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 nine-month periods ended September 30, 2005 and 2004 as follows.

Preliminary KEPCO and GENCOs’ Consolidated Financial Results for the Third Quarter of 2005 and 2004

                                 
 
   From Jan. 1, 2005   From Jan. 1, 2004   Year on Year
(Unit: in billions of Korean Won)
   Through Sep. 30, 2005   Through Sep. 30, 2004   Change
Operating revenues:
     18,969       17,875       -5.8 %
 
                        
   Sale of electric power
     18,587       17,600       -5.3 %
   Other operating revenues
     294       193       -34.4 %
   Revenues for other businesses
     88       82       -7.1 %
Operating expenses:
     15,022       13,745       -8.5 %
 
                        
   Fuel
     5,850       5,372       -8.2 %
   Power purchased for resale
     1,025       1,028       0.3 %
   Labor
     1,305       1,096       -16.0 %
   Retirement Benefit
     140       96       -31.8 %
   Maintenance
     1,143       1,156       1.2 %
   Depreciation
     3,756       3,423       -8.9 %
   Commission
     450       416       -7.5 %
   Other operating expenses
     1,262       1,077       -14.7 %
   Expenses for other businesses
     91       82       -10.0 %
Operating income
     3,948       4,130       4.6 %
 
                        
Other income:
     792       961       21.2 %
 
                        
   FX gain
     197       377       91.0 %
   Investment income from affiliates
     113       164       45.4 %
   Other
     482       420       -12.9 %
Other expenses:
     802       881       9.9 %
 
                        
   Interest expenses
     459       550       19.7 %
   FX loss
     30       8       -72.2 %
   Investment loss from affiliates
     21       —       —  
   Other
     292       324       10.7 %
Income before tax
     3,938       4,209       6.9 %
 
                        
Provision for income tax
     1,351       1,512       11.9 %
 
                        
Net income
     2,587       2,698       4.3 %
 
                        

Disclaimer:
The financial numbers of Korea Electric Power Corporation (“KEPCO”) and its six-generation subsidiaries (“GENCOs”) as presented above are not consolidated and made by simply adding the results of operations of KEPCO to the results of operations of 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 trading any securities of KEPCO or any other investment decision in respect of KEPCO and GENCOs.