||||||||||||
Dooriwon Food System Co., Ltd. |
% | |||||||||||||||||||||||
ShinShin Co., Ltd |
% | |||||||||||||||||||||||
Sung Kwang Co., Ltd. |
% | |||||||||||||||||||||||
Shinheung petrol. Co., Ltd. |
% | |||||||||||||||||||||||
Force TEC Co., Ltd. |
% | |||||||||||||||||||||||
Samsung Tech Co., Ltd. |
% | |||||||||||||||||||||||
Tae Hyung Co., Ltd. |
% | |||||||||||||||||||||||
Younil Metal Co., Ltd. |
% | |||||||||||||||||||||||
Hankook Precision Ind Co., Ltd. |
% | |||||||||||||||||||||||
CJ Paradise Co.,Ltd |
% | |||||||||||||||||||||||
Han Young Technology Company Co.,Ltd. |
% | |||||||||||||||||||||||
STX Offshore & Shipbuilding Co., Ltd. |
% | |||||||||||||||||||||||
Ptotronics Co., Ltd. |
% | |||||||||||||||||||||||
NFT Co., Ltd. |
% | |||||||||||||||||||||||
Hyundaitech Co.,Ltd. |
% | |||||||||||||||||||||||
Dasan Material Co., Ltd. |
% | |||||||||||||||||||||||
Fish World Co.,Ltd. |
% | |||||||||||||||||||||||
SG Shinsung Engineering and Construction Co., Ltd. |
% | |||||||||||||||||||||||
Samdo Industry Electric Co.,Ltd. |
% | |||||||||||||||||||||||
Taejung Industries Co.,Ltd. |
% | |||||||||||||||||||||||
Shinsei Trading Co., Ltd. |
% | |||||||||||||||||||||||
Dynamic Co., Ltd. |
% | |||||||||||||||||||||||
Green Alchemy Co.,Ltd. |
% | |||||||||||||||||||||||
Youone TBM Engineering & Construction Co., Ltd. |
% | |||||||||||||||||||||||
KM Leatech Co., Ltd. |
% | |||||||||||||||||||||||
Semist Co.,Ltd. |
% | |||||||||||||||||||||||
Sewon Bus Co.,Ltd |
% | |||||||||||||||||||||||
Enertec Co., Ltd. |
% | |||||||||||||||||||||||
Sangji Co., Ltd. |
% | |||||||||||||||||||||||
Bellie Doughnuts Co., Ltd. |
% | |||||||||||||||||||||||
Airtech Information communication Co., Ltd |
% | |||||||||||||||||||||||
Shin kwang Industrial Co., Ltd. |
% | |||||||||||||||||||||||
Kiscom Co., Ltd. |
% | |||||||||||||||||||||||
Wonil laser Co., Ltd |
% | |||||||||||||||||||||||
Pyung Hwa Industrial Co.,Ltd. |
% | |||||||||||||||||||||||
PT. Kedap Saayq |
% | |||||||||||||||||||||||
Set Holding (*2) |
% | |||||||||||||||||||||||
PT. Cirebon Energi Prasarana |
% | |||||||||||||||||||||||
Choheung packing Co.,Ltd. |
% | |||||||||||||||||||||||
Jaewoo Co., Ltd. |
% | |||||||||||||||||||||||
Wooyang HC Co., Ltd |
% | |||||||||||||||||||||||
Sungsan Parts Co., Ltd. |
% | |||||||||||||||||||||||
TheYeonriji Co., Ltd. |
% | |||||||||||||||||||||||
Flusys Co., Ltd. |
% | |||||||||||||||||||||||
DongSeo Electronics Co., Ltd. |
% | |||||||||||||||||||||||
Daewoo Display Co., Ltd. |
% | |||||||||||||||||||||||
Yeong-gwang Remicon Co., Ltd. |
% | |||||||||||||||||||||||
NTS Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition cost |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
AID C o ., Ltd. |
% | |||||||||||||||||||||||
Changwon Eco-friendly farming Corp. |
% | |||||||||||||||||||||||
Kumo Hitech Co., Ltd. |
% | |||||||||||||||||||||||
Kyung Pyo Industry Co., Ltd. |
% | |||||||||||||||||||||||
Daedong Industry Co., Ltd. |
% | |||||||||||||||||||||||
Doosung Heavy Industries Co., Ltd. |
% | |||||||||||||||||||||||
Samjoo Hightech Co., Ltd. |
% | |||||||||||||||||||||||
Samkwang Chemical Co., Ltd. |
% | |||||||||||||||||||||||
SG Corp. |
% | |||||||||||||||||||||||
Shinseung Chemical Industy Co., Ltd. |
% | |||||||||||||||||||||||
KJ Alloy Co., Ltd. |
% | |||||||||||||||||||||||
SM Hi-tech Co., Ltd. |
% | |||||||||||||||||||||||
Keum Mun Industry Co., Ltd. |
% | |||||||||||||||||||||||
Puruen Environment Co., Ltd. |
% | |||||||||||||||||||||||
Miretech Co., Ltd. |
% | |||||||||||||||||||||||
SIE Co., Ltd. |
% | |||||||||||||||||||||||
Sejin Hightech Co., Ltd. |
% | |||||||||||||||||||||||
Eun Sung Enterprise Co., Ltd. |
% | |||||||||||||||||||||||
Dongdo Basalt Industry Co., Ltd. |
% | |||||||||||||||||||||||
Shinyoung Textiles Co., Ltd. |
% | |||||||||||||||||||||||
Ilwoo Steel Co., Ltd. |
% | |||||||||||||||||||||||
Dong-un Tech Co., Ltd. |
% | |||||||||||||||||||||||
Wongwang Door Corp. |
% | |||||||||||||||||||||||
Seobu Highway Solar Co., Ltd. |
% | |||||||||||||||||||||||
Dongbu Highway Solar Co., Ltd. |
% | |||||||||||||||||||||||
Mansu Co.,Ltd. |
% | |||||||||||||||||||||||
Eanskorea Co., Ltd. |
% | |||||||||||||||||||||||
Youngdongseafood Co., Ltd. |
% | |||||||||||||||||||||||
Hyunwoo Winstar Co., Ltd. |
% | |||||||||||||||||||||||
Sehwa Diecasting Co., Ltd. |
% | |||||||||||||||||||||||
Sungchang Tech Co., Ltd. |
% | |||||||||||||||||||||||
Yuchang Industry Co., Ltd. |
% | |||||||||||||||||||||||
Jeongpum Co., Ltd. |
% | |||||||||||||||||||||||
Korea Steel Power Co., Ltd. |
% | |||||||||||||||||||||||
Amanex Co., Ltd. |
% | |||||||||||||||||||||||
Dae-A Leisure Co., Ltd. |
% | |||||||||||||||||||||||
Caffe Bene Co.,Ltd. |
% | |||||||||||||||||||||||
Daechang HRSG Co.,Ltd. |
% | |||||||||||||||||||||||
Shinjin International Corp. |
% | |||||||||||||||||||||||
Daewoon Shell Tech Co., Ltd. |
% | |||||||||||||||||||||||
Jinhung Packaging Co.,Ltd |
% | |||||||||||||||||||||||
Donglim Eng Co., Ltd. |
% | |||||||||||||||||||||||
SIP Co., Ltd. |
% | |||||||||||||||||||||||
Clizen Co., Ltd. |
% | |||||||||||||||||||||||
Daedong Millennium Co., Ltd. |
% | |||||||||||||||||||||||
Daeji Product Co., Ltd. |
% | |||||||||||||||||||||||
Cheong Hae Myeong Ga Co.,Ltd. |
% | |||||||||||||||||||||||
Jaein Circuit Co., Ltd. |
% | |||||||||||||||||||||||
SSET Co., Ltd. |
% | |||||||||||||||||||||||
Sewon PM Tech Co., Ltd. |
% | |||||||||||||||||||||||
Dawon Yuhwa Co., Ltd. |
% | |||||||||||||||||||||||
Ogokbaekkwa Co., Ltd. |
% | |||||||||||||||||||||||
Shinwoo Toptech Co., Ltd. |
% | |||||||||||||||||||||||
KMLC Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Seinfood Co., Ltd. |
% | |||||||||||||||||||||||
TaeSung Eco-Tech. Co., Ltd. |
% | |||||||||||||||||||||||
Kukex Inc. |
% | |||||||||||||||||||||||
Youngshin Plus Co., Ltd. |
% | |||||||||||||||||||||||
Chang won Engineering Co., Ltd. |
% | |||||||||||||||||||||||
Samsung Silup Co., Ltd. |
% | |||||||||||||||||||||||
Samwon Bio Tech Co., Ltd. |
% | |||||||||||||||||||||||
IZU K orea Co., Ltd. |
% | |||||||||||||||||||||||
Dongdo CNP Co., Ltd. |
% | |||||||||||||||||||||||
Dae Bang Industry Co.,Ltd. |
% | |||||||||||||||||||||||
S.I.T. Co.,Ltd |
% | |||||||||||||||||||||||
Taejin Hiech Co., Ltd. |
% | |||||||||||||||||||||||
Headone Co.,Ltd. |
% | |||||||||||||||||||||||
Enaindustry Co., Ltd. |
% | |||||||||||||||||||||||
TCT Co., Ltd. |
% | |||||||||||||||||||||||
E-Won Solutech Co., Ltd. |
% | |||||||||||||||||||||||
MJT Co., Ltd. |
% | |||||||||||||||||||||||
KPL Circuit Co., Ltd. |
% | |||||||||||||||||||||||
Road Solar Co., Ltd. |
% | |||||||||||||||||||||||
Sung Ae Co., Ltd. |
% | |||||||||||||||||||||||
Han Mi Flexible Co.,Ltd. |
% | |||||||||||||||||||||||
Samhwa Casting Co., Ltd. |
% | |||||||||||||||||||||||
Millennium PNT Co., Ltd. |
% | |||||||||||||||||||||||
GN Chem Co., Ltd. |
% | |||||||||||||||||||||||
GW Industry Co., Ltd. |
% | |||||||||||||||||||||||
TM Construction Co., Ltd. |
% | |||||||||||||||||||||||
Dae Myung Co., Ltd. |
% | |||||||||||||||||||||||
Nanomicart Co., Ltd. |
% | |||||||||||||||||||||||
Young San Heavy Industries Co., Ltd. |
% | |||||||||||||||||||||||
Samchungwon Co., Ltd. |
% | |||||||||||||||||||||||
Wooyang Frozen Foods Co., Ltd. |
% | |||||||||||||||||||||||
Nanomic Co., Ltd. |
% | |||||||||||||||||||||||
Samsung Nonferrous Metal Co., Ltd. |
% | |||||||||||||||||||||||
Daewha Fuel Pump Ind., Ltd. |
% | |||||||||||||||||||||||
HIC Co., Ltd. |
% | |||||||||||||||||||||||
Addies Direct Co., Ltd. |
% | |||||||||||||||||||||||
World |
% | |||||||||||||||||||||||
Superone Co., Ltd. |
% | |||||||||||||||||||||||
Deok-u Co., Ltd. |
% | |||||||||||||||||||||||
Buyoung Panji Co., Ltd. |
% | |||||||||||||||||||||||
International Paint Korea Co., Ltd. |
% | |||||||||||||||||||||||
EI Lighting Co., Ltd. |
% | |||||||||||||||||||||||
Hightech Mnp Co., Ltd. |
% | |||||||||||||||||||||||
Dongjin Foundry Industry Co., Ltd. |
% | |||||||||||||||||||||||
Yooseung Co., Ltd. |
% | |||||||||||||||||||||||
Sungkwang Co., Ltd. |
% | |||||||||||||||||||||||
Taeyang Gasteel Co., Ltd. |
% | |||||||||||||||||||||||
Ajin KSB Co., Ltd. |
% | |||||||||||||||||||||||
Sewon Ceramic Co., Ltd. |
% | |||||||||||||||||||||||
Choyang Tech Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition cost |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
TK Co., Ltd. |
% | |||||||||||||||||||||||
Sungdo Co., Ltd. |
% | |||||||||||||||||||||||
KSM Tecj Co., Ltd. |
% | |||||||||||||||||||||||
Arari Co., Ltd. |
% | |||||||||||||||||||||||
Potech Co., Ltd. |
% | |||||||||||||||||||||||
C&S Corporation Co., Ltd. |
% | |||||||||||||||||||||||
Sungshin Parts Co., Ltd. |
% | |||||||||||||||||||||||
Global The One of Korea Co., Ltd. |
% | |||||||||||||||||||||||
Steellife Co., Ltd. |
% | |||||||||||||||||||||||
D&C Castech Co., Ltd. |
% | |||||||||||||||||||||||
Geumhan Co., Ltd. |
% | |||||||||||||||||||||||
Mokgan Co., Ltd. |
% | |||||||||||||||||||||||
Wenex Co., Ltd. |
% | |||||||||||||||||||||||
Sulim Co., Ltd. |
% | |||||||||||||||||||||||
Shinkwang Engineering Co., Ltd. |
% | |||||||||||||||||||||||
Ek Cookware Co., Ltd. |
% | |||||||||||||||||||||||
KTTW Co., Ltd. |
% | |||||||||||||||||||||||
Avajar Co., Ltd. |
% | |||||||||||||||||||||||
Koomin Precisions Co., Ltd. |
% | |||||||||||||||||||||||
Woosung I.B. Co.,Ltd |
% | |||||||||||||||||||||||
CAP Korea Co., Ltd. |
% | |||||||||||||||||||||||
MSM Co., Ltd. |
% | |||||||||||||||||||||||
Ddpopstyle Co., Ltd. |
% | |||||||||||||||||||||||
Finemetal Co., Ltd. |
% | |||||||||||||||||||||||
Sungkyeong Co., Ltd. |
% | |||||||||||||||||||||||
RMK Co., Ltd. |
% | |||||||||||||||||||||||
Tpp Co., Ltd. |
% | |||||||||||||||||||||||
Kuklim Plastic New Technology Co., Ltd. |
% | |||||||||||||||||||||||
Dukeong Metal Heat Treatment Co., Ltd. |
% | |||||||||||||||||||||||
Newko Co., Ltd. |
% | |||||||||||||||||||||||
KMC&R Co., Ltd. |
% | |||||||||||||||||||||||
Dongsung Mulsan Co., Ltd. |
% | |||||||||||||||||||||||
Pizzakorea Co., Ltd. |
% | |||||||||||||||||||||||
Geumdani Co., Ltd. |
% | |||||||||||||||||||||||
Mezzanine I-pack Co., Ltd. |
% | |||||||||||||||||||||||
Newclean Livestock Co., Ltd. |
% | |||||||||||||||||||||||
Ltop Co., Ltd. |
% | |||||||||||||||||||||||
Simile Aluminium Co., Ltd. |
% | |||||||||||||||||||||||
GT Tooling Co., Ltd. |
% | |||||||||||||||||||||||
Panax Korea Co., Ltd. |
% | |||||||||||||||||||||||
Team Korea Co., Ltd. |
% | |||||||||||||||||||||||
Donghwa TCA Co., Ltd. |
% | |||||||||||||||||||||||
Hankook Piaget Co., Ltd. |
% | |||||||||||||||||||||||
Coco Food Co., Ltd. |
% | |||||||||||||||||||||||
Woori Industry Co., Ltd. |
% | |||||||||||||||||||||||
Para Belleza Co., Ltd |
% | |||||||||||||||||||||||
Dongsung Co., Ltd. |
% | |||||||||||||||||||||||
Ssangyong Youngweol Plant Service&Engineering Co., Ltd. |
% | |||||||||||||||||||||||
SH Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Namsunnam Co., Ltd. |
% | |||||||||||||||||||||||
Daeyoung Co., Ltd. |
% | |||||||||||||||||||||||
Chandown Food Co., Ltd. |
% | |||||||||||||||||||||||
Getron Co., Ltd. |
% | |||||||||||||||||||||||
Jungmun Co., Ltd. |
% | |||||||||||||||||||||||
Andong Trading Corporation Co., Ltd. |
% | |||||||||||||||||||||||
JM Tech Co., Ltd. |
% | |||||||||||||||||||||||
SGC Energy Co., Ltd. |
% | |||||||||||||||||||||||
Ihsung CNI Co., Ltd. |
% | |||||||||||||||||||||||
H Robotics Co., Ltd. |
% | |||||||||||||||||||||||
Good Tcells Co., Ltd. |
% | |||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
₩ | ||||||||||||||||||||||||
|
|
|
|
|
|
(*1) | The Company used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide. |
(*2) | The Company has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2020. |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Listed |
||||||||||||||||||||||||
Korea District Heating Corp. |
% | ₩ | ||||||||||||||||||||||
Ssangyong Motor Co., Ltd. |
% | |||||||||||||||||||||||
SM Korea Line Corp. |
% | |||||||||||||||||||||||
Namkwang Engineering & Construction Co., Ltd. |
% | |||||||||||||||||||||||
Bumyang Construction Co., Ltd. |
% | |||||||||||||||||||||||
Elcomtec Co., Ltd. |
% | |||||||||||||||||||||||
P an Ocean Co., Ltd. |
% | |||||||||||||||||||||||
STX Heavy Industries Co., Ltd. |
% | |||||||||||||||||||||||
Codes Combine Co., Ltd. |
% | |||||||||||||||||||||||
PT Adaro Energy Tbk. |
% | |||||||||||||||||||||||
Denison Mines Corp. |
% | |||||||||||||||||||||||
Fission Uranium Corp. |
% | |||||||||||||||||||||||
SangSangin Industry Co., Ltd. |
% | |||||||||||||||||||||||
Vitzosys Co., Ltd. |
% | |||||||||||||||||||||||
EMnI Co., Ltd. |
% | |||||||||||||||||||||||
Vissem electronics, Co., Ltd. |
% | |||||||||||||||||||||||
KC Industry Co., Ltd. |
% | |||||||||||||||||||||||
Ihsung CNI Co., Ltd. |
% | |||||||||||||||||||||||
Aone Alform Co., Ltd. |
% | |||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Unlisted |
||||||||||||||||||||||||
Intellectual Discovery Co., Ltd. |
% | ₩ | ||||||||||||||||||||||
Hwan Young Steel Co., Ltd. |
% | |||||||||||||||||||||||
Sambo Auto . Co., Ltd. |
% | |||||||||||||||||||||||
Mobo Co., Ltd. |
% | |||||||||||||||||||||||
Dae Kwang Semiconductor Co., Ltd. |
% | |||||||||||||||||||||||
Sanbon Department Store |
% | |||||||||||||||||||||||
Miju Steel Mfg. Co., Ltd. |
% | |||||||||||||||||||||||
Sungwon Co., Ltd. |
% | |||||||||||||||||||||||
Imhwa Corp. |
% | |||||||||||||||||||||||
Dalim Special Vehicle Co., Ltd. |
% | |||||||||||||||||||||||
ASA Jeonju Co., Ltd. |
% | |||||||||||||||||||||||
Moonkyung Silica Co., Ltd. |
% | |||||||||||||||||||||||
Sungkwang Timber Co., Ltd. |
% | |||||||||||||||||||||||
HJ Steel Co., Ltd. |
% | |||||||||||||||||||||||
KS Remicon Co., Ltd. |
% | |||||||||||||||||||||||
Joongang Platec Co., Ltd. |
% | |||||||||||||||||||||||
Pyungsan SI Co., Ltd. |
% | |||||||||||||||||||||||
Samgong Development Co., Ltd. |
% | |||||||||||||||||||||||
Joongang Development Co., Ltd. |
% | |||||||||||||||||||||||
AJS Co., Ltd. |
% | |||||||||||||||||||||||
MSE Co., Ltd. |
% | |||||||||||||||||||||||
Ilrim Nano Tec Co., Ltd. |
% | |||||||||||||||||||||||
Youngjin Hi-Tech Co., Ltd. |
% | |||||||||||||||||||||||
Buyoung Co., Ltd. |
% | |||||||||||||||||||||||
Ilsuk Co., Ltd. |
% | |||||||||||||||||||||||
Zyle Daewoo Motor Sales Co., Ltd. |
% | |||||||||||||||||||||||
Daewoo Development Co., Ltd. |
% | |||||||||||||||||||||||
Seyang Inc. |
% | |||||||||||||||||||||||
Seungri Enterprise Co., Ltd. |
% | |||||||||||||||||||||||
Shin-E P&C Co., Ltd. |
% | |||||||||||||||||||||||
Ejung Ad Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Solvus Co., Ltd. |
% | |||||||||||||||||||||||
Myung Co., Ltd. |
% | |||||||||||||||||||||||
Biwang Industry Co., Ltd |
% | |||||||||||||||||||||||
Young Sung Co., Ltd. |
% | |||||||||||||||||||||||
Yuil Industrial Electronics Co., Ltd. |
% | |||||||||||||||||||||||
Woojin Industry Corporation |
% | |||||||||||||||||||||||
Kwang Sung Industry Co., Ltd. |
% | |||||||||||||||||||||||
Futech Mold Co., Ltd. |
% | |||||||||||||||||||||||
Woojoo Environment Ind. Co., Ltd. |
% | |||||||||||||||||||||||
Hyungji Esquire Co., Ltd. |
% | |||||||||||||||||||||||
Morado Co., Ltd. |
% | |||||||||||||||||||||||
Myung Sung Tex Co., Ltd. |
% | |||||||||||||||||||||||
Kwang Sung Co., Ltd. |
% | |||||||||||||||||||||||
Seen Business and Technology co., Ltd. |
% | |||||||||||||||||||||||
Woobang Construction Co., Ltd. |
% | |||||||||||||||||||||||
Shin Pyung Co., Ltd. |
% | |||||||||||||||||||||||
JMC Heavy Industries Co., Ltd. |
% | |||||||||||||||||||||||
Najin Steel Co., Ltd. |
% | |||||||||||||||||||||||
Sinkwang Industry Co., Ltd. |
% | |||||||||||||||||||||||
Elephant & Friends Co., Ltd. |
% | |||||||||||||||||||||||
Mireco Co., Ltd. |
% | |||||||||||||||||||||||
L&K Industry Co., Ltd. |
% | |||||||||||||||||||||||
JO Tech Co., Ltd. |
% | |||||||||||||||||||||||
Kendae Printing Co., Ltd. |
% | |||||||||||||||||||||||
Dauning Co., Ltd. |
% | |||||||||||||||||||||||
Korea Trecision Co., Ltd. |
% | |||||||||||||||||||||||
Ace Track Co., Ltd. |
% | |||||||||||||||||||||||
Dung Hwan Co., Ltd. |
% | |||||||||||||||||||||||
Hurim Biocell Co., Ltd. |
% | |||||||||||||||||||||||
Smart Power Co., Ltd. |
% | |||||||||||||||||||||||
Sunjin Power Tech Co., Ltd. |
% | |||||||||||||||||||||||
Beer Yeast Korea Inc. |
% | |||||||||||||||||||||||
B CON Co., Ltd. |
% | |||||||||||||||||||||||
Ace Integration Co., Ltd |
% | |||||||||||||||||||||||
AceInti Agricultural Co., Ltd. |
% | |||||||||||||||||||||||
KyungDong Co., Ltd. |
% | |||||||||||||||||||||||
ChunWon Development Co., Ltd. |
% | |||||||||||||||||||||||
SungLim Industrial Co., Ltd. |
% | |||||||||||||||||||||||
Korea Minerals Co., Ltd. |
% | |||||||||||||||||||||||
HyoDong Development Co., Ltd. |
% | |||||||||||||||||||||||
Haspe Tech Co., Ltd. |
% | |||||||||||||||||||||||
JoHyun Co., Ltd. |
% | |||||||||||||||||||||||
KC Co., Ltd. |
% | |||||||||||||||||||||||
SeongJi Industrial Co.,Ltd. |
% | |||||||||||||||||||||||
Seyang Precision Ind.Co., Ltd. |
% | |||||||||||||||||||||||
Dooriwon Food System Co., Ltd. |
% | |||||||||||||||||||||||
ShinShin Co., Ltd |
% | |||||||||||||||||||||||
Sung Kwang Co., Ltd. |
% | |||||||||||||||||||||||
Shinheung P etrol Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Force TEC Co., Ltd. |
% | |||||||||||||||||||||||
Samsung Tech Co., Ltd. |
% | |||||||||||||||||||||||
Younil Metal Co., Ltd. |
% | |||||||||||||||||||||||
CJ Paradise Co.,Ltd |
% | |||||||||||||||||||||||
Han Young Technology Company Co.,Ltd. |
% | |||||||||||||||||||||||
K Shipbuilding Co., Ltd. (formerly, STX Offshore & Shipbuilding Co., Ltd.) |
% | |||||||||||||||||||||||
Ptotronics Co., Ltd. |
% | |||||||||||||||||||||||
NFT Co., Ltd. |
% | |||||||||||||||||||||||
Hyundaitech Co.,Ltd. |
% | |||||||||||||||||||||||
Dasan Material Co., Ltd. |
% | |||||||||||||||||||||||
Fish World Co.,Ltd. |
% | |||||||||||||||||||||||
SG Shinsung Engineering and Construction Co., Ltd. |
% | |||||||||||||||||||||||
Samdo Industry Electric Co.,Ltd. |
% | |||||||||||||||||||||||
Taejung Industries Co.,Ltd. |
% | |||||||||||||||||||||||
Shinsei Trading Co., Ltd. |
% | |||||||||||||||||||||||
Dynamic Co., Ltd. |
% | |||||||||||||||||||||||
Green Alchemy Co.,Ltd. |
% | |||||||||||||||||||||||
Youone TBM Engineering & Construction Co., Ltd. |
% | |||||||||||||||||||||||
KM Leatech Co., Ltd. |
% | |||||||||||||||||||||||
Semist Co.,Ltd. |
% | |||||||||||||||||||||||
Sewon Bus Co.,Ltd |
% | |||||||||||||||||||||||
Enertec Co., Ltd. |
% | |||||||||||||||||||||||
Sangji Co., Ltd. |
% | |||||||||||||||||||||||
Bellie Doughnuts Co., Ltd. |
% | |||||||||||||||||||||||
Airtech Information communication Co., Ltd |
% | |||||||||||||||||||||||
Kiscom Co., Ltd. |
% | |||||||||||||||||||||||
Wonil laser Co., Ltd |
% | |||||||||||||||||||||||
Pyung Hwa Industrial Co.,Ltd. |
% | |||||||||||||||||||||||
Set Holding (*2) |
% | |||||||||||||||||||||||
PT. Cirebon Energi Prasarana |
% | |||||||||||||||||||||||
Choheung packing Co.,Ltd. |
% | |||||||||||||||||||||||
Jaewoo Co., Ltd. |
% | |||||||||||||||||||||||
Wooyang HC Co., Ltd |
% | |||||||||||||||||||||||
TheYeonriji Co., Ltd. |
% | |||||||||||||||||||||||
Flusys Co., Ltd. |
% | |||||||||||||||||||||||
DongSeo Electronics Co., Ltd. |
% | |||||||||||||||||||||||
Daewoo Display Co., Ltd. |
% | |||||||||||||||||||||||
NTS C |
% | |||||||||||||||||||||||
AID C o ., Ltd. |
% | |||||||||||||||||||||||
Changwon Eco-friendly farming Corp. |
% | |||||||||||||||||||||||
Kumo Hitech Co., Ltd. |
% | |||||||||||||||||||||||
Kyung Pyo Industry Co., Ltd. |
% | |||||||||||||||||||||||
Daedong Industry Co., Ltd. |
% | |||||||||||||||||||||||
Doosung Heavy Industries Co., Ltd. |
% | |||||||||||||||||||||||
Samjoo Hightech Co., Ltd. |
% | |||||||||||||||||||||||
Samkwang Chemical Co., Ltd. |
% | |||||||||||||||||||||||
SG Corp. |
% | |||||||||||||||||||||||
Shinseung Chemical Industy Co., Ltd. |
% | |||||||||||||||||||||||
KJ Alloy Co., Ltd. |
% | |||||||||||||||||||||||
SM Hi-tech Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Puruen Environment Co., Ltd. |
% | |||||||||||||||||||||||
Miretech Co., Ltd. |
% | |||||||||||||||||||||||
Sejin Hightech Co., Ltd. |
% | |||||||||||||||||||||||
Eun Sung Enterprise Co., Ltd. |
% | |||||||||||||||||||||||
Dongdo Basalt Industry Co., Ltd. |
% | |||||||||||||||||||||||
Shinyoung Textiles Co., Ltd. |
% | |||||||||||||||||||||||
Ilwoo Steel Co., Ltd. |
% | |||||||||||||||||||||||
Dong-un Tech Co., Ltd. |
% | |||||||||||||||||||||||
Wongwang Door Corp. |
% | |||||||||||||||||||||||
Mansu Co.,Ltd. |
% | |||||||||||||||||||||||
Eanskorea Co., Ltd. |
% | |||||||||||||||||||||||
Youngdongseafood Co., Ltd. |
% | |||||||||||||||||||||||
Hyunwoo Winstar Co., Ltd. |
% | |||||||||||||||||||||||
Sehwa Diecasting Co., Ltd. |
% | |||||||||||||||||||||||
Sungchang Tech Co., Ltd. |
% | |||||||||||||||||||||||
Yuchang Industry Co., Ltd. |
% | |||||||||||||||||||||||
Jeongpum Co., Ltd. |
% | |||||||||||||||||||||||
Korea Steel Power Co., Ltd. |
% | |||||||||||||||||||||||
Amanex Co., Ltd. |
% | |||||||||||||||||||||||
Dae-A Leisure Co., Ltd. |
% | |||||||||||||||||||||||
Caffe Bene Co.,Ltd. |
% | |||||||||||||||||||||||
Shinjin International Corp. |
% | |||||||||||||||||||||||
Jinhung Packaging Co.,Ltd |
% | |||||||||||||||||||||||
Donglim Eng Co., Ltd. |
% | |||||||||||||||||||||||
SIP Co., Ltd. |
% | |||||||||||||||||||||||
Clizen Co., Ltd. |
% | |||||||||||||||||||||||
Daedong Millennium Co., Ltd. |
% | |||||||||||||||||||||||
Daeji Product Co., Ltd. |
% | |||||||||||||||||||||||
Jaein Circuit Co., Ltd. |
% | |||||||||||||||||||||||
SSET Co., Ltd. |
% | |||||||||||||||||||||||
Sewon PM Tech Co., Ltd. |
% | |||||||||||||||||||||||
Dawon Yuhwa Co., Ltd. |
% | |||||||||||||||||||||||
Ogokbaekkwa Co., Ltd. |
% | |||||||||||||||||||||||
Shinwoo Toptech Co., Ltd. |
% | |||||||||||||||||||||||
KMLC Co., Ltd. |
% | |||||||||||||||||||||||
Seinfood Co., Ltd. |
% | |||||||||||||||||||||||
TaeSung Eco-Tech. Co., Ltd. |
% | |||||||||||||||||||||||
Kukex Inc. |
% | |||||||||||||||||||||||
Youngshin Plus Co., Ltd. |
% | |||||||||||||||||||||||
Chang won Engineering Co., Ltd. |
% | |||||||||||||||||||||||
Samsung Silup Co., Ltd. |
% | |||||||||||||||||||||||
Samwon Bio Tech Co., Ltd. |
% | |||||||||||||||||||||||
IZU K orea Co., Ltd. |
% | |||||||||||||||||||||||
Dongdo CNP Co., Ltd. |
% | |||||||||||||||||||||||
Dae Bang Industry Co.,Ltd. |
% | |||||||||||||||||||||||
S.I.T. Co., . |
% | |||||||||||||||||||||||
Taejin Hiech Co., Ltd. |
% | |||||||||||||||||||||||
Headone Co.,Ltd. |
% | |||||||||||||||||||||||
E-Won Solutech Co., Ltd. |
% | |||||||||||||||||||||||
MJT Co., Ltd. |
% | |||||||||||||||||||||||
KPL Circuit Co., Ltd. |
% | |||||||||||||||||||||||
Road Solar Co., Ltd. |
% | |||||||||||||||||||||||
Han Mi Flexible Co.,Ltd. |
% | |||||||||||||||||||||||
Samhwa Casting Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Millennium PNT Co., Ltd. |
% | |||||||||||||||||||||||
GN Chem Co., Ltd. |
% | |||||||||||||||||||||||
GW Industry Co., Ltd. |
% | |||||||||||||||||||||||
TM Construction Co., Ltd. |
% | |||||||||||||||||||||||
Dae Myung Co., Ltd. |
% | |||||||||||||||||||||||
Nanomicart Co., Ltd. |
% | |||||||||||||||||||||||
Young San Heavy Industries Co., Ltd. |
% | |||||||||||||||||||||||
Samchungwon Co., Ltd. |
% | |||||||||||||||||||||||
Wooyang Frozen Foods Co., Ltd. |
% | |||||||||||||||||||||||
Nanomic Co., Ltd. |
% | |||||||||||||||||||||||
Samsung Nonferrous Metal Co., Ltd. |
% | |||||||||||||||||||||||
Daewha Fuel Pump Ind., Ltd. |
% | |||||||||||||||||||||||
Addies Direct Co., Ltd. |
% | |||||||||||||||||||||||
WorldCnM Inc. |
% | |||||||||||||||||||||||
Superone Co., Ltd. |
% | |||||||||||||||||||||||
Buyoung Panji Co., Ltd. |
% | |||||||||||||||||||||||
International Paint Korea Co., Ltd. |
% | |||||||||||||||||||||||
EI Lighting Co., Ltd. |
% | |||||||||||||||||||||||
Hightech Mnp Co., Ltd. |
% | |||||||||||||||||||||||
Yooseung Co., Ltd. |
% | |||||||||||||||||||||||
Sungkwang Co., Ltd. |
% | |||||||||||||||||||||||
Taeyang G asteel Co., Ltd. |
% | |||||||||||||||||||||||
Ajin KSB Co., Ltd. |
% | |||||||||||||||||||||||
Sewon Ceramic Co., Ltd. |
% | |||||||||||||||||||||||
Choyang Tech Co., Ltd. |
% | |||||||||||||||||||||||
TK Co., Ltd. |
% | |||||||||||||||||||||||
Arari Co., Ltd. |
% | |||||||||||||||||||||||
Potech Co., Ltd. |
% | |||||||||||||||||||||||
C&S Corporation Co., Ltd. |
% | |||||||||||||||||||||||
Global The One of Korea Co., Ltd. |
% | |||||||||||||||||||||||
Steellife Co., Ltd. |
% | |||||||||||||||||||||||
D&C Castech Co., Ltd. |
% | |||||||||||||||||||||||
Geumhan Co., Ltd. |
% | |||||||||||||||||||||||
Mokgan Co., Ltd. |
% | |||||||||||||||||||||||
Wenex Co., Ltd. |
% | |||||||||||||||||||||||
Sulim Co., Ltd. |
% | |||||||||||||||||||||||
Shinkwang Engineering Co., Ltd. |
% | |||||||||||||||||||||||
Ek Cookware Co., Ltd. |
% | |||||||||||||||||||||||
KTTW Co., Ltd. |
% | |||||||||||||||||||||||
Avajar Co., Ltd. |
% | |||||||||||||||||||||||
Woosung I.B. Co.,Ltd |
% | |||||||||||||||||||||||
CAP Korea Co., Ltd. |
% | |||||||||||||||||||||||
MSM Co., Ltd. |
% | |||||||||||||||||||||||
Ddpopstyle Co., Ltd. |
% | |||||||||||||||||||||||
Finemetal Co., Ltd. |
% | |||||||||||||||||||||||
Sungkyeong Co., Ltd. |
% | |||||||||||||||||||||||
RMK Co., Ltd. |
% | |||||||||||||||||||||||
Tpp Co., Ltd. |
% | |||||||||||||||||||||||
Dukeong Metal Heat Treatment Co., Ltd. |
% | |||||||||||||||||||||||
Newko Co., Ltd. |
% | |||||||||||||||||||||||
KMC&R Co., Ltd. |
% | |||||||||||||||||||||||
Dongsung Mulsan Co., Ltd. |
% | |||||||||||||||||||||||
Pizzakorea Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Geumdani Co., Ltd. |
% | |||||||||||||||||||||||
Mezzanine I-pack Co., Ltd. |
% | |||||||||||||||||||||||
Ltop Co., Ltd. |
% | |||||||||||||||||||||||
Simile Aluminium Co., Ltd. |
% | |||||||||||||||||||||||
GT Tooling Co., Ltd. |
% | |||||||||||||||||||||||
Team Korea Co., Ltd. |
% | |||||||||||||||||||||||
Donghwa TCA Co., Ltd. |
% | |||||||||||||||||||||||
Hankook Piaget Co., Ltd. |
% | |||||||||||||||||||||||
Coco Food Co., Ltd. |
% | |||||||||||||||||||||||
Woori Industry Co., Ltd. |
% | |||||||||||||||||||||||
Ssangyong Youngweol Plant Service&Engineering Co., Ltd. |
% | |||||||||||||||||||||||
SH Co., Ltd. |
% | |||||||||||||||||||||||
Namsunnam Co., Ltd. |
% | |||||||||||||||||||||||
Daeyoung Co., Ltd. |
% | |||||||||||||||||||||||
Chandown Food Co., Ltd. |
% | |||||||||||||||||||||||
Getron Co., Ltd. |
% | |||||||||||||||||||||||
Jungmun Co., Ltd. |
% | |||||||||||||||||||||||
Andong Trading Corporation Co., Ltd. |
% | |||||||||||||||||||||||
JM Tech Co., Ltd. |
% | |||||||||||||||||||||||
SGC Energy Co., Ltd. |
% | |||||||||||||||||||||||
Le Soleil KHNP LLC |
% | |||||||||||||||||||||||
Ihsung CNI Co., Ltd. |
% | |||||||||||||||||||||||
H Robotics Co., Ltd. |
% | |||||||||||||||||||||||
Good Tcells Co., Ltd. |
% | |||||||||||||||||||||||
IPS Bio Co., Ltd. |
% | |||||||||||||||||||||||
Nine B Co., Ltd. |
% | |||||||||||||||||||||||
Choigang-gujo Co., Ltd. |
% | |||||||||||||||||||||||
DS Cotec Co., Ltd. |
% | |||||||||||||||||||||||
Youngheung Industry Co., Ltd. |
% | |||||||||||||||||||||||
Hosungsteel Co., Ltd. |
% | |||||||||||||||||||||||
Uktae IND. Co., Ltd. |
% | |||||||||||||||||||||||
Gangdong R&S Co., Ltd. |
% | |||||||||||||||||||||||
JFC Co., Ltd. |
% | |||||||||||||||||||||||
Seokjin E&T Co., Ltd. |
% | |||||||||||||||||||||||
Hyundai Tech Co., Ltd. |
% | |||||||||||||||||||||||
Daeil Co., Ltd. |
% | |||||||||||||||||||||||
Seohan Food Co., Ltd. |
% | |||||||||||||||||||||||
Daehyeon Recycle Co., Ltd. |
% | |||||||||||||||||||||||
Metal Link Inc. Co., Ltd. |
% | |||||||||||||||||||||||
Pipetec Korea Co., Ltd. |
% | |||||||||||||||||||||||
SungJin Tech Co., Ltd. |
% | |||||||||||||||||||||||
Yujin E&C Co., Ltd. |
% | |||||||||||||||||||||||
Daishin Logistics Co., Ltd. |
% | |||||||||||||||||||||||
JinSung Engineering Co., Ltd. |
% | |||||||||||||||||||||||
Yongho Industry Co., Ltd. |
% | |||||||||||||||||||||||
Wow tech Co., Ltd. |
% | |||||||||||||||||||||||
World Power Tech Co., Ltd. |
% | |||||||||||||||||||||||
PBM Auto Co., Ltd. |
% | |||||||||||||||||||||||
K2 Motors Co., Ltd. |
% | |||||||||||||||||||||||
CL Tech Co., Ltd. |
% | |||||||||||||||||||||||
Mirae Industry Co., Ltd. |
% | |||||||||||||||||||||||
Gentak Korea Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition cost |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Sungjin Chemical Co., Ltd. |
% | |||||||||||||||||||||||
LMAT Co., Ltd. |
% | |||||||||||||||||||||||
Poong Lim Industrial Co., Ltd. |
% | |||||||||||||||||||||||
Dae Sung GeoTech Co., Ltd. |
% | |||||||||||||||||||||||
Saeheemang Co., Ltd. |
% | |||||||||||||||||||||||
Hakbong Precision Co., Ltd. |
% | |||||||||||||||||||||||
Vornech Co., Ltd. |
% | |||||||||||||||||||||||
Woojin Formtech Co., Ltd. |
% | |||||||||||||||||||||||
Korea Engineer Manufacturing Co., Ltd. |
% | |||||||||||||||||||||||
Sinwa J&K Co., Ltd. |
% | |||||||||||||||||||||||
Owon E&G Co., Ltd. |
% | |||||||||||||||||||||||
Guseong Co., Ltd. |
% | |||||||||||||||||||||||
Irefarm Co., Ltd. |
% | |||||||||||||||||||||||
Nam-hae E&C Co., Ltd. |
% | |||||||||||||||||||||||
Haenarae Agricultural Corp. |
% | |||||||||||||||||||||||
Ja Yeon Science Ind. Co., Ltd. |
% | |||||||||||||||||||||||
DECO&E Co., Ltd. |
% | |||||||||||||||||||||||
Design Beyond Co., Ltd. |
% | |||||||||||||||||||||||
LBK Co., Ltd. |
% | |||||||||||||||||||||||
Duckwon industrial Co., Ltd. |
% | |||||||||||||||||||||||
ASPT Co., Ltd. |
% | |||||||||||||||||||||||
SIMA Co., Ltd. |
% | |||||||||||||||||||||||
Jingkang Resources Co., Ltd. |
% | |||||||||||||||||||||||
Eslin Co., Ltd. |
% | |||||||||||||||||||||||
Shinwon Co., Ltd. |
% | |||||||||||||||||||||||
CIC Tech Co., Ltd. |
% | |||||||||||||||||||||||
Orano Expansion |
% | |||||||||||||||||||||||
Fourever Co., Ltd. |
% | |||||||||||||||||||||||
Segyo Hitech Co., Ltd. |
% | |||||||||||||||||||||||
Myungil Metal Co., Ltd. |
% | |||||||||||||||||||||||
Daeshin ECM Co., Ltd. |
% | |||||||||||||||||||||||
Greencarbon Co., Ltd. |
% | |||||||||||||||||||||||
Sunkoo Co., Ltd. |
% | |||||||||||||||||||||||
Jians Construction Co., Ltd. |
% | |||||||||||||||||||||||
DH trading Co., Ltd. |
% | |||||||||||||||||||||||
Diotech Co., Ltd. |
% | |||||||||||||||||||||||
Sangsin Co., Ltd. |
% | |||||||||||||||||||||||
Steel focus Co., Ltd. |
% | |||||||||||||||||||||||
Kamada Korea Co., Ltd. |
% | |||||||||||||||||||||||
Fosys Co., Ltd. |
% | |||||||||||||||||||||||
GB precision Co., Ltd. |
% | |||||||||||||||||||||||
Ewon Art Co., Ltd. |
% | |||||||||||||||||||||||
DI Tech Co., Ltd. |
% | |||||||||||||||||||||||
Hans AD Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition cost |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Chaegim Environment Development Co., Ltd. |
% | |||||||||||||||||||||||
Daesung Stain Co., Ltd. |
% | |||||||||||||||||||||||
YSM Co., Ltd. |
% | |||||||||||||||||||||||
Dong In Industry Co., Ltd. |
% | |||||||||||||||||||||||
U&I Co., Ltd. |
% | |||||||||||||||||||||||
World One Co., Ltd. |
% | |||||||||||||||||||||||
Yewon Co., Ltd. |
% | |||||||||||||||||||||||
Seeun P&P Co., Ltd. |
% | |||||||||||||||||||||||
TSNT Co., Ltd. |
% | |||||||||||||||||||||||
Shinsung Tech Co., Ltd. |
% | |||||||||||||||||||||||
JSL Co., Ltd. |
% | |||||||||||||||||||||||
Loft Garden Co., Ltd. |
% | |||||||||||||||||||||||
Handon Co., Ltd. |
% | |||||||||||||||||||||||
GH Tech Co., Ltd. |
% | |||||||||||||||||||||||
Daeo Co., Ltd. |
% | |||||||||||||||||||||||
Bokwang Co., Ltd. |
% | |||||||||||||||||||||||
Samkum Industry Co., Ltd. |
% | |||||||||||||||||||||||
Dyntex Korea Co., Ltd. |
% | |||||||||||||||||||||||
IGSP Co., Ltd. |
% | |||||||||||||||||||||||
Mirae Engineering Co., Ltd. |
% | |||||||||||||||||||||||
Mideumeul-juneun-namu Co., Ltd. |
% | |||||||||||||||||||||||
Leagis Co., Ltd. |
% | |||||||||||||||||||||||
Seil Textile Co., Ltd. |
% | |||||||||||||||||||||||
Ilshin Tech Co., Ltd. |
% | |||||||||||||||||||||||
Magtec Co., Ltd. |
% | |||||||||||||||||||||||
Sukwon Co., Ltd. |
% | |||||||||||||||||||||||
Hae-sung Metal Co., Ltd. |
% | |||||||||||||||||||||||
White&Clean Foods Co., Ltd. |
% | |||||||||||||||||||||||
Michang Cable Co., Ltd. |
% | |||||||||||||||||||||||
G.M Foods Co., Ltd. |
% | |||||||||||||||||||||||
Wecan Global Inc. Co., Ltd. |
% | |||||||||||||||||||||||
Daeju Steel Co., Ltd. |
% | |||||||||||||||||||||||
Hyundai Glass Co., Ltd. |
% | |||||||||||||||||||||||
MEC Co., Ltd. |
% | |||||||||||||||||||||||
Daeyeoneco Co., Ltd. |
% | |||||||||||||||||||||||
Hyesung Cable&Communication Inc. |
% | |||||||||||||||||||||||
Sangjin Co., Ltd. |
% | |||||||||||||||||||||||
Topis Co., Ltd. |
% | |||||||||||||||||||||||
G&L Tech Co., Ltd. |
% | |||||||||||||||||||||||
Cheonhae Co., Ltd. |
% | |||||||||||||||||||||||
Iksan-guwon Co., Ltd. |
% | |||||||||||||||||||||||
Korea Remicon Co., Ltd. |
% | |||||||||||||||||||||||
New Tech Co., Ltd. |
% | |||||||||||||||||||||||
Segeon Co., Ltd. |
% |
10. |
Financial Assets at Fair Value through Other Comprehensive Income, Continued |
(2) |
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Shares |
Ownership |
Acquisition cost |
Book value |
Fair value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
MS Tech Co., Ltd. |
% | |||||||||||||||||||||||
J.I Steel Co., Ltd. |
% | |||||||||||||||||||||||
HNT Co., Ltd. |
% | |||||||||||||||||||||||
Taejin Co., Ltd. |
% | |||||||||||||||||||||||
Macroad Co., Ltd. |
% | |||||||||||||||||||||||
Jinsung Electronics Co., Ltd. |
% | |||||||||||||||||||||||
Woongjin Energy Co., Ltd. |
% | |||||||||||||||||||||||
Electric Contractors’ Financial Cooperative Co., Ltd. |
% | |||||||||||||||||||||||
Information&Communication Financial Cooperative Co., Ltd. |
% | |||||||||||||||||||||||
Common Computer Co., Ltd. |
% | |||||||||||||||||||||||
Fine Powerex Co., Ltd. |
% | |||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Debt securities |
||||||||||||||||||||||||
Aron Flying Ship Co., Ltd.(*1) |
||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
₩ | ||||||||||||||||||||||||
|
|
|
|
|
|
(*1) | The Company used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide. |
(*2) | The Company has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2021. |
11. |
Financial Assets at Amortized Cost |
2020 |
||||||||||||||||||||||||
Financial assets at amortized cost |
Government grants |
Allowance for doubtful accounts |
Others |
Book value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Government bonds |
₩ | |||||||||||||||||||||||
Others |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Current |
₩ | |||||||||||||||||||||||
Non-current |
||||||||||||||||||||||||
2021 |
||||||||||||||||||||||||
Financial assets at amortized cost |
Government grants |
Allowance for doubtful accounts |
Others |
Book value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Government bonds |
₩ | |||||||||||||||||||||||
Others |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Current |
₩ | |||||||||||||||||||||||
Non-current |
12. |
Derivatives |
(1) |
Derivatives as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Derivative assets |
||||||||||||||||||||
Currency forward |
₩ | |||||||||||||||||||
Currency swap |
||||||||||||||||||||
—Trading |
||||||||||||||||||||
—Hedging |
||||||||||||||||||||
Interest rate swap |
||||||||||||||||||||
—Trading |
||||||||||||||||||||
—Hedging |
||||||||||||||||||||
Others |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Derivative liabilities |
||||||||||||||||||||
Currency forward |
₩ | |||||||||||||||||||
Currency swap |
||||||||||||||||||||
—Trading |
||||||||||||||||||||
—Hedging |
||||||||||||||||||||
Interest rate swap |
||||||||||||||||||||
—Trading |
||||||||||||||||||||
—Hedging |
||||||||||||||||||||
Others (*1,2,3) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(*1) | The Company has an obligation to settle the convertible preferred stock to financial investors pursuant to the settlement contract with Samcheok Eco Materials Co., Ltd. and the fair value of the obligation is recorded in ‘Others’. |
(*2) | The Company has granted stock option to Chester Solar IV SpA, a joint venture of the Company, and 4 other third party investors, and recognized its fair value as other derivative liabilities. |
(*3) | The Company has an obligation to purchase the shares of Hyundai Green Power Co., Ltd., an associate of the Company from financial investors, and the fair value of the obligation is recorded in ‘Others’. |
12. |
Derivatives, Continued |
(2) |
Currency forward contracts which are not designated as hedging instruments as of December 31, 2021 are as follows: |
Contract date |
Maturity date |
Contract amounts |
Contract exchange rate (in won) |
|||||||||||||||||||||||||
Counterparty |
Pay |
Receive |
||||||||||||||||||||||||||
In millions of won and thousands of USD except contract exchange rate information |
||||||||||||||||||||||||||||
₩ | USD |
₩ | ||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
12. |
Derivatives, Continued |
(3) |
Currency swap contracts which are not designated as hedging instruments as of December 31, 2021 are as follows: |
Contract year |
Contract amount |
Contract interest rate |
Contract exchange rate (in won, USD) |
|||||||||||||||||||||||||
Counterparty |
Pay |
Receive |
Pay |
Receive |
||||||||||||||||||||||||
In millions of won and thousands of foreign currencies except contract exchange rate information |
||||||||||||||||||||||||||||
₩ | USD |
₩ | ||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
HKD |
||||||||||||||||||||||||||||
HKD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
CHF |
||||||||||||||||||||||||||||
CHF |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
AUD |
USD |
12. |
Derivatives, Continued |
(4) |
Currency swap contracts which are designated as hedging instruments as of December 31, 2021 are as follows: |
Counterparty |
Contract year |
Contract amount |
Contract interest rate |
Contract exchange rate (in won) |
||||||||||||||||||||||||
Pay |
Receive |
Pay |
Receive |
|||||||||||||||||||||||||
In millions of won and thousands of foreign currencies except contract exchange rate information |
||||||||||||||||||||||||||||
₩ | USD |
₩ | ||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
EUR |
||||||||||||||||||||||||||||
SEK |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
CHF |
||||||||||||||||||||||||||||
CHF |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
||||||||||||||||||||||||||||
USD |
12. |
Derivatives, Continued |
(5) |
Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2021 are as follows: |
Counterparty |
Contract year |
Contract amount |
Contract interest rate per annum | |||||||||
Pay |
Receive | |||||||||||
In millions of won |
||||||||||||
₩ | ||||||||||||
|
||||||||||||
|
||||||||||||
|
(*1) | |
(*2) | |
(*3) | |
(6) |
Interest rate swap contracts which are designated as hedging instruments as of December 31, 2021 are as follows: |
Counterparty |
Contract year |
Contract amount |
Contract interest rate per annum |
|||||||||||
Pay |
Receive |
|||||||||||||
In thousands of USD |
||||||||||||||
USD |
||||||||||||||
USD |
||||||||||||||
USD |
||||||||||||||
USD |
||||||||||||||
USD |
||||||||||||||
USD |
(7) |
Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2019, 2020 and 2021 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income (loss): |
Net income effects of valuation gain (loss) |
Net income effects of transaction gain (loss) |
Other comprehensive income (loss) (*) |
||||||||||||||||||||||||||||||||||||
2019 |
2020 |
2021 |
2019 |
2020 |
2021 |
2019 |
2020 |
2021 |
||||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||||
Currency forward |
₩ | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||
Currency swap |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
- Trading |
( |
) | ||||||||||||||||||||||||||||||||||||
- Hedging |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Interest rate swap |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
- Trading |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
- Hedging |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Other derivatives |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
₩ | ( |
( |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) | For the year ended December 31, 2021, the net loss on valuation of derivatives applying cash flow hedge accounting of ₩ |
13. |
Other Financial Assets |
(1) |
