SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the Month of August, 2004
KOREA ELECTRIC POWER CORPORATION
(Translation of registrant's name into English)
167, Samseong-dong, Gangnam-gu, Seoul 135-791, Korea
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
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Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- .
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This Report of Foreign Private Issuer on Form 6-K is deemed filed for all
purposes under the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended, including by reference in the Registration
Statement on Form F-3 (Registration No. 33-99550) and the Registration Statement
on Form F-3 (Registration No. 333-9180).
Korea Electric Power Corporation
Non-consolidated Balance Sheets
June 30, 2004 and December 31, 2003
(Unaudited)
(In millions of Won and in thousands of U.S. dollars)
Won U.S. dollars
------------------------ ------------------------
2004 2003 2004 2003
----------- ---------- ----------- ----------
Assets
Property, Plant and Equipment:
Utility plant W37,993,048 37,235,281 $32,965,768 32,308,270
Less: accumulated depreciation (8,283,089) (7,472,373) (7,187,062) (6,483,621)
Less: construction grants (2,951,648) (2,758,789) (2,561,083) (2,393,743)
----------- ---------- ----------- ----------
26,758,311 27,004,119 23,217,623 23,430,906
Construction in-progress 2,950,196 2,266,928 2,559,823 1,966,966
----------- ---------- ----------- ----------
29,708,507 29,271,047 25,777,446 25,397,872
----------- ---------- ----------- ----------
Investments and others:
Investment securities 24,031,361 23,865,370 20,851,507 20,707,479
Long-term loans 153,794 142,368 133,444 123,530
Long-term other accounts receivable,
less discount on present value of
W 6,625 in 2004 and W 35,576 in 2003
and allowance for doubtful accounts of
W15,500 in 2004 and 2003 235,375 213,924 204,230 185,617
Currency and interest rate swaps 205,585 124,345 178,382 107,892
Intangibles 137,480 144,367 119,288 125,264
Other non-current assets 150,571 143,110 130,647 124,174
----------- ---------- ----------- ----------
24,914,166 24,633,484 21,617,498 21,373,956
----------- ---------- ----------- ----------
Current assets:
Cash and cash equivalents 383,136 366,817 332,439 318,279
Trade receivables,
less allowance for doubtful accounts of
W 30,300 in 2004 and W 27,787 in 2003
1,405,631 1,501,949 1,219,636 1,303,209
Other account receivables,
less allowance for doubtful accounts of
W14,185 in 2004 and W14,184 in 2003
and present value discount of W18,229
in 2004 356,927 434,648 309,698 377,135
Short-term financial instruments 46,000 61,000 39,913 52,928
Inventories 79,028 78,796 68,571 68,370
Other current assets 154,644 121,921 134,182 105,788
----------- ---------- ----------- ----------
2,425,366 2,565,131 2,104,439 2,225,709
----------- ---------- ----------- ----------
Total assets W57,048,039 56,469,662 $49,499,383 48,997,537
=========== ========== =========== ==========
Korea Electric Power Corporation
Non-consolidated Balance Sheets, Continued
June 30, 2004 and December 31, 2003
(Unaudited)
(In millions of Won and in thousands of U.S. dollars, except share data)
Won U.S. dollars
------------------------ ------------------------
2004 2003 2004 2003
----------- ---------- ----------- ----------
Liabilities and Shareholders' Equity
Stockholders' equity:
Common stock of W 5,000 par value
Authorized - 1,200,000,000 shares
Issued and outstanding
- 640,748,573 shares W 3,203,743 3,203,743 $ 2,779,820 2,779,820
Capital surplus 14,370,357 14,373,779 12,468,857 12,471,826
Retained earnings
Appropriated 19,554,340 17,899,939 16,966,890 15,531,400
Unappropriated 1,464,442 2,315,938 1,270,665 2,009,491
Capital adjustments (175,428) (150,681) (152,215) (130,743)
----------- ---------- ----------- ----------
Total shareholders' equity 38,417,454 37,642,718 33,334,017 32,661,794
----------- ---------- ----------- ----------
Long-term liabilities:
Long-term borrowings 10,110,053 9,641,037 8,772,279 8,365,326
Reserve for retirement and severance
benefit, net 341,935 316,408 296,690 274,541
Reserve for self insurance 87,603 87,926 76,011 76,292
Currency and interest rate swaps 139,954 178,283 121,435 154,692
Deferred income tax liabilities 1,492,557 1,462,016 1,295,061 1,268,561
Other long-term liabilities 461,477 486,981 400,414 422,542
----------- ---------- ----------- ----------
12,633,579 12,172,651 10,961,890 10,561,954
----------- ---------- ----------- ----------
Current liabilities:
Trade payables 1,142,326 1,256,526 991,172 1,090,261
Other accounts payable 493,286 571,772 428,014 496,114
Short-term borrowings -- 16,245 -- 14,095
Current portion of long-term debt 3,271,208 4,030,652 2,838,359 3,497,312
Income tax payable 442,880 164,170 384,278 142,447
Accrued expenses 156,070 146,094 135,419 126,763
Dividends payable 1,781 2,324 1,545 2,016
Other current liabilities 489,455 466,510 424,689 404,781
