EX-99.1 2 exhibit1.htm EX-99.1 Exhibit  EX-99.1

Korea Electric Power Corporation (“KEPCO”) announces its un-audited and preliminary financial results for the three-month periods ended March 31, 2005 and 2004 as follows.

1. Preliminary KEPCO’s Non-consolidated Financial Results for the First Quarter of 2005 and 2004

                         
 
   January 1, 2005 ~
  January 1, 2004 ~
  Year on Year
(Unit : in billions of Korean Won)
   March 31, 2005   March 31, 2004   Change
             
Operating revenues:
     6,198       5,866       5.6 %
 
                        
Operating income:
     425       694       -38.8 %
 
                        
Income before tax:
     1,350       1,484       -9.0 %
 
                        
Net income:
     1,114       1,048       6.3 %
 
                        

  2.   Preliminary KEPCO and GENCOs’ Consolidated Financial Results for the First Quarter of 2005 and 2004

Disclaimer:
The financial numbers in KEPCO & GENCOs CONSOLIDATED STATEMENTS OF INCOME as presented below are not consolidated and made by simply adding the results of operations of Korea Electric Power Corporation (“KEPCO”) to the results of operations of the six generation subsidiaries of KEPCO (“GENCOs”), after adjusting for major inter-company transactions. It must be noted that this information has been prepared by KEPCO for its internal purpose and for the convenience of KEPCO’s investors based upon the information that is available to KEPCO management at the time of preparation. This financial information has not been audited or reviewed by KEPCO’s independent accountants, Samjung & Co., or any other accountants and has not been prepared in accordance with the generally accepted accounting principles of any country. Accordingly, this financial statement may not necessarily be indicative of the results of operations of KEPCO and GENCOs and should not be relied upon, or form a basis of entering into any contract, for the purpose of acquiring or selling any securities of KEPCO or any other investment decision in respect of securities of KEPCO and GENCOs.

                                 
            January 1, 2005 ~   January 1, 2004 ~   Year on Year
(Unit: in billions of Korean Won)   March 31, 2005   March 31, 2004   Change
Operating revenues:   6,263   5,889   6.4%
   Sale of electric power
     6,109       5,814       5.1 %
   Other operating revenues
     127       61       107.7 %
   Revenues from other businesses
     27       13       105.3 %
Operating expenses:
     4,895       4,401       11.2 %
 
                        
   Fuel
     2,148       1,812       18.6 %
   Power purchased for resale
     345       361       -4.5 %
   Labor
     387       356       8.9 %
   Maintenance
     257       225       14.5 %
   Depreciation
     1,197       1,071       11.7 %
   Commission
     130       115       13.2 %
   Other operating expenses
     403       450       -10.5 %
   Expenses for other businesses
     27       12       129.4 %
 
                                
Operating income
     1,368       1,487       -8.0 %
 
                        
Other income:
     503       502       0.3 %
 
                        
   FX gain
     192       244       -21.6 %
   Investment income from affiliates
     133       121       9.8 %
   Other
     179       137       30.8 %
Other expenses:
     246       290       -15.3 %
 
                        
   Interest expenses
     162       193       -16.3 %
   FX loss
     11       1       769.2 %
   Investment loss from affiliates
     2       —       —  
   Other
     71       96       -25.5 %
Income before tax
     1,626       1,699       -4.3 %
 
                        
Provision for income tax
     512       651       -21.4 %
Net income
     1,114       1,048       6.3 %