Other financial assets as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Loans |
₩ | |||||||||||||||||||
Less: Allowance for doubtful accounts |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Less: Present value discount |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Long-term / short-term financial instruments |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(2) |
Loans as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Face value |
Allowance for doubtful accounts |
Present value discount |
Carrying value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Short-term loans |
||||||||||||||||||||
Loans for tuition |
₩ | ( |
) | |||||||||||||||||
Loans for housing |
||||||||||||||||||||
Fisheries loan |
||||||||||||||||||||
Other loans |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
( |
) | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Long-term loans |
||||||||||||||||||||
Loans for tuition |
( |
) | ( |
) | ||||||||||||||||
Loans for housing |
||||||||||||||||||||
Loans for related parties |
( |
) | ||||||||||||||||||
Other loans |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
( |
) | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
2021 |
||||||||||||||||||||
Face value |
Allowance for doubtful accounts |
Present value discount |
Carrying value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Short-term loans |
||||||||||||||||||||
Loans for tuition |
₩ | ( |
) | |||||||||||||||||
Loans for housing |
||||||||||||||||||||
Other loans |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
( |
) | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Long-term loans |
||||||||||||||||||||
Loans for tuition |
( |
) | ( |
) | ||||||||||||||||
Loans for housing |
||||||||||||||||||||
Loans for related parties |
( |
) | ||||||||||||||||||
Fisheries loan |
||||||||||||||||||||
Other loans |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
( |
) | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
13. |
Other Financial Assets, Continued |
(3) |
Changes in the allowance for doubtful accounts of loans for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Beginning balance |
₩ | |||||||||||||||
Bad debt expense |
||||||||||||||||
Other |
||||||||||||||||
Ending balance |
₩ | |||||||||||||||
(4) |
Long-term and short-term financial instruments as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Time deposits |
₩ | |||||||||||||||||||
CD |
||||||||||||||||||||
RP |
||||||||||||||||||||
Others |
||||||||||||||||||||
₩ | ||||||||||||||||||||
14. |
Inventories |
2020 |
||||||||||||||||
Acquisition cost |
Valuation allowance |
Book value |
||||||||||||||
In millions of won |
||||||||||||||||
Raw materials |
₩ | ( |
) | |||||||||||||
Merchandises |
||||||||||||||||
Work-in-progress |
||||||||||||||||
Finished goods |
||||||||||||||||
Supplies |
( |
) | ||||||||||||||
Inventories-in-transit |
||||||||||||||||
Other inventories |
||||||||||||||||
₩ | ( |
) | ||||||||||||||
2021 |
||||||||||||||||
Acquisition cost |
Valuation allowance |
Book value |
||||||||||||||
In millions of won |
||||||||||||||||
Raw materials |
₩ | ( |
) | |||||||||||||
Merchandises |
||||||||||||||||
Work-in-progress |
||||||||||||||||
Finished goods |
||||||||||||||||
Supplies |
( |
) | ||||||||||||||
Inventories-in-transit |
||||||||||||||||
Other inventories |
||||||||||||||||
₩ | ( |
) | ||||||||||||||
15. |
Non-Financial Assets |
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Advanced payments |
₩ | |||||||||||||||||||
Prepaid expenses |
||||||||||||||||||||
Others (*1) |
||||||||||||||||||||
₩ | ||||||||||||||||||||
(*1) Details of others as of December 31, 2020 and 2021 are as follows: |
||||||||||||||||||||
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Greenhouse gas emissions rights |
₩ | |||||||||||||||||||
Other quick assets |
||||||||||||||||||||
₩ | ||||||||||||||||||||
16. |
Consolidated Subsidiaries |
(1) |
Consolidated subsidiaries as of December 31, 2020 and 2021 are as follows: |
Percentage of ownership (%) |
||||||||||||
Subsidiaries |
Key operation activities |
Location |
2020 |
2021 |
||||||||
Korea Hydro & Nuclear Power Co., Ltd. |
% | % | ||||||||||
Korea South-East Power Co., Ltd. |
% | % | ||||||||||
Korea Midland Power Co., Ltd. |
% | % | ||||||||||
Korea Western Power Co., Ltd. |
% | % | ||||||||||
Korea Southern Power Co., Ltd. |
% | % | ||||||||||
Korea East-West Power Co., Ltd. |
% | % | ||||||||||
KEPCO Engineering & Construction Company, Inc.(*1) |
% | % | ||||||||||
KEPCO Plant Service & Engineering Co., Ltd. |
% | % | ||||||||||
KEPCO Nuclear Fuel Co., Ltd. |
% | % | ||||||||||
KEPCO KDN Co., Ltd. |
% | % | ||||||||||
KEPCO International HongKong Ltd. |
% | % | ||||||||||
KEPCO International Philippines Inc. |
% | % | ||||||||||
KEPCO Gansu International Ltd. |
% | % | ||||||||||
KEPCO Philippines Holdings Inc. |
% | % | ||||||||||
KEPCO Philippines Corporation |
% | % | ||||||||||
KEPCO Ilijan Corporation |
% | % | ||||||||||
KEPCO Lebanon SARL |
% | % | ||||||||||
KEPCO Neimenggu International Ltd. |
% | % | ||||||||||
KEPCO Shanxi International Ltd. |
% | % | ||||||||||
KOMIPO Global Pte Ltd. |
% | % | ||||||||||
KEPCO Netherlands B.V. |
% | % | ||||||||||
Korea Imouraren Uranium Investment Corp. |
% | |||||||||||
KEPCO Australia Pty., Ltd. |
% | % | ||||||||||
KOSEP Australia Pty., Ltd. |
% | % | ||||||||||
KOMIPO Australia Pty., Ltd. |
% | % | ||||||||||
KOWEPO Australia Pty., Ltd. |
% | % | ||||||||||
KOSPO Australia Pty., Ltd. |
% | % | ||||||||||
KEPCO Middle East Holding Company |
% | % | ||||||||||
Qatrana Electric Power Company |
% | % | ||||||||||
KHNP Canada Energy Ltd. |
% | % | ||||||||||
KEPCO Bylong Australia Pty., Ltd. |
% | % | ||||||||||
Korea Waterbury Uranium Limited Partnership |
% | % | ||||||||||
KEPCO Holdings de Mexico |
% | % | ||||||||||
KST Electric Power Company, S.A.P.I. de C.V. |
% | % | ||||||||||
KEPCO Energy Service Company |
% | % | ||||||||||
KEPCO Netherlands S3 B.V. |
% | % | ||||||||||
PT. KOMIPO Pembangkitan Jawa Bali |
% | % | ||||||||||
PT. Cirebon Power Service(*2) |
% | % | ||||||||||
KOWEPO International Corporation |
% | % | ||||||||||
KOSPO Jordan LLC |
% | % | ||||||||||
EWP America Inc. |
% | % | ||||||||||
EWP Renewable Corporation |
% | % | ||||||||||
DG Fairhaven Power, LLC |
% | |||||||||||
KNF Canada Energy Limited |
% | % | ||||||||||
EWP Barbados 1 SRL |
% | % | ||||||||||
California Power Holdings, LLC |
% | % | ||||||||||
Gyeonggi Green Energy Co., Ltd. |
% | % | ||||||||||
PT. Tanggamus Electric Power |
% | % | ||||||||||
Gyeongju Wind Power Co., Ltd. |
% | % | ||||||||||
KOMIPO America Inc. |
% | % | ||||||||||
EWPRC Biomass Holdings, LLC |
% | % | ||||||||||
KOSEP USA, Inc. |
% | |||||||||||
PT. EWP Indonesia |
% | % | ||||||||||
KEPCO Netherlands J3 B.V. |
% | % | ||||||||||
Korea Offshore Wind Power Co., Ltd. |
% | % | ||||||||||
Global One Pioneer B.V. |
% | % | ||||||||||
Global Energy Pioneer B.V. |
% | % | ||||||||||
Mira Power Limited(*3) |
% | % |
16. |
Consolidated Subsidiaries, Continued |
(1) |
Consolidated subsidiaries as of December 31, 2020 and 2021 are as follows, continued: |
Percentage of ownership (%) |
||||||||||||
Subsidiaries |
Key operation activities |
Location |
2020 |
2021 |
||||||||
KOSEP Material Co., Ltd. |
% | % | ||||||||||
Commerce and Industry Energy Co., Ltd.(*4) |
% | % | ||||||||||
KEPCO KPS Philippines Corp. |
% | % | ||||||||||
KOSPO Chile SpA |
% | % | ||||||||||
PT. KOWEPO Sumsel Operation And Maintenance Services |
% | % | ||||||||||
Hee mang sunlight Power Co., Ltd. |
% | % | ||||||||||
Fujeij Wind Power Company |
% | % | ||||||||||
KOSPO Youngnam Power Co., Ltd.(*5) |
% | % | ||||||||||
VI Carbon Professional Private Special Asset Investment Trust 1 |
% | |||||||||||
Chitose Solar Power Plant LLC |
% | % | ||||||||||
KEPCO Energy Solution Co., Ltd. |
% | % | ||||||||||
KEPCO Solar Co., Ltd. |
% | % | ||||||||||
KOSPO Power Services Ltda. |
% | % | ||||||||||
Energy New Industry Specialized Investment Private Investment Trust |
% | % | ||||||||||
KOEN Bylong Pty., Ltd. |
% | % | ||||||||||
KOMIPO Bylong Pty., Ltd. |
% | % | ||||||||||
KOWEPO Bylong Pty., Ltd. |
% | % | ||||||||||
KOSPO Bylong Pty., Ltd. |
% | % | ||||||||||
EWP Bylong Pty., Ltd. |
% | % | ||||||||||
KOWEPO Lao International |
% | % | ||||||||||
KEPCO US Inc. |
% | % | ||||||||||
KEPCO Alamosa LLC |
% | % | ||||||||||
KEPCO Solar of Alamosa LLC |
% | % | ||||||||||
KEPCO Mangilao Holdings LLC(*6) |
% | % | ||||||||||
Mangilao Investment LLC |
% | % | ||||||||||
KEPCO Mangilao Solar, LLC |
% | % | ||||||||||
Jeju Hanlim Offshore Wind Co., Ltd. |
% | % | ||||||||||
PT. Siborpa Eco Power |
% | % | ||||||||||
BSK E-New Industry Fund VII |
% | % | ||||||||||
e-New Industry LB Fund 1 |
% | % | ||||||||||
Songhyun e-New Industry Fund |
% | % | ||||||||||
BSK E-New Industry Fund X |
% | % | ||||||||||
PT. Korea Energy Indonesia |
% | % | ||||||||||
KOLAT SpA |
% | % | ||||||||||
KEPCO California, LLC |
% | % | ||||||||||
KEPCO Mojave Holdings, LLC |
% | % | ||||||||||
Incheon Fuel Cell Co., Ltd. |
% | % | ||||||||||
KOEN Service Co., Ltd. |
% | % | ||||||||||
KOMIPO Service Co., Ltd. |
% | % | ||||||||||
KOWEPO Service Co., Ltd. |
% | % | ||||||||||
KOSPO Service Co., Ltd. |
% | % | ||||||||||
EWP Service Co., Ltd. |
% | % | ||||||||||
PT. KOMIPO Energy Indonesia |
% | % | ||||||||||
KNF Partners Co., Ltd. |
% | % | ||||||||||
KOSPO USA Inc. |
% | % | ||||||||||
Nambu USA LLC |
% | % | ||||||||||
Tamra Offshore Wind Power Co., Ltd. |
% | % | ||||||||||
KEPCO MCS Co., Ltd. |
% | % | ||||||||||
KEPCO FMS Co., Ltd. |
% | % | ||||||||||
Firstkeepers Co., Ltd. |
% | % | ||||||||||
Secutec Co., Ltd. |
% | % | ||||||||||
SE Green Energy Co., Ltd. |
% | % | ||||||||||
KEPCO Mangilao America LLC(*7) |
% | % | ||||||||||
Mangilao Intermediate Holdings LLC |
% | % | ||||||||||
KEPCO CSC Co., Ltd. |
% | % | ||||||||||
KOAK Power Limited |
% | % | ||||||||||
KOMIPO Europe B.V. |
% | % | ||||||||||
Haenanum Energy Fund |
% | % |
16. |
Consolidated Subsidiaries, Continued |
(1) |
Consolidated subsidiaries as of December 31, 2020 and 2021 are as follows, continued: |
Percentage of ownership (%) |
||||||||||||
Subsidiaries |
Key operation activities |
Location |
2020 |
2021 |
||||||||
Paju Ecoenergy Co., Ltd. |
% | % | ||||||||||
Guam Ukudu Power LLC |
% | % | ||||||||||
TS Energy No. 25 Co., Ltd. |
% | % | ||||||||||
KPS Partners Co., Ltd. |
% | % | ||||||||||
KEPCO E&C Service Co., Ltd. |
% | % | ||||||||||
Moha solar Co., Ltd. |
% | % | ||||||||||
Ogiri Solar Power Co., Ltd. |
% | % | ||||||||||
KHNP USA LLC |
% | % | ||||||||||
KOMIPO Vanphong Power Service LLC |
% | % | ||||||||||
Energy Innovation Fund I |
% | % | ||||||||||
KHNP Chile SpA |
% | |||||||||||
Yeong Yang Apollon Photovoltaic Co., Ltd. |
% | |||||||||||
Yeong Yang Corporation Co., Ltd. |
% | |||||||||||
SolarVader Co., Ltd. |
% | |||||||||||
Yeong Yang Innovation Co., Ltd. |
% | |||||||||||
Yeong Yang Horus Photovoltaic Co., Ltd. |
% | |||||||||||
Yeong Yang Solar Management Co., Ltd. |
% | |||||||||||
LSG Hydro Power Limited |
% | |||||||||||
KOEN Bio Co., Ltd. |
% | |||||||||||
KOMIPO Energy Solution America, LLC |
% | |||||||||||
Elara Investment Holdings, LLC(*8) |
% | |||||||||||
Elara Equity Holdings, LLC |
% | |||||||||||
Elara Class B Holdings, LLC |
% | |||||||||||
Elara Class B Member, LLC |
% | |||||||||||
Elara Development Holdings, LLC |
% | |||||||||||
Elara Development, LLC |
% | |||||||||||
Elara Energy Holdings, LLC(*8) |
% | |||||||||||
Elara Energy Project, LLC |
% | |||||||||||
KOMIPO Iberian Solar Group, S.L.U. |
% | |||||||||||
Jeongam Wind Power Co., Ltd. |
% | |||||||||||
KOWEPO Europe B.V. |
% | |||||||||||
CVS Equity Holdings, LLC |
% | |||||||||||
CVS Class B Holdings, LLC |
% | |||||||||||
CVS Development Holdings, LLC |
% | |||||||||||
CVS Development, LLC |
% | |||||||||||
CVS Class B Member, LLC |
% | |||||||||||
CVS Energy Holdings, LLC |
% | |||||||||||
Concho Valley Energy, LLC |
% | |||||||||||
Concho Valley Solar, LLC |
% | |||||||||||
Yeongdeok Sunrise Wind Power Co., Ltd. |
% | |||||||||||
KHNP Spain, S.L. |
% |
16. |
Consolidated Subsidiaries, Continued |
(1) |
Consolidated subsidiaries as of December 31, 2020 and 2021 are as follows, continued: |
(*1) | Considering treasury stocks, the effective percentage of ownership is |
(*2) | The effective percentage of ownership is less than |
(*3) | As of the reporting date, the annual reporting period of all subsidiaries is December 31, except for Mira Power. |
(*4) | The Company guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Company which can be exercised 84 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability. |
(*5) | The subsidiary is included in the consolidated financial statements as the Company owns |
(*6) | As of the end of the reporting period, the Company does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Company has control over the entity by virtue of the right to nominate all 4 members of the board of directors. |
(*7) | As of the end of the reporting period, the Company does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Company has control over the entity by virtue of the right to nominate the CEO and key management members. |
(*8) | The effective percentage of ownership is less than |
16. |
Consolidated Subsidiaries, Continued |
(2) |
Subsidiaries newly included in and excluded from consolidation for the year ended December 31, 2021 are as follows: |
Subsidiaries |
Reason | |
KHNP Chile SpA |
||
Yeong Yang Apollon Photovoltaic Co., Ltd. |
||
Yeong Yang Corporation Co., Ltd. |
||
SolarVader Co., Ltd. |
||
Yeong Yang Innovation Co., Ltd. |
||
Yeong Yang Horus Photovoltaic Co., Ltd. |
||
Yeong Yang Solar Management Co., Ltd. |
||
LSG Hydro Power Limited |
||
KOEN Bio Co., Ltd. |
||
KOMIPO Energy Solution America, LLC |
||
Elara Investment Holdings, LLC |
||
Elara Equity Holdings, LLC |
||
Elara Class B Holdings, LLC |
||
Elara Class B Member, LLC |
||
Elara Development Holdings, LLC |
||
Elara Development, LLC |
||
Elara Energy Holdings, LLC |
||
Elara Energy Project, LLC |
||
KOMIPO Iberian Solar Group, S.L.U. |
||
Prime Swedish Holding AB |
Newly established | |
Jeongam Wind Power Co., Ltd. |
||
KOWEPO Europe B.V. |
||
CVS Equity Holdings, LLC |
||
CVS Class B Holdings, LLC |
||
CVS Development Holdings, LLC |
||
CVS Development, LLC |
||
CVS Class B Member, LLC |
||
CVS Energy Holdings, LLC |
||
Concho Valley Energy, LLC |
||
Concho Valley Solar, LLC |
||
Yeongdeok Sunrise Wind Power Co., Ltd. |
||
KHNP Spain, S.L. |
Subsidiaries |
Reason | |
DG Fairhaven Power, LLC |
||
VI Carbon Professional Private Special Asset Investment Trust 1 |
||
Prime Swedish Holding AB |
||
KOSEP USA, Inc. |
||
Korea Imouraren Uranium Investment Corp. |
16. |
Consolidated Subsidiaries, Continued |
(3) |
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Subsidiaries |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Korea Hydro & Nuclear Power Co., Ltd. |
₩ | |
|
|||||||||||||||||
Korea South-East Power Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Midland Power Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Western Power Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Southern Power Co., Ltd. |
( |
) | ||||||||||||||||||
Korea East-West Power Co., Ltd. |
( |
) | ||||||||||||||||||
KEPCO Engineering & Construction Company, Inc. |
||||||||||||||||||||
KEPCO Plant Service & Engineering Co., Ltd. |
||||||||||||||||||||
KEPCO Nuclear Fuel Co., Ltd. |
||||||||||||||||||||
KEPCO KDN Co., Ltd. |
||||||||||||||||||||
KEPCO International HongKong Ltd. |
||||||||||||||||||||
KEPCO International Philippines Inc. |
||||||||||||||||||||
KEPCO Gansu International Ltd. |
( |
) | ||||||||||||||||||
KEPCO Philippines Holdings Inc. |
||||||||||||||||||||
KEPCO Philippines Corporation |
( |
) | ||||||||||||||||||
KEPCO Ilijan Corporation |
||||||||||||||||||||
KEPCO Lebanon SARL |
( |
) | ||||||||||||||||||
KEPCO Neimenggu International Ltd. |
||||||||||||||||||||
KEPCO Shanxi International Ltd. |
||||||||||||||||||||
KOMIPO Global Pte Ltd. |
||||||||||||||||||||
KEPCO Netherlands B.V. |
||||||||||||||||||||
Korea Imouraren Uranium Investment Corp. |
( |
) | ||||||||||||||||||
KEPCO Australia Pty., Ltd. |
||||||||||||||||||||
KOSEP Australia Pty., Ltd. |
||||||||||||||||||||
KOMIPO Australia Pty., Ltd. |
||||||||||||||||||||
KOWEPO Australia Pty., Ltd. |
||||||||||||||||||||
KOSPO Australia Pty., Ltd. |
||||||||||||||||||||
KEPCO Middle East Holding Company |
( |
) | ||||||||||||||||||
Qatrana Electric Power Company |
||||||||||||||||||||
KHNP Canada Energy Ltd. |
( |
) | ||||||||||||||||||
KEPCO Bylong Australia Pty., Ltd. |
||||||||||||||||||||
Korea Waterbury Uranium Limited Partnership |
( |
) | ||||||||||||||||||
KEPCO Holdings de Mexico |
( |
) | ||||||||||||||||||
KST Electric Power Company, S.A.P.I. de C.V. |
||||||||||||||||||||
KEPCO Energy Service Company |
||||||||||||||||||||
KEPCO Netherlands S3 B.V. |
||||||||||||||||||||
PT. KOMIPO Pembangkitan Jawa Bali |
||||||||||||||||||||
PT. Cirebon Power Service |
||||||||||||||||||||
KOWEPO International Corporation |
||||||||||||||||||||
KOSPO Jordan LLC |
||||||||||||||||||||
EWP America Inc.(*1) |
( |
) | ||||||||||||||||||
KNF Canada Energy Limited |
( |
) | ||||||||||||||||||
EWP Barbados 1 SRL |
||||||||||||||||||||
Gyeonggi Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
PT. Tanggamus Electric Power |
||||||||||||||||||||
Gyeongju Wind Power Co., Ltd. |
||||||||||||||||||||
KOMIPO America Inc. |
( |
) | ||||||||||||||||||
KOSEP USA, Inc. |
||||||||||||||||||||
PT. EWP Indonesia |
||||||||||||||||||||
KEPCO Netherlands J3 B.V. |
||||||||||||||||||||
Korea Offshore Wind Power Co., Ltd. |
||||||||||||||||||||
Global One Pioneer B.V. |
( |
) | ||||||||||||||||||
Global Energy Pioneer B.V. |
( |
) | ||||||||||||||||||
Mira Power Limited |
( |
) | ||||||||||||||||||
KOSEP Material Co., Ltd. |
16. |
Consolidated Subsidiaries, Continued |
(3) |
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||
Subsidiaries |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||
In millions of won |
||||||||||||||||||
Commerce and Industry Energy Co., Ltd. |
₩ | |||||||||||||||||
KEPCO KPS Philippines Corp. |
||||||||||||||||||
KOSPO Chile SpA |
( |
) | ||||||||||||||||
PT. KOWEPO Sumsel Operation And Maintenance Services |
( |
) | ||||||||||||||||
Hee mang sunlight Power Co., Ltd. |
( |
) | ||||||||||||||||
Fujeij Wind Power Company |
||||||||||||||||||
KOSPO Youngnam Power Co., Ltd. |
||||||||||||||||||
VI Carbon Professional Private Special Asset Investment Trust 1 |
||||||||||||||||||
Chitose Solar Power Plant LLC |
||||||||||||||||||
KEPCO Energy Solution Co., Ltd. |
||||||||||||||||||
KEPCO Solar Co., Ltd. |
||||||||||||||||||
KOSPO Power Services Ltda. |
||||||||||||||||||
Energy New Industry Specialized Investment Private Investment Trust(*2) |
||||||||||||||||||
KOEN Bylong Pty., Ltd. |
( |
) | ||||||||||||||||
KOMIPO Bylong Pty., Ltd. |
( |
) | ||||||||||||||||
KOWEPO Bylong Pty., Ltd. |
||||||||||||||||||
KOSPO Bylong Pty., Ltd. |
( |
) | ||||||||||||||||
EWP Bylong Pty., Ltd. |
||||||||||||||||||
KOWEPO Lao International |
||||||||||||||||||
KEPCO US Inc. |
( |
) | ||||||||||||||||
KEPCO Alamosa LLC |
( |
) | ||||||||||||||||
KEPCO Solar of Alamosa LLC |
( |
) | ||||||||||||||||
KEPCO Mangilao Holdings LLC |
( |
) | ||||||||||||||||
Mangilao Investment LLC |
( |
) | ||||||||||||||||
KEPCO Mangilao Solar, LLC |
( |
) | ||||||||||||||||
Jeju Hanlim Offshore Wind Co., Ltd. |
( |
) | ||||||||||||||||
PT. Siborpa Eco Power |
( |
) | ||||||||||||||||
PT. Korea Energy Indonesia |
||||||||||||||||||
KOLAT SpA |
( |
) | ||||||||||||||||
KEPCO California, LLC |
( |
) | ||||||||||||||||
KEPCO Mojave Holdings, LLC |
( |
) | ||||||||||||||||
Incheon Fuel Cell Co., Ltd. |
( |
) | ||||||||||||||||
KOEN Service Co., Ltd. |
||||||||||||||||||
KOMIPO Service Co., Ltd. |
( |
) | ||||||||||||||||
KOWEPO Service Co., Ltd. |
||||||||||||||||||
KOSPO Service Co., Ltd. |
||||||||||||||||||
EWP Service Co., Ltd. |
( |
) | ||||||||||||||||
PT. KOMIPO Energy Indonesia |
||||||||||||||||||
KNF Partners Co., Ltd. |
||||||||||||||||||
KOSPO USA Inc. |
( |
) | ||||||||||||||||
Nambu USA LLC |
||||||||||||||||||
Tamra Offshore Wind Power Co., Ltd. |
||||||||||||||||||
KEPCO MCS Co., Ltd. |
||||||||||||||||||
KEPCO FMS Co., Ltd. |
||||||||||||||||||
Firstkeepers Co., Ltd. |
||||||||||||||||||
Secutec Co., Ltd. |
||||||||||||||||||
SE Green Energy Co., Ltd. |
||||||||||||||||||
KEPCO Mangilao America LLC |
||||||||||||||||||
Mangilao Intermediate Holdings LLC |
( |
) | ||||||||||||||||
KEPCO CSC Co., Ltd. |
||||||||||||||||||
KOAK Power Limited |
16. |
Consolidated Subsidiaries, Continued |
(3) |
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||
Subsidiaries |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||
In millions of won |
||||||||||||||||||
KOMIPO Europe B.V. |
₩ | ( |
) | |||||||||||||||
Haenanum Energy Fund |
( |
) | ||||||||||||||||
Paju Ecoenergy Co., Ltd. |
||||||||||||||||||
Guam Ukudu Power LLC |
( |
) | ||||||||||||||||
TS Energy No. 25 Co., Ltd. |
( |
) | ||||||||||||||||
KPS Partners Co., Ltd. |
||||||||||||||||||
KEPCO E&C Service Co., Ltd. |
||||||||||||||||||
Moha solar Co., Ltd. |
( |
) | ||||||||||||||||
Ogiri Solar Power Co., Ltd. |
||||||||||||||||||
KHNP USA LLC |
||||||||||||||||||
KOMIPO Vanphong Power Service LLC |
( |
) | ||||||||||||||||
Energy Innovation Fund I |
( |
) |
(*1) | Financial information of EWP America Inc. includes that of four other subsidiaries, EWP Renewable Corporation, DG Fairhaven Power, LLC, California Power Holdings, LLC and EWPRC Biomass Holdings, LLC. |
(*2) | Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund and BSK E-New Industry Fund X. |
16. |
Consolidated Subsidiaries, Continued |
(3) |
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Subsidiaries |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Korea Hydro & Nuclear Power Co., Ltd. |
₩ | |
|
|||||||||||||||||
Korea South-East Power Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Midland Power Co., Ltd. |
||||||||||||||||||||
Korea Western Power Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Southern Power Co., Ltd. |
( |
) | ||||||||||||||||||
Korea East-West Power Co., Ltd. |
||||||||||||||||||||
KEPCO Engineering & Construction Company, Inc. |
||||||||||||||||||||
KEPCO Plant Service & Engineering Co., Ltd. |
||||||||||||||||||||
KEPCO Nuclear Fuel Co., Ltd. |
||||||||||||||||||||
KEPCO KDN Co., Ltd. |
||||||||||||||||||||
KEPCO International HongKong Ltd. |
||||||||||||||||||||
KEPCO International Philippines Inc. |
||||||||||||||||||||
KEPCO Gansu International Ltd. |
( |
) | ||||||||||||||||||
KEPCO Philippines Holdings Inc. |
||||||||||||||||||||
KEPCO Philippines Corporation |
( |
) | ||||||||||||||||||
KEPCO Ilijan Corporation |
||||||||||||||||||||
KEPCO Lebanon SARL |
( |
) | ||||||||||||||||||
KEPCO Neimenggu International Ltd. |
||||||||||||||||||||
KEPCO Shanxi International Ltd. |
||||||||||||||||||||
KOMIPO Global Pte Ltd. |
||||||||||||||||||||
KEPCO Netherlands B.V. |
||||||||||||||||||||
Korea Imouraren Uranium Investment Corp. |
( |
) | ||||||||||||||||||
KEPCO Australia Pty., Ltd. |
||||||||||||||||||||
KOSEP Australia Pty., Ltd. |
||||||||||||||||||||
KOMIPO Australia Pty., Ltd. |
||||||||||||||||||||
KOWEPO Australia Pty., Ltd. |
||||||||||||||||||||
KOSPO Australia Pty., Ltd. |
||||||||||||||||||||
KEPCO Middle East Holding Company |
||||||||||||||||||||
Qatrana Electric Power Company |
||||||||||||||||||||
KHNP Canada Energy Ltd. |
||||||||||||||||||||
KEPCO Bylong Australia Pty., Ltd. |
( |
) | ||||||||||||||||||
Korea Waterbury Uranium Limited Partnership |
( |
) | ||||||||||||||||||
KEPCO Holdings de Mexico |
( |
) | ||||||||||||||||||
KST Electric Power Company, S.A.P.I. de C.V. |
||||||||||||||||||||
KEPCO Energy Service Company |
||||||||||||||||||||
KEPCO Netherlands S3 B.V. |
||||||||||||||||||||
PT. KOMIPO Pembangkitan Jawa Bali |
||||||||||||||||||||
PT. Cirebon Power Service |
||||||||||||||||||||
KOWEPO International Corporation |
||||||||||||||||||||
KOSPO Jordan LLC |
||||||||||||||||||||
EWP America Inc.(*1) |
||||||||||||||||||||
KNF Canada Energy Limited |
( |
) | ||||||||||||||||||
EWP Barbados 1 SRL |
||||||||||||||||||||
Gyeonggi Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
PT. Tanggamus Electric Power |
||||||||||||||||||||
Gyeongju Wind Power Co., Ltd. |
||||||||||||||||||||
KOMIPO America Inc.(*2) |
( |
) | ||||||||||||||||||
PT. EWP Indonesia |
||||||||||||||||||||
KEPCO Netherlands J3 B.V. |
||||||||||||||||||||
Korea Offshore Wind Power Co., Ltd. |
||||||||||||||||||||
Global One Pioneer B.V. |
( |
) | ||||||||||||||||||
Global Energy Pioneer B.V. |
( |
) | ||||||||||||||||||
Mira Power Limited |
||||||||||||||||||||
KOSEP Material Co., Ltd. |
||||||||||||||||||||
Commerce and Industry Energy Co., Ltd. |
||||||||||||||||||||
KEPCO KPS Philippines Corp. |
||||||||||||||||||||
KOSPO Chile SpA |
( |
) |
16. |
Consolidated Subsidiaries, Continued |
(3) |
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Subsidiaries |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||||
In millions of won |
||||||||||||||||||||
PT. KOWEPO Sumsel Operation And Maintenance Services |
₩ | |||||||||||||||||||
Hee mang sunlight Power Co., Ltd. |
||||||||||||||||||||
Fujeij Wind Power Company |
||||||||||||||||||||
KOSPO Youngnam Power Co., Ltd. |
||||||||||||||||||||
Chitose Solar Power Plant LLC |
||||||||||||||||||||
KEPCO Energy Solution Co., Ltd. |
||||||||||||||||||||
KEPCO Solar Co., Ltd. |
||||||||||||||||||||
KOSPO Power Services Ltda. |
( |
) | ||||||||||||||||||
Energy New Industry Specialized Investment Private Investment Trust(*3) |
||||||||||||||||||||
KOEN Bylong Pty., Ltd. |
||||||||||||||||||||
KOMIPO Bylong Pty., Ltd. |
( |
) | ||||||||||||||||||
KOWEPO Bylong Pty., Ltd. |
( |
) | ||||||||||||||||||
KOSPO Bylong Pty., Ltd. |
( |
) | ||||||||||||||||||
EWP Bylong Pty., Ltd. |
||||||||||||||||||||
KOWEPO Lao International |
||||||||||||||||||||
KEPCO US Inc. |
||||||||||||||||||||
KEPCO Alamosa LLC |
( |
) | ||||||||||||||||||
KEPCO Solar of Alamosa LLC |
( |
) | ||||||||||||||||||
KEPCO Mangilao Holdings LLC |
( |
) | ||||||||||||||||||
Mangilao Investment LLC |
( |
) | ||||||||||||||||||
KEPCO Mangilao Solar, LLC |
( |
) | ||||||||||||||||||
Jeju Hanlim Offshore Wind Co., Ltd. |
( |
) | ||||||||||||||||||
PT. Siborpa Eco Power |
( |
) | ||||||||||||||||||
PT. Korea Energy Indonesia |
||||||||||||||||||||
KOLAT SpA |
( |
) | ||||||||||||||||||
KEPCO California, LLC |
||||||||||||||||||||
KEPCO Mojave Holdings, LLC |
( |
) | ||||||||||||||||||
Incheon Fuel Cell Co., Ltd. |
||||||||||||||||||||
KOEN Service Co., Ltd. |
||||||||||||||||||||
KOMIPO Service Co., Ltd. |
( |
) | ||||||||||||||||||
KOWEPO Service Co., Ltd. |
||||||||||||||||||||
KOSPO Service Co., Ltd. |
||||||||||||||||||||
EWP Service Co., Ltd. |
||||||||||||||||||||
PT. KOMIPO Energy Indonesia |
||||||||||||||||||||
KNF partners Co., Ltd. |
||||||||||||||||||||
KOSPO USA Inc. |
||||||||||||||||||||
Nambu USA LLC |
||||||||||||||||||||
Tamra Offshore Wind Power Co., Ltd. |
||||||||||||||||||||
KEPCO MCS Co., Ltd. |
||||||||||||||||||||
KEPCO FMS Co., Ltd. |
||||||||||||||||||||
Firstkeepers Co., Ltd. |
||||||||||||||||||||
Secutec Co., Ltd. |
||||||||||||||||||||
SE Green Energy Co., Ltd. |
||||||||||||||||||||
KEPCO Mangilao America LLC |
||||||||||||||||||||
Mangilao Intermediate Holdings LLC |
( |
) | ||||||||||||||||||
KEPCO CSC Co., Ltd. |
( |
) | ||||||||||||||||||
KOAK Power Limited |
( |
) | ||||||||||||||||||
KOMIPO Europe B.V. |
( |
) |
16. |
Consolidated Subsidiaries, Continued |
(3) |
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Subsidiaries |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Haenanum Energy Fund |
₩ | ( |
) | |||||||||||||||||
Paju Ecoenergy Co., Ltd. |
||||||||||||||||||||
Guam Ukudu Power LLC |
( |
) | ||||||||||||||||||
TS Energy No. 25 Co., Ltd. |
( |
) | ||||||||||||||||||
KPS Partners Co., Ltd. |
||||||||||||||||||||
KEPCO E&C Service Co., Ltd. |
||||||||||||||||||||
Moha solar Co., Ltd. |
( |
) | ||||||||||||||||||
Ogiri Solar Power Co., Ltd. |
||||||||||||||||||||
KHNP USA LLC |
||||||||||||||||||||
KOMIPO Vanphong Power Service LLC |
||||||||||||||||||||
Energy Innovation Fund I |
( |
) | ||||||||||||||||||
KHNP Chile SpA |
||||||||||||||||||||
Yeong Yang Apollon Photovoltaic Co., Ltd. |
( |
) | ||||||||||||||||||
Yeong Yang Corporation Co., Ltd. |
( |
) | ||||||||||||||||||
SolarVader Co., Ltd. |
( |
) | ||||||||||||||||||
Yeong Yang Innovation Co., Ltd. |
( |
) | ||||||||||||||||||
Yeong Yang Horus Photovoltaic Co., Ltd. |
( |
) | ||||||||||||||||||
Yeong Yang Solar Management Co., Ltd. |
( |
) | ||||||||||||||||||
LSG Hydro Power Limited |
||||||||||||||||||||
KOEN Bio Co., Ltd. |
( |
) | ||||||||||||||||||
KOMIPO Iberian Solar Group, S.L.U. |
||||||||||||||||||||
Jeongam Wind Power Co., Ltd. |
||||||||||||||||||||
KOWEPO Europe B.V. |
( |
) | ||||||||||||||||||
Yeongdeok Sunrise Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
KHNP Spain, S.L. |
(*1) | Financial information of EWP America Inc. includes that of three other subsidiaries, EWP Renewable Corporation, California Power Holdings, LLC and EWPRC Biomass Holdings, LLC. |
(*2) | Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC. |
(*3) | Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund and BSK E-New Industry Fund X. |
16. |
Consolidated Subsidiaries, Continued |
(4) |
Significant restrictions on abilities to subsidiaries are as follows: |
Company |
Nature and extent of significant restrictions | |
Gyeonggi Green Energy Co., Ltd. |
||
KOSPO Youngnam Power Co., Ltd. |
||
Jeongam Wind Power Co., Ltd. |
||
Incheon Fuel Cell Co., Ltd. |
||
Gyeongju Wind Power Co., Ltd. |
||
Korea Offshore Wind Power Co., Ltd. |
(5) |
As of December 31, 2021, the Company has following entitlements in relation to its subsidiaries as per its shareholder’s agreements: |
Company |
Nature and extent of significant restrictions | |
KOSPO Youngnam Power Co., Ltd. |
The Company holds the right to purchase all shares held by the financial investors of KOSPO Youngnam Power Co., Ltd., a subsidiary of the Company, at face value of the issued shares on the 7th and 12th years from the Company’s establishment date. | |
Jeongam Wind Power Co., Ltd. |
When the Company requests other shareholders to transfer shares after the completion of the power generation complex, the Company has a right to purchase the shares at fair value. |
16. |
Consolidated Subsidiaries, Continued |
(6) |
Details of non-controlling interests prior to intra-Company eliminations as of and for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
||||||||||||||||||||||||
Description |
KEPCO Ilijan Corporation |
KEPCO Plant Service & Engineering Co., Ltd. |
KEPCO Engineering & Construction Company, Inc. |
Others |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Percentage of ownership |
% | % | % | |||||||||||||||||||||
Current assets |
₩ | |||||||||||||||||||||||
Non-current assets |
||||||||||||||||||||||||
Current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Non-current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Net assets |
||||||||||||||||||||||||
Book value of non-controlling interests |
||||||||||||||||||||||||
Sales |
||||||||||||||||||||||||
Profit (loss) for the period |
( |
) | ||||||||||||||||||||||
Profit (loss) for the period attributable to non-controlling interests |
( |
) | ||||||||||||||||||||||
Cash flows from operating activities |
||||||||||||||||||||||||
Cash flows from investing activities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Cash flows from financing activities before dividends to non-controlling interests |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Dividends to non-controlling interests |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Effect of exchange rate fluctuation |
( |
) | ( |
) | ||||||||||||||||||||
Net increase (decrease) of cash and cash equivalents |
( |
) | ( |
) |
2020 |
||||||||||||||||||||||||
Description |
KEPCO Ilijan Corporation |
KEPCO Plant Service & Engineering Co., Ltd. |
KEPCO Engineering & Construction Company, Inc. |
Others |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Percentage of ownership |
% | % | % | |||||||||||||||||||||
Current assets |
₩ | |||||||||||||||||||||||
Non-current assets |
||||||||||||||||||||||||
Current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Non-current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Net assets |
||||||||||||||||||||||||
Book value of non-controlling interests |
||||||||||||||||||||||||
Sales |
||||||||||||||||||||||||
Profit for the period |
||||||||||||||||||||||||
Profit for the period attributable to non-controlling interests |
||||||||||||||||||||||||
Cash flows from operating activities |
||||||||||||||||||||||||
Cash flows from investing activities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Cash flows from financing activities before dividends to non-controlling interests |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Dividends to non-controlling interests |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Effect of exchange rate fluctuation |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Net increase (decrease) of cash and cash equivalents |
( |
) | ( |
) | ( |
) |
16. |
Consolidated Subsidiaries, Continued |
(6) |
Details of non-controlling interests prior to intra-Company eliminations as of and for the years ended December 31, 2019, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Description |
KEPCO Ilijan Corporation |
KEPCO Plant Service & Engineering Co., Ltd. |
KEPCO Engineering & Construction Company, Inc. |
Others |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Percentage of ownership |
% | % | % | |||||||||||||||||||||
Current assets |
₩ | |||||||||||||||||||||||
Non-current assets |
||||||||||||||||||||||||
Current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Non-current liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Net assets |
||||||||||||||||||||||||
Book value of non-controlling interests |
||||||||||||||||||||||||
Sales |
||||||||||||||||||||||||
Profit for the year |
||||||||||||||||||||||||
Profit for the year attributable to non-controlling interests |
||||||||||||||||||||||||
Cash flows from operating activities |
( |
) | ||||||||||||||||||||||
Cash flows from investing activities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Cash flows from financing activities before dividends to non-controlling interests |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Dividends to non-controlling interests |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
Effect of exchange rate fluctuation |
||||||||||||||||||||||||
Net increase (decrease) of cash and cash equivalents |
( |
) |
(7) |
Changes in goodwill |
(i) | Details of goodwill as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Acquisition cost |
₩ | |||||||||||
Less: Accumulated impairment |
||||||||||||
|
|
|
|
|||||||||
Carrying book value |
₩ | |||||||||||
|
|
|
|
(ii) | Changes in goodwill for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Beginning |
Increase |
Decrease |
Ending |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Acquisition cost |
₩ | |||||||||||||||||||
Less: Accumulated impairment |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Carrying book value |
₩ | |||||||||||||||||||
|
|
|
|
|
|
|
|
2021 |
||||||||||||||||||||
Beginning |
Increase |
Decrease |
Ending |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Acquisition cost |
₩ | |||||||||||||||||||
Less: Accumulated impairment |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Carrying book value |
₩ | |||||||||||||||||||
|
|
|
|
|
|
|
|
16. |
Consolidated Subsidiaries, Continued |
(8) |
Disposals of subsidiaries |
(9) |
Cash dividends received from subsidiaries for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows: |
Subsidiaries |
2019 |
2020 |
2021 |
|||||||||||||
In millions of won |
||||||||||||||||
Korea Hydro & Nuclear Power Co., Ltd. |
₩ | |||||||||||||||
Korea South-East Power Co., Ltd. |
||||||||||||||||
Korea Midland Power Co., Ltd. |
||||||||||||||||
Korea Western Power Co., Ltd. |
||||||||||||||||
Korea Southern Power Co., Ltd. |
||||||||||||||||
Korea East-West Power Co., Ltd. |
||||||||||||||||
KEPCO Engineering & Construction Company, Inc. |
||||||||||||||||
KEPCO Plant Service & Engineering Co., Ltd. |
||||||||||||||||
KEPCO Nuclear Fuel Co., Ltd. |
||||||||||||||||
KEPCO KDN Co., Ltd. |
||||||||||||||||
KEPCO International HongKong Ltd. |
||||||||||||||||
KEPCO International Philippines Inc. |
||||||||||||||||
KEPCO Ilijan Corporation |
||||||||||||||||
KEPCO Philippines Holdings Inc. |
||||||||||||||||
KOSEP Australia Pty., Ltd. |
||||||||||||||||
KOSPO Australia Pty., Ltd. |
||||||||||||||||
Qatrana Electric Power Company |
||||||||||||||||
KEPCO KPS Philippines Corp. |
||||||||||||||||
Tamra Offshore Wind Power Co., Ltd. |
||||||||||||||||
KEPCO Netherlands S3 B.V. |
||||||||||||||||
PT. KOMIPO Pembangkitan Jawa Bali |
||||||||||||||||
KEPCO Netherlands J3 B.V. |
||||||||||||||||
Gyeongju Wind Power Co., Ltd. |
||||||||||||||||
VI Carbon Professional Private Special Asset Investment Trust 1 |
||||||||||||||||
KOSPO Power Services Limitada |
||||||||||||||||
KEPCO Netherlands B.V. |
||||||||||||||||
PT. Cirebon Power Service |
||||||||||||||||
Chitose Solar Power Plant LLC |
||||||||||||||||
Fujeij Wind Power Company |
||||||||||||||||
KOSPO Jordan LLC |
||||||||||||||||
Energy Innovation Fund I |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
17. |
Investments in Associates and Joint Ventures |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Investees |
Key operation activities |
Location |
Percentage of ownership |
Acquisition cost |
Book value |
|||||||||||||||
In millions of won |
||||||||||||||||||||
<Associates> |
||||||||||||||||||||
Korea Gas Corporation(*1) |
% | ₩ | ||||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
% | |||||||||||||||||||
YTN Co., Ltd. |
% | |||||||||||||||||||
Gangwon Wind Power Co., Ltd.(*2) |
% | |||||||||||||||||||
Hyundai Green Power Co., Ltd. |
% | |||||||||||||||||||
Korea Power Exchange(*3) |
% | |||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
% | |||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
% | |||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
% | |||||||||||||||||||
Daeryun Power Co., Ltd.(*2) |
% | |||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
% | |||||||||||||||||||
KNH Solar Co., Ltd. |
% | |||||||||||||||||||
SPC Power Corporation |
% | |||||||||||||||||||
Gemeng International Energy Co., Ltd. |
% | |||||||||||||||||||
PT. Cirebon Electric Power |
% | |||||||||||||||||||
KNOC Nigerian East Oil Co., Ltd.(*4) |
% | |||||||||||||||||||
KNOC Nigerian West Oil Co., Ltd.(*4) |
% | |||||||||||||||||||
PT Wampu Electric Power |
% | |||||||||||||||||||
PT. Bayan Resources TBK |
% | |||||||||||||||||||
S-Power Co., Ltd. |
% | |||||||||||||||||||
Pioneer Gas Power Limited |
% | |||||||||||||||||||
Eurasia Energy Holdings |
% | |||||||||||||||||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
% | |||||||||||||||||||
Hadong Mineral Fiber Co., Ltd.(*2) |
% | |||||||||||||||||||
PT. Mutiara Jawa |
% | |||||||||||||||||||
Samcheok Eco Materials Co., Ltd.(*5) |
% | |||||||||||||||||||
Noeul Green Energy Co., Ltd. |
% | |||||||||||||||||||
Goseong Green Power Co., Ltd.(*2) |
% | |||||||||||||||||||
Gangneung Eco Power Co., Ltd.(*2) |
% | |||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
% | |||||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||
Dongducheon Dream Power Co., Ltd.(*6) |
% | |||||||||||||||||||
Jinbhuvish Power Generation Pvt. Ltd.(*2, 7) |
% | |||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
% | |||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
% | |||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
% | |||||||||||||||||||
Busan Green Energy Co., Ltd. |
% | |||||||||||||||||||
Gunsan Bio Energy Co., Ltd.(*2) |
% | |||||||||||||||||||
Korea Electric Vehicle Charging Service |
% | |||||||||||||||||||
Korea Nuclear Partners Co., Ltd. |
% | |||||||||||||||||||
Korea Electric Power Corporation Fund(*8) |
% | |||||||||||||||||||
Energy Infra Asset Management Co., Ltd.(*2) |
% | |||||||||||||||||||
Daegu clean Energy Co., Ltd. |
% | |||||||||||||||||||
Yaksu ESS Co., Ltd. |