----------- ---------- ----------- ----------
5,997,006 6,654,293 5,203,476 5,773,789
----------- ---------- ----------- ----------
Total liabilities 18,630,585 18,826,944 16,165,366 16,335,743
----------- ---------- ----------- ----------
Commitments and contingencies
Total shareholders' equity
and liabilities W57,048,039 56,469,662 $49,499,383 48,997,537
=========== ========== =========== ==========
Korea Electric Power Corporation
Non-Consolidated Statements of Income
For the three-month and six-month periods ended June 30, 2004 and 2003
(Unaudited)
(In millions of Won, except earnings per share)
2004 2003
------------------------ ------------------------
three-month six-month three-month six-month
period period period period
----------- ---------- ----------- ----------
Operating revenues:
Sale of electricity W5,261,558 11,114,608 W5,016,238 10,552,070
Other operating revenues 51,546 64,695 80,163 156,036
---------- ---------- ---------- ----------
5,313,104 11,179,303 5,096,401 10,708,106
---------- ---------- ---------- ----------
Operating expenses:
Power generation, transmission, distribution 875,235 1,593,881 872,183 1,589,093
Purchased power 3,897,412 8,116,992 3,755,413 7,927,836
Other operating costs 51,552 63,504 80,201 155,405
Selling and administrative expenses 245,225 467,148 232,532 437,688
---------- ---------- ---------- ----------
5,069,424 10,241,525 4,940,329 10,110,022
---------- ---------- ---------- ----------
Operating income 243,680 937,778 156,072 598,084
Other income (expenses):
Interest income 9,602 19,546 9,061 19,595
Interest expense (146,465) (298,721) (156,110) (304,176)
Gain (loss) on foreign currency transactions
and translation, net 53,423 241,433 335,241 50,865
Donations (64,583) (70,454) (5,819) (7,534)
Rental income 31,011 63,081 29,972 55,845
Equity income of affiliates 288,282 991,731 541,170 1,251,307
Gain on disposal of investments, net -- 7,472 587 45,214
Gain (loss) on disposal of utility plant, net 251 742 (1,589) (5,474)
Valuation gain on currency and interest
rate swaps, net 23,643 36,846 22,453 5,131
Other, net 12,599 6,446 31,865 45,688
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207,763 998,122 806,831 1,156,461
---------- ---------- ---------- ----------
Income before income taxes 451,443 1,935,900 962,903 1,754,545
Income taxes (34,931) (471,458) (233,720) (471,319)
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Net income W 416,512 1,464,442 W 729,183 1,283,226
========== ========== ========== ==========
Earnings per share W 661 2,325 W 1,159 2,032
========== ========== ========== ==========
Korea Electric Power Corporation
Non-Consolidated Statements of Income, Continued
For the three-month and six-month periods ended June 30, 2004 and 2003
(Unaudited)
(In thousands of U.S. dollars, except earnings per share)
2004 2003
----------------------- -----------------------
three-month six-month three-month six-month
period period period period
----------- --------- ----------- ---------
Operating revenues:
Sale of electricity $4,565,343 9,643,911 $4,352,484 9,155,809
Other operating revenues 44,726 56,135 69,556 135,389
---------- --------- ---------- ---------
4,610,069 9,700,046 4,422,040 9,291,198
---------- --------- ---------- ---------
Operating expenses:
Power generation, transmission, distribution 759,423 1,382,977 756,774 1,378,823
Purchased power 3,381,702 7,042,943 3,258,493 6,878,816
Other operating costs 44,730 55,101 69,590 134,842
Selling and administrative expenses 212,777 405,336 201,763 379,773
---------- --------- ---------- ---------
4,398,632 8,886,357 4,286,620 8,772,254
---------- --------- ---------- ---------
Operating income 211,437 813,689 135,420 518,944
Other income (expenses):
Interest income 8,331 16,959 7,862 17,002
Interest expense (127,085) (259,194) (135,453) (263,927)
Gain (loss) on foreign currency transactions
and translation, net 46,354 209,486 290,882 44,134
Donations (56,038) (61,132) (5,049) (6,537)
Rental income 26,908 54,734 26,006 48,456
Equity income of affiliates 250,136 860,504 469,562 1,085,733
Gain on disposal of investments, net -- 6,483 509 39,231
Gain (loss) on disposal of utility plant, net 218 644 (1,379) (4,750)
Valuation gain on currency and interest
rate swaps, net 20,515 31,971 19,482 4,453
Other, net 10,932 5,595 27,649 39,643
---------- --------- ---------- ---------
180,271 866,050 700,071 1,003,438
---------- --------- ---------- ---------
Income before income taxes 391,708 1,679,739 835,491 1,522,382
Income taxes (30,310) (409,074) (202,794) (408,954)
---------- --------- ---------- ---------
Net income $ 361,398 1,270,665 $ 632,697 1,113,428
========== ========= ========== =========
Earnings per share $ 0.57 2.02 $ 1.01 1.76
========== ========= ========== =========
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
KOREA ELECTRIC POWER CORPORATION
By: /s/ Lee, Hi-Taek
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Name: Lee, Hi-Taek
Title: Chief Financial Officer
Date: August 12, 2004