% | |||||||||||||||||||
Nepal Water & Energy Development Company Private Limited(*9) |
% | |||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
% | |||||||||||||||||||
PND S |
% | |||||||||||||||||||
Hyundai Eco Energy Co., Ltd.(*2) |
% | |||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd.(*2) |
% | |||||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
% | |||||||||||||||||||
Korea Energy Solutions Co., Ltd. |
% | |||||||||||||||||||
ITR Co., Ltd. |
% | |||||||||||||||||||
Structure test network Co., Ltd. |
% | |||||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd.(*10) |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||
Investees |
Key operation activities |
Location |
Percentage of ownership |
Acquisition cost |
Book value |
|||||||||||||||
In millions of won |
||||||||||||||||||||
Indeck Niles Development, LLC(*11) |
% | ₩ | ||||||||||||||||||
Indeck Niles Asset Management, LLC |
% | |||||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
% | |||||||||||||||||||
Suwon New Power Co., Ltd. |
% | |||||||||||||||||||
KPGE Inc. |
% | |||||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
% | |||||||||||||||||||
Go deok Clean Energy Co., Ltd.(*12) |
% | |||||||||||||||||||
SureDataLab Co., Ltd. |
% | |||||||||||||||||||
SEP Co., Ltd. |
% | |||||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
% | |||||||||||||||||||
Tronix Co., Ltd. |
% | |||||||||||||||||||
O2&B Global Co., Ltd. |
% | |||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
% | |||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||
Jeju SolarOne Co., Ltd.(*13) |
% | |||||||||||||||||||
Goesan Solar Park Co., Ltd. |
% | |||||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
% | |||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
% | |||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
% | |||||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd.(*14) |
% | |||||||||||||||||||
Muan Solar Park Co., Ltd.(*14) |
% | |||||||||||||||||||
YuDang Solar Co., Ltd. |
% | |||||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd.(*14) |
% | |||||||||||||||||||
Daewon Green Energy Co., Ltd. |
% | |||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||
KEPCO-Uhde Inc.(*15) |
% | |||||||||||||||||||
Shuweihat Asia Power Investment B.V. |
% | |||||||||||||||||||
Shuweihat Asia Operation & Maintenance Company(*15) |
% | |||||||||||||||||||
Waterbury Lake Uranium L.P. |
% | |||||||||||||||||||
ASM-BG Investicii AD |
% | |||||||||||||||||||
RES Technology AD |
% | |||||||||||||||||||
KV Holdings, Inc. |
% | |||||||||||||||||||
KEPCO SPC Power Corporation(*15) |
% | |||||||||||||||||||
Gansu Datang Yumen Wind Power Co., Ltd. |
% | |||||||||||||||||||
Datang Chifeng Renewable Power Co., Ltd. |
% | |||||||||||||||||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
% | |||||||||||||||||||
Rabigh Electricity Company |
% | |||||||||||||||||||
Rabigh Operation & Maintenance Company Limited |
% | |||||||||||||||||||
Jamaica Public Service Company Limited |
% | |||||||||||||||||||
KW Nuclear Components Co., Ltd. |
% | |||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
% | |||||||||||||||||||
Global Trade Of Power System Co., Ltd.(*16) |
% | |||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd.(*16) |
% | |||||||||||||||||||
Amman Asia Electric Power Company(*15) |
% | |||||||||||||||||||
KAPES, Inc.(*15) |
% | |||||||||||||||||||
Honam Wind Power Co., Ltd. |
% | |||||||||||||||||||
Jeongam Wind Power Co., Ltd. |
% | |||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
% | |||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
% | |||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd.(*16) |
% | |||||||||||||||||||
Nghi Son 2 Power LLC |
% | |||||||||||||||||||
Kelar S.A.(*15) |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||
Investees |
Key operation activities |
Location |
Percentage of ownership |
Acquisition cost |
Book value |
|||||||||||||||
In millions of won |
||||||||||||||||||||
PT. Tanjung Power Indonesia |
% | ₩ | ||||||||||||||||||
Incheon New Power Co., Ltd.(*17) |
% | |||||||||||||||||||
Seokmun Energy Co., Ltd. |
% | |||||||||||||||||||
Daehan Wind Power PSC |
% | |||||||||||||||||||
Barakah One Company(*18) |
% | |||||||||||||||||||
Nawah Energy Company(*18) |
% | |||||||||||||||||||
Momentum |
% | |||||||||||||||||||
Daegu Green Power Co., Ltd.(*19) |
% | |||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
% | |||||||||||||||||||
Chester Solar IV SpA |
% | |||||||||||||||||||
Chester Solar V SpA |
% | |||||||||||||||||||
Diego de Almagro Solar SpA |
% | |||||||||||||||||||
South Jamaica Power Company Limited |
% | |||||||||||||||||||
Daesan Green Energy Co., Ltd. |
% | |||||||||||||||||||
RE Holiday Holdings LLC |
% | |||||||||||||||||||
RE Pioneer Holdings LLC |
% | |||||||||||||||||||
RE Barren Ridge 1 Holdings LLC |
% | |||||||||||||||||||
RE Astoria 2 LandCo LLC |
% | |||||||||||||||||||
RE Barren Ridge LandCo LLC |
% | |||||||||||||||||||
Laurel SpA |
% | |||||||||||||||||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*16) |
% | |||||||||||||||||||
Chile Solar JV SpA |
% | |||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. |
% | |||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
% | |||||||||||||||||||
Chester Solar I SpA |
% | |||||||||||||||||||
Solar Philippines Calatagan Corporation |
% | |||||||||||||||||||
Saemangeum Solar Power Co., Ltd.(*20) |
% | |||||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd.(*16) |
% | |||||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd.(*16) |
% | |||||||||||||||||||
DE Energia SpA |
% | |||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
% | |||||||||||||||||||
Haemodum Solar Co., Ltd. |
% | |||||||||||||||||||
Yangyang Wind Power Co., Ltd. |
% | |||||||||||||||||||
Horus Solar, S.A. De C.V.(*21) |
% | |||||||||||||||||||
Recursos Solares PV De Mexico II, S.A. De C.V.(*21) |
% | |||||||||||||||||||
Sunmex Renovables, S.A. De C.V.(*21) |
% | |||||||||||||||||||
Stavro Holding II A.B. |
% | |||||||||||||||||||
Solaseado Solar Power Co., Ltd. |
% | |||||||||||||||||||
Yeongam Solar Power Co., Ltd.(*16) |
% | |||||||||||||||||||
Samsu Wind Power Co., Ltd.(*16) |
% | |||||||||||||||||||
Pulau Indah Power Plant Sdn. Bhd. |
% | |||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
% | |||||||||||||||||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream(*15) |
% | |||||||||||||||||||
PT Barito Wahana Tenaga |
% | |||||||||||||||||||
Cheongna Energy Co., Ltd.(*20, 22) |
% | |||||||||||||||||||
Naepo Green Energy Co., Ltd.(*23) |
% | — | ||||||||||||||||||
Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)(*24) |
% | — | ||||||||||||||||||
OneEnergy Asia Limited |
% | |||||||||||||||||||
KAS Investment I LLC(*25) |
% | |||||||||||||||||||
KAS Investment II LLC(*25) |
% | |||||||||||||||||||
Energyco LLC |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||
Investees |
Key operation activities |
Location |
Percentage of ownership |
Acquisition cost |
Book value |
|||||||||||||||
In millions of won |
||||||||||||||||||||
CAES, LLC |
% | ₩ | ||||||||||||||||||
Hapcheon Floating Photovoltaic Power Plant Inc.(*16) |
% | |||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
% | |||||||||||||||||||
Bitsolar Energy Co., Ltd. |
% | |||||||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
(*1) | The effective percentage of ownership is |
(*2) | The effective percentage of ownership is less than |
(*3) | The effective percentage of ownership is |
(*4) | The effective percentage of ownership is less than |
(*5) | Although the nominal percentage of ownership is |
(*6) | The effective percentage of ownership is |
(*7) | The Company recognized a full impairment loss for the carrying amount of Jinbhuvish Power Generation Pvt. Ltd. before the prior year, due to the Company’s decision to withdraw its business since there are no business activities occurring. |
(*8) | The effective percentage of ownership is more than |
(*9) | The effective percentage of ownership is more than |
(*10) | The effective percentage of ownership is less than |
(*11) | According to the shareholders’ agreement, additional investment of |
(*12) | Even though the effective percentage of ownership is more than |
(*13) | It was newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than |
(*14) | The entities were newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
(*15) | The effective percentage of ownership is more than |
(*16) | According to the shareholders’ agreement, the parties have joint control over all decisions related to financial and operation. Accordingly, the entity is classified as joint ventures. |
(*17) | The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement. |
(*18) | The effective percentage of ownership is less than |
(*19) | Although the nominal percentage of ownership is |
(*20) | The effective percentage of ownership is more than |
(*21) | The effective percentage of ownership is less than |
(*22) | The classification of the entity was changed from an associate to a joint venture, due to the additional investment during the year ended December 31, 2020. |
(*23) | The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from an associate to a joint venture, due to the changes in voting rights. |
(*24) | The name of the entity has changed during the current year. According to the Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Company was deemed to have acquired an additional |
(*25) | The entities were included in the joint ventures due to the new investment during the year ended December 31, 2020. Since the final settlement of the entity was not completed before the Company’s financial statements date, the financial statements of October 7, were used for consolidation. |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Investees |
Key operation activities |
Location |
Percentage of ownership |
Acquisition cost |
Book value |
|||||||||||||||
In millions of won |
||||||||||||||||||||
<Associates> |
||||||||||||||||||||
Korea Gas Corporation(*1) |
% | ₩ | ||||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
% | |||||||||||||||||||
YTN Co., Ltd. |
% | |||||||||||||||||||
Gangwon Wind Power Co., Ltd.(*2) |
% | |||||||||||||||||||
Hyundai Green Power Co., Ltd. |
% | |||||||||||||||||||
Korea Power Exchange(*3) |
% | |||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
% | |||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
% | |||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
% | |||||||||||||||||||
Daeryun Power Co., Ltd.(*2) |
% | |||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
% | |||||||||||||||||||
KNH Solar Co., Ltd. |
% | |||||||||||||||||||
SPC Power Corporation |
% | |||||||||||||||||||
Gemeng International Energy Co., Ltd. |
% | |||||||||||||||||||
PT. Cirebon Electric Power |
% | |||||||||||||||||||
KNOC Nigerian East Oil Co., Ltd.(*4) |
% | |||||||||||||||||||
KNOC Nigerian West Oil Co., Ltd.(*4) |
% | |||||||||||||||||||
PT Wampu Electric Power |
% | |||||||||||||||||||
PT. Bayan Resources TBK |
% | |||||||||||||||||||
S-Power Co., Ltd. |
% | |||||||||||||||||||
Pioneer Gas Power Limited |
% | |||||||||||||||||||
Eurasia Energy Holdings |
% | |||||||||||||||||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
% | |||||||||||||||||||
PT. Mutiara Jawa |
% | |||||||||||||||||||
Samcheok Eco Materials Co., Ltd.(*5) |
% | |||||||||||||||||||
Noeul Green Energy Co., Ltd. |
% | |||||||||||||||||||
Goseong Green Power Co., Ltd. |
% | |||||||||||||||||||
Gangneung Eco Power Co., Ltd.(*2) |
% | |||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
% | |||||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||
Dongducheon Dream Power Co., Ltd.(*6) |
% | |||||||||||||||||||
Jinbhuvish Power Generation Pvt. Ltd.(*2) |
% | |||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
% | |||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
% | |||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
% | |||||||||||||||||||
Busan Green Energy Co., Ltd. |
% | |||||||||||||||||||
Gunsan Bio Energy Co., Ltd.(*2) |
% | |||||||||||||||||||
Korea Electric Vehicle Charging Service(*2) |
% | |||||||||||||||||||
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) |
% | |||||||||||||||||||
Korea Electric Power Corporation Fund(*7) |
% | |||||||||||||||||||
Energy Infra Asset Management Co., Ltd.(*2) |
% | |||||||||||||||||||
Daegu clean Energy Co., Ltd. |
% | |||||||||||||||||||
YaksuESS Co., Ltd. |
% | |||||||||||||||||||
Nepal Water & Energy Development Company Private Limited (*8) |
% | |||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
% | |||||||||||||||||||
PND Solar Co., Ltd. |
% | |||||||||||||||||||
Hyundai Eco Energy Co., Ltd.(*2) |
% | |||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd.(*2) |
% | |||||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
% | |||||||||||||||||||
Korea Energy Solutions Co., Ltd. |
% | |||||||||||||||||||
ITR Co., Ltd. |
% | |||||||||||||||||||
Structure test network Co., Ltd. |
% | |||||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd.(*9) |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Investees |
Key operation activities |
Location |
Percentage of ownership |
Acquisition cost |
Book value |
|||||||||||||||
In millions of won |
||||||||||||||||||||
Indeck Niles Development, LLC(*10) |
% | ₩ | ||||||||||||||||||
Indeck Niles Asset Management, LLC |
% | |||||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
% | |||||||||||||||||||
Suwon New Power Co., Ltd. |
% | |||||||||||||||||||
KPGE Inc. |
% | |||||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
% | |||||||||||||||||||
Go deok Clean Energy Co., Ltd. |
% | |||||||||||||||||||
SureDataLab Co., Ltd. |
% | |||||||||||||||||||
SEP Co., Ltd. |
% | |||||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
% | |||||||||||||||||||
Tronix Co., Ltd. |
% | |||||||||||||||||||
O2&B Global Co., Ltd. |
% | |||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
% | |||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||
Goesan Solar Park Co., Ltd. |
% | |||||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
% | |||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
% | |||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
% | |||||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd. |
% | |||||||||||||||||||
Muan Solar P ark Co., Ltd. |
% | |||||||||||||||||||
YuDang Solar Co., Ltd. |
% | |||||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
% | |||||||||||||||||||
Daewon Green Energy Co., Ltd. |
% | |||||||||||||||||||
G.GURU Co., Ltd. |
% | |||||||||||||||||||
UD4M Co., Ltd.(*2) |
% | |||||||||||||||||||
Dongbu Highway Solar Co., Ltd. |
% | |||||||||||||||||||
Seobu Highway Solar Co., Ltd. |
% | |||||||||||||||||||
Korea Energy Data Co., Ltd. |
% | |||||||||||||||||||
Gangneung Sacheon Fuel Cell Co., Ltd.(*7) |
% | |||||||||||||||||||
Kosture Co., Ltd.(*2) |
% | |||||||||||||||||||
Digital Innovation Growth Fund(*7) |
% | |||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd.(*18) |
% | |||||||||||||||||||
Chuncheon Green Energy Co., Ltd.(*7) |
% | |||||||||||||||||||
Yeomsubong Wind Power Co., Ltd. |
% | |||||||||||||||||||
Yeongyang Wind Power Corporation II |
% | |||||||||||||||||||
Haeparang Energy Co., Ltd. |
% | |||||||||||||||||||
Saemangeum Sebit Power Plant Co., Ltd.(*7) |
% | |||||||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
|||||||||||||||||
<Joint ventures> |
||||||||||||||||||||
KEPCO-Uhde Inc.(*11) |
% | |||||||||||||||||||
Shuweihat Asia Power Investment B.V. |
% | |||||||||||||||||||
Shuweihat Asia Operation & Maintenance Company(*11) |
% | |||||||||||||||||||
Waterbury Lake Uranium L.P. |
% | |||||||||||||||||||
ASM-BG Investicii AD |
% | |||||||||||||||||||
RES Technology AD |
% | |||||||||||||||||||
KV Holdings, Inc. |
% | |||||||||||||||||||
KEPCO SPC Power Corporation(*11) |
% | |||||||||||||||||||
Gansu Datang Yumen Wind Power Co., Ltd. |
% | |||||||||||||||||||
Datang Chifeng Renewable Power Co., Ltd. |
% | |||||||||||||||||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
% | |||||||||||||||||||
Rabigh Electricity Company |
% | |||||||||||||||||||
Rabigh Operation & Maintenance Company Limited |
% | |||||||||||||||||||
Jamaica Public Service Company Limited |
% | |||||||||||||||||||
KW Nuclear Components Co., Ltd. |
% | |||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Investees |
Key operation activities |
Location |
Percentage of ownership |
Acquisition cost |
Book value |
|||||||||||||||
In millions of won |
||||||||||||||||||||
Global Trade Of Power System Co., Ltd.(*12) |
% | ₩ | ||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd.(*12) |
% | |||||||||||||||||||
Amman Asia Electric Power Company(*11) |
% | |||||||||||||||||||
KAPES, Inc.(*11) |
% | — | ||||||||||||||||||
Honam Wind Power Co., Ltd. |
% | |||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
% | |||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
% | |||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd.(*12) |
% | |||||||||||||||||||
Nghi Son 2 Power LLC |
% | — | ||||||||||||||||||
Kelar S.A. (*11) |
% | |||||||||||||||||||
PT. Tanjung Power Indonesia |
% | |||||||||||||||||||
Incheon New Power Co., Ltd.(*13) |
% | — | ||||||||||||||||||
Seokmun Energy Co., Ltd. |
% | |||||||||||||||||||
Daehan Wind Power PSC |
% | |||||||||||||||||||
Barakah One Company(*14) |
% | — | ||||||||||||||||||
Nawah Energy Company(*14) |
% | |||||||||||||||||||
Momentum |
% | |||||||||||||||||||
Daegu Green Power Co., Ltd.(*15) |
% | |||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
% | |||||||||||||||||||
Chester Solar IV SpA |
% | — | ||||||||||||||||||
Chester Solar V SpA |
% | |||||||||||||||||||
Diego de Almagro Solar SpA |
% | |||||||||||||||||||
South Jamaica Power Company Limited |
% | |||||||||||||||||||
Daesan Green Energy Co., Ltd. |
% | |||||||||||||||||||
RE Holiday Holdings LLC |
% | |||||||||||||||||||
RE Pioneer Holdings LLC |
% | |||||||||||||||||||
RE Barren Ridge 1 Holdings LLC |
% | |||||||||||||||||||
RE Astoria 2 LandCo LLC |
% | |||||||||||||||||||
RE Barren Ridge LandCo LLC |
% | |||||||||||||||||||
Laurel SpA |
% | |||||||||||||||||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd.(*12) |
% | |||||||||||||||||||
Chile Solar JV SpA |
% | |||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
% | |||||||||||||||||||
Chester Solar I SpA |
% | |||||||||||||||||||
Solar Philippines Calatagan Corporation |
% | |||||||||||||||||||
Saemangeum Solar Power Co., Ltd. (*16) |
% | |||||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd.(*12) |
% | |||||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd. |
% | |||||||||||||||||||
DE Energia SpA |
% | |||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
% | |||||||||||||||||||
Haemodum Solar Co., Ltd. |
% | |||||||||||||||||||
Yangyang Wind Power Co., Ltd. |
% | |||||||||||||||||||
Horus Solar, S.A. De C.V.(*17) |
% | |||||||||||||||||||
Recursos Solares PV De Mexico II, S.A. De C.V.(*17) |
% | |||||||||||||||||||
Sunmex Renovables, S.A. De C.V.(*17) |
% | |||||||||||||||||||
Stavro Holding II A.B. |
% | |||||||||||||||||||
Solaseado Solar Power Co., Ltd. |
% | |||||||||||||||||||
Yeongam Solar Power Co., Ltd.(*12) |
% | |||||||||||||||||||
Samsu Wind Power Co., Ltd.(*12) |
% | |||||||||||||||||||
Pulau Indah Power Plant Sdn. Bhd. |
% | |||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
% | |||||||||||||||||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream(*11) |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Investees |
Key operation activities |
Location |
Percentage of ownership |
Acquisition cost |
Book value |
|||||||||||||||
In millions of won |
||||||||||||||||||||
PT Barito Wahana Tenaga |
% | ₩ | ||||||||||||||||||
Cheongna Energy Co., Ltd.(*16) |
% | |||||||||||||||||||
Naepo Green Energy Co., Ltd. |
% | |||||||||||||||||||
Dayone Energy Co., Ltd.(*19) |
% | |||||||||||||||||||
OneEnergy Asia Limited |
% | |||||||||||||||||||
KAS Investment I LLC |
% | |||||||||||||||||||
KAS Investment II LLC |
% | |||||||||||||||||||
Energyco Co., Ltd. (formerly, Energyco LLC) |
% | |||||||||||||||||||
CAES, LLC |
% | |||||||||||||||||||
Hapcheon Floating Photovoltaic Power Plant Inc.(*12) |
% | |||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
% | |||||||||||||||||||
Bitsolar Energy Co., Ltd. |
% | |||||||||||||||||||
Pulau Indah O&M Sdn. Bhd.(*20) |
% | |||||||||||||||||||
Guadalupe Solar SpA(*20) |
% | |||||||||||||||||||
Omisan Wind Power Co., Ltd. |
% | |||||||||||||||||||
Foresight Iberian Solar Group Holding, S.L.(*20) |
% | |||||||||||||||||||
Yeongwol Eco Wind Co., Ltd. |
% | |||||||||||||||||||
Gurae Resident Power Co., Ltd. |
% | |||||||||||||||||||
Cheongju Eco Park Co., Ltd. |
% | |||||||||||||||||||
Enel X Midland Photovoltaic, LLC |
% | |||||||||||||||||||
Geumsungsan Wind Power Co., Ltd. |
% | |||||||||||||||||||
KEPCO KPS Carabao Corp. |
% | |||||||||||||||||||
Prime Swedish Holding AB |
% | |||||||||||||||||||
Goheung New Energy Co., Ltd. |
% | |||||||||||||||||||
Gunsan Land Solar Co., Ltd.(*20) |
% | |||||||||||||||||||
CapMan Lynx SCA, SICAR |
% | |||||||||||||||||||
International Offshore Power Transmission Holding Company Limited |
% | |||||||||||||||||||
|
|
|
|
|||||||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
(*1) | Due to changes in equity, the nominal and effective percentage of ownership are |
(*2) | The effective percentage of ownership is less than |
(*3) | The effective percentage of ownership is |
(*4) | The effective percentage of ownership is less than |
(*5) | Although the nominal percentage of ownership is |
(*6) | The effective percentage of ownership is |
(*7) | The effective percentage of ownership is more than |
17. |
Investments in Associates and Joint Ventures, Continued |
(1) |
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued: |
(*8) | The effective percentage of ownership is more than |
(*9) | The effective percentage of ownership is less than |
(*10) | According to the shareholders’ agreement, additional investment of |
(*11) | The effective percentage of ownership is more than |
(*12) | According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures. |
(*13) | The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement. |
(*14) | The effective percentage of ownership is less than |
(*15) | Although the nominal percentage of ownership is |
(*16) | The effective percentage of ownership is more than |
(*17) | The effective percentage of ownership is less than |
(*18) | The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from a joint venture to an associate, due to the changes in voting rights. |
(*19) | According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Company was deemed to have acquired an additional |
(*20) | The effective percentage of ownership is more than |
17. |
Investments in Associates and Joint Ventures, Continued |
(2) |
The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2020 and 2021 are as follows: |
Investees |
2020 |
2021 |
||||||||||
In millions of won |
||||||||||||
<Associates> |
||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
₩ | |||||||||||
Korea Gas Corporation(*) |
||||||||||||
YTN Co., Ltd. |
||||||||||||
SPC Power Corporation |
||||||||||||
PT. Bayan Resources TBK |
(*) | An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2020 and 2021 as management determined that the carrying amount of the investment in KOGAS at ₩ |
• | Revenue forecasts: price and volume of gas sold are based on the long-term natural gas supply and demand programs approved by the Ministry of Trade, Industry & Energy. |
• | Discount rate: the discount rate is derived using the weighted average cost of capital methodology adjusted for any risks that are not reflected in the underlying cash flows. A real post-tax discount rate of post-tax cash flows respectively as at December 31, 2020 and 2021. |
17. |
Investments in Associates and Joint Ventures, Continued |
(3) |
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||||||||||
Investees |
Beginning balance |
Acquisitions |
Disposals |
Dividends received |
Share of profit (loss) |
Other comprehensive income (loss) |
Others |
Ending balance |
||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||
<Associates> |
||||||||||||||||||||||||||||||||||||
Korea Gas Corporation |
₩ | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
YTN Co., Ltd. |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Cheongna Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Gangwon Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Hyundai Green Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Korea Power Exchange |
||||||||||||||||||||||||||||||||||||
Dayone Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Ecollite Co., Ltd.(*1) |
||||||||||||||||||||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Daeryun Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
KNH Solar Co., Ltd. |
||||||||||||||||||||||||||||||||||||
SPC Power Corporation |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Gemeng International Energy Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
PT. Cirebon Electric Power |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KNOC Nigerian East Oil Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KNOC Nigerian West Oil Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
PT Wampu Electric Power |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
PT. Bayan Resources TBK |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
S-Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Pioneer Gas Power Limited |
||||||||||||||||||||||||||||||||||||
Eurasia Energy Holdings |
||||||||||||||||||||||||||||||||||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Hadong Mineral Fiber Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Green Biomass Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
PT. Mutiara Jawa |
( |
) | ||||||||||||||||||||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Noeul Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Naepo Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Goseong Green Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Gangneung Eco Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
( |
) |
17. |
Investments in Associates and Joint Ventures, Continued |
(3) |
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||||||||||||||
Investees |
Beginning balance |
Acquisitions |
Disposals |
Dividends received |
Share of profit (loss) |
Other comprehensive income (loss) |
Others |
Ending balance |
||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
₩ | ( |
) | |||||||||||||||||||||||||||||||||
Jinbhuvish Power Generation Pvt. Ltd. |
||||||||||||||||||||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Busan Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Korea Electric Vehicle Charging Service |
( |
) | ||||||||||||||||||||||||||||||||||
Korea Nuclear Partners Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Korea Electric Power Corporation Fund |
( |
) | ||||||||||||||||||||||||||||||||||
Energy Infra Asset Management Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Daegu clean Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
YaksuESS Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Nepal Water & Energy Development Company Private Limited |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
PND Solar Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Korea Energy Solutions Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
ITR Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Structure test network Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Indeck Niles Development, LLC |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Indeck Niles Asset Management, LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Suwon New Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
KPGE Inc. |
||||||||||||||||||||||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Go deok Clean Energy Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
SureDataLab Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
SEP Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Tronix Co., Ltd. |
||||||||||||||||||||||||||||||||||||
O2&B Global Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Jeju SolarOne Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Energy Innovation Fund I |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Goesan Solar Park Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
17. |
Investments in Associates and Joint Ventures, Continued |
(3) |
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||||||||||||||
Investees |
Beginning balance |
Acquisitions |
Disposals |
Dividends received |
Share of profit (loss) |
Other comprehensive income (loss) |
Others |
Ending balance |
||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd. |
₩ | |||||||||||||||||||||||||||||||||||
Muan Solar Park Co., Ltd. |
||||||||||||||||||||||||||||||||||||
YuDang Solar Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Daewon Green Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||||||||||||||||||
KEPCO-Uhde Inc. |
( |
) | ||||||||||||||||||||||||||||||||||
Shuweihat Asia Power Investment B.V. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Shuweihat Asia Operation & Maintenance Company |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Waterbury Lake Uranium L.P. |
( |
) | ||||||||||||||||||||||||||||||||||
ASM-BG Investicii AD |
( |
) | ||||||||||||||||||||||||||||||||||
RES Technology AD |
( |
) | ||||||||||||||||||||||||||||||||||
KV Holdings, Inc. |
( |
) | ||||||||||||||||||||||||||||||||||
KEPCO SPC Power Corporation |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Gansu Datang Yumen Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Datang Chifeng Renewable Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Rabigh Electricity Company |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Rabigh Operation & Maintenance Company Limited |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Jamaica Public Service Company Limited |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KW Nuclear Components Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Global Trade Of Power System Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Amman Asia Electric Power Company |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KAPES, Inc. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Honam Wind Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Jeongam Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Nghi Son 2 Power LLC |
||||||||||||||||||||||||||||||||||||
Kelar S.A. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
PT. Tanjung Power Indonesia |
( |
) | ||||||||||||||||||||||||||||||||||
Incheon New Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Seokmun Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Daehan Wind Power PSC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Barakah One Company |
||||||||||||||||||||||||||||||||||||
Nawah Energy Company |
( |
) | ||||||||||||||||||||||||||||||||||
Momentum |
( |
) | ||||||||||||||||||||||||||||||||||
Daegu Green Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Chester Solar IV SpA |
( |
) | ||||||||||||||||||||||||||||||||||
Chester Solar V SpA |
( |
) | ||||||||||||||||||||||||||||||||||
Diego de Almagro Solar SpA |
( |
) | ||||||||||||||||||||||||||||||||||
South Jamaica Power Company Limited |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Daesan Green Energy Co., Ltd. |
( |
) |
17. |
Investments in Associates and Joint Ventures, Continued |
(3) |
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||||||||||||||
Investees |
Beginning balance |
Acquisitions |
Disposals |
Dividends received |
Share of profit (loss) |
Other comprehensive income (loss) |
Others |
Ending balance |
||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||
RE Holiday Holdings LLC |
₩ | ( |
) | |||||||||||||||||||||||||||||||||
RE Pioneer Holdings LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
RE Barren Ridge 1 Holdings LLC |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
RE Astoria 2 LandCo LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
RE Barren Ridge LandCo LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Laurel SpA |
( |
) | ||||||||||||||||||||||||||||||||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |
( |
) | ||||||||||||||||||||||||||||||||||
Chile Solar JV SpA |
( |
) | ||||||||||||||||||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Chester Solar I SpA |
( |
) | ||||||||||||||||||||||||||||||||||
Solar Philippines Calatagan Corporation |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
DE Energia SpA |
( |
) | ||||||||||||||||||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Haemodum Solar Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Yangyang Wind Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Horus Solar, S.A. DE C.V. |
( |
) | ||||||||||||||||||||||||||||||||||
Recursos Solares PV De Mexico II, S.A. De C.V. |
( |
) | ||||||||||||||||||||||||||||||||||
Sunmex Renovables, S.A. De C.V. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Stavro Holding II A.B. |
( |
) | ||||||||||||||||||||||||||||||||||
Solaseado Solar Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Yeongam Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Samsu Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Pulau Indah Power Plant Sdn. Bhd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
( |
) | ||||||||||||||||||||||||||||||||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |
||||||||||||||||||||||||||||||||||||
PT Barito Wahana Tenaga |
( |
) | ||||||||||||||||||||||||||||||||||
Cheongna Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Naepo Green Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Dayone Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
OneEnergy Asia Limited |
||||||||||||||||||||||||||||||||||||
KAS Investment I LLC |
||||||||||||||||||||||||||||||||||||
KAS Investment II LLC |
||||||||||||||||||||||||||||||||||||
Energyco LLC |
||||||||||||||||||||||||||||||||||||
CAES, LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Hapcheon Floating Photovoltaic Power Plant Inc. |
||||||||||||||||||||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Bitsolar Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*1) | The Company recognized a impairment loss for the carrying amount of Ecollite Co., Ltd. during the prior period due to the suspension of operating activities. Ecollite Co., Ltd. has been removed from associates since it is under the process of liquidation as of December 31, 2020. |
17. |
Investments in Associates and Joint Ventures, Continued |
(3) |
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||||||
Investees |
Beginning balance |
Acquisitions |
Disposals |
Dividends received |
Share of profit (loss) |
Other comprehensive income (loss) |
Others |
Ending balance |
||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||
<Associates> |
||||||||||||||||||||||||||||||||||||
Korea Gas Corporation |
₩ | ( |
) | |||||||||||||||||||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
YTN Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Gangwon Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Hyundai Green Power Co., Ltd. |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Korea Power Exchange |
( |
) | ||||||||||||||||||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Daeryun Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
KNH Solar Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
SPC Power Corporation |
( |
) | ||||||||||||||||||||||||||||||||||
Gemeng International Energy Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
PT. Cirebon Electric Power |
( |
) | ||||||||||||||||||||||||||||||||||
KNOC Nigerian East Oil Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KNOC Nigerian West Oil Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
PT Wampu Electric Power |
||||||||||||||||||||||||||||||||||||
PT. Bayan Resources TBK |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
S-Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Pioneer Gas Power Limited |
||||||||||||||||||||||||||||||||||||
Eurasia Energy Holdings |
||||||||||||||||||||||||||||||||||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Hadong Mineral Fiber Co., Ltd. |
||||||||||||||||||||||||||||||||||||
PT. Mutiara Jawa |
||||||||||||||||||||||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Noeul Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Goseong Green Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Gangneung Eco Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Jinbhuvish Power Generation Pvt. Ltd. |
||||||||||||||||||||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Busan Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Korea Electric Vehicle Charging Service |
( |
) | ||||||||||||||||||||||||||||||||||
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) |
||||||||||||||||||||||||||||||||||||
Korea Electric Power Corporation Fund |
( |
) | ||||||||||||||||||||||||||||||||||
Energy Infra Asset Management Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Daegu clean Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
YaksuESS Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Nepal Water & Energy Development Company Private Limited |
( |
) | ||||||||||||||||||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
PND Solar Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Korea Energy Solutions Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
ITR Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Structure test network Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Indeck Niles Development, LLC |
( |
) | ||||||||||||||||||||||||||||||||||
Indeck Niles Asset Management, LLC |
( |
) |
17. |
Investments in Associates and Joint Ventures, Continued |
(3) |
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||||||
Investees |
Beginning balance |
Acquisitions |
Disposals |
Dividends received |
Share of profit (loss) |
Other comprehensive income (loss) |
Others |
Ending balance |
||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
₩ | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Suwon New Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KPGE Inc. |
||||||||||||||||||||||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Go deok Clean Energy Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
SureDataLab Co., Ltd. |
||||||||||||||||||||||||||||||||||||
SEP Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Tronix Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
O2&B Global Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Jeju SolarOne Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Goesan Solar Park Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Muan Solar Park Co., Ltd. |
||||||||||||||||||||||||||||||||||||
YuDang Solar Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Daewon Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
G.GURU Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
UD4M Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Dongbu Highway Solar Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Seobu Highway Solar Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Korea Energy Data Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Gangneung Sacheon Fuel Cell Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Kosture Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Digital Innovation Growth Fund |
( |
) | ||||||||||||||||||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Chuncheon Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Yeomsubong Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Yeongyang Wind Power Corporation II |
||||||||||||||||||||||||||||||||||||
Haeparang Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Saemangeum Sebit Power Plant Co., Ltd. |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
( |
) | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17. |
Investments in Associates and Joint Ventures, Continued |
(3) |
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||||||
Investees |
Beginning balance |
Acquisitions |
Disposals |
Dividends received |
Share of profit (loss) |
Other comprehensive income (loss) |
Others |
Ending balance |
||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||||||||||||||||||
KEPCO-Uhde Inc. |
₩ | ( |
) | |||||||||||||||||||||||||||||||||
Shuweihat Asia Power Investment B.V. |
( |
) | ||||||||||||||||||||||||||||||||||
Shuweihat Asia Operation & Maintenance Company |
( |
) | ||||||||||||||||||||||||||||||||||
Waterbury Lake Uranium L.P. |
||||||||||||||||||||||||||||||||||||
ASM-BG Investicii AD |
( |
) | ||||||||||||||||||||||||||||||||||
RES Technology AD |
( |
) | ||||||||||||||||||||||||||||||||||
KV Holdings, Inc. |
( |
) | ||||||||||||||||||||||||||||||||||
KEPCO SPC Power Corporation |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Gansu Datang Yumen Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Datang Chifeng Renewable Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Rabigh Electricity Company |
( |
) | ||||||||||||||||||||||||||||||||||
Rabigh Operation & Maintenance Company Limited |
( |
) | ||||||||||||||||||||||||||||||||||
Jamaica Public Service Company Limited |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KW Nuclear Components Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Global Trade Of Power System Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Amman Asia Electric Power Company |
( |
) | ||||||||||||||||||||||||||||||||||
KAPES, Inc. |
||||||||||||||||||||||||||||||||||||
Honam Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Jeongam Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Nghi Son 2 Power LLC |
||||||||||||||||||||||||||||||||||||
Kelar S.A. |
||||||||||||||||||||||||||||||||||||
PT. Tanjung Power Indonesia |
( |
) | ||||||||||||||||||||||||||||||||||
Incheon New Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Seokmun Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Daehan Wind Power PSC |
||||||||||||||||||||||||||||||||||||
Barakah One Company |
||||||||||||||||||||||||||||||||||||
Nawah Energy Company |
||||||||||||||||||||||||||||||||||||
Momentum |
( |
) | ||||||||||||||||||||||||||||||||||
Daegu Green Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Chester Solar IV SpA |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Chester Solar V SpA |
( |
) | ||||||||||||||||||||||||||||||||||
Diego de Almagro Solar SpA |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
South Jamaica Power Company Limited |
( |
) | ||||||||||||||||||||||||||||||||||
Daesan Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
RE Holiday Holdings LLC |
( |
) | ||||||||||||||||||||||||||||||||||
RE Pioneer Holdings LLC |
( |
) | ||||||||||||||||||||||||||||||||||
RE Barren Ridge 1 Holdings LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
RE Astoria 2 LandCo LLC |
( |
) | ||||||||||||||||||||||||||||||||||
RE Barren Ridge LandCo LLC |
( |
) | ||||||||||||||||||||||||||||||||||
Laurel SpA |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Chile Solar JV SpA |
( |
) | ||||||||||||||||||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Chester Solar I SpA |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Solar Philippines Calatagan Corporation |
( |
) | ||||||||||||||||||||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
( |
) |
17. |
Investments in Associates and Joint Ventures, Continued |
(3) |
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||||||
Investees |
Beginning balance |
Acquisitions |
Disposals |
Dividends received |
Share of profit (loss) |
Other comprehensive income (loss) |
Others |
Ending balance |
||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd. |
₩ | ( |
) | |||||||||||||||||||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
DE Energia SpA |
||||||||||||||||||||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Haemodum Solar Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Yangyang Wind Power Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Horus Solar, S.A. De C.V. |
||||||||||||||||||||||||||||||||||||
Recursos Solares PV De Mexico II, S.A. DE C.V. |
||||||||||||||||||||||||||||||||||||
Sunmex Renovables, S.A. De C.V. |
( |
) | ||||||||||||||||||||||||||||||||||
Stavro Holding II A.B. |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Solaseado Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Yeongam Solar Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Samsu Wind Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Pulau Indah Power Plant Sdn. Bhd. |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |
||||||||||||||||||||||||||||||||||||
PT Barito Wahana Tenaga |
||||||||||||||||||||||||||||||||||||
Cheongna Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Naepo Green Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Dayone Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
OneEnergy Asia Limited |
( |
) | ||||||||||||||||||||||||||||||||||
KAS Investment I LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
KAS Investment II LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Energyco Co., Ltd. (formerly, Energyco LLC) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
CAES, LLC |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Hapcheon Floating Photovoltaic Power Plant Inc. |
( |
) | ||||||||||||||||||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Bitsolar Energy Co., Ltd. |
||||||||||||||||||||||||||||||||||||
Pulau Indah O&M Sdn. Bhd. |
||||||||||||||||||||||||||||||||||||
Guadalupe Solar SpA |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Omisan Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Foresight Iberian Solar Group Holding, S.L. |
||||||||||||||||||||||||||||||||||||
Yeongwol Eco Wind Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Gurae Resident Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Cheongju Eco Park Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Enel X Midland Photovoltaic, LLC |
( |
) | ||||||||||||||||||||||||||||||||||
Geumsungsan Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
KEPCO KPS Carabao Corp. |
||||||||||||||||||||||||||||||||||||
Prime Swedish Holding AB |
||||||||||||||||||||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Goheung New Energy Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
Gunsan Land Solar Co., Ltd. |
( |
) | ||||||||||||||||||||||||||||||||||
CapMan Lynx SCA, SICAR |
||||||||||||||||||||||||||||||||||||
International Offshore Power Transmission Holding Company Limited |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17. |
Investments in Associates and Joint Ventures, Continued |
(4) |
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Investees |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the period |
||||||||||||||||
In millions of won |
||||||||||||||||||||
<Associates> |
||||||||||||||||||||
Korea Gas Corporation(*1) |
₩ | ( |
) | |||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
||||||||||||||||||||
YTN Co., Ltd. |
||||||||||||||||||||
Gangwon Wind Power Co., Ltd. |
||||||||||||||||||||
Hyundai Green Power Co., Ltd. |
||||||||||||||||||||
Korea Power Exchange |
||||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
||||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Daeryun Power Co., Ltd. |
||||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
||||||||||||||||||||
KNH Solar Co., Ltd. |
||||||||||||||||||||
SPC Power Corporation |
||||||||||||||||||||
Gemeng International Energy Co., Ltd. |
||||||||||||||||||||
PT. Cirebon Electric Power |
||||||||||||||||||||
KNOC Nigerian East Oil Co., Ltd. |
( |
) | ||||||||||||||||||
KNOC Nigerian West Oil Co., Ltd. |
( |
) | ||||||||||||||||||
PT Wampu Electric Power |
||||||||||||||||||||
PT. Bayan Resources TBK |
|
|||||||||||||||||||
S-Power Co., Ltd. |
( |
) | ||||||||||||||||||
Pioneer Gas Power Limited |
( |
) | ||||||||||||||||||
Eurasia Energy Holdings |
||||||||||||||||||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
( |
) | ||||||||||||||||||
Hadong Mineral Fiber Co., Ltd. |
||||||||||||||||||||
PT. Mutiara Jawa |
||||||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
||||||||||||||||||||
Noeul Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Goseong Green Power Co., Ltd. |
( |
) | ||||||||||||||||||
Gangneung Eco Power Co., Ltd. |
( |
) | ||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
||||||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
( |
) | ||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
||||||||||||||||||||
Jinbhuvish Power Generation Pvt. Ltd. |
||||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
||||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
||||||||||||||||||||
Busan Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Electric Vehicle Charging Service |
( |
) | ||||||||||||||||||
Korea Nuclear Partners Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Electric Power Corporation Fund |
( |
) | ||||||||||||||||||
Energy Infra Asset Management Co., Ltd. |
||||||||||||||||||||
Daegu clean Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Yaksu ESS Co., Ltd. |
( |
) | ||||||||||||||||||
Nepal Water & Energy Development Company Private Limited |
( |
) | ||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
PND Solar Co., Ltd. |
( |
) | ||||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
||||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
( |
) | ||||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Energy Solutions Co., Ltd. |
( |
) | ||||||||||||||||||
ITR Co., Ltd. |
( |
) | ||||||||||||||||||
Structure test network Co., Ltd. |
||||||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd. |
( |
) | ||||||||||||||||||
Indeck Niles Development, LLC |
( |
) | ||||||||||||||||||
Indeck Niles Asset Management, LLC |
17. |
Investments in Associates and Joint Ventures, Continued |
(4) |
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||
Investees |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the period |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
₩ | |||||||||||||||||||
Suwon New Power Co., Ltd. |
||||||||||||||||||||
KPGE Inc. |
||||||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
( |
) | ||||||||||||||||||
Go deok Clean Energy Co., Ltd. |
( |
) | ||||||||||||||||||
SureDataLab Co., Ltd. |
( |
) | ||||||||||||||||||
SEP Co., Ltd. |
( |
) | ||||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
||||||||||||||||||||
Tronix Co., Ltd. |
( |
) | ||||||||||||||||||
O2&B Global Co., Ltd. |
( |
) | ||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
( |
) | ||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
( |
) | ||||||||||||||||||
Jeju SolarOne Co., Ltd. |
( |
) | ||||||||||||||||||
Goesan Solar Park Co., Ltd. |
( |
) | ||||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
( |
) | ||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
||||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd. |
||||||||||||||||||||
Muan Solar Park Co., Ltd. |
( |
) | ||||||||||||||||||
YuDang Solar Co., Ltd. |
||||||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
( |
) | ||||||||||||||||||
Daewon Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||
KEPCO-Uhde Inc. |
( |
) | ||||||||||||||||||
Shuweihat Asia Power Investment B.V. |
||||||||||||||||||||
Shuweihat Asia Operation & Maintenance Company |
||||||||||||||||||||
Waterbury Lake Uranium L.P. |
||||||||||||||||||||
ASM-BG Investicii AD |
||||||||||||||||||||
RES Technology AD |
||||||||||||||||||||
KV Holdings, Inc. |
||||||||||||||||||||
KEPCO SPC Power Corporation |
||||||||||||||||||||
Gansu Datang Yumen Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Datang Chifeng Renewable Power Co., Ltd. |
||||||||||||||||||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
||||||||||||||||||||
Rabigh Electricity Company |
||||||||||||||||||||
Rabigh Operation & Maintenance Company Limited |
||||||||||||||||||||
Jamaica Public Service Company Limited |
||||||||||||||||||||
KW Nuclear Components Co., Ltd. |
||||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
||||||||||||||||||||
Global Trade Of Power System Co., Ltd. |
( |
) | ||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd. |
||||||||||||||||||||
Amman Asia Electric Power Company |
||||||||||||||||||||
KAPES, Inc. |
||||||||||||||||||||
Honam Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Jeongam Wind Power Co., Ltd. |
||||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
||||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
||||||||||||||||||||
Nghi Son 2 Power LLC |
||||||||||||||||||||
Kelar S.A. |
||||||||||||||||||||
PT. Tanjung Power Indonesia |
||||||||||||||||||||
Incheon New Power Co., Ltd. |
( |
) | ||||||||||||||||||
Seokmun Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Daehan Wind Power PSC |
( |
) | ||||||||||||||||||
Barakah One Company |
( |
) |
17. |
Investments in Associates and Joint Ventures, Continued |
(4) |
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||
Investees |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the period |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Nawah Energy Company |
₩ | |||||||||||||||||||
Momentum |
||||||||||||||||||||
Daegu Green Power Co., Ltd. |
||||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
||||||||||||||||||||
Chester Solar IV SpA |
||||||||||||||||||||
Chester Solar V SpA |
||||||||||||||||||||
Diego de Almagro Solar SpA |
||||||||||||||||||||
South Jamaica Power Company Limited |
||||||||||||||||||||
Daesan Green Energy Co., Ltd. |
||||||||||||||||||||
RE Holiday Holdings LLC |
||||||||||||||||||||
RE Pioneer Holdings LLC |
||||||||||||||||||||
RE Barren Ridge 1 Holdings LLC |
( |
) | ||||||||||||||||||
RE Astoria 2 LandCo LLC |
||||||||||||||||||||
RE Barren Ridge LandCo LLC |
||||||||||||||||||||
Laurel SpA |
||||||||||||||||||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |
( |
) | ||||||||||||||||||
Chile Solar JV SpA |
||||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. |
||||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
||||||||||||||||||||
Chester Solar I SpA |
||||||||||||||||||||
Solar Philippines Calatagan Corporation |
||||||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd. |
( |
) | ||||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd. |
( |
) | ||||||||||||||||||
DE Energia SpA |
( |
) | ||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
||||||||||||||||||||
Haemodum Solar Co., Ltd. |
||||||||||||||||||||
Yangyang Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Horus Solar, S.A. De C.V. |
( |
) | ||||||||||||||||||
Recursos Solares PV De Mexico II, S.A. De C.V. |
||||||||||||||||||||
Sunmex Renovables, S.A. De C.V. |
( |
) | ||||||||||||||||||
Stavro Holding II A.B. |
( |
) | ||||||||||||||||||
Solaseado Solar Power Co., Ltd. |
||||||||||||||||||||
Yeongam Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||
Samsu Wind Power Co., Ltd. |
||||||||||||||||||||
Pulau Indah Power Plant Sdn. Bhd. |
( |
) | ||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
||||||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
||||||||||||||||||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |
||||||||||||||||||||
PT Barito Wahana Tenaga |
||||||||||||||||||||
Cheongna Energy Co., Ltd. |
||||||||||||||||||||
Naepo Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) |
||||||||||||||||||||
OneEnergy Asia Limited |
( |
) | ||||||||||||||||||
KAS Investment I LLC |
||||||||||||||||||||
KAS Investment II LLC |
||||||||||||||||||||
Energyco LLC |
( |
) | ||||||||||||||||||
CAES, LLC |
( |
) | ||||||||||||||||||
Hapcheon Floating Photovoltaic Power Plant Inc. |
||||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||
Bitsolar Energy Co., Ltd. |
( |
) |
(*1) | The loss for the year ended December 31, 2020 is reduced by the associate entity’s net income (loss) attributable to non-controlling interests. |
17. |
Investments in Associates and Joint Ventures, Continued |
(4) |
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Investees |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||||
In millions of won |
||||||||||||||||||||
<Associates> |
||||||||||||||||||||
Korea Gas Corporation(*1) |
₩ | |||||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
||||||||||||||||||||
YTN Co., Ltd. |
||||||||||||||||||||
Gangwon Wind Power Co., Ltd. |
||||||||||||||||||||
Hyundai Green Power Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Power Exchange |
||||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
||||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
||||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
||||||||||||||||||||
Daeryun Power Co., Ltd. |
( |
) | ||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
||||||||||||||||||||
KNH Solar Co., Ltd. |
||||||||||||||||||||
SPC Power Corporation |
||||||||||||||||||||
Gemeng International Energy Co., Ltd. |
( |
) | ||||||||||||||||||
PT. Cirebon Electric Power |
||||||||||||||||||||
KNOC Nigerian East Oil Co., Ltd. |
( |
) | ||||||||||||||||||
KNOC Nigerian West Oil Co., Ltd. |
( |
) | ||||||||||||||||||
PT Wampu Electric Power |
||||||||||||||||||||
PT. Bayan Resources TBK |
||||||||||||||||||||
S-Power Co., Ltd. |
||||||||||||||||||||
Pioneer Gas Power Limited |
( |
) | ||||||||||||||||||
Eurasia Energy Holdings |
||||||||||||||||||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
||||||||||||||||||||
PT. Mutiara Jawa |
||||||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
||||||||||||||||||||
Noeul Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Goseong Green Power Co., Ltd. |
||||||||||||||||||||
Gangneung Eco Power Co., Ltd. |
( |
) | ||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
||||||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
||||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
( |
) | ||||||||||||||||||
Jinbhuvish Power Generation Pvt. Ltd. |
||||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
||||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
||||||||||||||||||||
Busan Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Electric Vehicle Charging Service |
( |
) | ||||||||||||||||||
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) |
||||||||||||||||||||
Korea Electric Power Corporation Fund |
||||||||||||||||||||
Energy Infra Asset Management Co., Ltd. |
||||||||||||||||||||
Daegu clean Energy Co., Ltd. |
( |
) | ||||||||||||||||||
YaksuESS Co., Ltd. |
||||||||||||||||||||
Nepal Water & Energy Development Company Private Limited |
( |
) | ||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
PND S olar Co., Ltd. |
( |
) | ||||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
||||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
( |
) | ||||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
( |
) | ||||||||||||||||||
Korea Energy Solutions Co., Ltd. |
( |
) | ||||||||||||||||||
ITR Co., Ltd. |
( |
) | ||||||||||||||||||
Structure test network Co., Ltd. |
||||||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd. |
( |
) | ||||||||||||||||||
Indeck Niles Development, LLC |
( |
) | ||||||||||||||||||
Indeck Niles Asset Management, LLC |
17. |
Investments in Associates and Joint Ventures, Continued |
(4) |
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Investees |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
₩ | |||||||||||||||||||
Suwon New Power Co., Ltd. |
||||||||||||||||||||
KPGE Inc. |
||||||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
||||||||||||||||||||
Go deok Clean Energy Co., Ltd. |
( |
) | ||||||||||||||||||
SureDataLab Co., Ltd. |
||||||||||||||||||||
SEP Co., Ltd. |
( |
) | ||||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
||||||||||||||||||||
Tronix Co., Ltd. |
||||||||||||||||||||
O2&B Global Co., Ltd. |
||||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
( |
) | ||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
( |
) | ||||||||||||||||||
Goesan Solar Park Co., Ltd. |
||||||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
( |
) | ||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd. |
||||||||||||||||||||
Muan Solar Park Co., Ltd. |
||||||||||||||||||||
YuDang Solar Co., Ltd. |
||||||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
||||||||||||||||||||
Daewon Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
G.GURU Co., Ltd. |
( |
) | ||||||||||||||||||
UD4M Co., Ltd. |
||||||||||||||||||||
Dongbu Highway Solar Co., Ltd. |
||||||||||||||||||||
Seobu Highway Solar Co., Ltd. |
||||||||||||||||||||
Korea Energy Data Co., Ltd. |
||||||||||||||||||||
Gangneung Sacheon Fuel Cell Co., Ltd. |
( |
) | ||||||||||||||||||
Kosture Co., Ltd. |
||||||||||||||||||||
Digital Innovation Growth Fund |
( |
) | ||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. |
||||||||||||||||||||
Chuncheon Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Yeomsubong Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Yeongyang Wind Power Corporation II |
( |
) | ||||||||||||||||||
Haeparang Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Saemangeum Sebit Power Plant Co., Ltd. |
( |
) | ||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||
KEPCO-Uhde Inc. |
( |
) | ||||||||||||||||||
Shuweihat Asia Power Investment B.V. |
||||||||||||||||||||
Shuweihat Asia Operation & Maintenance Company |
||||||||||||||||||||
Waterbury Lake Uranium L.P. |
||||||||||||||||||||
ASM-BG Investicii AD |
||||||||||||||||||||
RES Technology AD |
||||||||||||||||||||
KV Holdings, Inc. |
||||||||||||||||||||
KEPCO SPC Power Corporation |
||||||||||||||||||||
Gansu Datang Yumen Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Datang Chifeng Renewable Power Co., Ltd. |
||||||||||||||||||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
||||||||||||||||||||
Rabigh Electricity Company |
||||||||||||||||||||
Rabigh Operation & Maintenance Company Limited |
||||||||||||||||||||
Jamaica Public Service Company Limited |
||||||||||||||||||||
KW Nuclear Components Co., Ltd. |
||||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
||||||||||||||||||||
Global Trade Of Power System Co., Ltd. |
||||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd. |
||||||||||||||||||||
Amman Asia Electric Power Company |
17. |
Investments in Associates and Joint Ventures, Continued |
(4) |
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Investees |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||||
In millions of won |
||||||||||||||||||||
KAPES, Inc. |
₩ | |||||||||||||||||||
Honam Wind Power Co., Ltd. |
||||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
||||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Nghi Son 2 Power LLC |
||||||||||||||||||||
Kelar S.A. |
||||||||||||||||||||
PT. Tanjung Power Indonesia |
||||||||||||||||||||
Incheon New Power Co., Ltd. |
||||||||||||||||||||
Seokmun Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Daehan Wind Power PSC |
||||||||||||||||||||
Barakah One Company |
||||||||||||||||||||
Nawah Energy Company |
||||||||||||||||||||
Momentum |
||||||||||||||||||||
Daegu Green Power Co., Ltd. |
||||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
||||||||||||||||||||
Chester Solar IV SpA |
( |
) | ||||||||||||||||||
Chester Solar V SpA |
( |
) | ||||||||||||||||||
Diego de Almagro Solar SpA |
( |
) | ||||||||||||||||||
South Jamaica Power Company Limited |
||||||||||||||||||||
Daesan Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
RE Holiday Holdings LLC |
||||||||||||||||||||
RE Pioneer Holdings LLC |
||||||||||||||||||||
RE Barren Ridge 1 Holdings LLC |
( |
) | ||||||||||||||||||
RE Astoria 2 LandCo LLC |
||||||||||||||||||||
RE Barren Ridge LandCo LLC |
||||||||||||||||||||
Laurel SpA |
( |
) | ||||||||||||||||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |
( |
) | ||||||||||||||||||
Chile Solar JV SpA |
||||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
||||||||||||||||||||
Chester Solar I SpA |
( |
) | ||||||||||||||||||
Solar Philippines Calatagan Corporation |
||||||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
( |
) | ||||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd. |
( |
) | ||||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd. |
( |
) | ||||||||||||||||||
DE Energia SpA |
( |
) | ||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
||||||||||||||||||||
Haemodum Solar Co., Ltd. |
||||||||||||||||||||
Yangyang Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Horus Solar, S.A. De C.V. |
||||||||||||||||||||
Recursos Solares PV De Mexico II, S.A. De C.V. |
||||||||||||||||||||
Sunmex Renovables, S.A. De C.V. |
( |
) | ||||||||||||||||||
Stavro Holding II A.B. |
( |
) | ||||||||||||||||||
Solaseado Solar Power Co., Ltd. |
||||||||||||||||||||
Yeongam Solar Power Co., Ltd. |
||||||||||||||||||||
Samsu Wind Power Co., Ltd. |
||||||||||||||||||||
Pulau Indah Power Plant Sdn. Bhd. |
( |
) | ||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
||||||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
||||||||||||||||||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |
||||||||||||||||||||
PT Barito Wahana Tenaga |
||||||||||||||||||||
Cheongna Energy Co., Ltd. |
||||||||||||||||||||
Naepo Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Dayone Energy Co., Ltd. |
17. |
Investments in Associates and Joint Ventures, Continued |
(4) |
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||
Investees |
Total assets |
Total liabilities |
Sales |
Profit (loss) for the year |
||||||||||||||||
In millions of won |
||||||||||||||||||||
OneEnergy Asia Limited |
₩ | ( |
) | |||||||||||||||||
KAS Investment I LLC |
( |
) | ( |
) | ||||||||||||||||
KAS Investment II LLC |
( |
) | ( |
) | ||||||||||||||||
Energyco Co., Ltd. (formerly, Energyco LLC) |
( |
) | ||||||||||||||||||
CAES, LLC |
( |
) | ||||||||||||||||||
Hapcheon Floating Photovoltaic Power Plant Inc. |
( |
) | ||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
||||||||||||||||||||
Bitsolar Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Pulau Indah O&M Sdn. Bhd. |
||||||||||||||||||||
Guadalupe Solar SpA |
( |
) | ||||||||||||||||||
Omisan Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
Foresight Iberian Solar Group Holding, S.L. |
( |
) | ||||||||||||||||||
Yeongwol Eco Wind Co., Ltd. |
||||||||||||||||||||
Gurae Resident Power Co., Ltd. |
||||||||||||||||||||
Cheongju Eco Park Co., Ltd. |
( |
) | ||||||||||||||||||
Enel X Midland Photovoltaic, LLC |
( |
) | ||||||||||||||||||
Geumsungsan Wind Power Co., Ltd. |
( |
) | ||||||||||||||||||
KEPCO KPS Carabao Corp. |
||||||||||||||||||||
Prime Swedish Holding AB |
( |
) | ||||||||||||||||||
Goheung New Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Gunsan Land Solar Co., Ltd. |
||||||||||||||||||||
CapMan Lynx SCA, SICAR |
||||||||||||||||||||
International Offshore Power Transmission Holding Company Limited |
(*1) | The profit for the year ended December 31, 2021 is reduced by the associate entity’s net income (loss) attributable to non-controlling interests. |
17. |
Investments in Associates and Joint Ventures, Continued |
(5) |
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||||||
Investees |
Net assets |
Percentage of ownership(*) |
Share in net assets |
Investment differential |
Intercompany transaction |
Others |
Book value |
|||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
<Associates> |
||||||||||||||||||||||||||||||||
Korea Gas Corporation |
₩ | % | ( |
) | ||||||||||||||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
% | |||||||||||||||||||||||||||||||
YTN Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Gangwon Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Hyundai Green Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Korea Power Exchange |
% | |||||||||||||||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daeryun Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
KNH Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
SPC Power Corporation |
% | ( |
) | |||||||||||||||||||||||||||||
Gemeng International Energy Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
PT. Cirebon Electric Power |
% | |||||||||||||||||||||||||||||||
KNOC Nigerian East Oil Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
KNOC Nigerian West Oil Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
PT Wampu Electric Power |
% | |||||||||||||||||||||||||||||||
PT. Bayan Resources TBK |
% | ( |
) | |||||||||||||||||||||||||||||
S-Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Pioneer Gas Power Limited |
( |
) | % | ( |
) | |
||||||||||||||||||||||||||
Eurasia Energy Holdings |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
% | ( |
) | ( |
) | |||||||||||||||||||||||||||
Hadong Mineral Fiber Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
PT. Mutiara Jawa |
% | |||||||||||||||||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Noeul Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Goseong Green Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Gangneung Eco Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
% | ( |
) | ( |
) | |||||||||||||||||||||||||||
Jinbhuvish Power Generation Pvt. Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Busan Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Korea Electric Vehicle Charging Service |
% | |||||||||||||||||||||||||||||||
Korea Nuclear Partners Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Korea Electric Power Corporation Fund |
% | |||||||||||||||||||||||||||||||
Energy Infra Asset Management Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daegu clean Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Yaksu ESS Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Nepal Water & Energy Development Company Private Limited |
% | |||||||||||||||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
PND S olar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Korea Energy Solutions Co., Ltd. |
% | |||||||||||||||||||||||||||||||
ITR Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Structure test network Co., Ltd. |
( |
) | % | ( |
) |
17. |
Investments in Associates and Joint Ventures, Continued |
(5) |
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
|||||||||||||||||||||||||||||||||
Investees |
Net assets |
Percentage of ownership(*) |
Share in net assets |
Investment differential |
Intercompany transaction |
Others |
Book value |
||||||||||||||||||||||||||
In millions of won |
|||||||||||||||||||||||||||||||||
<Associates> |
| ||||||||||||||||||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd. |
₩ | % | |||||||||||||||||||||||||||||||
Indeck Niles Development, LLC |
% | ||||||||||||||||||||||||||||||||
Indeck Niles Asset Management, LLC |
% | ||||||||||||||||||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
% | ||||||||||||||||||||||||||||||||
Suwon New Power Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
KPGE Inc. |
% | ||||||||||||||||||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Go deok Clean Energy Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
SureDataLab Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
SEP Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Tronix Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
O2&B Global Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
( |
) | % | ( |
) | ||||||||||||||||||||||||||||
Jeju SolarOne Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Goesan Solar Park Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Muan Solar Park Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
YuDang Solar Co., Ltd. |
% | ( |
) | ||||||||||||||||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Daewon Green Energy Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
<Joint ventures> |
|||||||||||||||||||||||||||||||||
KEPCO-Uhde Inc. |
% | ||||||||||||||||||||||||||||||||
Shuweihat Asia Power Investment B.V. |
% | ||||||||||||||||||||||||||||||||
Shuweihat Asia Operation & Maintenance Company |
% | ||||||||||||||||||||||||||||||||
Waterbury Lake Uranium L.P. |
% | ||||||||||||||||||||||||||||||||
ASM-BG Investicii AD |
% | ||||||||||||||||||||||||||||||||
RES Technology AD |
% | ||||||||||||||||||||||||||||||||
KV Holdings, Inc. |
% | ||||||||||||||||||||||||||||||||
KEPCO SPC Power Corporation |
% | ||||||||||||||||||||||||||||||||
Gansu Datang Yumen Wind Power Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Datang Chifeng Renewable Power Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Rabigh Electricity Company |
% | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Rabigh Operation & Maintenance Company Limited |
% | ||||||||||||||||||||||||||||||||
Jamaica Public Service Company Limited |
% | ( |
) | ||||||||||||||||||||||||||||||
KW Nuclear Components Co., Ltd. |
% | ( |
) | ||||||||||||||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Global Trade Of Power System Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd. |
% | ||||||||||||||||||||||||||||||||
Amman Asia Electric Power Company |
% | ||||||||||||||||||||||||||||||||
KAPES, Inc. |
% | ( |
) |
17. |
Investments in Associates and Joint Ventures, Continued |
(5) |
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||||||||||
Investees |
Net assets |
Percentage of ownership(*) |
Share in net assets |
Investment differential |
Intercompany transaction |
Others |
Book value |
|||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||||||||||||||
Honam Wind Power Co., Ltd. |
₩ | % | ||||||||||||||||||||||||||||||
Jeongam Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Nghi Son 2 Power LLC |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Kelar S.A. |
% | |||||||||||||||||||||||||||||||
PT. Tanjung Power Indonesia |
% | |||||||||||||||||||||||||||||||
Incheon New Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Seokmun Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daehan Wind Power PSC |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Barakah One Company |
( |
) | % | ( |
) | ( |
) | |||||||||||||||||||||||||
Nawah Energy Company |
% | |||||||||||||||||||||||||||||||
Momentum |
% | |||||||||||||||||||||||||||||||
Daegu Green Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Chester Solar IV SpA |
% | |||||||||||||||||||||||||||||||
Chester Solar V SpA |
% | |||||||||||||||||||||||||||||||
Diego de Almagro Solar SpA |
% | |||||||||||||||||||||||||||||||
South Jamaica Power Company Limited |
% | ( |
) | |||||||||||||||||||||||||||||
Daesan Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
RE Holiday Holdings LLC |
% | |||||||||||||||||||||||||||||||
RE Pioneer Holdings LLC |
% | |||||||||||||||||||||||||||||||
RE Barren Ridge 1 Holdings LLC |
% | ( |
) | |||||||||||||||||||||||||||||
RE Astoria 2 LandCo LLC |
% | |||||||||||||||||||||||||||||||
RE Barren Ridge LandCo LLC |
% | |||||||||||||||||||||||||||||||
Laurel SpA |
% | |||||||||||||||||||||||||||||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |
% | |||||||||||||||||||||||||||||||
Chile Solar JV SpA |
% | |||||||||||||||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Chester Solar I SpA |
% | |||||||||||||||||||||||||||||||
Solar Philippines Calatagan Corporation |
% | |||||||||||||||||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd. |
% | |||||||||||||||||||||||||||||||
DE Energia SpA |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Haemodum Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Yangyang Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Horus Solar, S.A. De C.V. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Recursos Solares PV De Mexico II, S.A. De C.V. |
% | |||||||||||||||||||||||||||||||
Sunmex Renovables, S.A. De C.V. |
% | |||||||||||||||||||||||||||||||
Stavro Holding II A.B. |
% | |||||||||||||||||||||||||||||||
Solaseado Solar Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Yeongam Solar Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Samsu Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Pulau Indah Power Plant Sdn. Bhd. |
% | |||||||||||||||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
% | |||||||||||||||||||||||||||||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(5) |
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||||||||||
Investees |
Net assets |
Percentage of ownership(*) |
Share in net assets |
Investment differential |
Intercompany transaction |
Others |
Book value |
|||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
PT Barito Wahana Tenaga |
₩ | % | ||||||||||||||||||||||||||||||
Cheongna Energy Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Naepo Green Energy Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Dayone Energy Co., Ltd. |
( |
) | % | ( |
) | ( |
) | |||||||||||||||||||||||||
OneEnergy Asia Limited |
% | |||||||||||||||||||||||||||||||
KAS Investment I LLC |
% | |||||||||||||||||||||||||||||||
KAS Investment II LLC |
% | |||||||||||||||||||||||||||||||
Energyco LLC |
% | |||||||||||||||||||||||||||||||
CAES, LLC |
% | |||||||||||||||||||||||||||||||
Hapcheon Floating Photovoltaic Power Plant Inc. |
% | |||||||||||||||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Bitsolar Energy Co., Ltd. |
( |
) | % | ( |
) |
(*) | The percentage of ownership shown above is after considering the treasury stocks and others. |
17. |
Investments in Associates and Joint Ventures, Continued |
(5) |
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||
Investees |
Net assets |
Percentage of ownership(*) |
Share in net assets |
Investment differential |
Intercompany transaction |
Others |
Book value |
|||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
<Associates> |
||||||||||||||||||||||||||||||||
Korea Gas Corporation |
₩ | % | ( |
) | ||||||||||||||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
% | |||||||||||||||||||||||||||||||
YTN Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Gangwon Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Hyundai Green Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Korea Power Exchange |
% | |||||||||||||||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daeryun Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
KNH Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
SPC Power Corporation |
% | ( |
) | |||||||||||||||||||||||||||||
Gemeng International Energy Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
PT. Cirebon Electric Power |
% | |||||||||||||||||||||||||||||||
KNOC Nigerian East Oil Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
KNOC Nigerian West Oil Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
PT Wampu Electric Power |
% | |||||||||||||||||||||||||||||||
PT. Bayan Resources TBK |
% | ( |
) | |||||||||||||||||||||||||||||
S-Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Pioneer Gas Power Limited |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Eurasia Energy Holdings |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Xe-Pian Xe-Namnoy Power Co., Ltd. |
% | ( |
) | ( |
) | |||||||||||||||||||||||||||
PT. Mutiara Jawa |
% | |||||||||||||||||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Noeul Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Goseong Green Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Gangneung Eco Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
% | ( |
) | ( |
) | |||||||||||||||||||||||||||
Jinbhuvish Power Generation Pvt. Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Busan Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Korea Electric Vehicle Charging Service |
% | |||||||||||||||||||||||||||||||
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.) |
% | ( |
) | |||||||||||||||||||||||||||||
Korea Electric Power Corporation Fund |
% | |||||||||||||||||||||||||||||||
Energy Infra Asset Management Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daegu clean Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
YaksuESS Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Nepal Water & Energy Development Company Private Limited |
% | |||||||||||||||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
PND Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Korea Energy Solutions Co., Ltd. |
% | |||||||||||||||||||||||||||||||
ITR Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Structure Test Network Co., Ltd. |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(5) |
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||
Investees |
Net assets |
Percentage of ownership(*) |
Share in net assets |
Investment differential |
Intercompany transaction |
Others |
Book value |
|||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
<Associates> |
|
|
|
|
|
| ||||||||||||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd. |
₩ | % | ||||||||||||||||||||||||||||||
Indeck Niles Development, LLC |
% | |||||||||||||||||||||||||||||||
Indeck Niles Asset Management, LLC |
% | |||||||||||||||||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special |
% | |||||||||||||||||||||||||||||||
Suwon New Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
KPGE Inc. |
% | |||||||||||||||||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Go deok Clean Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
SureDataLab Co., Ltd. |
% | |||||||||||||||||||||||||||||||
SEP Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Tronix Co., Ltd. |
% | |||||||||||||||||||||||||||||||
O2&B Global Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Goesan Solar Park Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Muan Solar Park Co., Ltd. |
% | |||||||||||||||||||||||||||||||
YuDang Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daewon Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
G.GURU Co., Ltd. |
% | |||||||||||||||||||||||||||||||
UD4M Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Dongbu Highway Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Seobu Highway Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Korea Energy Data Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Gangneung Sacheon Fuel Cell Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Kosture Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Digital Innovation Growth Fund |
% | |||||||||||||||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Chuncheon Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Yeomsubong Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Yeongyang Wind Power Corporation II |
% | |||||||||||||||||||||||||||||||
Haeparang Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Saemangeum Sebit Power Plant Co., Ltd. |
% | |||||||||||||||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||||||||||||||
KEPCO-Uhde Inc. |
% | |||||||||||||||||||||||||||||||
Shuweihat Asia Power Investment B.V. |
% | |||||||||||||||||||||||||||||||
Shuweihat Asia Operation & Maintenance |
% | |||||||||||||||||||||||||||||||
Waterbury Lake Uranium L.P. |
% | |||||||||||||||||||||||||||||||
ASM-BG Investicii AD |
% | |||||||||||||||||||||||||||||||
RES Technology AD |
% | |||||||||||||||||||||||||||||||
KV Holdings, Inc. |
% | |||||||||||||||||||||||||||||||
KEPCO SPC Power Corporation |
% | |||||||||||||||||||||||||||||||
Gansu Datang Yumen Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Datang Chifeng Renewable Power Co., Ltd. |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(5) |
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||
Investees |
Net assets |
Percentage of ownership(*) |
Share in net assets |
Investment differential |
Intercompany transaction |
Others |
Book value |
|||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||||||||||||||
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |
₩ | % | ||||||||||||||||||||||||||||||
Rabigh Electricity Company |
% | ( |
) | ( |
) | |||||||||||||||||||||||||||
Rabigh Operation & Maintenance Company Limited |
% | |||||||||||||||||||||||||||||||
Jamaica Public Service Company Limited |
% | ( |
) | |||||||||||||||||||||||||||||
KW Nuclear Components Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Global Trade Of Power System Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Amman Asia Electric Power Company |
% | |||||||||||||||||||||||||||||||
KAPES, Inc. |
% | ( |
) | |||||||||||||||||||||||||||||
Honam Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Nghi Son 2 Power LLC |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Kelar S.A. |
% | |||||||||||||||||||||||||||||||
PT. Tanjung Power Indonesia |
% | |||||||||||||||||||||||||||||||
Incheon New Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Seokmun Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Daehan Wind Power PSC |
% | |||||||||||||||||||||||||||||||
Barakah One Company |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Nawah Energy Company |
% | |||||||||||||||||||||||||||||||
Momentum |
% | |||||||||||||||||||||||||||||||
Daegu Green Power Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Chester Solar IV SpA |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Chester Solar V SpA |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Diego de Almagro Solar SpA |
% | |||||||||||||||||||||||||||||||
South Jamaica Power Company Limited |
% | ( |
) | |||||||||||||||||||||||||||||
Daesan Green Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
RE Holiday Holdings LLC |
% | |||||||||||||||||||||||||||||||
RE Pioneer Holdings LLC |
% | |||||||||||||||||||||||||||||||
RE Barren Ridge 1 Holdings LLC |
% | ( |
) | |||||||||||||||||||||||||||||
RE Astoria 2 LandCo LLC |
% | |||||||||||||||||||||||||||||||
RE Barren Ridge LandCo LLC |
% | |||||||||||||||||||||||||||||||
Laurel SpA |
% | |||||||||||||||||||||||||||||||
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |
% | |||||||||||||||||||||||||||||||
Chile Solar JV SpA |
% | |||||||||||||||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Chester Solar I SpA |
% | |||||||||||||||||||||||||||||||
Solar Philippines Calatagan Corporation |
% | |||||||||||||||||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd. |
% | |||||||||||||||||||||||||||||||
DE Energia SpA |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Haemodum Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Yangyang Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Horus Solar, S.A. De C.V. |
% | |||||||||||||||||||||||||||||||
Recursos Solares PV De Mexico II, S.A. De C.V. |
% | |||||||||||||||||||||||||||||||
Sunmex Renovables, S.A. De C.V. |
% |
17. |
Investments in Associates and Joint Ventures, Continued |
(5) |
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||
Investees |
Net assets |
Percentage of ownership(*) |
Share in net assets |
Investment differential |
Intercompany transaction |
Others |
Book value |
|||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
<Joint ventures> |
|
|
|
|
|
| ||||||||||||||||||||||||||
Stavro Holding II A.B. |
₩ | % | ||||||||||||||||||||||||||||||
Solaseado Solar Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Yeongam Solar Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Samsu Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Pulau Indah Power Plant Sdn. Bhd. |
% | |||||||||||||||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
% | |||||||||||||||||||||||||||||||
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |
% | |||||||||||||||||||||||||||||||
PT Barito Wahana Tenaga |
% | |||||||||||||||||||||||||||||||
Cheongna Energy Co., Ltd. |
% | ( |
) | |||||||||||||||||||||||||||||
Naepo Green Energy Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Dayone Energy Co., Ltd. |
( |
) | % | ( |
) | ( |
) | |||||||||||||||||||||||||
OneEnergy Asia Limited |
% | |||||||||||||||||||||||||||||||
KAS Investment I LLC |
% | |||||||||||||||||||||||||||||||
KAS Investment II LLC |
% | |||||||||||||||||||||||||||||||
Energyco Co., Ltd. (formerly, Energyco LLC) |
% | |||||||||||||||||||||||||||||||
CAES, LLC |
% | |||||||||||||||||||||||||||||||
Hapcheon Floating Photovoltaic Power Plant Inc. |
% | |||||||||||||||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Bitsolar Energy Co., Ltd. |
( |
) | % | ( |
) | |||||||||||||||||||||||||||
Pulau Indah O&M Sdn. Bhd. |
% | |||||||||||||||||||||||||||||||
Guadalupe Solar SpA |
% | |||||||||||||||||||||||||||||||
Omisan Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Foresight Iberian Solar Group Holding, S.L. |
% | |||||||||||||||||||||||||||||||
Yeongwol Eco Wind Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Gurae Resident Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Cheongju Eco Park Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Enel X Midland Photovoltaic, LLC |
% | |||||||||||||||||||||||||||||||
Geumsungsan Wind Power Co., Ltd. |
% | |||||||||||||||||||||||||||||||
KEPCO KPS Carabao Corp. |
% | |||||||||||||||||||||||||||||||
Prime Swedish Holding AB |
% | |||||||||||||||||||||||||||||||
Goheung New Energy Co., Ltd. |
% | |||||||||||||||||||||||||||||||
Gunsan Land Solar Co., Ltd. |
% | |||||||||||||||||||||||||||||||
CapMan Lynx SCA, SICAR |
% | |||||||||||||||||||||||||||||||
International Offshore Power Transmission Holding Company Limited |
% | ( |
) |
(*) | The percentage of ownership shown above is after considering the treasury stocks and others. |
17. |
Investments in Associates and Joint Ventures, Continued |
(6) |
As of December 31, 2020, and 2021, unrecognized equity interest in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows: |
2020 |
2021 |
|||||||||||||||||||
Unrecognized equity interest |
Accumulated unrecognized equity interest |
Unrecognized equity interest |
Accumulated unrecognized equity interest |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Hadong Mineral Fiber Co., Ltd. |
₩ | |||||||||||||||||||
Eurasia Energy Holdings |
( |
) | ||||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
||||||||||||||||||||
Daehan Wind Power PSC |
( |
) | ||||||||||||||||||
Dayone Energy Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||
Nghi Son 2 Power LLC |
( |
) | ||||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
( |
) | ( |
) | ||||||||||||||||
Naepo Green Energy Co., Ltd. |
( |
) | ||||||||||||||||||
Barakah One Company |
( |
) | ( |
) | ||||||||||||||||
Pioneer Gas Power Limited |
||||||||||||||||||||
Incheon New Power Co., Ltd. |
( |
) | ||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
||||||||||||||||||||
KAPES, Inc. |
||||||||||||||||||||
Chester Solar IV SpA |
(7) |
As of December 31, 2021, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows: |
(i) | Gemeng International Energy Co., Ltd. |
(ii) | Taebaek Wind Power Co., Ltd. |
(iii) | Pyeongchang Wind Power Co., Ltd. |
(iv) | Daeryun Power Co., Ltd. |
(v) | Daegu Green Power Co., Ltd. |
(vi) | Yeonggwang Wind Power Co., Ltd. |
17. |
Investments in Associates and Joint Ventures, Continued |
(7) |
As of December 31, 2021, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued: |
(vii) |
Chester Solar I SpA |
(viii) |
Chester Solar IV SpA |
(ix) |
Chester Solar V SpA |
(x) |
Diego de Almagro Solar SpA |
(xi) |
Laurel SpA |
(xii) |
Samcheok Eco Materials Co., Ltd. |
(xiii) |
Hyundai Green Power Co., Ltd. |
(xiv) |
Kosture Co., Ltd. |
(xv) |
Omisan Wind Power Co., Ltd. |
(xvi) |
Changjuk Wind Power Co., Ltd. |
(xvii) |
Geumsungsan Wind Power Co., Ltd. |
17. |
Investments in Associates and Joint Ventures, Continued |
(8) |
Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2021 are as follows: |
Company |
Nature and extent of any significant restrictions | |
Daegu Green Power Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions. | |
Pyeongchang Wind Power Co., Ltd. |
Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of the stakeholders. | |
Daeryun Power Co., Ltd. |
Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the majority of major stakeholders. | |
KNH Solar Co., Ltd. |
Principals and interests on subordinated loans or dividends to shareholders cannot be paid without written consent of financial institutions. Also, shares cannot be wholly or partially transferred without the consent of other shareholders. | |
Korea Power Engineering Service Co., Ltd. |
Shares cannot be wholly or partially transferred without the consent of the board of directors. | |
Daehan Wind Power PSC |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Daejung Offshore Wind Power Co., Ltd. |
Before the commencement of the operation, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Naepo Green Energy Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Solaseado Solar Power Co., Ltd. |
Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Samcheok Eco Materials Co., Ltd. |
Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
KPGE Inc. |
Shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Taebaek Guinemi Wind Power Co., Ltd. |
Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Indeck Niles Asset Management, LLC |
Shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Indeck Niles Development, LLC |
Shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Chester Solar IV SpA |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Chester Solar V SpA |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Diego de Almagro Solar Spa |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Laurel SpA |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Chester Solar I SpA |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Kelar S.A. |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
GS Donghae Electric Power Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. | |
Busan Shinho Solar Power Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied. | |
Honam Wind Power Co., Ltd. |
Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied. | |
Seokmun Energy Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained. | |
Chun-cheon Energy Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the collateralized debt is fully repaid. |
17. |
Investments in Associates and Joint Ventures, Continued |
(8) |
Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2021 are as follows, continued: |
Company |
Nature and extent of any significant restrictions | |
Yeonggwangbaeksu Wind Power Co., Ltd. |
Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained. | |
Yeonggwang Wind Power Co., Ltd. |
Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. | |
Jamaica Public Service Company Limited |
Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. | |
PT. Tanjung Power Indonesia |
Dividends can only be paid when all conditions of the loan agreement are satisfied. | |
DE Energia SpA |
Dividends can only be paid when all conditions of the loan agreement are satisfied. | |
Daesan Green Energy Co., Ltd. |
Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. | |
Taebaek Gadeoksan Wind Power Co., Ltd. |
Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained. | |
Bitsolar Energy Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied. | |
Omisan Wind Power Co., Ltd. |
Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, either of Omisan Wind Power Co., Ltd. and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party becomes less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party. | |
Yangyang Wind Power Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. | |
Busan Industrial Solar Power Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. | |
Kosture Co., Ltd. |
Shares cannot be wholly or partially transferred without the consent of the stakeholders. | |
Geumsungsan Wind Power Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank. | |
Daewon Green Energy Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. | |
Cheongju Eco Park Co., Ltd. |
Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained. | |
Goheung New Energy Co., Ltd. |
Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. |
18. |
Property, Plant and Equipment |
(1) |
Property, plant and equipment as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||
Acquisition cost |
Government grants |
Accumulated depreciation |
Accumulated impairment losses |
Book value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Land |
₩ | ( |
) | ( |
) | |||||||||||||||||||
Buildings |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Structures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Machinery |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Ships |
( |
) | ||||||||||||||||||||||
Vehicles |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Equipment |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Tools |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Construction-in-progress |
( |
) | ( |
) | ||||||||||||||||||||
Right-of-use |
( |
) | ||||||||||||||||||||||
Asset retirement costs |
( |
) | ( |
) | ||||||||||||||||||||
Others |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2021 |
||||||||||||||||||||||||
Acquisition cost |
Government grants |
Accumulated depreciation |
Accumulated impairment losses |
Book value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Land |
₩ | ( |
) | ( |
) | |||||||||||||||||||
Buildings |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Structures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Machinery |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Ships |
( |
) | ||||||||||||||||||||||
Vehicles |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Equipment |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Tools |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Construction-in-progress |
( |
) | ( |
) | ||||||||||||||||||||
Right-of-use |
( |
) | ||||||||||||||||||||||
Asset retirement costs |
( |
) | ( |
) | ||||||||||||||||||||
Others |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
18. |
Property, Plant and Equipment, Continued |
(2) |
Changes in property, plant and equipment for the years ended December 31, 2021 and 2020 are as follows: |
2020 |
||||||||||||||||||||||||||||||||
Beginning balance |
Acquisition |
Disposal |
Depreciation |
Impairment |
Others |
Ending balance |
||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
Land |
₩ | ( |
) | ( |
) | |||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Buildings |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Structures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Machinery |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Ships |
( |
) | ||||||||||||||||||||||||||||||
Vehicles |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Equipment |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Tools |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Construction-in-progress |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Right-of-use |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Asset retirement costs |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18. |
Property, Plant and Equipment, Continued |
(2) |
Changes in property, plant and equipment for the years ended December 31, 2021 and 2020 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||||||
Beginning balance |
Acquisition |
Disposal |
Depreciation |
Impairment |
Others |
Ending balance |
||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
Land |
₩ | ( |
) | |||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Buildings |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Structures |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Machinery |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Ships |
( |
) | ||||||||||||||||||||||||||||||
Vehicles |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Equipment |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Tools |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Construction-in-progress |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Right-of-use |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Asset retirement costs |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Others |
( |
) | ( |
) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19. |
Investment Properties |
(1) |
|
2020 |
||||||||||||||||||||
Acquisition cost |
Government grants |
Accumulated depreciation |
Book value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Land |
₩ | |||||||||||||||||||
Buildings |
( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
2021 |
||||||||||||||||||||
Acquisition cost |
Government grants |
Accumulated depreciation |
Book value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Land |
₩ | |||||||||||||||||||
Buildings |
( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
(2) |
|
2020 |
||||||||||||||||||||
Beginning balance |
Depreciation |
Others |
Ending balance |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Land |
₩ | |||||||||||||||||||
Buildings |
( |
) | ( |
) | ||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ( |
) | |
|||||||||||||||||
|
|
|
|
|
|
|
|
2021 |
||||||||||||||||||||
Beginning balance |
Depreciation |
Others |
Ending balance |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Land |
₩ | |||||||||||||||||||
Buildings |
( |
) | ( |
) | ||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
19. |
Investment Properties, Continued |
(3) |
|
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Rental income |
₩ | |||||||||||
Operating and maintenance expenses related to rental income |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
₩ | ||||||||||||
|
|
|
|
(4) |
|
2020 |
2021 |
|||||||||||||||||||
Book value |
Fair value |
Book value |
Fair value |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Land |
₩ | |||||||||||||||||||
Buildings |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(5) |
All of the Company’s investment properties are held under freehold interests. |
20. |
Construction Contracts |
(1) |
Changes in total contract amount in which revenue is not yet recognized for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
||||||||||||||||||||
Beginning balance |
Increase (decrease)(*) |
Recognized as revenue |
Ending balance |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Nuclear power plant construction in UAE and others |
₩ | ( |
) |
(*) | For the year ended December 31, 2019, the increased balance of contracts from new orders is ₩ |
2020 |
||||||||||||||||||||
Beginning balance |
Increase (decrease)(*) |
Recognized as revenue |
Ending balance |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Nuclear power plant construction in UAE and others |
₩ | ( |
) |
(*) | For the year ended December 31, 2020, the increased balance of contracts from new orders is ₩ |
2021 |
||||||||||||||||||||
Beginning balance |
Increase (decrease)(*) |
Recognized as revenue |
Ending balance |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Nuclear power plant construction in UAE and others |
₩ | ( |
) |
(*) | For the year ended December 31, 2021, the increased balance of contracts from new orders is ₩ |
(2) |
Accumulated earned revenue, expense and others related to the Company’s construction contracts in progress as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||
Accumulated earned revenue |
Accumulated expense |
Accumulated profit |
Unearned advance receipts |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Nuclear power plant construction in UAE and others |
₩ |
2021 |
||||||||||||||||||||
Accumulated earned revenue |
Accumulated expense |
Accumulated profit |
Unearned advance receipts |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Nuclear power plant construction in UAE and others |
₩ |
20. |
Construction Contracts, Continued |
(3) |
Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||||||
Contract assets(*1) |
Contract liabilities(*2) |
Contract assets(*1) |
Contract liabilities(*2) |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Nuclear power plant construction in UAE and others |
₩ |
(*1) | Included in trade and other receivables, net, in the consolidated statements of financial position. The balance of trade receivables from construction contracts are ₩ |
(*2) | Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2021 from the amounts included in contract liabilties at the end of the prior year is ₩ |
21. |
Intangible Assets other than Goodwill |
(1) |
Intangible assets as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||
Acquisition cost |
Government grants |
Accumulated amortization |
Accumulated impairment losses |
Book value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Software |
₩ | ( |
) | ( |
) | |||||||||||||||||||
Licenses and franchises |
( |
) | ||||||||||||||||||||||
Copyrights, patents rights and other industrial rights |
( |
) | ( |
) | ||||||||||||||||||||
Mining rights |
( |
) | ( |
) | ||||||||||||||||||||
Development expenditures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Intangible assets under development |
( |
) | ( |
) | ||||||||||||||||||||
Usage rights of donated assets and other |
( |
) | ||||||||||||||||||||||
Leasehold rights |
( |
) | ||||||||||||||||||||||
Greenhouse gas emissions rights |
||||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2021 |
||||||||||||||||||||||||
Acquisition cost |
Government grants |
Accumulated amortization |
Accumulated impairment losses |
Book value |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Software |
₩ | ( |
) | ( |
) | |||||||||||||||||||
Copyrights, patents rights and other industrial rights |
( |
) | ( |
) | ||||||||||||||||||||
Mining rights |
( |
) | ( |
) | ||||||||||||||||||||
Development expenditures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Intangible assets under development |
( |
) | ( |
) | ||||||||||||||||||||
Usage rights of donated assets and others |
( |
) | ||||||||||||||||||||||
Leasehold rights |
( |
) | ||||||||||||||||||||||
Greenhouse gas emissions rights |
||||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
21. |
Intangible Assets other than Goodwill, Continued |
(2) |
Changes in intangible assets for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||||||
Beginning balance |
Acquisition |
Disposal |
Amortization |
Impairment |
Others |
Ending balance |
||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
Software |
₩ | ( |
) | |||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Copyrights, patents rights and other industrial rights |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Mining rights |
( |
) | ||||||||||||||||||||||||||||||
Development expenditures |
( |
) | ||||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Intangible assets under development |
( |
) | ( |
) | ||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Usage rights of donated assets and other |
( |
) | ||||||||||||||||||||||||||||||
Leasehold rights |
( |
) | ||||||||||||||||||||||||||||||
Greenhouse gas emissions rights |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
2021 |
||||||||||||||||||||||||||||||||
Beginning balance |
Acquisition |
Disposal |
Amortization |
Impairment |
Others |
Ending balance |
||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
Software |
₩ | ( |
) | ( |
) | |||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Copyrights, patents rights and other industrial rights |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Mining rights |
( |
) | ||||||||||||||||||||||||||||||
Development expenditures |
( |
) | ||||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Intangible assets under development |
( |
) | ||||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Usage rights of donated assets and others |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Leasehold rights |
( |
) | ||||||||||||||||||||||||||||||
Greenhouse gas emissions rights |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Others |
( |
) | ||||||||||||||||||||||||||||||
(Government grants) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||||||||||||||
21. |
Intangible Assets other than Goodwill, Continued |
(3) |
Significant specific intangible assets as of December 31, 2020 and 2021 are as follows: |
2020 | ||||||||||
Type |
Description |
Currency |
Amount |
Remaining useful lives | ||||||
In millions of won and thousands of Australian dollars | ||||||||||
Software |
ERP system and others | KRW | ||||||||
Copyrights, patents rights and other industrial rights |
Smart technology verification and standard design project conducting right |
KRW |
||||||||
Contributions to ARP NRC DC | KRW | |||||||||
Mining rights |
Mining rights of Bylong mine | AUD | ||||||||
Development expenditures |
Electricity sales information system | KRW | ||||||||
Usage rights of donated assets and others |
Sejong Haengbogdosi sharing charge |
KRW |
||||||||
Dangjin power plant load facility usage right |
KRW |
|||||||||
Right of use electricity and gas supply facility (Community district of Songdo) | KRW | |||||||||
Others |
Occupancy and use of public waters | KRW | ||||||||
Greenhouse gas emissions rights | KRW | |||||||||
Business rights | KRW |
(*) |
2021 | ||||||||||
Type |
Description |
Currency |
Amount |
Remaining useful lives | ||||||
In millions of won and thousands of Australian dollars | ||||||||||
Software |
DAS MS-SQL CORE license | KRW | ||||||||
Copyrights, patents rights and other industrial rights |
Smart technology verification and standard design project conducting right |
KRW |
9 months | |||||||
Contributions to ARP NRC DC | KRW | |||||||||
Mining rights |
Mining rights of Bylong mine | AUD | ||||||||
Usage rights of donated assets and others |
Sejong Haengbogdosi sharing charge |
KRW |
|
|
|
| ||||
Right of use electricity and gas supply facility (Community district of Songdo) | KRW |
|||||||||
Others |
Occupancy and use of public waters | KRW | ||||||||
Greenhouse gas emissions rights | KRW | |||||||||
Business rights | KRW |
(*) |
The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full. |
(4) |
For the years ended December 31, 2019, 2020 and 2021, the Company recognized research and development expenses of |
22. |
Trade and Other Payables |
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Trade payables |
₩ | |||||||||||||||||||
Non-trade payables |
||||||||||||||||||||
Accrued expenses |
||||||||||||||||||||
Leasehold deposits received |
||||||||||||||||||||
Other deposits received |
||||||||||||||||||||
Lease liabilities |
||||||||||||||||||||
Dividends payable |
||||||||||||||||||||
Others(*) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(*) | Details of others as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Advance received from local governments |
₩ | |||||||||||||||||||
Others |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
23. |
Borrowings and Debt Securities |
(1) |
Borrowings and debt securities as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Current liabilities |
||||||||||||
Short-term borrowings |
₩ | |||||||||||
Current portion of long-term borrowings |
||||||||||||
Current portion of debt securities |
||||||||||||
Less : Current portion of discount on long-term borrowings |
( |
) | ( |
) | ||||||||
Less : Current portion of discount on debt securities |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
|
|
|
|
|||||||||
Non-current liabilities |
||||||||||||
Long-term borrowings |
||||||||||||
Debt securities |
||||||||||||
Less : Discount on long-term borrowings |
( |
) | ( |
) | ||||||||
Less : Discount on debt securities |
( |
) | ( |
) | ||||||||
Add: Premium on debt securities |
||||||||||||
|
|
|
|
|||||||||
|
|
|
|
|||||||||
₩ | ||||||||||||
|
|
|
|
(2) |
Repayment schedule of borrowings and debt securities as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||
|
Borrowings |
Debt Securities |
||||||||||
In millions of won |
||||||||||||
Less than 1 year |
₩ | |||||||||||
1~ 5 years |
||||||||||||
Over 5 years |
||||||||||||
|
|
|
|
|||||||||
₩ | ||||||||||||
|
|
|
|
2021 |
||||||||||||
|
Borrowings |
Debt Securities |
||||||||||
In millions of won |
||||||||||||
Less than 1 year |
₩ | |||||||||||
1~ 5 years |
||||||||||||
Over 5 years |
||||||||||||
|
|
|
|
|||||||||
₩ | ||||||||||||
|
|
|
|
23. |
Borrowings and Debt Securities, Continued |
(3) |
Short-term borrowings as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||
Type |
Creditor |
Interest rate (%) |
Maturity |
Foreign currency |
Local currency |
|||||||||||||||||
In millions of won and thousands of foreign currencies |
||||||||||||||||||||||
Local short-term borrowings |
|
— | ₩ | |||||||||||||||||||
Electronic short-term bonds |
|
— | ||||||||||||||||||||
Foreign short-term borrowings |
|
USD |
||||||||||||||||||||
Foreign short-term borrowings(*) |
|
USD |
||||||||||||||||||||
Local bank overdraft |
|
overdraft rate + 1.26 |
|
— | ||||||||||||||||||
Local bank overdraft |
|
— | ||||||||||||||||||||
|
|
|||||||||||||||||||||
₩ | ||||||||||||||||||||||
|
|
|||||||||||||||||||||
2021 |
||||||||||||||||||||||
Type |
Creditor |
Interest rate (%) |
Maturity |
Foreign currency |
Local currency |
|||||||||||||||||
In millions of won and thousands of foreign currencies |
||||||||||||||||||||||
Local short-term borrowings |
2022.12.31 |
|
₩ | |||||||||||||||||||
Electronic short-term bonds |
2022.02.08 |
|
||||||||||||||||||||
Foreign short-term borrowings |
2022.03.30 |
|
USD |
|||||||||||||||||||
Foreign short-term borrowings |
|
USD |
||||||||||||||||||||
Foreign short-term borrowings |
2022.08.31 |
|
USD |
|||||||||||||||||||
Foreign short-term borrowings |
EUR |
|||||||||||||||||||||
Local bank overdraft |
2022.02.26 |
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
₩ | ||||||||||||||||||||||
|
|
(*) | The contractual maturity is 2022 but is classified as short-term borrowing due to intention of early redemption in 3 months after borrowing. |
23. |
Borrowings and Debt Securities, Continued |
(4) |
Long-term borrowings as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||
Type |
Interest rate (%) |
Maturity |
Foreign currency |
Local currency |
||||||||||||
In millions of won and thousands of foreign currencies |
||||||||||||||||
Local long-term borrowings |
| |||||||||||||||
|
— | ₩ | ||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
1yr KoFC bond rate +0.81~0.95 |
— | |||||||||||||||
|
— | |||||||||||||||
— | ||||||||||||||||
3yr KTB rate-1.25 Standard overdraft rate+1.50~2.45 |
— | |||||||||||||||
|
— | |||||||||||||||
|
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
MOR+0.79 3M CD+1.79 |
— | ||||||||||||||
|
— | |||||||||||||||
CB rate+1.10~1.20 3M CD+1.60 Standard overdraft rate+1.50~2.45 |
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||
Foreign long-term borrowings |
||||||||||||||||
|
USD |
|||||||||||||||
|
USD |
|||||||||||||||
JOD |
||||||||||||||||
USD |
||||||||||||||||
USD |
||||||||||||||||
|
USD |
|||||||||||||||
JOD |
||||||||||||||||
|
JPY |
|||||||||||||||
|
JPY |
|||||||||||||||
|
USD |
|||||||||||||||
|
USD |
|||||||||||||||
|
USD |
|||||||||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||
Less: Discount on long-term borrowings |
( |
) | ||||||||||||||
Less: Current portion of long-term borrowings |
( |
) | ||||||||||||||
Add: Current portion of discount on long-term borrowings |
||||||||||||||||
|
|
|||||||||||||||
₩ | |
|||||||||||||||
|
|
23. |
Borrowings and Debt Securities, Continued |
(4) |
Long-term borrowings as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||
Type |
Interest rate (%) |
Maturity |
Foreign currency |
Local currency |
||||||||||||
In millions of won and thousands of foreign currencies |
||||||||||||||||
Local long-term borrowings |
| |||||||||||||||
|
— | ₩ | ||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
1yr KoFC bond rate +0.81~0.95 |
— | |||||||||||||||
|
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
— | |||||||||||||||
|
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
MOR+0.79 3M CD+1.79 |
— | ||||||||||||||
|
— | |||||||||||||||
CB rate+0.90~1.10 3M CD+1.60 3.37 |
— | |||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
— | ||||||||||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||
Foreign long-term borrowings |
||||||||||||||||
|
USD |
|||||||||||||||
|
USD |
|||||||||||||||
JOD |
||||||||||||||||
USD |
||||||||||||||||
|
USD |
|||||||||||||||
JOD |
||||||||||||||||
|
JPY |
|||||||||||||||
|
JPY |
|||||||||||||||
|
EUR |
|||||||||||||||
|
USD |
|||||||||||||||
|
USD |
|||||||||||||||
|
USD |
|||||||||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||
Less: Discount on long-term borrowings |
( |
) | ||||||||||||||
Less: Current portion of long-term borrowings |
( |
) | ||||||||||||||
Add: Current portion of discount on long-term borrowings |
||||||||||||||||
|
|
|||||||||||||||
₩ | ||||||||||||||||
|
|
23. |
Borrowings and Debt Securities, Continued |
(5) |
Local debt securities as of December 31, 2020 and 2021 are as follows: |
Issue date |
Maturity |
Interest rate (%) |
2020 |
2021 |
||||||||||||||||||
In millions of won |
||||||||||||||||||||||
Electricity Bonds |
|
|
₩ | |||||||||||||||||||
Corporate Bonds(*) |
|
|
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||
Less: Discount on local debt securities |
( |
) | ( |
) | ||||||||||||||||||
Less: Current portion of local debt securities |
( |
) | ( |
) | ||||||||||||||||||
Add: Current portion of discount on local debt securities |
||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||
₩ | ||||||||||||||||||||||
|
|
|
|
(*) | Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to ₩rights on the 5th year (bonds and every year on March 31 thereafter, until the year before the redemption date. |
(6) |
Foreign debt securities as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||
Type |
Issue date |
Maturity |
Interest rate (%) |
Foreign currency |
Local currency |
|||||||||||||
In millions of won and thousands of foreign currencies |
||||||||||||||||||
FY-96 |
USD |
₩ | |
|||||||||||||||
FY-97 |
USD |
|
||||||||||||||||
FY-04 |
USD |
|
||||||||||||||||
FY-11 |
USD |
|
||||||||||||||||
FY-12 |
USD |
|
||||||||||||||||
FY-14 |
USD |
|
||||||||||||||||
FY-15 |
USD |
|
||||||||||||||||
FY-16 |
USD |
|
||||||||||||||||
FY-17 |
USD |
|
||||||||||||||||
FY-17 |
EUR |
|
||||||||||||||||
FY-17 |
SEK |
|
||||||||||||||||
FY-18 |
USD |
|
||||||||||||||||
FY-18 |
HKD |
|
||||||||||||||||
FY-19 |
USD |
|
||||||||||||||||
FY-19 |
CHF |
|
||||||||||||||||
FY-19 |
CHF |
|
||||||||||||||||
FY-19 |
USD |
|
||||||||||||||||
FY-19 |
AUD |
|
||||||||||||||||
FY-19 |
USD |
|
||||||||||||||||
FY-20 |
USD |
|
||||||||||||||||
FY-20 |
USD |
|
||||||||||||||||
FY-20 |
USD |
|
||||||||||||||||
FY-20 |
USD |
|
||||||||||||||||
|
|
|
||||||||||||||||
|
||||||||||||||||||
Less : Discount on foreign debt securities |
|
( |
) | |||||||||||||||
Add : Premium on foreign debt securities |
|
|||||||||||||||||
Less : Current portion of foreign debt securities |
|
( |
) | |||||||||||||||
Add : Current portion of discount on foreign debt securities |
|
|||||||||||||||||
|
|
|
||||||||||||||||
₩ | |
|||||||||||||||||
|
|
|
23. |
Borrowings and Debt Securities, Continued |
(6) |
Foreign debt securities as of December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||
Type |
Issue date |
Maturity |
Interest rate (%) |
Foreign currency |
Local currency |
|||||||||||||||||
In millions of won and thousands of foreign currencies |
||||||||||||||||||||||
FY-96 |
|
|
USD |
₩ | ||||||||||||||||||
FY-97 |
|
|
USD |
|||||||||||||||||||
FY-04 |
USD |
|||||||||||||||||||||
FY-12 |
USD |
|||||||||||||||||||||
FY-14 |
USD |
|||||||||||||||||||||
FY-15 |
USD |
|||||||||||||||||||||
FY-17 |
|
|
USD |
|||||||||||||||||||
FY-17 |
EUR |
|||||||||||||||||||||
FY-17 |
SEK |
|||||||||||||||||||||
FY-18 |
HKD |
|||||||||||||||||||||
FY-18 |
|
|
USD |
|||||||||||||||||||
FY-19 |
|
|
USD |
|||||||||||||||||||
FY-19 |
CHF |
|||||||||||||||||||||
FY-19 |
2027.07.19 |
|
CHF |
|||||||||||||||||||
FY-19 |
USD |
|||||||||||||||||||||
FY-19 |
AUD |
|||||||||||||||||||||
FY-19 |
USD |
|||||||||||||||||||||
FY-20 |
USD |
|||||||||||||||||||||
FY-20 |
USD |
|||||||||||||||||||||
FY-20 |
USD |
|||||||||||||||||||||
FY-20 |
USD |
|||||||||||||||||||||
FY-21 |
USD |
|||||||||||||||||||||
FY-21 |
USD |
|||||||||||||||||||||
FY-21 |
USD |
|||||||||||||||||||||
FY-21 |
USD |
|||||||||||||||||||||
|
|
|||||||||||||||||||||
Less: Discount on foreign debt securities |
( |
) | ||||||||||||||||||||
Add: Premium on foreign debt securities |
||||||||||||||||||||||
Less: Current portion of foreign debt securities |
( |
) | ||||||||||||||||||||
Add: Current portion of discount on foreign debt securities |
||||||||||||||||||||||
|
|
|||||||||||||||||||||
₩ | ||||||||||||||||||||||
|
|
(7) |
Changes in borrowings and debt securities for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Beginning balance |
₩ | |||||||||||
Cash flow |
||||||||||||
Effect of exchange rate fluctuations |
( |
) | ||||||||||
Others |
( |
) | ||||||||||
|
|
|
|
|||||||||
Ending balance |
₩ | |||||||||||
|
|
|
|
24. |
Leases |
(1) |
Lease contracts |
(2) |
Right-of-use assets as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||
Acquisition cost |
Accumulated depreciation |
Book value |
||||||||||||||
In millions of won |
||||||||||||||||
Land |
₩ | ( |
) | |||||||||||||
Buildings |
( |
) | ||||||||||||||
Structures |
( |
) | ||||||||||||||
Machinery |
( |
) | ||||||||||||||
Ships |
( |
) | ||||||||||||||
Vehicles |
( |
) | ||||||||||||||
Others(*) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ( |
) | ||||||||||||||
|
|
|
|
|
|
(*) | Including power purchase agreements (“PPA”) with GS EPS and another LNG combined power supplier. |
2021 |
||||||||||||||||
Acquisition cost |
Accumulated depreciation |
Book value |
||||||||||||||
In millions of won |
||||||||||||||||
Land |
₩ | ( |
) | |||||||||||||
Buildings |
( |
) | ||||||||||||||
Structures |
( |
) | ||||||||||||||
Machinery |
( |
) | ||||||||||||||
Ships |
( |
) | ||||||||||||||
Vehicles |
( |
) | ||||||||||||||
Others(*) |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ( |
) | ||||||||||||||
|
|
|
|
|
|
(*) | Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd. |
24. |
Lease, Continued |
(3) |
Changes in right-of-use assets for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||
Beginning balance |
Increase |
Depreciation |
Decrease |
Others |
Ending balance |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Land |
₩ | ( |
) | |||||||||||||||||||||||||
Buildings |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Structures |
( |
) | ( |
) | ||||||||||||||||||||||||
Machinery |
( |
) | ||||||||||||||||||||||||||
Ships |
( |
) | ( |
) | ||||||||||||||||||||||||
Vehicles |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
2021 |
||||||||||||||||||||||||||||
Beginning balance |
Increase |
Depreciation |
Decrease |
Others |
Ending balance |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Land |
₩ | ( |
) | ( |
) | |||||||||||||||||||||||
Buildings |
( |
) | ( |
) | ||||||||||||||||||||||||
Structures |
( |
) | ||||||||||||||||||||||||||
Machinery |
( |
) | ||||||||||||||||||||||||||
Ships |
( |
) | ( |
) | ||||||||||||||||||||||||
Vehicles |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
24. |
Lease, Continued |
(4) |
Lease liabilities as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Less than 1 year |
₩ | |||||||||||
1 ~ 5 years |
||||||||||||
More than 5 years |
||||||||||||
|
|
|
|
|||||||||
Less : Discount |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Present value of lease payment |
₩ | |||||||||||
|
|
|
|
(5) |
The details of the liquidity classification of lease liabilities as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Current lease liabilities |
₩ | |||||||||||
Non-current lease liabilities |
||||||||||||
|
|
|
|
|||||||||
₩ | ||||||||||||
|
|
|
|
(6) |
Changes in lease liabilities for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||
Beginning balance |
Increase |
Decrease |
Interest expenses |
Others(*) |
Ending balance |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Lease liabilities |
₩ | ( |
) | ( |
) |
(*) | Including translation effect of foreign currency lease liabilities and others. |
2021 |
||||||||||||||||||||||||||||
Beginning balance |
Increase |
Decrease |
Interest expenses |
Others(*) |
Ending balance |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Lease liabilities |
₩ | |
( |
) | |
|
(*) | Including translation effect of foreign currency lease liabilities and others. |
24. |
Lease, Continued |
(7) |
Details of expense relating to lease contracts as lessee for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Depreciation of right-of-use assets |
₩ | |||||||||||
Interest expenses of lease liabilities |
||||||||||||
Leases expenses for short-term leases |
||||||||||||
Leases expenses for leases of low-value assets |
||||||||||||
Variable lease payments |
||||||||||||
₩ | ||||||||||||
(8) |
The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of low-value assets , amounts to |
24. |
Lease, Continued |
(1) |
Finance lease contracts |
(2) |
Profit and loss related to finance lease for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Finance income on the net investment in the lease |
₩ | |
|
(3) |
Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Less than 1 year |
₩ | |||||||||||
1 ~ 2 years |
||||||||||||
2 ~ 3 years |
||||||||||||
3 ~ 4 years |
||||||||||||
4 ~ 5 years |
||||||||||||
More than 5 years |
||||||||||||
Less : Unearned finance income |
( |
) | ( |
) | ||||||||
Net investment in the lease(*) |
₩ | |||||||||||
(*) | Including the present value of unguaranteed residual value amounting to ₩ |
(4) |
Changes in the allowance for doubtful accounts of finance lease receivables for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Beginning balance |
₩ | |||||||||||
Bad debt expense |
||||||||||||
Reversal of allowance for doubtful accounts |
( |
) | ||||||||||
Ending balance |
₩ | |||||||||||
25. |
Employment Benefits |
(1) |
Employment benefit obligations as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Net defined benefit asset |
₩ | |||||||||||
Net defined benefit obligations |
||||||||||||
Other long-term employee benefit obligations |
(2) |
Principal assumptions used for actuarial valuation as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||
Discount rate |
||||||||
Future salary and benefit levels |
||||||||
Weighted average duration |
(3) |
Details of expense relating to defined benefit plans for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Current service cost |
₩ | |||||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) | ( |
) | ( |
) | ||||||||||
Past service cost |
( |
) | ||||||||||||||
Loss from settlement |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Cost of sales |
₩ | |||||||||||||||
Selling and administrative expenses |
||||||||||||||||
Others (Construction-in-progress and others) |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
25. |
Employment Benefits, Continued |
(4) |
Details of defined benefit obligations as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Present value of defined benefit obligation from funded plans |
₩ | |||||||||||
Fair value of plan assets |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Net liabilities incurred from defined benefit plans |
₩ | |||||||||||
|
|
|
|
(5) |
Changes in the present value of defined benefit obligations for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Beginning balance |
₩ | |
|
|||||||||
Current service cost |
||||||||||||
Interest cost |
||||||||||||
Remeasurement component |
( |
) | ||||||||||
Past service cost |
( |
) | ||||||||||
Actual payments |
( |
) | ( |
) | ||||||||
Others |
||||||||||||
|
|
|
|
|||||||||
Ending balance |
₩ | |||||||||||
|
|
|
|
(6) |
Changes in the fair value of plan assets for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Beginning balance |
₩ | |
|
|||||||||
Expected return |
||||||||||||
Remeasurement component |
( |
) | ( |
) | ||||||||
Contributions by the employers |
||||||||||||
Actual payments |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Ending balance |
₩ | |||||||||||
|
|
|
|
25. |
Employment Benefits, Continued |
(7) |
Details of the fair value of plan assets as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Equity instruments |
₩ | |||||||||||
Debt instruments |
||||||||||||
Bank deposits |
||||||||||||
Others |
||||||||||||
|
|
|
|
|||||||||
₩ | |
|
||||||||||
|
|
|
|
(8) |
Remeasurement components recognized in other comprehensive income (loss) for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Actuarial gain from changes in financial assumptions |
₩ | ( |
) | ( |
) | |||||||
Experience adjustments, etc. |
|
( |
) | |||||||||
Expected return |
|
|||||||||||
|
|
|
|
|||||||||
₩ | ( |
) | ||||||||||
|
|
|
|
26. |
Provisions |
(1) |
|
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Employment benefits |
||||||||||||||||||||
Provisions for employment benefits |
₩ | |||||||||||||||||||
Litigation |
||||||||||||||||||||
Litigation provisions |
||||||||||||||||||||
Decommissioning cost |
||||||||||||||||||||
Nuclear plants |
||||||||||||||||||||
Spent fuel |
||||||||||||||||||||
Radioactive waste |
||||||||||||||||||||
PCBs |
||||||||||||||||||||
Other recovery provisions |
||||||||||||||||||||
Others |
||||||||||||||||||||
Power plant regional support program |
||||||||||||||||||||
Transmission regional support program |
||||||||||||||||||||
Provisions for financial guarantee |
||||||||||||||||||||
Provisions for RPS |
||||||||||||||||||||
Provisions for greenhouse gas emissions obligations |
||||||||||||||||||||
Others |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(2) |
|
2020 |
||||||||||||||||||||||||||||
Beginning balance |
Increase in provision |
Payment |
Reversal |
Others |
Ending balance |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Employment benefits |
||||||||||||||||||||||||||||
Provisions for employment benefits |
₩ | ( |
) | ( |
) | |||||||||||||||||||||||
Litigation |
||||||||||||||||||||||||||||
Litigation provisions |
( |
) | ( |
) | ||||||||||||||||||||||||
Decommissioning cost |
||||||||||||||||||||||||||||
Nuclear plants |
( |
) | ||||||||||||||||||||||||||
Spent fuel |
( |
) | ||||||||||||||||||||||||||
Radioactive waste |
( |
) | ||||||||||||||||||||||||||
PCBs |
( |
) | ( |
) | ||||||||||||||||||||||||
Other recovery provisions |
( |
) | ||||||||||||||||||||||||||
Others |
||||||||||||||||||||||||||||
Power plant regional support program |
( |
) | ||||||||||||||||||||||||||
Transmission regional support program |
( |
) | ||||||||||||||||||||||||||
Provisions for tax |
( |
) | ( |
) | ||||||||||||||||||||||||
Provisions for financial guarantee |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Provisions for RPS |
( |
) | ||||||||||||||||||||||||||
Provisions for greenhouse gas emissions obligations |
( |
) | ( |
) | ||||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
26. |
Provisions, Continued |
(2) |
Changes in provisions for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||||||
Beginning balance |
Increase in provision |
Payment |
Reversal |
Others |
Ending balance |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Employment benefits |
||||||||||||||||||||||||||||
Provisions for employment benefits |
₩ | ( |
) | |||||||||||||||||||||||||
Litigation |
||||||||||||||||||||||||||||
Litigation provisions |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Decommissioning cost |
||||||||||||||||||||||||||||
Nuclear plants |
( |
) | ||||||||||||||||||||||||||
Spent fuel |
( |
) | ||||||||||||||||||||||||||
Radioactive waste |
( |
) | ( |
) | ||||||||||||||||||||||||
PCBs |
( |
) | ( |
) | ||||||||||||||||||||||||
Other recovery provisions |
( |
) | ||||||||||||||||||||||||||
Others |
||||||||||||||||||||||||||||
Power plant regional support program |
( |
) | ||||||||||||||||||||||||||
Transmission regional support program |
( |
) | ||||||||||||||||||||||||||
Provisions for financial guarantee |
( |
) | ||||||||||||||||||||||||||
Provisions for RPS |
( |
) | ( |
) | ||||||||||||||||||||||||
Provisions for greenhouse gas emissions obligations |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
(3) |
Greenhouse gas emissions rights and obligations: |
(i) |
3rd planned period |
||||||||||||||||||||||||
2021 |
2022 |
2023 |
2024 |
2025 |
Total |
|||||||||||||||||||
In ten thousands of tons(tCO2-eq) |
||||||||||||||||||||||||
Allowances received free of charge from the government |
(ii) |
2020 |
||||||||
2nd planned period |
||||||||
Quantity |
Amount |
|||||||
In ten thousands of tons(tCO2-eq) and millions of won |
||||||||
Beginning |
||||||||
Purchase (sell) |
||||||||
Government submission |
||||||||
Borrowing (carryforward) |
( |
) | ||||||
Ending |
|
|
||||||
26. |
Provisions, Continued |
(3) |
Greenhouse gas emissions rights and obligations, continued: |
2021 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd planned period |
3rd planned period |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
Total |
||||||||||||||||||||||||||||||||||||||||||||||||||
Quantity |
Amount |
Quantity |
Amount |
Quantity |
Amount |
Quantity |
Amount |
Quantity |
Amount |
Quantity |
Amount |
Quantity |
Amount |
|||||||||||||||||||||||||||||||||||||||||||
In ten thousands of tons(tCO2-eq) and millions of won |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase (sell) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||
Government submission |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing (carryforward) |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Others |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(iii) | The Company does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2021. |
(iv) | The Company does not hold any greenhouse gas emissions rights for a purpose of generating a profit from short-term fluctuations in price as of December 31, 2021. |
(v) | Estimated greenhouse gas emission of the Company for the year ended December 31, 2021 is |
27. |
Government Grants |
(1) |
Government grants as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Land |
₩ | ( |
) | ( |
) | |||||||
Buildings |
( |
) | ( |
) | ||||||||
Structures |
( |
) | ( |
) | ||||||||
Machinery |
( |
) | ( |
) | ||||||||
Vehicles |
( |
) | ( |
) | ||||||||
Equipment |
( |
) | ( |
) | ||||||||
Tools |
( |
) | ( |
) | ||||||||
Construction-in-progress |
( |
) | ( |
) | ||||||||
Investment properties |
( |
) | ( |
) | ||||||||
Software |
( |
) | ( |
) | ||||||||
Development expenditures |
( |
) | ( |
) | ||||||||
Intangible assets under development |
( |
) | ( |
) | ||||||||
Other intangible assets |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
₩ | ( |
) | ( |
) | ||||||||
|
|
|
|
27. |
Government Grants, Continued |
(2) |
Changes in government grants for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||||||
Beginning balance |
Receipt |
Acquisition |
Offset the items of depreciation expense and others |
Disposal |
Others |
Ending balance |
||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
Cash |
₩ | ( |
) | |||||||||||||||||||||||||||||
Land |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Buildings |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Structures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Machinery |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Vehicles |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Equipment |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Tools |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Construction-in-progress |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Investment properties |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Software |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Development expenditures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Intangible assets under development |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Other intangible assets |
( |
) | ( |
) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
2021 |
||||||||||||||||||||||||||||||||
Beginning balance |
Receipt |
Acquisition |
Offset the items of depreciation expense and others |
Disposal |
Others |
Ending balance |
||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
Cash |
₩ | ( |
) | |||||||||||||||||||||||||||||
Land |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Buildings |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Structures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Machinery |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Vehicles |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Equipment |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Tools |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Construction-in-progress |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Investment properties |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Software |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Development expenditures |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Intangible assets under development |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Other intangible assets |
( |
) | ( |
) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27. |
Government Grants, Continued |
(3) |
Changes in government grants for specific business projects for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase |
Decrease |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contribution |
Interests |
Execution |
Return |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Department |
Project |
Description |
Period |
Budget |
Beginning balance |
Self- payment |
Local government |
Government subsidies |
Self- payment |
Local government |
Government subsidies |
Self- payment |
Local government |
Government subsidies |
Self- payment |
Local government |
Government subsidies |
Others |
Ending balance |
|||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
~ 2020.12.31 |
( |
) | ( |
) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
~ 2020.12.31 |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase |
Decrease |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contribution |
Interests |
Execution |
Return |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Department |
Project |
Description |
Period |
Budget |
Beginning balance |
Self- payment |
Local government |
Government subsidies |
Self- payment |
Local government |
Government subsidies |
Self- payment |
Local government |
Government subsidies |
Self- payment |
Local government |
Government subsidies |
Others |
Ending balance |
|||||||||||||||||||||||||||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
~ 2022.06.30 |
( |
) |
28. |
Deferred Revenues |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Beginning balance |
₩ | |||||||||||
Increase |
||||||||||||
Recognized as revenue |
( |
) | ( |
) | ||||||||
|
|
|
|
|||||||||
Ending balance |
₩ | |||||||||||
|
|
|
|
29. |
Non-financial Liabilities |
2020 |
2021 |
|||||||||||||||||||
Current |
Non-current |
Current |
Non-current |
|||||||||||||||||
In millions of won |
||||||||||||||||||||
Advance received |
₩ | |||||||||||||||||||
Unearned revenue |
||||||||||||||||||||
Deferred revenue |
||||||||||||||||||||
Withholdings |
||||||||||||||||||||
Others |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
30. |
Contributed Capital |
(1) |
Details of shares issued as of December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||||||
Shares authorized |
Shares issued |
Par value per share (in won) |
Owned by government(*) |
Owned by others |
Total |
|||||||||||||||||||||||
In millions of won except share information |
||||||||||||||||||||||||||||
Common shares |
₩ |
(*) | Korea Development Bank’s interest of ₩ |
2021 |
||||||||||||||||||||||||||||
Shares authorized |
Shares issued |
Par value per share (in won) |
Owned by government(*) |
Owned by others |
Total |
|||||||||||||||||||||||
In millions of won except share information |
||||||||||||||||||||||||||||
Common shares |
₩ |
(*) | Korea Development Bank’s interest of ₩ |
(2) |
Details in number of outstanding capital stock for the years ended December 31, 2020 and 2021 are as follows. |
2020 |
2021 |
|||||||
Number of shares |
||||||||
Beginning balance |
||||||||
|
|
|
|
|||||
Ending balance |
||||||||
|
|
|
|
(3) |
Details of share premium as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||
In millions of won |
||||||||||
Share premium |
₩ | |
|
31. |
Retained Earnings and Dividends Paid |
(1) |
Details of retained earnings as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Legal reserve(*) |
₩ | |||||||||||
Voluntary reserves |
||||||||||||
Retained earnings before appropriations |
||||||||||||
|
|
|
|
|||||||||
Retained earnings |
₩ | |
|
|||||||||
|
|
|
|
(*) | The KEPCO Act requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders. |
(2) |
Details of voluntary reserves as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Reserve for investment on social overhead capital |
₩ | |||||||||||
Reserve for research and human development(*) |
||||||||||||
Reserve for business expansion |
||||||||||||
Reserve for equalizing dividends |
||||||||||||
|
|
|
|
|||||||||
₩ | |
|
||||||||||
|
|
|
|
(*) | The reserve for research and human development is appropriated by KEPCO to use as qualified tax credits to reduce corporate tax liabilities. The reserve is available for cash dividends for a certain period as defined by the Restriction of Special Taxation Act of Korea. |
(3) |
Changes in retained earnings for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||
In millions of won |
||||||||||
Beginning balance |
₩ | |||||||||
Profit (loss) for the period attributed to owner of the controlling Company |
( |
) | ||||||||
Changes in equity method retained earnings |
||||||||||
Remeasurements of defined benefit liability, net of tax |
( |
) | ||||||||
Transfer of gain (loss) on valuation of financial assets at FVOCI |
||||||||||
Dividends paid |
( |
) | ||||||||
Transactions between consolidated entities |
( |
) | ||||||||
|
|
|
|
|||||||
Ending balance |
₩ | |
|
|||||||
|
|
|
|
31. |
Retained Earnings and Dividends Paid, Continued |
(4) |
Dividends paid for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
||||||||||||||||||||||||
In millions of won |
Number of shares issued |
Number of treasury stocks |
Number of shares eligible for dividends |
Dividends paid per share |
Dividends paid |
|||||||||||||||||||
(In won) |
||||||||||||||||||||||||
Common shares |
₩ | |
|
2020 |
||||||||||||||||||||||||
In millions of won |
Number of shares issued |
Number of treasury stocks |
Number of shares eligible for dividends |
Dividends paid per share |
Dividends paid |
|||||||||||||||||||
(In won) |
||||||||||||||||||||||||
Common shares |
₩ | |
|
2021 |
||||||||||||||||||||||||
In millions of won |
Number of shares issued |
Number of treasury stocks |
Number of shares eligible for dividends |
Dividends paid per share |
Dividends paid |
|||||||||||||||||||
(In won) |
||||||||||||||||||||||||
Common shares |
₩ |
(5) |
Changes in retained earnings of investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||
In millions of won |
||||||||||
Beginning balance |
₩ |
( |
) |
|||||||
Changes |
||||||||||
|
|
|
|
|||||||
Ending balance |
₩ |
|||||||||
|
|
|
|
(6) |
Changes in remeasurement components related to defined benefit liability for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||
In millions of won |
||||||||||
Beginning balance |
₩ |
( |
) |
( |
) | |||||
Changes |
( |
) |
||||||||
Income tax effect |
( |
) | ||||||||
Transfer to reserve for business expansion |
||||||||||
|
|
|
|
|||||||
Ending balance |
₩ |
( |
) |
|||||||
|
|
|
|
32. |
Statements of Appropriation of Retained Earnings (Disposition of Deficit) |
2020 |
2021 |
|||||||||||
In millions of won except for dividends per share |
||||||||||||
I. Retained earnings before appropriations (undisposed deficit) |
||||||||||||
Unappropriated retained earnings (deficit) carried over from prior years |
₩ | |||||||||||
Net income (loss) |
( |
) | ||||||||||
Remeasurement of the defined benefit plan |
( |
) | ||||||||||
|
|
|
|
|||||||||
( |
) | |||||||||||
|
|
|
|
|||||||||
II. Transfer from voluntary reserves |
||||||||||||
|
|
|
|
|||||||||
III. Subtotal ( I+II ) |
||||||||||||
|
|
|
|
|||||||||
IV. Appropriations of retained earnings (Disposition of deficit) |
||||||||||||
Legal reserve |
— | — | ||||||||||
Dividends (government, individual) (Amount of dividends per share (%) : Current year – ₩ Prior year – ₩ |
( |
) | ||||||||||
Reserve for business expansion |
( |
) | ||||||||||
|
|
|
|
|||||||||
( |
) | |||||||||||
|
|
|
|
|||||||||
V. Unappropriated retained earnings to be carried over forward to subsequent year |
||||||||||||
|
|
|
|
33. |
Hybrid Bonds |
Issuer |
Hybrid bond |
Issued date |
Maturity |
Yield (%) |
2020 |
2021 |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||
Korea South-East |
1st hybrid bond | ₩ | ||||||||||||||||||||||||
Korea South-East |
2nd hybrid bond | |||||||||||||||||||||||||
Expense of issuance |
( |
) | ( |
) | ||||||||||||||||||||||
₩ | ||||||||||||||||||||||||||
34. |
Other Components of Equity |
(1) |
Other components of equity of the parent as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Other capital surplus |
₩ | |||||||||||
Accumulated other comprehensive income (loss) |
( |
) | ( |
) | ||||||||
Other equity |
||||||||||||
₩ | ||||||||||||
(2) |
Changes in other capital surplus for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||||||||||||||
Gains on disposal of treasury stocks |
Others |
Subtotal |
Gains on disposal of treasury stocks |
Others |
Subtotal |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
Beginning balance |
₩ | |||||||||||||||||||||||||||
Changes in consolidation scope |
||||||||||||||||||||||||||||
Issuance of share capital of subsidiary |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Others |
( |
) | ( |
) | ||||||||||||||||||||||||
Ending balance |
₩ | |||||||||||||||||||||||||||
34. |
Other Components of Equity, Continued |
(3) |
Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2020 and 2021 are as follows: |
2020 |
||||||||||||||||||||||||
Financial asset at fair value through other comprehensive income valuation reserve |
Shares in other comprehensive income of investments in associates and joint ventures |
Reserve for overseas operations translation credit |
Reserve for gain (loss) on valuation of derivatives |
Total |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Beginning balance |
₩ | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||
Changes in the unrealized fair value of financial assets at FVOCI, net of tax |
( |
) | ( |
) | ||||||||||||||||||||
Shares in other comprehensive Income(loss) of associates and joint ventures, net of tax |
( |
) | ( |
) | ||||||||||||||||||||
Foreign currency translation of foreign operations, net of tax |
( |
) | ( |
) | ||||||||||||||||||||
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |
||||||||||||||||||||||||
Ending balance |
₩ | ( |
) | ( |
) | ( |
) | |||||||||||||||||
2021 |
||||||||||||||||||||||||
Financial assets at fair value through other comprehensive income valuation reserve |
Shares in other comprehensive income of investments in associates and joint ventures |
Reserve for overseas operations translation credit |
Reserve for gain (loss) on valuation of derivatives |
Total |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Beginning balance |
₩ | ( |
) | ( |
) | ( |
) | |||||||||||||||||
Changes in the unrealized fair value of financial assets at FVOCI, net of tax |
||||||||||||||||||||||||
Shares in other comprehensive income of associates and joint ventures, net of tax |
||||||||||||||||||||||||
Foreign currency translation of foreign operations, net of tax |
||||||||||||||||||||||||
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |
( |
) | ( |
) | ||||||||||||||||||||
Others |
( |
) | ( |
) | ||||||||||||||||||||
Ending balance |
₩ | ( |
) | ( |
) | ( |
) | |||||||||||||||||
(4) |
Other equity as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Statutory revaluation reserve |
₩ | |||||||||||
Changes in other equity |
( |
) | ( |
) | ||||||||
₩ | ||||||||||||
35. |
Sales |
2019 |
2020 |
2021 |
||||||||||||||||||||||||||
Domestic |
Overseas |
Domestic |
Overseas |
Domestic |
Overseas |
|||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||
[Type of goods and services] |
||||||||||||||||||||||||||||
Sales of goods |
₩ | |||||||||||||||||||||||||||
Electricity |
||||||||||||||||||||||||||||
Heat supply |
||||||||||||||||||||||||||||
Others |
||||||||||||||||||||||||||||
Sales related to rendering of services |
||||||||||||||||||||||||||||
Sales of construction services |
||||||||||||||||||||||||||||
₩ | ||||||||||||||||||||||||||||
[Timing of revenue recognition] |
||||||||||||||||||||||||||||
Performance obligations satisfied at a point in time |
₩ | |||||||||||||||||||||||||||
Performance obligations satisfied over time |
||||||||||||||||||||||||||||
₩ | ||||||||||||||||||||||||||||
36. |
Selling and Administrative Expenses |
(1) |
Selling and administrative expenses for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Salaries |
₩ | |||||||||||||||
Retirement benefit expense |
||||||||||||||||
Welfare and benefit expense |
||||||||||||||||
Insurance expense |
||||||||||||||||
Depreciation |
||||||||||||||||
Amortization of intangible assets |
||||||||||||||||
Bad debt expense |
( |
) | ||||||||||||||
Commission |
||||||||||||||||
Advertising expense |
||||||||||||||||
Training expense |
||||||||||||||||
Vehicle maintenance expense |
||||||||||||||||
Publishing expense |
||||||||||||||||
Business promotion expense |
||||||||||||||||
Rent expense |
||||||||||||||||
Telecommunication expense |
||||||||||||||||
Transportation expense |
||||||||||||||||
Taxes and dues |
||||||||||||||||
Expendable supplies expense |
||||||||||||||||
Water, light and heating expense |
||||||||||||||||
Repairs and maintenance expense |
||||||||||||||||
Ordinary development expense |
||||||||||||||||
Travel expense |
||||||||||||||||
Clothing expense |
||||||||||||||||
Survey and analysis expense |
||||||||||||||||
Membership fee |
||||||||||||||||
Others |
||||||||||||||||
₩ | ||||||||||||||||
(2) |
Details of “others” included in selling and administrative expenses for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Accommodation development expenses |
₩ | |||||||||||||||
Miscellaneous wages |
||||||||||||||||
Litigation and filing expenses |
||||||||||||||||
Compensation for damages |
( |
) | ||||||||||||||
Outsourcing expenses |
||||||||||||||||
Reward expenses |
||||||||||||||||
Overseas market development expenses |
||||||||||||||||
Others |
||||||||||||||||
₩ | |
|
|
|||||||||||||
37. |
Other Income and Expenses |
(1) |
Other income for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Reversal of other provisions |
₩ | |||||||||||||||
Reversal of other allowance for doubtful accounts |
||||||||||||||||
Gains on government grants |
||||||||||||||||
Gains on assets contributed |
||||||||||||||||
Gains on liabilities exempted |
||||||||||||||||
Compensation and reparations revenue |
||||||||||||||||
Revenue from foundation fund |
— | — | ||||||||||||||
Revenue from research contracts |
||||||||||||||||
Income related to transfer of assets from customers |
||||||||||||||||
Rental income |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
(2) |
Details of “others” included in other income for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Refund of claim for rectification |
₩ | |||||||||||||||
Adjustment of research project |
||||||||||||||||
Maintenance expenses on lease building |
||||||||||||||||
Training expenses |
||||||||||||||||
Deposit redemption |
||||||||||||||||
Reversal of expenses on litigation |
||||||||||||||||
Revenue on royalty fee |
||||||||||||||||
Reimbursement of insurance fee |
||||||||||||||||
Gains on guarantee contracts |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | |
|
|
|||||||||||||
|
|
|
|
|
|
37. |
Other Income and Expenses, Continued |
(3) |
Other expenses for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Compensation and indemnification expense |
₩ | |||||||||||||||
Accretion expenses of other provisions |
||||||||||||||||
Depreciation expenses on investment properties |
||||||||||||||||
Depreciation expenses on idle assets |
||||||||||||||||
Other bad debt expense |
||||||||||||||||
Donations |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
(4) |
Details of “others” included in other expenses for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Operating expenses related to the idle assets |
₩ | |||||||||||||||
Research grants |
||||||||||||||||
Expenses related to farming and fishing village supports |
||||||||||||||||
Expenses related to Operating of a fitness center |
||||||||||||||||
Expenses on adjustment of research and development grants |
||||||||||||||||
Taxes and dues |
||||||||||||||||
Expenses on R&D supports |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | |
|
||||||||||||||
|
|
|
|
|
|
38. |
Other Gains (Losses) |
(1) |
Composition of other gains (losses) for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Other gains |
||||||||||||||||
Gains on disposal of property, plant and equipment |
₩ | |||||||||||||||
Gains on disposal of intangible assets |
||||||||||||||||
Reversal of impairment loss on property, plant and equipment |
||||||||||||||||
Reversal of impairment loss on intangible assets |
||||||||||||||||
Gains on foreign currency translation |
||||||||||||||||
Gains on foreign currency transaction |
||||||||||||||||
Gains on insurance proceeds |
||||||||||||||||
Others |
||||||||||||||||
Other losses |
||||||||||||||||
Losses on disposal of property, plant and equipment |
( |
) | ( |
) | ( |
) | ||||||||||
Losses on disposal of intangible assets |
( |
) | ( |
) | ( |
) | ||||||||||
Losses on valuation of other non-current assets |
( |
) | ||||||||||||||
Impairment loss on property, plant and equipment |
( |
) | ( |
) | ( |
) | ||||||||||
Impairment loss on intangible assets |
( |
) | ( |
) | ||||||||||||
Impairment loss on other non-current assets |
( |
) | ( |
) | ||||||||||||
Losses on foreign currency translation |
( |
) | ( |
) | ( |
) | ||||||||||
Losses on foreign currency transaction |
( |
) | ( |
) | ( |
) | ||||||||||
Others |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ( |
) | ||||||||||||||
|
|
|
|
|
|
(2) |
Details of “others” included in other gains for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Gains on disposal of inventories |
₩ | |||||||||||||||
Gains on proxy collection of TV license fee |
||||||||||||||||
Gains on compensation of impaired electric poles |
||||||||||||||||
Gains on harbor facilities dues |
||||||||||||||||
Gains on technical fees |
||||||||||||||||
Reversal of occupation development training fees |
||||||||||||||||
Gains on disposal of waste |
||||||||||||||||
Gains on insurance |
||||||||||||||||
Gains on tax rebate |
||||||||||||||||
Gains on other commission |
||||||||||||||||
Gains on disposal of greenhouse gas emissions rights |
||||||||||||||||
Gains on disposal of assets held-for-sale |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | |
|
|
|||||||||||||
|
|
|
|
|
|
(3) |
Details of “others” included in other losses for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Losses on valuation of inventories |
₩ | |||||||||||||||
Losses on disposal of inventories |
||||||||||||||||
Losses due to disaster |
||||||||||||||||
Losses on rounding adjustment of electric charge surtax |
||||||||||||||||
Loss on disposal of greenhouse gas emissions rights |
— | — | ||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | |
|
||||||||||||||
|
|
|
|
|
|
39. |
Finance Income |
(1) |
Finance income for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Interest income |
₩ | |||||||||||||||
Dividends income |
||||||||||||||||
Gains on disposal of financial assets |
||||||||||||||||
Gains on valuation of financial assets at fair value through profit or loss |
||||||||||||||||
Gains on valuation of derivatives |
||||||||||||||||
Gains on transaction of derivatives |
||||||||||||||||
Gains on foreign currency translation |
||||||||||||||||
Gains on foreign currency transactions |
||||||||||||||||
Other financial income |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
(2) |
Details of interest income included in finance income for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Cash and cash equivalents |
₩ | |||||||||||||||
Financial assets at fair value through profit or loss |
||||||||||||||||
Financial assets at amortized cost |
||||||||||||||||
Loans |
||||||||||||||||
Short-term financial instruments |
||||||||||||||||
Long-term financial instruments |
||||||||||||||||
Other financial assets |
||||||||||||||||
Trade and other receivables |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | |
|
|
|||||||||||||
|
|
|
|
|
|
40. |
Finance Expenses |
(1) |
Finance expenses for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Interest expense |
₩ | |||||||||||||||
Losses on sale of financial assets |
||||||||||||||||
Losses on valuation of financial assets at fair value through profit or loss |
||||||||||||||||
Losses on valuation of derivatives |
||||||||||||||||
Losses on transaction of derivatives |
||||||||||||||||
Losses on foreign currency translation |
||||||||||||||||
Losses on foreign currency transaction |
||||||||||||||||
Losses on repayment of financial liabilities |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
(2) |
Details of interest expense included in finance expenses for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Trade and other payables |
₩ | |||||||||||||||
Short-term borrowings |
||||||||||||||||
Long-term borrowings |
||||||||||||||||
Debt securities |
||||||||||||||||
Other financial liabilities |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Less: Capitalized borrowing costs |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
41. |
Income Taxes |
(1) |
Income tax expense (benefit) for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Current income tax expense |
||||||||||||||||
Payment of income tax |
₩ | |||||||||||||||
Adjustment in respect of prior years due to change in estimate |
( |
) | ( |
) | ||||||||||||
Current income tax directly recognized in equity |
( |
) | ( |
) | ||||||||||||
Deferred tax expense (benefit) |
||||||||||||||||
Generation and realization of temporary differences |
( |
) | ( |
) | ( |
) | ||||||||||
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods |
( |
) | ( |
) | ( |
) | ||||||||||
Changes in deferred tax on tax losses carryforwards |
( |
) | ( |
) | ||||||||||||
Tax credit carryforwards |
( |
) | ( |
) | ||||||||||||
Amount due to change in tax rate or regulations |
||||||||||||||||
( |
) | ( |
) | |||||||||||||
Income tax expense (benefit) |
₩ | ( |
) | |
( |
) | ||||||||||
(2) |
Reconciliation between actual income tax expense (benefit) and amount computed by applying the statutory tax rate to profit (loss) before income taxes for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Profit (loss) before income tax |
₩ | ( |
) | ( |
) | |||||||||||
Income tax expense (benefit) computed at applicable tax rate(*1) |
( |
) | ( |
) | ||||||||||||
Adjustments |
||||||||||||||||
Effect of applying gradual tax rate |
( |
) | ( |
) | ||||||||||||
Effect of non-taxable income |
( |
) | ( |
) | ( |
) | ||||||||||
Effect of non-deductible expenses |
||||||||||||||||
Effect of tax losses that are not recognized as deferred tax asset |
||||||||||||||||
Effects of tax credits and deduction |
( |
) | ( |
) | ( |
) | ||||||||||
Reversal of unrecognized deferred tax asset, net |
( |
) | ( |
) | ( |
) | ||||||||||
Effect of change in deferred tax due to change in tax rate |
( |
) | ||||||||||||||
Deduction of deferred tax assets |
||||||||||||||||
Deferred tax related to investments in subsidiaries, associates and joint ventures |
( |
) | ||||||||||||||
Others, net |
( |
) | ||||||||||||||
( |
) | |||||||||||||||
Adjustment in respect of prior years due to change in estimate |
( |
) | ( |
) | ||||||||||||
Income tax expense (benefit) |
₩ | ( |
) | ( |
) | |||||||||||
Effective tax rate |
(* |
) | % | (* |
) |
(*1) | Applicable tax rate is |
(*2) | The effective tax rate for the year ended December 31, 2019 and 2021 is not calculated due to income tax benefit and the effective tax rate for the year ended December 31, 2020 is |
(3) |
Income tax directly adjusted to equity (except for accumulated other comprehensive income (loss)) for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Dividends of hybrid bond and others |
₩ |
41. |
Income Taxes, Continued |
(4) |
Income tax recognized as other comprehensive income (loss) for the years ended December 31, 2019, 2020 and 2021 are as follows: |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||
Income tax recognized as other comprehensive income (loss) |
||||||||||||||||
Gain (loss) on valuation of financial assets at fair value through other comprehensive income |
₩ | ( |
) | ( |
) | |||||||||||
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |
( |
) | ( |
) | ||||||||||||
Remeasurement of defined benefit liability |
( |
) | ( |
) | ||||||||||||
Investments in associates |
( |
) | ||||||||||||||
Others |
( |
) | ( |
) | ||||||||||||
₩ | ( |
) | ( |
) | ||||||||||||
41. |
Income Taxes, Continued |
(5) |
Changes in deferred tax assets (liabilities) recognized in the consolidated statements of financial position for the years ended December 31, 2020 and 2021 are as follows, continued: |
2020 |
||||||||||||||||||||||||
Beginning balance |
Amounts recognized in profit or loss |
Amount recognized in other comprehensive income (loss) |
Amounts recognized directly in equity |
Ending balance |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Deferred tax on temporary differences |
||||||||||||||||||||||||
Employee benefits |
₩ | — | ||||||||||||||||||||||
Cash flow hedge |
( |
) | ( |
) | — | |||||||||||||||||||
Investments in subsidiaries, associates and joint ventures |
( |
) | ( |
) | — | ( |
) | |||||||||||||||||
Property, plant and equipment |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Finance lease |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Intangible assets |
( |
) | — | — | ( |
) | ||||||||||||||||||
Financial assets at fair value through profit or loss |
( |
) | — | — | ||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
— | |||||||||||||||||||||||
Deferred revenue |
( |
) | — | — | ||||||||||||||||||||
Provisions |
— | — | ||||||||||||||||||||||
Doubtful receivables |
( |
) | — | — | — | |||||||||||||||||||
Other finance liabilities |
( |
) | — | |||||||||||||||||||||
Gains or losses on foreign exchange translation |
( |
) | — | — | ( |
) | ||||||||||||||||||
Allowance for doubtful accounts |
( |
) | — | — | ||||||||||||||||||||
Accrued income |
( |
) | — | — | ||||||||||||||||||||
Special deduction for property, plant and equipment |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Others |
— | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deferred tax on unused tax losses and tax credit |
||||||||||||||||||||||||
Unused tax losses |
( |
) | — | — | ||||||||||||||||||||
Excess of donation limit |
( |
) | — | — | ||||||||||||||||||||
Tax credit |
( |
) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
41. |
Income Taxes, Continued |
(5) |
Changes in deferred tax assets (liabilities) recognized in the consolidated statements of financial position for the years ended December 31, 2020 and 2021 are as follows, continued: |
2021 |
||||||||||||||||||||||||
Beginning balance |
Amounts recognized in profit or loss |
Amount recognized in other comprehensive income (loss) |
Amounts recognized directly in equity |
Ending balance |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Deferred tax on temporary differences |
||||||||||||||||||||||||
Employee benefits |
₩ | ( |
) | ( |
) | — | ||||||||||||||||||
Cash flow hedge |
( |
) | ( |
) | ||||||||||||||||||||
Investments in subsidiaries, associates and joint ventures |
( |
) | ( |
) | — | ( |
) | |||||||||||||||||
Property, plant and equipment |
( |
) | — | — | ( |
) | ||||||||||||||||||
Finance lease |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Intangible assets |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Financial assets at fair value through profit or loss |
( |
) | — | — | ||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
( |
) | ( |
) | — | |||||||||||||||||||
Deferred revenue |
( |
) | — | — | ||||||||||||||||||||
Provisions |
— | — | ||||||||||||||||||||||
Doubtful receivables |
— | — | ||||||||||||||||||||||
Other finance liabilities |
( |
) | — | |||||||||||||||||||||
Gains or losses on foreign exchange translation |
( |
) | — | — | ||||||||||||||||||||
Allowance for doubtful accounts |
— | — | ||||||||||||||||||||||
Accrued income |
— | — | ||||||||||||||||||||||
Special deduction for property, plant and equipment |
( |
) | — | — | ( |
) | ||||||||||||||||||
Others |
( |
) | ( |
) | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
( |
) | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deferred tax on unused tax losses and tax credit |
||||||||||||||||||||||||
Unused tax losses |
— | — | ||||||||||||||||||||||
Excess of donation limit |
— | — | ||||||||||||||||||||||
Tax credit |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
— | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
41. |
Income Taxes, Continued |
(6) |
Deferred tax assets (liabilities) recognized in the consolidated statements of financial position as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Deferred tax assets |
₩ | |||||||||||
Deferred tax liabilities |
( |
) | ( |
) | ||||||||
₩ | ( |
) | ( |
) | ||||||||
(7) |
Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Deductible temporary differences |
₩ |
42. |
Assets Held-for-Sale |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Land(*1) |
₩ | |||||||||||
Buildings(*1) |
||||||||||||
Investments(*1) |
||||||||||||
Others(*2) |
||||||||||||
₩ | ||||||||||||
(*1) | The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Company, made a resolution to sell its old office building in Yongin-si , Gyeonggi-do during the year ended December 31, 2021, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction. |
(*2) | The Company had decided to sell its shares of DG Fairhaven Power, LLC, a subsidiary of the Company, and classified them as assets held-for-sale as of December 31, 2020. The disposal was completed during the year ended December 31, 2021. |
43. |
Expenses Classified by Nature |
2019 |
||||||||||||||||
Selling and administrative expenses |
Cost of sales |
Total |
||||||||||||||
In millions of won |
||||||||||||||||
Raw materials used |
₩ | |||||||||||||||
Salaries |
||||||||||||||||
Retirement benefit expense |
||||||||||||||||
Welfare and benefit expense |
||||||||||||||||
Insurance expense |
||||||||||||||||
Depreciation |
||||||||||||||||
Amortization of intangible assets |
||||||||||||||||
Bad debt expense |
( |
) | ( |
) | ||||||||||||
Commission |
||||||||||||||||
Advertising expense |
||||||||||||||||
Training expense |
||||||||||||||||
Vehicle maintenance expense |
||||||||||||||||
Publishing expense |
||||||||||||||||
Business promotion expense |
||||||||||||||||
Rent expense |
||||||||||||||||
Telecommunication expense |
||||||||||||||||
Transportation expense |
||||||||||||||||
Taxes and dues |
||||||||||||||||
Expendable supplies expense |
||||||||||||||||
Water, light and heating expense |
||||||||||||||||
Repairs and maintenance expense |
||||||||||||||||
Ordinary development expense |
||||||||||||||||
Travel expense |
||||||||||||||||
Clothing expense |
||||||||||||||||
Survey and analysis expense |
||||||||||||||||
Membership fee |
||||||||||||||||
Power purchase |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
43. |
Expenses Classified by Nature, Continued |
2020 |
||||||||||||||||
Selling and administrative expenses |
Cost of sales |
Total |
||||||||||||||
In millions of won |
||||||||||||||||
Raw materials used |
₩ | |||||||||||||||
Salaries |
||||||||||||||||
Retirement benefit expense |
||||||||||||||||
Welfare and benefit expense |
||||||||||||||||
Insurance expense |
||||||||||||||||
Depreciation |
||||||||||||||||
Amortization of intangible assets |
||||||||||||||||
Bad debt expense |
||||||||||||||||
Commission |
||||||||||||||||
Advertising expense |
||||||||||||||||
Training expense |
||||||||||||||||
Vehicle maintenance expense |
||||||||||||||||
Publishing expense |
||||||||||||||||
Business promotion expense |
||||||||||||||||
Rent expense |
||||||||||||||||
Telecommunication expense |
||||||||||||||||
Transportation expense |
||||||||||||||||
Taxes and dues |
||||||||||||||||
Expendable supplies expense |
||||||||||||||||
Water, light and heating expense |
||||||||||||||||
Repairs and maintenance expense |
||||||||||||||||
Ordinary development expense |
||||||||||||||||
Travel expense |
||||||||||||||||
Clothing expense |
||||||||||||||||
Survey and analysis expense |
||||||||||||||||
Membership fee |
||||||||||||||||
Power purchase |
||||||||||||||||
Others |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | ||||||||||||||||
|
|
|
|
|
|
43. |
Expenses Classified by Nature, Continued |
2021 |
||||||||||||||||
Selling and administrative expenses |
Cost of sales |
Total |
||||||||||||||
In millions of won |
||||||||||||||||
Raw materials used |
₩ | |||||||||||||||
Salaries |
||||||||||||||||
Retirement benefit expense |
||||||||||||||||
Welfare and benefit expense |
||||||||||||||||
Insurance expense |
||||||||||||||||
Depreciation |
||||||||||||||||
Amortization of intangible assets |
||||||||||||||||
Bad debt expense |
||||||||||||||||
Commission |
||||||||||||||||
Advertising expense |
||||||||||||||||
Training expense |
||||||||||||||||
Vehicle maintenance expense |
||||||||||||||||
Publishing expense |
||||||||||||||||
Business promotion expense |
||||||||||||||||
Rent expense |
||||||||||||||||
Telecommunication expense |
||||||||||||||||
Transportation expense |
||||||||||||||||
Taxes and dues |
||||||||||||||||
Expendable supplies expense |
||||||||||||||||
Water, light and heating expense |
||||||||||||||||
Repairs and maintenance expense |
||||||||||||||||
Ordinary development expense |
||||||||||||||||
Travel expense |
||||||||||||||||
Clothing expense |
||||||||||||||||
Survey and analysis expense |
||||||||||||||||
Membership fee |
||||||||||||||||
Power purchase |
||||||||||||||||
Others |
||||||||||||||||
₩ | ||||||||||||||||
44. |
Earnings (Loss) Per Share |
(1) |
Basic earnings (loss) per share for the years ended December 31, 2019, 2020 and 2021 are as follows: |
Type |
2019 |
2020 |
2021 |
|||||||||||||
In won |
||||||||||||||||
Basic earnings (loss) per share |
₩ | ( |
) | ( |
) |
(2) |
Diluted earnings (loss) per share for the years ended December 31, 2019, 2020 and 2021 are as follows: |
Type |
2019 |
2020 |
2021 |
|||||||||||||
In won |
||||||||||||||||
Diluted earnings (loss) per share |
₩ | ( |
) | ( |
) |
(3) |
Basic earnings (loss) per share |
Type |
2019 |
2020 |
2021 |
|||||||||||||
In millions of won except number of shares |
||||||||||||||||
Profit (loss) attributable to owners of the controlling company |
₩ | ( |
) | ( |
) | |||||||||||
Profit (loss) used in the calculation of total basic earnings (loss) per share |
( |
) | ( |
) | ||||||||||||
Weighted average number of common shares |
(4) |
Diluted earnings (loss) per share |
Type |
2019 |
2020 |
2021 |
|||||||||||||
In millions of won |
||||||||||||||||
Profit (loss) used in the calculation of total diluted earnings (loss) per share |
₩ | ( |
) | ( |
) |
Type |
2019 |
2020 |
2021 |
|||||||||
In number of shares |
||||||||||||
Weighted average number of common shares |
||||||||||||
Diluted weighted average number of shares |
(5) |
There are no potential dilutive instruments, thus diluted earnings (loss) per share are same as basic earnings (loss) per share for the years ended December 31, 2019, 2020 and 2021. |
45. |
Risk Management |
(1) |
Capital risk management |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Total borrowings and debt securities |
₩ | |||||||||||
Cash and cash equivalents |
||||||||||||
|
|
|
|
|||||||||
Net borrowings and debt securities |
||||||||||||
|
|
|
|
|||||||||
Total equity |
||||||||||||
|
|
|
|
|||||||||
Debt to equity ratio |
% | % |
(2) |
Financial risk management |
(i) | Credit risk |
① | Credit risk management |
② | Impairment and allowance account |
45. |
Risk Management, Continued |
(2) |
Financial risk management, continued |
2020 |
2021 |
|||||||||||
In millions of won |
||||||||||||
Cash and cash equivalents |
₩ | |||||||||||
Financial assets at fair value through profit or loss(*1) |
||||||||||||
Derivative assets (trading) |
||||||||||||
Financial assets at fair value through other comprehensive income (debt securities) |
||||||||||||
Financial assets at amortized cost |
||||||||||||
Loans |
||||||||||||
Long-term/short-term financial instruments |
||||||||||||
Derivative assets (applying hedge accounting) |
||||||||||||
Trade and other receivables |
||||||||||||
Financial guarantee contracts(*2) |
(*1) | Equity investments held by the Company are excluded. |
(*2) | Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation. |
(ii) | Market risk |
45. |
Risk Management, Continued |
(2) |
Financial risk management, continued |
(iii) | Sensitivity analysis |
① | Defined benefit obligation |
2020 |
2021 |
|||||||||||||||||||||
Type |
Accounts |
1% Increase |
1% Decrease |
1% Increase |
1% Decrease |
|||||||||||||||||
In millions of won |
||||||||||||||||||||||
Future salary increases |
Increase (decrease) in defined benefit obligation |
₩ | ( |
) | ( |
) | ||||||||||||||||
Discount rate |
Increase (decrease) in defined benefit obligation | ( |
) | ( |
) |
② | Provisions |
Type |
Accounts |
2020 |
2021 |
|||||||
PCBs |
Inflation rate | % | % | |||||||
Discount rate | % | % | ||||||||
Nuclear plants |
Inflation rate | % | % | |||||||
Discount rate | % | % | ||||||||
Spent fuel |
Inflation rate | % | % | |||||||
Discount rate | % | % |
2020 |
2021 |
|||||||||||||||||||||
Type |
Accounts |
0.1% Increase |
0.1% Decrease |
0.1% Increase |
0.1% Decrease |
|||||||||||||||||
In millions of won |
||||||||||||||||||||||
Discount rate |
PCBs | ₩ | ( |
) | ( |
) | ||||||||||||||||
Nuclear plants | ( |
) | ( |
) | ||||||||||||||||||
Spent fuel | ( |
) | ( |
) | ||||||||||||||||||
Inflation rate |
PCBs | ( |
) | ( |
) | |||||||||||||||||
Nuclear plants | ( |
) | ( |
) | ||||||||||||||||||
Spent fuel | ( |
) | ( |
) |
45. |
Risk Management, Continued |
(2) |
Financial risk management, continued |
① | Foreign currency risk |
Assets |
Liabilities |
|||||||||||||||
Type |
2020 |
2021 |
2020 |
2021 |
||||||||||||
In thousands of foreign currencies |
||||||||||||||||
AED |
||||||||||||||||
AUD |
||||||||||||||||
BDT |
||||||||||||||||
BWP |
||||||||||||||||
EGP |
||||||||||||||||
CAD |
||||||||||||||||
CHF |
||||||||||||||||
CZK |
||||||||||||||||
EUR |
||||||||||||||||
GBP |
||||||||||||||||
HKD |
||||||||||||||||
IDR |
||||||||||||||||
INR |
||||||||||||||||
JOD |
||||||||||||||||
JPY |
||||||||||||||||
KZT |
||||||||||||||||
MGA |
||||||||||||||||
MMK |
||||||||||||||||
MYR |
||||||||||||||||
PHP |
||||||||||||||||
PKR |
||||||||||||||||
SAR |
||||||||||||||||
SEK |
||||||||||||||||
USD |
||||||||||||||||
UYU |
||||||||||||||||
VND |
||||||||||||||||
ZAR |
2020 |
2021 |
|||||||||||||||||||
Type |
10% Increase |
10% Decrease |
10% Increase |
10% Decrease |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Increase (decrease) of profit before income tax |
₩ | ( |
) | ( |
) | |||||||||||||||
Increase (decrease) of equity(*) |
( |
) | ( |
) |
(*) | The effect on the shareholders’ equity excluding the impact of income taxes. |
45. |
Risk Management, Continued |
(2) |
Financial risk management, continued |
② | Interest rate risk |
Type |
2020 |
2021 |
||||||||||
In millions of won |
||||||||||||
Short-term borrowings |
₩ | |||||||||||
Long-term borrowings |
||||||||||||
Debt securities |
||||||||||||
|
|
|
|
|||||||||
₩ | ||||||||||||
|
|
|
|
2020 |
2021 |
|||||||||||||||||||
Type |
1% Increase |
1% Decrease |
1% Increase |
1% Decrease |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Increase (decrease) of profit before income tax |
₩ | ( |
) | ( |
) | |||||||||||||||
Increase (decrease) of shareholder’s equity(*) |
( |
) | ( |
) |
(*) | The effect on the shareholders’ equity excluding the impact of income taxes. |
45. |
Risk Management, Continued |
(2) |
Financial risk management, continued |
③ | Electricity rates risk |
2020 |
2021 |
|||||||||||||||||||
Type |
1% Increase |
1% Decrease |
1% Increase |
1% Decrease |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Increase (decrease) of profit before income tax |
₩ | ( |
) | ( |
) | |||||||||||||||
Increase (decrease) of shareholder’s equity(*) |
( |
) | ( |
) |
(*) | The effect on the equity excluding the impact of income taxes. |
45. |
Risk Management, Continued |
(2) |
Financial risk management, continued |
(iv) | Liquidity risk |
2020 |
||||||||||||||||||||||||
Type |
Less than 1 year |
1~2 Years |
2~5 Years |
More than 5 years |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Borrowings and debt securities |
₩ | |||||||||||||||||||||||
Finance lease liabilities |
||||||||||||||||||||||||
Trade and other payables |
||||||||||||||||||||||||
Financial guarantee contracts(*) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2021 |
||||||||||||||||||||||||
Type |
Less than 1 year |
1~2 Years |
2~5 Years |
More than 5 years |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Borrowings and debt securities |
₩ | |||||||||||||||||||||||
Lease liabilities |
||||||||||||||||||||||||
Trade and other payables |
||||||||||||||||||||||||
Financial guarantee contracts(*) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2020 and 2021 are ₩ |
45. |
Risk Management, Continued |
(2) |
Financial risk management, continued |
2020 |
||||||||||||||||||||||||
Type |
Less than 1 year |
1~5 Years |
More than 5 years |
Other (*) |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Cash and cash equivalents |
₩ | |||||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
||||||||||||||||||||||||
Financial assets at amortized cost |
||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||
Long-term/short-term financial instruments |
||||||||||||||||||||||||
Financial assets at fair value through profit or loss |
||||||||||||||||||||||||
Trade and other receivables |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2021 |
||||||||||||||||||||||||
Type |
Less than 1 year |
1~5 Years |
More than 5 years |
Other (*) |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Cash and cash equivalents |
₩ | |||||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
||||||||||||||||||||||||
Financial assets at amortized cost |
||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||
Long-term/short-term financial instruments |
||||||||||||||||||||||||
Financial assets at fair value through profit or loss |
||||||||||||||||||||||||
Trade and other receivables |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | The maturities cannot be presently determined. |
45. |
Risk Management, Continued |
(2) |
Financial risk management, continued |
2020 |
||||||||||||||||||||||||
Type |
Less than 1 year |
1~2 Years |
2~5 Years |
More than 5 years |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Net settlement |
||||||||||||||||||||||||
—Trading |
₩ | |||||||||||||||||||||||
Gross settlement |
||||||||||||||||||||||||
—Trading |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
—Hedging |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
2021 |
||||||||||||||||||||||||
Type |
Less than 1 year |
1~2 Years |
2~5 Years |
More than 5 years |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Net settlement |
||||||||||||||||||||||||
—Trading |
₩ | |||||||||||||||||||||||
Gross settlement |
||||||||||||||||||||||||
—Trading |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
—Hedging |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
2020 |
||||||||||||||||||||||||
Type |
Less than 1 year |
1~2 Years |
2~5 Years |
More than 5 years |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Net settlement |
||||||||||||||||||||||||
—Trading |
₩ | |||||||||||||||||||||||
Gross settlement |
||||||||||||||||||||||||
—Trading |
||||||||||||||||||||||||
—Hedging |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
2021 |
||||||||||||||||||||||||
Type |
Less than 1 year |
1~2 Years |
2~5 Years |
More than 5 years |
Total |
|||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Net settlement |
||||||||||||||||||||||||
—Trading |
₩ | |||||||||||||||||||||||
Gross settlement |
||||||||||||||||||||||||
—Trading |
||||||||||||||||||||||||
—Hedging |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
45. |
Risk Management, Continued |
(3) |
Fair value risk |
(i) | |
2020 |
2021 |
|||||||||||||||||||
Type |
Book value |
Fair value |
Book value |
Fair value |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Assets recognized at fair value |
||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
₩ | |||||||||||||||||||
Derivative assets (trading) |
||||||||||||||||||||
Derivative assets (applying hedge accounting) |
||||||||||||||||||||
Financial assets at fair value through profit or loss |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Assets carried at amortized cost |
||||||||||||||||||||
Financial assets at amortized cost |
₩ | |||||||||||||||||||
Loans and receivables |
||||||||||||||||||||
Trade and other receivables |
||||||||||||||||||||
Long-term financial instruments |
||||||||||||||||||||
Short-term financial instruments |
||||||||||||||||||||
Cash and cash equivalents |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Liabilities recognized at fair value |
||||||||||||||||||||
Derivative liabilities (trading) |
₩ | |||||||||||||||||||
Derivative liabilities (applying hedge accounting) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Liabilities carried at amortized cost |
||||||||||||||||||||
Secured borrowings |
₩ | |||||||||||||||||||
Unsecured bond |
||||||||||||||||||||
Lease liabilities |
||||||||||||||||||||
Unsecured borrowings |
||||||||||||||||||||
Trade and other payables(*) |
||||||||||||||||||||
Bank overdraft |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
₩ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(*) |
Excludes lease liabilities. |
45. |
Risk Management, Continued |
(3) |
Fair value risk, continued |
(ii) | Interest rates used for determining fair value |
Type |
2020 |
2021 |
||||||
Derivatives |
||||||||
Borrowings and debt securities |
||||||||
Finance lease |
(iii) | Fair value hierarchy |
2020 |
||||||||||||||||||||
Type |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Financial assets at fair value |
||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
₩ | |||||||||||||||||||
Derivative assets |
||||||||||||||||||||
Financial assets at fair value through profit or loss |
||||||||||||||||||||
₩ | ||||||||||||||||||||
Financial liabilities at fair value |
||||||||||||||||||||
Derivative liabilities |
₩ | |||||||||||||||||||
2021 |
||||||||||||||||||||
Type |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Financial assets at fair value |
||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
₩ | |||||||||||||||||||
Derivative assets |
||||||||||||||||||||
Financial assets at fair value through profit or loss |
||||||||||||||||||||
₩ | ||||||||||||||||||||
Financial liabilities at fair value |
||||||||||||||||||||
Derivative liabilities |
₩ | |||||||||||||||||||
45. |
Risk Management, Continued |
(3) |
Fair value risk, continued |
2020 |
||||||||||||||||||||||||||||||||
Beginning balance |
Acquisitions |
Reclassified category |
Valuation |
Disposal |
Foreign currency translation and others |
Ending balance |
||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
Financial assets at fair value |
||||||||||||||||||||||||||||||||
Financial assets at fair value through profit or loss Cooperative |
₩ | ( |
) | |||||||||||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
||||||||||||||||||||||||||||||||
Unlisted securities |
( |
) | ( |
) | ||||||||||||||||||||||||||||
2021 |
||||||||||||||||||||||||||||||||
Beginning balance |
Acquisitions |
Reclassified category |
Valuation |
Disposal |
Foreign currency translation and others |
Ending balance |
||||||||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||||||||
Financial assets at fair value |
||||||||||||||||||||||||||||||||
Financial assets at fair value through profit or loss Cooperative |
₩ | |||||||||||||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
||||||||||||||||||||||||||||||||
Unlisted securities |
( |
) | ( |
) | |
|||||||||||||||||||||||||||
Debt securities |
( |
) |
46. |
Service Concession Arrangements |
(1) |
Gas Complex . Thermal Power Plant at Ilijan, Philippines (BOT) |
(i) | Significant terms and concession period of the arrangement |
(ii) | Rights and classification of the arrangement |
(iii) | The Company’s expected future collections of service concession arrangements as of December 31, 2021 are as follows: |
Type |
Amounts |
|||||||
In millions of won |
||||||||
Less than 1 year |
₩ | |
(2) |
Hydroelectric Power Generation at Semangka, Indonesia (BOT) |
(i) | Significant terms and concession period of the arrangement |
(ii) | Rights and classification of the arrangement |
(iii) |
The Company’s expected future collections of service concession arrangements as of December 31, 2021 are as follows: |
Type |
Amounts |
|||||||
In millions of won |
||||||||
Less than 1 year |
₩ | |||||||
1 ~ 2 years |
||||||||
2 ~ 3 years |
||||||||
Over 3 years |
||||||||
|
|
|||||||
₩ | ||||||||
|
|
47. |
Related Parties |
(1) |
Related parties of the Company as of December 31, 2021 are as follows: |
Type |
Related party | |
Parent |
Republic of Korea government | |
Subsidiaries (153 subsidiaries) |
Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Lebanon SARL, KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, PT. KOWEPO Sumsel Operation And Maintenance Services, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, EWPRC Biomass Holdings, LLC, Hee mang sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO Energy Solution Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO US Inc., KEPCO Alamosa LLC, KEPCO Solar of Alamosa LLC, KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., Nambu USA LLC, Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., KEPCO Mangilao America LLC, Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, TS Energy No. 25 Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, Elara Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., KHNP Spain, S.L. | |
Associates (90 associates) |
Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., YTN Co., Ltd., Samcheok Eco Materials Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Wind Power Co., Ltd., Taebaek Guinemi Wind Power Co., Ltd., Pyeongchang Wind Power Co., Ltd., Daeryun Power Co., Ltd., Changjuk Wind Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Pioneer Gas Power Limited, Eurasia Energy Holdings, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Gunsan Bio Energy Co., Ltd., Korea Electric Vehicle Charging Service, Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.), Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Daegu clean Energy Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., Structure test network Co., Ltd., Namjeongsusang Solar Power Operation Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., KPGE Inc., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., Daewon Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Kosture Co., Ltd., Digital Innovation Growth Fund, Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd. |
47. |
Related Parties, Continued |
(1) |
Related parties of the Company as of December 31, 2021 are as follows, continued: |
Type |
Related party | |
Joint ventures (96 joint ventures) |
Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., KEPCO-Uhde Inc., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, Momentum, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Chile Solar JV SpA, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., DE Energia SpA, Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. De C.V., Recursos Solares PV De Mexico II, S.A. De C.V., S.A. De C.V., Sunmex Renovables, S.A. De C.V., Stavro Holding II AB, Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., Sam-Yang Photovoltaic Power Co., Ltd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Dayone Energy Co., Ltd., OneEnergy Asia Limited, KAS Investment I LLC, KAS Investment II LLC, Energyco Co., Ltd. (formerly, Energyco LLC), CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS Carabao Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited | |
Other |
Korea Development Bank |
47. |
Related Parties, Continued |
(2) |
Transactions between the Company and its subsidiaries are eliminated during the consolidation and are not disclosed in notes. |
(3) |
Related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows: |
Sales and others |
||||||||||||||||||
Company name |
Transaction type |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||||
<Associates> |
||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
Electricity sales | ₩ | ||||||||||||||||
Korea Gas Corporation |
Electricity sales | |||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
Electricity sales | |||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
Service | |||||||||||||||||
Goseong Green Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Gangneung Eco Power Co., Ltd. |
Service | |||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Noeul Green Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
Electricity sales | |||||||||||||||||
YTN Co., Ltd. |
Electricity sales | |||||||||||||||||
Busan Green Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Korea Electric Vehicle Charging Service |
Electricity sales | |||||||||||||||||
Energy Infra Asset Management Co., Ltd. |
Electricity sales | |||||||||||||||||
Gangwon Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Hyundai Green Power Co., Ltd. |
Electricity sales and design service | |
||||||||||||||||
Korea Power Exchange |
Service | |||||||||||||||||
Taebaek Wind Power Co., Ltd. |
Service | |||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Daeryun Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Changjuk Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
Electricity sales | |||||||||||||||||
KNH Solar Co., Ltd. |
Electricity sales | |||||||||||||||||
S-Power Co., Ltd. |
Service | |||||||||||||||||
PND Solar Co., Ltd. |
Electricity sales | |||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
Electricity sales | |||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd.(*2) |
Electricity sales | |||||||||||||||||
Korea Energy Solutions Co., Ltd. |
Electricity sales | |||||||||||||||||
ITR Co., Ltd. |
Service | |||||||||||||||||
Structure test network Co., Ltd. |
Service | |||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
Electricity sales | |||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd. |
Electricity sales | |||||||||||||||||
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |
Service | |||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Muan Solar Park Co., Ltd. |
Electricity sales | |||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
Electricity sales | |||||||||||||||||
Daewon Green Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Saemangeum Heemang Photovoltaic Co., Ltd. |
Electricity sales | |||||||||||||||||
UD4M Co., Ltd. |
Electricity sales | |||||||||||||||||
Dongbu Highway Solar Co., Ltd. |
Electricity sales | |||||||||||||||||
Seobu Highway Solar Co., Ltd. |
Electricity sales | |||||||||||||||||
SureDataLab Co., Ltd. |
Electricity sales | |||||||||||||||||
Suwon New Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Hankook Electric Power Information Co., Ltd. |
Electricity sales | |||||||||||||||||
Kosture Co., Ltd. |
Electricity sales | |||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
Electricity sales | |||||||||||||||||
9 Associates (Overseas) |
Electricity sales and others |
47. |
Related Parties, Continued |
(3) |
Related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows, continued: |
Sales and others |
||||||||||||||||||
Company name |
Transaction type |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||||
<Joint ventures> |
||||||||||||||||||
Naepo Green Energy Co., Ltd. |
Electricity sales | ₩ | ||||||||||||||||
Cheongna Energy Co., Ltd. |
Service | |||||||||||||||||
Dayone Energy Co., Ltd.(formerly, Hyundai Energy Co., Ltd.) |
Service | |||||||||||||||||
Daegu Green Power Co., Ltd. |
Electricity sales | |||||||||||||||||
KAPES, Inc. |
Commission | |||||||||||||||||
Honam Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Jeongam Wind Power Co., Ltd. (*1) |
Electricity sales and Service |
|||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
Service | |||||||||||||||||
Seokmun Energy Co., Ltd. |
Service | |||||||||||||||||
Incheon New Power Co., Ltd. |
Construction revenue | |||||||||||||||||
Chun-cheon Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
Electricity sales | |||||||||||||||||
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |
Service | |||||||||||||||||
KW Nuclear Components Co., Ltd. |
Service | |||||||||||||||||
KEPCO-Uhde Inc. |
Electricity sales | |||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Daesan Green Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. (*2) |
Electricity sales | |||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Chungsongmeon BongSan wind power Co., Ltd. |
Electricity sales | |||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
Service | |||||||||||||||||
Jaeun Resident Wind Power Plant Co., Ltd. |
Electricity sales | |||||||||||||||||
Dangjin Eco Power co., Ltd. |
Electricity sales | |||||||||||||||||
Energyco Co., Ltd. (formerly, Energyco LLC) |
Electricity sales | |||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Bitsolar Energy Co., Ltd. |
Electricity sales | |||||||||||||||||
Omisan Wind Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Haemodum Solar Co., Ltd. |
Electricity sales | |||||||||||||||||
Yeongam Solar Power Co., Ltd. |
Electricity sales | |||||||||||||||||
Solaseado Solar Power Co., Ltd. |
Electricity sales | |||||||||||||||||
35 Joint ventures (Overseas) |
Electricity sales and others | |||||||||||||||||
<Others> |
||||||||||||||||||
Korea Development Bank |
Electricity sales | |||||||||||||||||
Interest income |
47. |
Related Parties, Continued |
(3) |
Related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows, continued: |
Purchase and others |
||||||||||||||||||
Company name |
Transaction type |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||||
<Associates> |
||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
Electricity purchase | ₩ | ||||||||||||||||
Korea Gas Corporation |
Purchase of power generation fuel | |||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
REC purchase | |||||||||||||||||
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |
REC purchase | |||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
Electricity metering service |
|||||||||||||||||
Goseong Green Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Noeul Green Energy Co., Ltd. |
REC purchase | |||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
Electricity purchase | |||||||||||||||||
YTN Co., Ltd. |
Service | |||||||||||||||||
Busan Green Energy Co., Ltd. |
Electricity purchase | |||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
Electricity purchase | |||||||||||||||||
Korea Electric Vehicle Charging Service |
Service | |||||||||||||||||
Energy Infra Asset Management Co., Ltd. |
Service | |||||||||||||||||
Yaksu ESS Co., Ltd. |
Service | |||||||||||||||||
Gangwon Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Goesan Solar park Co., Ltd. |
Electricity purchase | |||||||||||||||||
Hyundai Green Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Korea Power Exchange |
Trading fees | |||||||||||||||||
Taebaek Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Daeryun Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Changjuk Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
KNH Solar Co., Ltd. |
Electricity purchase | |||||||||||||||||
S-Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
PND Solar Co., Ltd. |
Electricity purchase | |||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
Electricity purchase | |||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
Electricity purchase | |||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. (*2) |
Electricity purchase | |||||||||||||||||
Green Energy Electricity Generation Co., Ltd. |
Electricity purchase | |||||||||||||||||
Namjeongsusang Solar Power Operation Co., Ltd. |
Electricity purchase | |||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Seoroseoro Sunny Power Plant Co., Ltd. |
Electricity purchase | |||||||||||||||||
Muan Solar Park Co., Ltd. |
Electricity purchase | |||||||||||||||||
YuDang Solar Co., Ltd. |
Electricity purchase | |||||||||||||||||
Anjwa Smart Farm & Solar City Co., Ltd. |
Electricity purchase | |||||||||||||||||
Dongbu Highway Solar Co., Ltd. |
Electricity purchase | |||||||||||||||||
Seobu Highway Solar Co., Ltd. |
Electricity purchase | |||||||||||||||||
Korea Energy Solution Co., Ltd. |
Electricity purchase | |||||||||||||||||
Gwangbaek Solar Power Investment Co., Ltd. |
Electricity purchase | |||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
Electricity purchase | |||||||||||||||||
1 Associates (Overseas) |
Electricity purchase |
47. |
Related Parties, Continued |
(3) |
Related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows, continued: |
Purchase and others |
||||||||||||||||||
Company name |
Transaction type |
2019 |
2020 |
2021 |
||||||||||||||
In millions of won |
||||||||||||||||||
<Joint ventures> |
||||||||||||||||||
Cheongna Energy Co., Ltd. |
Electricity purchase | ₩ | ||||||||||||||||
Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) |
Electricity purchase | |||||||||||||||||
Daegu Green Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
KAPES, Inc. |
Service | |||||||||||||||||
Honam Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Jeongam Wind Power Co., Ltd. (*1) |
Electricity purchase | |||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
Service | |||||||||||||||||
Seokmun Energy Co., Ltd. |
Electricity purchase | |||||||||||||||||
Chun-cheon Energy Co., Ltd. |
Electricity purchase | |||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
KW Nuclear Components Co., Ltd. |
Service | |||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
REC purchase | |||||||||||||||||
Global Trade Of Power System Co., Ltd. |
Service | |||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd. |
REC purchase | |||||||||||||||||
Daesan Green Energy Co., Ltd. |
Electricity purchase | |||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd. (*2) |
Electricity purchase | |||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Dangjin Eco Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Bitsolar Energy Co., Ltd. |
Electricity purchase | |||||||||||||||||
Omisan Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Haemodum Solar Co., Ltd. |
Electricity purchase | |||||||||||||||||
Yeongam Solar Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Samsu Wind Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
Solaseado Solar Power Co., Ltd. |
Electricity purchase | |||||||||||||||||
5 Joint ventures (Overseas) |
Electricity purchase and others |
|||||||||||||||||
<Others> |
||||||||||||||||||
Korea Development Bank |
Interest expense | |||||||||||||||||
Dividends paid |
(*1) |
Reclassified from a joint venture to a subsidiary during the year ended December 31, 2021. Transactions are made before the reclassification. |
(*2) | Reclassified from a joint venture to an associate during the year ended December 31, 2021. |
47. |
Related Parties, Continued |
(4) |
Receivables and payables arising from related party transactions as of December 31, 2020 and 2021 are as follows: |
Receivables |
Payables |
|||||||||||||||||||||
Company name |
Type |
2020 |
2021 |
2020 |
2021 |
|||||||||||||||||
In millions of won |
||||||||||||||||||||||
<Associates> |
||||||||||||||||||||||
Dongducheon Dream Power Co., Ltd. |
Trade receivables | ₩ | — | — | ||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Korea Gas Corporation |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | ||||||||||||||||||||
Daejung Offshore Wind Power Co., Ltd. |
Non-trade receivables and others | — | — | |||||||||||||||||||
Daegu Photovoltaic Co., Ltd. |
Trade payables | — | — | |||||||||||||||||||
Korea Electric Power Industrial Development Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | ||||||||||||||||||||
Goseong Green Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | ||||||||||||||||||||
Gangneung Eco Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Shin Pyeongtaek Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | ||||||||||||||||||||
Noeul Green Energy Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Samcheok Eco Materials Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
YTN Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Busan Green Energy Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | |
|
— | — | ||||||||||||||||||
Gunsan Bio Energy Co., Ltd. |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Korea Electric Vehicle Charging Service |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Yaksu ESS Co., Ltd. |
Trade payables | — | — | |||||||||||||||||||
Gangwon Wind Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Gwangyang Green Energy Co., Ltd. |
Non-trade receivables and others | — | — | |||||||||||||||||||
Bigeum Resident Photovoltaic Power Co., Ltd. |
Trade receivables | — | — | — | ||||||||||||||||||
Goesan Solar park Co., Ltd. |
Trade payables | — | — | — | ||||||||||||||||||
Hyundai Green Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Trade payables | — | — | — | |||||||||||||||||||
Korea Power Exchange |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | ||||||||||||||||||||
Taebaek Wind Power Co., Ltd. |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Taebaek Guinemi Wind Power Co., Ltd. |
Trade payables | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Pyeongchang Wind Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Daeryun Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Changjuk Wind Power Co., Ltd. |
Trade payables | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | ||||||||||||||||||||
GS Donghae Electric Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — |
47. |
Related Parties, Continued |
(4) |
Receivables and payables arising from related party transactions as of December 31, 2020 and 2021 are as follows, continued: |
Receivables |
Payables |
|||||||||||||||||||||
Company name |
Type |
2020 |
2021 |
2020 |
2021 |
|||||||||||||||||
In millions of won |
||||||||||||||||||||||
<Associates> |
||||||||||||||||||||||
KNH Solar Co., Ltd. |
Trade receivables | ₩ | — | — | ||||||||||||||||||
Trade payables | — | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Trade receivables | — | — | ||||||||||||||||||||
S-Power Co., Ltd. |
Non-trade receivables and others | — | — | |||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
PND Solar Co., Ltd. |
Trade payables | — | — | — | ||||||||||||||||||
Hyundai Eco Energy Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Trade payables | — | — | — | |||||||||||||||||||
YeongGwang Yaksu Wind Electric Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd.(*2) |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Trade payables | — | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Bitgoel Eco Energy Co., Ltd. |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Jeju Gimnyeong Wind Power Co., Ltd. |
Trade payables | — | — | — | ||||||||||||||||||
Muan Solar Park Co., Ltd. |
Trade receivables | — | — | — | ||||||||||||||||||
Non-trade receivables and others | — | — | — | |||||||||||||||||||
Daewon Green Energy Co., Ltd. |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Dongbu Highway Solar Co., Ltd. |
Trade receivables | — | — | — | ||||||||||||||||||
Trade payables | — | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Seobu Highway Solar Co., Ltd. |
Trade payables | — | — | — | ||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Go deok Clean Energy Co., Ltd. |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Suwon New Power Co., Ltd. |
Trade receivables | — | — | — | ||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Kosture Co., Ltd. |
Trade receivables | — | — | — | ||||||||||||||||||
Muan Sunshine Solar Power Plant Co., Ltd. |
Trade payables | — | — | — | ||||||||||||||||||
4 Associates (Overseas) |
Non-trade receivables and others | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||||
Naepo Green Energy Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Dayone Energy Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | |
|
— | — | ||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | |
|||||||||||||||||||
Daegu Green Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
KAPES, Inc. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | |
|||||||||||||||||||
Honam Wind Power Co., Ltd. |
Trade payables | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Jeongam Wind Power Co., Ltd.(*1) |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Korea Power Engineering Service Co., Ltd. |
Non-trade receivables and others | — | — | |||||||||||||||||||
Seokmun Energy Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Chun-cheon Energy Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Yeonggwangbaeksu Wind Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | — |
47. |
Related Parties, Continued |
(4) |
Receivables and payables arising from related party transactions as of December 31, 2020 and 2021 are as follows, continued: |
Receivables |
Payables |
|||||||||||||||||||||
Company name |
Type |
2020 |
2021 |
2020 |
2021 |
|||||||||||||||||
In millions of won |
||||||||||||||||||||||
<Joint ventures> |
||||||||||||||||||||||
Cheongna Energy Co., Ltd. |
Trade receivables | ₩ | — | — | ||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Yeonggwang Wind Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Sam-Yang Photovoltaic Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
KW Nuclear Components Co., Ltd. |
Trade receivables | — | — | — | ||||||||||||||||||
KEPCO-Uhde Inc. |
Non-trade payables and others | — | — | — | ||||||||||||||||||
Busan Shinho Solar Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Global Trade Of Power System Co., Ltd. |
Non-trade payables and others | — | — | — | ||||||||||||||||||
Expressway Solar-light Power Generation Co., Ltd. |
Trade payables | — | — | — | ||||||||||||||||||
Daesan Green Energy Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Taebaek Gadeoksan Wind Power Co., Ltd.(*2) |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Trade payables | — | — | — | |||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Cheong-Song Noraesan Wind Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Saemangeum Solar Power Co., Ltd. |
Non-trade receivables and others | — | — | |||||||||||||||||||
Dangjin Eco Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Busan Industrial Solar Power Co., Ltd. |
Trade receivables | — | — | — | ||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Bitsolar Energy Co., Ltd. |
Non-trade receivables and others | — | — | — | ||||||||||||||||||
Non-trade payables and others | — | — | — | |||||||||||||||||||
Haemodum Solar Co., Ltd. |
Trade receivables | — | — | — | ||||||||||||||||||
Yeongam Solar Power Co., Ltd. |
Trade receivables | — | — | |||||||||||||||||||
Trade payables | — | — | ||||||||||||||||||||
Samsu Wind Power Co., Ltd. |
Trade payables | — | — | — | ||||||||||||||||||
18 Joint ventures (Overseas) |
Trade receivables | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | |
|||||||||||||||||||
<Others> |
||||||||||||||||||||||
Korea Development Bank |
Accrued interest income | — | — | |||||||||||||||||||
Non-trade receivables and others | — | — | ||||||||||||||||||||
Non-trade payables and others | — | — | ||||||||||||||||||||
Derivatives | — |
(*1) | Reclassified from a joint venture to a subsidiary during the year ended December 31, 2021. Transactions are made before the reclassification. |
(*2) | Reclassified from a joint venture to an associate during the year ended December 31, 2021. |
47. |
Related Parties, Continued |
(5) |
Loans and others arising from related party transactions as of December 31, 2020 and 2021 are as follows: |
Type |
Company name |
Beginning balance |
Loans |
Collection |
Others |
Ending balance |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||
Associate |
KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd. |
₩ | — | |||||||||||||||||||||||
(Allowance for doubtful accounts) | ( |
) | — | — | ( |
) | ( |
) | ||||||||||||||||||
Associate |
Xe-Pian Xe-Namnoy Power Co., Ltd. | — | — | |||||||||||||||||||||||
Associate |
PT Wampu Electric Power | — | ( |
) | ||||||||||||||||||||||
Associate |
Gunsan Bio Energy Co., Ltd. | — | — | — | ||||||||||||||||||||||
(Allowance for doubtful accounts) | ( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||||
Associate |
Bigeum Resident Photovoltaic Power Co., Ltd. | — | — | |||||||||||||||||||||||
Associate |
Daejung Offshore Wind Power Co., Ltd. | — | — | — | ||||||||||||||||||||||
Associate |
Bitgoel Eco Energy Co., Ltd. | — | — | — | ||||||||||||||||||||||
Joint venture |
Solaseado Solar Power Co., Ltd. | ( |
) | — | ||||||||||||||||||||||
Joint venture |
Recursos Solares PV De Mexico II, S.A. D C.V.e |
( |
) | |||||||||||||||||||||||
Joint venture |
Horus Solar , S.A. De C.V. |
( |
) | |||||||||||||||||||||||
Joint venture |
Sunmex Renovables, S.A. d e |
— | ||||||||||||||||||||||||
Joint venture |
Kelar S.A. | — | — | |||||||||||||||||||||||
Joint venture |
DE Energia SpA | — | — | |||||||||||||||||||||||
Joint venture |
Daehan Wind Power PSC | — | ||||||||||||||||||||||||
Joint venture |
PT. Tanjung Power Indonesia | — | ||||||||||||||||||||||||
Joint venture |
Bitsolar Energy Co., Ltd. | — | — | — | ||||||||||||||||||||||
Joint venture |
Pulau Indah Power Plant Sdn. Bhd. | — | — | ( |
) | — | ||||||||||||||||||||
Joint venture |
Guadalupe Solar SpA | — | ( |
) | ||||||||||||||||||||||
Joint venture |
Foresight Iberian Solar Group Holding, S.L. | — | ( |
) | ||||||||||||||||||||||
Joint venture |
Capman Lynx SCA, SICAR | — | — | ( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
₩ | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(6) |
Borrowings arising from related party transactions as of December 31, 2020 and 2021 are as follows: |
Related parties |
Type |
Beginning balance |
Borrowings |
Repayment |
Others |
Ending balance |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||||
Korea Development Bank |
Facility | ₩ | ( |
) | ||||||||||||||||||||||
Others | ( |
) | ||||||||||||||||||||||||
Operating funds | ( |
) | ||||||||||||||||||||||||
Syndicated Loans |
( |
) | ( |
) | ||||||||||||||||||||||
EBL and others | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
₩ | ( |
) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
47. |
Related Parties, Continued |
(7) |
Guarantees provided to associates or joint ventures as of December 31, 2021 are as follows: |
Primary guarantor |
Principal obligor |
Type of guarantees |
Credit limit |
Creditor | ||||||
In millions of won and thousands of foreign currencies |
||||||||||
|
Performance guarantees | USD |
Investment B.V. | |||||||
|
Performance guarantees and others | USD |
Company | |||||||
|
Performance guarantees | USD |
others | |||||||
Debt guarantees | USD |
|||||||||
|
Debt guarantees | USD |
Korea and others | |||||||
Performance guarantees and others | USD |
|||||||||
|
Performance guarantees(*10) | USD |
LLC, CA-CIB and others | |||||||
|
Performance guarantees | USD |
LLC | |||||||
|
Performance guarantees(*10) | USD |
||||||||
|
Performance guarantees | USD |
||||||||
|
Performance guarantees | USD |
||||||||
|
Other performance guarantees | MXN |
||||||||
|
Other performance guarantees | MXN |
||||||||
|
Other performance guarantees | USD |
||||||||
|
MXN |
|||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
Guarantees for supplemental funding (*1) |
— | |||||||||
|
Payment guarantees for business reserve | USD |
||||||||
Collateralized money invested | KRW |
|||||||||
Impounding bonus guarantees | USD |
|||||||||
|
Performance guarantees and others | SAR |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested(*5) | KRW |
||||||||
Debt guarantees | KRW |
|||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
and others | |||||||
Guarantees for supplemental funding(*1) | — | |||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
47. |
Related Parties, Continued |
(7) |
Guarantees provided to associates or joint ventures as of December 31, 2021 are as follows, continued: |
Primary guarantor |
Principal obligor |
Type of guarantees |
Credit limit |
Creditor | ||||||
In millions of won and thousands of foreign currencies |
||||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested Guarantees for supplemental funding(*1) |
KRW — |
|
||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested | KRW |
and others | ||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested | KRW |
and others | ||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
and others | ||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Debt guarantees | USD |
|||||||||
Other guarantees | USD |
|||||||||
Guarantees for supplemental funding(*1) | — | and others | ||||||||
Collateralized money invested | KRW |
|||||||||
Performance guarantees | USD |
|||||||||
Collateralized money invested | KRW |
Limited and others | ||||||||
Collateralized money invested | KRW |
Ltd. and others | ||||||||
Collateralized loans | USD |
|||||||||
Payment guarantees(*8) | USD |
|||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
Ltd. and others | ||||||||
Guarantees for supplemental funding(*1) |
— | |||||||||
Collateralized money invested |
KRW |
|||||||||
Guarantees for supplemental funding(*1) |
— | |||||||||
Collateralized money invested |
KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested | KRW |
|
||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested |
KRW |
|||||||||
Guarantees for supplemental funding(*1) |
— |
47. |
Related Parties, Continued |
(7) |
Guarantees provided to associates or joint ventures as of December 31, 2021 are as follows, continued: |
Primary guarantor |
Principal obligor |
Type of guarantees |
Credit limit |
Creditor | ||||||
In millions of won and thousands of foreign currencies |
||||||||||
Collateralized money invested |
KRW |
|||||||||
Performance guarantees and guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested | KRW |
and others | ||||||||
Collateralized money invested | KRW |
|||||||||
Performance guarantees | — | |||||||||
Performance guarantees | USD |
|||||||||
Performance guarantees | USD |
|||||||||
Payment guarantees(*7) | USD |
|||||||||
Collateralized money invested | KRW |
Bank and others | ||||||||
Performance guarantees | — | |||||||||
Collateralized money invested | KRW |
|||||||||
Payment guarantees(*2) | ||||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested(*9) | ||||||||||
Guarantees for supplemental funding(*1) | KRW |
|||||||||
Guarantees for other supplemental funding and performance guarantees(*1) | ||||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding and performance guarantees(*1) | — | |||||||||
Collateralized money invested Guarantees for supplemental funding(*1) |
KRW — |
|
||||||||
Collateralized money invested | KRW |
Korea and others | ||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | ||||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
and others | ||||||||
Debt guarantees | USD |
|||||||||
Debt guarantees | USD |
|||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding and others(*1) | ||||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
Ltd. and others | ||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Guarantees for supplemental funding(*1) | — | |||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
|||||||||
Collateralized money invested | KRW |
47. |
Related Parties, Continued |
(7) |
Guarantees provided to associates or joint ventures as of December 31, 2021 are as follows, continued: |
Primary guarantor |
Principal obligor |
Type of guarantees |
Credit limit |
Creditor | ||||||
In millions of won and thousands of foreign currencies |
||||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested(*3) | — | ||||||||
Guarantees |
KRW |
Co., Ltd. and others | ||||||||
|
Collateralized money invested | KRW |
others | |||||||
|
Collateralized money invested | KRW |
others | |||||||
|
Guarantees for supplemental funding and others | KRW |
||||||||
|
Collateralized money invested | KRW |
Ltd. and others | |||||||
|
Collateralized money invested | KRW |
Ltd. and others | |||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
and others | |||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
Ltd. and others | |||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested | KRW |
||||||||
|
Collateralized money invested(*6) | — | ||||||||
Guarantees for supplemental funding and others(*1) |
(*1) | The Company guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings. |
(*2) | Controlling and non-controlling common shareholders of Samcheok Eco Materials Co., Ltd. have pre-emption rights, if preferred shareholders intend to sell their shares until December 26, 2023. The promised yield of the preferred stock is guaranteed through the transaction. As of December 31, 2021, the Company has recognized derivative liabilities of ₩ |
(*3) | The Company recognized an impairment loss on all of the equity securities of Dayone Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is ₩ |
(*4) | Pursuant to the guarantee agreement, the Company recognized other provisions of ₩ |
(*5) | The common stocks of Dongducheon Dream Power Co., Ltd. held by the Company were pledged as collateral. |
(*6) | The Company recognized an impairment loss on all of the equity securities of Incheon New Power Co., Ltd. during the year ended December 31, 2019, and the acquisition cost of the securities provided as collateral is ₩ |
(*7) | The Company provided a payment guarantee to Daehan Wind Power PSC for opening LC for Debt Service Reserve Account (DSRA). |
(*8) | This includes a guarantee related to LC for debt repayment allowance provided to DE Energia SpA, a joint venture of the Company. |
(*9) | The Company recognized an impairment loss on all of the equity securities of Naepo Green Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is ₩ |
(*10) | The credit limits of guarantees to RE Holiday Holdings LLC and RE Barren Ridge 1 Holdings LLC include the credit limits of guarantees to their subsidiaries. |
47. |
Related Parties, Continued |
(8) |
As of December 31, 2021, there is no financial guarantee provided by related parties. |
(9) |
Derivatives transactions with related parties as of December 31, 2021 are as follows: |
(i) | Currency Swap |
Counterparty |
Contract year |
Contract amounts |
Contract interest rate per annum |
Contract exchange rate |
||||||||||||||||||||||||||||
Pay |
Receive |
Pay |
Receive |
|||||||||||||||||||||||||||||
In millions of won and thousands of foreign currencies except contract exchange rate information |
||||||||||||||||||||||||||||||||
Korea Development Bank |
₩ | USD |
% | % | ₩ | |||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
HKD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
CHF |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % | ||||||||||||||||||||||||||||||
USD |
% | % |
(ii) | Currency forward |
Counterparty |
Contract date |
Maturity date |
Contract amounts |
Contract exchange rate |
||||||||||||||||||||||||
Pay |
Receive |
|||||||||||||||||||||||||||
In millions of won and thousands of USD except contract exchange rate information |
||||||||||||||||||||||||||||
Korea Development Bank |
₩ | USD |
₩ |
(10) |
The Company considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel, except a standing director who is a member of the Audit Committee. The Company recorded salaries and other compensations related to the key management personnel as follows: |
Type |
2019 |
2020 |
2021 |
|||||||||||||
In millions of won |
||||||||||||||||
Salaries |
₩ | |||||||||||||||
Retirement benefits |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
₩ | |
|
|
|||||||||||||
|
|
|
|
|
|
48. |
Statement of Cash Flows |
(1) |
Significant non-cash transactions for the years ended December 31, 2019, 2020, and 2021 are as follows: |
Transactions |
2019 |
2020 |
2021 |
|||||||||||||
In millions of won |
||||||||||||||||
Transfer from construction-in-progress to other assets |
₩ | |||||||||||||||
Recognition of asset retirement cost and related provision for decommissioning costs |
||||||||||||||||
Transfer from provision for disposal of spent nuclear fuel to accrued expenses |
||||||||||||||||
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities |
||||||||||||||||
Transfer from inventory to stored nuclear fuel |
||||||||||||||||
Transfer of right-of-use assets due to change in accounting policy and others |
(2) |
Changes in liabilities incurred from financing activities for the years ended December 31, 2020, and 2021 are as follows: |
2020 |
||||||||||||||||||||||||
Non-cash changes |
||||||||||||||||||||||||
Beginning balance |
Cash flows |
Increase |
Effect of exchange rate fluctuations and others |
Ending balance |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Borrowings and debt securities |
₩ | ( |
) | |||||||||||||||||||||
Lease liabilities |
( |
) | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
2021 |
||||||||||||||||||||||||
Non-cash changes |
||||||||||||||||||||||||
Beginning balance |
Cash flows |
Increase |
Effect of exchange rate fluctuations and others |
Ending balance |
||||||||||||||||||||
In millions of won |
||||||||||||||||||||||||
Borrowings and debt securities |
₩ | |||||||||||||||||||||||
Lease liabilities |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
₩ | |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
49. |
Commitments for Expenditure |
(1) |
The commitments related to acquisition of property, plant and equipment as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||||||
Contracts |
Commitment amounts |
Remaining liability balances |
Commitment amounts |
Remaining liability balances |
||||||||||||||||
In millions of won |
||||||||||||||||||||
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo) |
₩ | |||||||||||||||||||
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung) |
||||||||||||||||||||
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S |
||||||||||||||||||||
Purchase of GIS (362kV, 6300A, 63kA) 26CB – Hwasung S/S |
||||||||||||||||||||
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S |
||||||||||||||||||||
Purchase of cable (FR CNCO-W, 1C, 325SQ) 1,400,000M |
||||||||||||||||||||
Purchase of switch (Eco) 9,360 units |
||||||||||||||||||||
Purchase of cable (TR CNCE-W,1C,600SQ) 551,200M |
||||||||||||||||||||
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 4,464,000M |
||||||||||||||||||||
Purchase of cable (FR CNCO-W,1C,325SQ) 1,092,000M |
||||||||||||||||||||
Concrete pole (10M, general purpose, 350KGF) 102,435 ea and five other equipments |
||||||||||||||||||||
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others |
||||||||||||||||||||
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S |
||||||||||||||||||||
Advanced E-Type low-pressure electronic power meter 1,320,000 ea |
||||||||||||||||||||
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang) |
||||||||||||||||||||
Purchase of cable (TR CNCE- W,1C,325SQ) 1,016,000M |
||||||||||||||||||||
Purchase of cable (TR CNCE-W,1C,600SQ) 485,000M |
||||||||||||||||||||
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 3,303,900M |
||||||||||||||||||||
Concrete pole (10M, general purpose, 350KGF) 126,948 ea and five other equipments |
||||||||||||||||||||
Purchase of GIS (362KV, 6300A, 63KA) 25 – Shinyangsan S/S |
||||||||||||||||||||
Construction of Shin-Kori Units (#5,6) |
||||||||||||||||||||
Construction of Shin-Hanul Units (#1,2) |
||||||||||||||||||||
Other 30 contracts |
||||||||||||||||||||
Service of designing Seoul Combined Units (#1,2) |
||||||||||||||||||||
Service of designing Shin-Boryeong Units (#1,2) |
||||||||||||||||||||
Purchase of furnace for construction of Shin-Seocheon Thermal Power Plant |
||||||||||||||||||||
Purchase of turbine generator for construction of Shin-Seocheon Thermal Power Plant |
||||||||||||||||||||
Electricity construction of Shin-Seocheon Thermal Power Plant |
||||||||||||||||||||
Purchase of main machine for Jeju LNG Combined |
||||||||||||||||||||
Service of designing Taean U nits (#9,10) |
||||||||||||||||||||
Purchase of gas turbines and turbine equipment of Gimpo Combined Heat & Power Plant |
||||||||||||||||||||
Purchase of steam turbine, HRSG and Popwer Block of Gimpo Combined Heat & Power Plant |
||||||||||||||||||||
Construction of Gimpo Combined Heat & Power Plant |
||||||||||||||||||||
Purchase of coal handling machine for construction of Samcheok Units (#1,2) |
||||||||||||||||||||
Purchase of furnace main equipment for construction of Samcheok Units (#1,2) |
||||||||||||||||||||
Purchase of turbine main equipment for Samcheok U |
||||||||||||||||||||
Purchase of main equipment for Namjeju |
||||||||||||||||||||
Purchase of main equipment for Shin-Sejong Combined Thermal Power Plant |
49. |
Commitments for Expenditure, Continued |
(2) |
As of December 31, 2021, details of contracts for inventory purchase commitment are as follows: |
Type |
Periods |
Contracted quantity | ||||
Concentrate |
||||||
Transformed |
||||||
Enrichment |
50. |
Contingencies and Commitments |
(1) |
Ongoing litigations and claims related with contingent liabilities and contingent assets as of December 31, 2020 and 2021 are as follows: |
2020 |
2021 |
|||||||||||||||
Number of cases |
Claim amount |
Number of cases |
Claim amount |
|||||||||||||
In millions of won |
||||||||||||||||
As the defendant |
₩ | ₩ | ||||||||||||||
As the plaintiff |
1) | There is an ongoing claim against the Company from a group of plaintiffs (consisting of |
2) | There is an ongoing claim against the Company regarding the completion of the waste oil refining power generation plant of Next energy Co., Ltd. The Company recognized the amount of probable outflow of resources as a provision. |
3) | There are multiple ongoing claims against the Company related to ordinary wages, requesting payment of unpaid wages. The Company believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected lawsuits. Accordingly, the Company recognized ₩ |
1) | In relation to the electric power IT modernization project in Kerala, India, Enzen, a subcontractor, filed an arbitration against the Company to the Indian Council of Arbitration due to disagreements in the contract, but the Company has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated. |
2) | Two companies including GE Energy Products France SNC filed an arbitration against the Company to Korea Commercial Arbitration Board regarding additional payment of construction costs, but the Company has not recognized any provision because the probability of economic benefit outflow is remote and the related amount cannot be reliably estimated. |
50. |
Contingencies and Commitments, Continued |
(2) |
Guarantees of payments and commitments provided to other companies as of December 31, 2021 are as follows: |
1) | The Company has outstanding borrowings with a limit of USD |
2) | The Company has provided PT. Perusahaan Listrik Negara performance guarantee up to USD |
3) | The Company has provided MUFG Bank, Ltd. (MUFG) borrowing guarantee up to USD |
4) | The Company has provided the Export-Import Bank of Korea, BNP Paribas and ING Bank with the guarantees of mutual investment of USD |
5) | The Company has provided USD |
6) | The Company has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2021. |
7) | The Company has provided a guarantee to complete the construction of the waste oil refining power generation plant of Next energy Co.,Ltd. (contract amount : ₩ |
8) | The Company has provided Axia Power Holdings B.V. and others a performance guarantee up to USD |
9) | The Company has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR |
10) | The Company has provided Export-Import Bank of Korea and others a performance guarantee up to USD |
11) | The Company has provided Export-Import Bank of Korea and others a borrowing guarantee up to USD |
12) | The Company has provided PT. Cirebon Energi Prasarana a performance guarantee up to USD |
13) | The Company has provided Van Phong Power Company Ltd. a performance guarantee up to USD |
14) | The Company has provided Morgan Stanley Capital Group Inc. a performance guarantee up to USD |
15) | The Company has provided Morgan Stanley Renewables Inc. a performance guarantee up to USD |
50. |
Contingencies and Commitments, Continued |
(2) |
Guarantees of payments and commitments provided to other companies as of December 31, 2021 are as follows, continued: |
16) | The Company has provided EUR |
17) | The Company has provided EUR |
18) | The Company has provided EUR |
19) | The Company has provided USD |
20) | The Company has provided a performance guarantee to EDF Energy service, LLC, for the solar power business in USA. |
21) | The Company has provided USD |
22) | The Company has provided USD |
50. |
Contingencies and Commitments, Continued |
(3) |
Credit lines provided by financial institutions as of December 31, 2021 are as follows: |
Commitments |
Financial institutions |
Currency |
Credit limit |
Used amount |
||||||||
In millions of won and thousands of foreign currencies |
||||||||||||
Commitments on Bank-overdraft |
KRW | |||||||||||
Commitments on Bank-daylight overdraft |
KRW | |||||||||||
Limit amount available for CP |
KRW | |||||||||||
Limit amount available for card |
KRW PHP |
|
| |||||||||
Loan limit |
KRW USD |
|
| |||||||||
Certification of payment on payables from foreign country |
USD | |||||||||||
Certification of payment on L/C |
USD | |||||||||||
JPY | — | |||||||||||
EUR | ||||||||||||
Certification of Performance guarantee on contract |
KRW | |||||||||||
USD | ||||||||||||
JPY | ||||||||||||
EUR | ||||||||||||
INR | ||||||||||||
Certification of bidding |
USD | |||||||||||
Advance payment bond, Warranty bond, Retention bond and others |
KRW | |||||||||||
USD | ||||||||||||
SAR | ||||||||||||
MXN | ||||||||||||
Others |
KRW | |||||||||||
USD | ||||||||||||
AED | ||||||||||||
Inclusive credit |
KRW | |||||||||||
USD | ||||||||||||
Trade finance |
USD |
50. |
Contingencies and Commitments, Continued |
(4) |
As of December 31, 2021, blank check and assets provided as collaterals or pledges to financial institutions by the Company are follows: |
Guarantor |
Creditor |
Assets provided as security |
Currency |
Amount |
Description | |||||||
In millions of won and thousands of foreign currencies | ||||||||||||
Property, plant and equipment and others | USD | |||||||||||
Property, plant and equipment and others |
KRW |
|||||||||||
Cash and cash equivalents and others |
KRW |
|||||||||||
Property, plant and equipment and others |
KRW |
|||||||||||
Cash and cash equivalents and others |
KRW |
|||||||||||
Property, plant and equipment and others |
KRW |
|||||||||||
Property, plant and equipment and others |
KRW |
|||||||||||
Finance lease receivable and property, plant and equipment and others |
JOD |
|||||||||||
Finance lease receivable and property, plant and equipment and others |
USD |
|||||||||||
Cash and cash equivalents and others | KRW | |||||||||||
Property, plant and equipment and others |
KRW |
|||||||||||
Cash and cash equivalents and others |
KRW |
(*1) |
Based on the credit limits of the respective loans. |
(*2) | As of December 31, 2021, the Company has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc. |
50. |
Contingencies and Commitments, Continued |
(4) |
As of December 31, 2021, blank check and assets provided as collaterals or pledges to financial institutions by the Company are follows, continued: |
(5) |
The Company temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of ₩ |
(6) |
Due to the Korean government’s announcement of suspension of operation in the Gaeseong Industrial District, it is uncertain if the Company can exercise the property rights for the Company’s facility in the Gaeseong Industrial District as of December 31, 2021. The book value of facility is ₩ |
(7) |
In connection with the electric power IT modernization project in Kerala, India, negotiations are underway due to disagreements in the contract regarding the existence and the scope of a warranty obligation. However, the Company has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of December 31, 2021. |
(8) |
To prevent the spread of COVID-19, a variety of prevention and control measures, including movement restrictions, are being implemented worldwide, and as a result, the global economy is being affected extensively. In addition, various forms of government policies are being announced to cope with COVID-19. The Company was unable to reasonably estimate the impact of COVID-19 and the impact of the government support policies on the Company’s consolidated financial statements as of December 31, 2021, and the resulting effects have not been reflected in the consolidated financial statements. |
(9) |
The Korea Institute of Energy Technology |
51. |
Business Combination |
(1) |
Details of the business combination that occurred for the year ended December 31, 2019 are as follows: |
Company |
Key operation activities |
Date of merger |
Transfer price |
|||||||
In millions of won |
||||||||||
|
(2) |
Details of the transfer price at fair value given by the acquirer of the business combination for the year ended December 31, 2019 are as follows: |
Type |
Amounts |
|||||||
In millions of won |
||||||||
Cash and cash equivalents(*) |
₩ | |||||||
Fair value of the shares owned before the acquisition |
||||||||
|
|
|||||||
₩ | |
|||||||
|
|
(*) | The outstanding payment of ₩ |
(3) |
The fair values of assets and liabilities acquired through the business combination at the acquisition date for the year ended December 31, 2019 are as follows: |
Type |
Amounts |
|||||||
In millions of won |
||||||||
Fair value of the identifiable assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
₩ | |||||||
Trade and other receivables |
||||||||
Non-current assets |
||||||||
Property, plant and equipment |
||||||||
Intangible assets |
||||||||
Other assets |
||||||||
Fair value of the identifiable liabilities |
||||||||
Current liabilities |
||||||||
Borrowings |
( |
) | ||||||
Non-current liabilities |
||||||||
Deferred tax liabilities |
( |
) | ||||||
|
|
|||||||
₩ | |
|||||||
|
|
51. |
Business Combination, Continued |
(4) |
Details of goodwill resulting from the business combination for the year ended December 31, 2019 are as follows: |
Type |
Amounts |
|||||||
In millions of won |
||||||||
Fair value of transfer price |
₩ | |||||||
Less : Fair value of the identifiable net assets |
( |
) | ||||||
₩ | ||||||||
(5) |
Net cash outflows from the business combination for the years ended December 31, 2019 and 2020 are as follows: |
Type |
2019 |
2020 |
||||||||||
In millions of won |
||||||||||||
Cash paid for the acquisition |
₩ | |||||||||||
Less: Cash and cash equivalents received |
( |
) | ||||||||||
₩ | ||||||||||||
(6) |
Fees for legal service, due diligence and others relating to the business combination amounted to |
(7) |
52. |
Subsequent Events |
(1) |
Subsequent to December 31, 2021, the Company and its subsidiaries including Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd. and Korea East-West Power Co., Ltd. issued corporate bonds for the purposes of repayment of existing debts and others as follows: |
Company |
Type |
Issue date |
Maturity |
Interest rate |
Amount |
|||||||||||||
In millions of won and thousands of USD |
||||||||||||||||||
#1117 Corporate bond |
% |
KRW |
||||||||||||||||
#1118 Corporate bond |
% |
KRW |
||||||||||||||||
#1119 Corporate bond |
% |
KRW |
||||||||||||||||
#1120 Corporate bond |
% |
KRW |
||||||||||||||||
#1121 Corporate bond |
% |
KRW |
||||||||||||||||
#1122 Corporate bond |
% |
KRW |
||||||||||||||||
#1123 Corporate bond |
% |
KRW |
||||||||||||||||
#1124 Corporate bond |
% |
KRW |
||||||||||||||||
#1125 Corporate bond |
% |
KRW |
||||||||||||||||
#1126 Corporate bond |
% |
KRW |
||||||||||||||||
#1127 Corporate bond |
% |
KRW |
||||||||||||||||
#1128 Corporate bond |
% |
KRW |
||||||||||||||||
#1129 Corporate bond |
% |
KRW |
||||||||||||||||
#1130 Corporate bond |
% |
KRW |
||||||||||||||||
#1131 Corporate bond |
% |
KRW |
||||||||||||||||
#1132 Corporate bond |
% |
KRW |
||||||||||||||||
#1133 Corporate bond |
% |
KRW |
||||||||||||||||
#1134 Corporate bond |
% |
KRW |
||||||||||||||||
#1135 Corporate bond |
% |
KRW |
||||||||||||||||
#1136 Corporate bond |
% |
KRW |
||||||||||||||||
#1137 Corporate bond |
% |
KRW |
||||||||||||||||
#1138 Corporate bond |
% |
KRW |
||||||||||||||||
#1139 Corporate bond |
% |
KRW |
||||||||||||||||
#1140 Corporate bond |
% |
KRW |
||||||||||||||||
#1141 Corporate bond |
% |
KRW |
||||||||||||||||
#1142 Corporate bond |
% |
KRW |
||||||||||||||||
#1143 Corporate bond |
% |
KRW |
||||||||||||||||
#1144 Corporate bond |
% |
KRW |
||||||||||||||||
#1145 Corporate bond |
% |
KRW |
||||||||||||||||
#1146 Corporate bond |
% |
KRW |
||||||||||||||||
#1147 Corporate bond |
% |
KRW |
||||||||||||||||
#1148 Corporate bond |
% |
KRW |
||||||||||||||||
#1149 Corporate bond |
% |
KRW |
||||||||||||||||
#1150 Corporate bond |
% |
KRW |
||||||||||||||||
#1151 Corporate bond |
% |
KRW |
||||||||||||||||
#1152 Corporate bond |
% |
KRW |
||||||||||||||||
#1153 Corporate bond |
% |
KRW |
||||||||||||||||
#1154 Corporate bond |
% |
KRW |
||||||||||||||||
#1155 Corporate bond |
% |
KRW |
||||||||||||||||
#1156 Corporate bond |
% |
KRW |
||||||||||||||||
#1157 Corporate bond |
% |
KRW |
||||||||||||||||
#1158 Corporate bond |
% |
KRW |
||||||||||||||||
#1159 Corporate bond |
% |
KRW |
||||||||||||||||
#1160 Corporate bond |
% |
KRW |
||||||||||||||||
#1161 Corporate bond |
% |
KRW |
||||||||||||||||
#1162 Corporate bond |
% |
KRW |
||||||||||||||||
#1163 Corporate bond |
% |
KRW |
||||||||||||||||
#1164 Corporate bond |
% |
KRW |
||||||||||||||||
#1165 Corporate bond |
% |
KRW |
||||||||||||||||
#1166 Corporate bond |
% |
KRW |
||||||||||||||||
#1167 Corporate bond |
% |
KRW |
||||||||||||||||
#1168 Corporate bond |
% |
KRW |
||||||||||||||||
#1169 Corporate bond |
% |
KRW |
||||||||||||||||
#1170 Corporate bond |
% |
KRW |
||||||||||||||||
#1171 Corporate bond |
% |
KRW |
||||||||||||||||
#1172 Corporate bond |
% |
KRW |
||||||||||||||||
#1173 Corporate bond |
% |
KRW |
||||||||||||||||
#1174 Corporate bond |
% |
KRW |
||||||||||||||||
#1175 Corporate bond |
% |
KRW |
||||||||||||||||
#1176 Corporate bond |
% |
KRW |
||||||||||||||||
#1177 Corporate bond |
% |
KRW |
52. |
Subsequent Events, Continued |
(1) |
Subsequent to December 31, 2021, the Company and its subsidiaries including Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd. and Korea East-West Power Co., Ltd. issued corporate bonds for the purposes of repayment of existing debts and others as follows, continued: |
Company |
Type |
Issue date |
Maturity |
Interest rate |
Amount |
|||||||||||||
In millions of won and thousands of USD |
||||||||||||||||||
#1178 Corporate bond |
% |
KRW |
||||||||||||||||
#1179 Corporate bond |
% |
KRW |
||||||||||||||||
#1180 Corporate bond |
% |
KRW |
||||||||||||||||
#1181 Corporate bond |
% |
KRW |
||||||||||||||||
#1182 Corporate bond |
% |
KRW |
||||||||||||||||
#1183 Corporate bond |
% |
KRW |
||||||||||||||||
#1184 Corporate bond |
% |
KRW |
||||||||||||||||
#1185 Corporate bond | % | KRW |
||||||||||||||||
#1186 Corporate bond | % | KRW |
||||||||||||||||
#1187 Corporate bond | % | KRW |
||||||||||||||||
#1188 Corporate bond |
% |
KRW |
||||||||||||||||
#1189 Corporate bond |
% |
KRW |
||||||||||||||||
#1190 Corporate bond |
% |
KRW |
||||||||||||||||
#63-1 Corporate bond |
% |
KRW |
||||||||||||||||
#63-2 Corporate bond |
% |
KRW |
||||||||||||||||
#63-3 Corporate bond |
% |
KRW |
||||||||||||||||
#64-1 Corporate bond |
% |
KRW |
||||||||||||||||
#64-2 Corporate bond |
% |
KRW |
||||||||||||||||
#65-1 Corporate bond | % | KRW |
||||||||||||||||
#65-2 Corporate bond | % | KRW |
||||||||||||||||
#65-3 Corporate bond | % | KRW |
||||||||||||||||
Corporate bond |
% |
KRW |
||||||||||||||||
Corporate bond |
% |
KRW |
||||||||||||||||
Corporate bond |
% |
KRW |
||||||||||||||||
#65-1 non-guaranteedCorporate bond |
% |
KRW |
||||||||||||||||
#65-2 non-guaranteedCorporate bond |
% |
KRW |
||||||||||||||||
#66-1 non-guaranteedCorporate bond |
% |
KRW |
||||||||||||||||
#66-2 non-guaranteedCorporate bond |
% |
KRW |
||||||||||||||||
#66- 3 non-guaranteedCorporate bond |
% |
KRW |
||||||||||||||||
#67 non-guaranteedCorporate bond |
% |
KRW |
||||||||||||||||
#9 Foreign currencyCorporate bond |
% |
USD |
||||||||||||||||
#51-1 Corporate bond |
% |
KRW |
||||||||||||||||
#51-2 Corporate bond |
% |
KRW |
||||||||||||||||
#52-1 Corporate bond |
% |
KRW |
||||||||||||||||
#52-2 Corporate bond |
% |
KRW |
||||||||||||||||
#52-3 Corporate bond |
% |
KRW |
||||||||||||||||
Corporate bond |
% |
KRW |
||||||||||||||||
Corporate bond |
% |
KRW |
||||||||||||||||
Corporate bond |
% |
KRW |
||||||||||||||||
Corporate bond |
% |
KRW |
||||||||||||||||
Corporate bond |
% |
KRW |
||||||||||||||||
Corporate bond | % | KRW |
(2) |
The Company established the right of pledge on the shares of Jeju Hanlim Offshore Wind Co., Ltd. with other shareholders to procure project financing of Jeju Hanlim Offshore Wind Co., Ltd. which is a subsidiary of the Company on February 25, 2022. |
(3) |
The ongoing armed conflict between Russia and Ukraine in the territory of Ukraine, which started in February 2022, and relevant sanctions against Russia and Belarus imposed by the international community can impact not only sanctioned entities of Russia and Belarus but also the entities doing business directly or indirectly with Ukraine, Russia or Belarus and the entities exposed directly or indirectly to industries or economy of those countries. The Company has accounted for the event as a non-adjusting event after the reporting period. The Company is unable to make reasonable estimates of the future financial impact of the Ukraine-Russia conflict on the Company’s financial position or performance. |