Form 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the Month of March 2015

 

 

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

 

 

55 Jeollyeok-ro, Naju-si, Jeollanam-do, 520-350, 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  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨            No   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

 

 

 


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.


Korea Electric Power Corporation (“KEPCO”) hereby calls the annual ordinary general meeting of shareholders (“AGM”) and seeks the attendance of its shareholders.

The following is an English translation of the notice given to the shareholders in connection with the AGM:

To: Shareholders

From: Cho, Hwan-Eik, President & CEO of KEPCO

We hereby call the 54th annual ordinary general meeting of shareholders pursuant to Article 18 of the Articles of Incorporation of Korea Electric Power Corporation as follows and seek your attendance. Pursuant to Article 542-4 of the Commercial Code, this notice shall be in lieu of notices to be given to the shareholders.

 

  1. Date / Time: March 31, 2015 / 10:00 a.m. (Seoul Time)

 

  2. Location: 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 520-350

                  Korea Electric Power Corporation

 

  3. Items to be Reported:

 

    Audit report

 

    Management report on KEPCO’s operation

 

  4. Agenda for Shareholder Approval:

 

  1) Approval of financial statements for the 54th fiscal year

 

  2) Approval of the ceiling amount of remuneration for directors in 2015

 

  3) Election of the standing director: Mr. Chang, Jae-Won

 

  4) Election of the non-standing director and member of the Audit Committee: Mr. Sung, Tae-Hyun

Details on the proposed agenda for the AGM are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

By:

/s/ Ko, Weon-Gun

Name:  Ko, Weon-Gun
Title: Vice President

Date: March 16, 2015


Attachment

Agenda 1. Approval of Financial Statements for the 54th Fiscal Year

Disclaimer: The financial statements for the 54th fiscal year as presented below is in accordance with the International Financial Reporting Standard adopted in Korea (K-IFRS), and are subject to change based on the audit of KEPCO’s independent accountants.


KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2014 AND DECEMBER 31, 2013

 

     Dec. 31, 2014      Dec. 31, 2013  
     (KRW in millions)  

ASSETS

  

CURRENT ASSETS:

     

Cash and cash equivalents

     1,796,300         2,232,313   

Current financial assets, net

     176,428         436,213   

Trade and other receivables, net

     7,697,862         7,526,311   

Inventories, net

     4,537,469         4,279,593   

Income tax receivables

     18,475         223,803   

Current non-financial assets

     502,511         570,845   

Assets held-for-sale

     2,090,810         —     
  

 

 

    

 

 

 
  16,819,855      15,269,078   
  

 

 

    

 

 

 

NON-CURRENT ASSETS:

Non-current financial assets, net

  2,040,921      1,902,953   

Non-current trade and other receivables, net

  1,724,357      1,644,333   

Property, plant and equipment, net

  135,812,499      129,637,596   

Investment properties, net

  317,264      538,327   

Goodwill

  2,582      2,582   

Intangible assets other than goodwill, net

  821,060      810,664   

Investments in joint ventures

  1,166,894      1,106,181   

Investments in associates

  4,341,830      4,124,574   

Deferred tax assets

  526,934      359,535   

Non-current non-financial assets

  134,093      131,511   
  

 

 

    

 

 

 
  146,888,434      140,258,256   
  

 

 

    

 

 

 

Total Assets

  163,708,289      155,527,334   
  

 

 

    

 

 

 

LIABILITIES

CURRENT LIABILITIES:

Trade and other payables, net

  6,128,604      5,892,763   

Current financial liabilities, net

  7,162,372      8,425,231   

Income tax payables

  570,550      51,407   

Current non-financial liabilities

  6,464,356      4,730,631   

Current provisions

  1,274,186      1,113,817   
  

 

 

    

 

 

 
  21,600,068      20,213,849   
  

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

Non-current trade and other payables, net

  3,806,735      3,971,519   

Non-current financial liabilities, net

  55,999,761      53,163,394   

Non-current non-financial liabilities

  6,946,410      6,985,641   

Employee benefits obligations, net

  1,277,415      2,137,296   

Deferred tax liabilities, net

  5,723,880      5,002,585   

Non-current provisions

  13,529,010      12,602,314   
  

 

 

    

 

 

 
  87,283,211      83,862,749   
  

 

 

    

 

 

 

Total Liabilities

  108,883,279      104,076,598   
  

 

 

    

 

 

 

 

(Continued)


CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF DECEMBER 31, 2014 AND DECEMBER 31, 2013

 

     Dec. 31, 2014     Dec. 31, 2013  
     (KRW in millions)  

EQUITY

    

CONTRIBUTED CAPITAL:

    

Shares issued

     3,209,820        3,209,820   

Share premium

     843,758        843,758   
  

 

 

   

 

 

 
  4,053,578      4,053,578   
  

 

 

   

 

 

 

RETAINED EARNINGS:

Legal reserves

  1,604,910      1,603,919   

Voluntary reserves

  22,999,359      22,753,160   

Unappropriated retained earnings

  10,699,378      8,409,007   
  

 

 

   

 

 

 
  35,303,647      32,766,086   
  

 

 

   

 

 

 

OTHER COMPONENTS OF EQUITY:

Other capital surpluses

  1,151,402      830,982   

Cumulative other comprehensive income

  (202,269   55,538   

Treasury stocks

  —        (741,489

Other equity

  13,294,973      13,294,973   
  

 

 

   

 

 

 
  14,244,106      13,440,004   
  

 

 

   

 

 

 

EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY

  53,601,331      50,259,668   
  

 

 

   

 

 

 

NON-CONTROLLING INTERESTS

  1,223,679      1,191,068   
  

 

 

   

 

 

 

Total Equity

  54,825,010      51,450,736   
  

 

 

   

 

 

 

Total Liabilities and Equity

  163,708,289      155,527,334   
  

 

 

   

 

 

 


KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013

 

     2014      2013  
     (KRW in millions except per share amounts)  

SALES

     

Sales of goods

     53,706,828         51,132,803   

Sales of service

     451,013         326,619   

Sales of construction contracts

     2,965,185         2,253,083   

Revenue related to transfer of assets from customers

     351,857         325,290   
  

 

 

    

 

 

 
  57,474,883      54,037,795   
  

 

 

    

 

 

 

COST OF SALES

Cost of sales of goods

  46,509,555      47,983,987   

Cost of sales of service

  500,787      452,628   

Cost of sales of construction contracts

  2,752,610      2,159,023   
  

 

 

    

 

 

 
  49,762,952      50,595,638   
  

 

 

    

 

 

 

GROSS PROFIT

  7,711,931      3,442,157   

SELLING AND ADMINISTRATIVE EXPENSES

  1,924,366      1,923,192   
  

 

 

    

 

 

 

OPERATING PROFIT

  5,787,565      1,518,965   

OTHER NON-OPERATING INCOME

  402,329      400,167   

OTHER NON-OPERATING EXPENSES

  88,220      99,811   

OTHER GAINS, NET

  107,396      128,514   

FINANCE INCOME

  885,290      629,542   

FINANCE EXPENSES

  3,140,038      2,931,622   

Equity method income (loss) of associates and joint ventures

  274,984      (42,243

Share in income of associates and joint ventures

  319,506      170,399   

Gain on disposal of associates and joint ventures

  87,521      1,725   

Share in loss of associates and joint ventures

  78,493      140,984   

Loss on disposal of associates and joint ventures

  1,271      45,291   

Impairment loss on investments in associates and joint ventures

  52,279      28,092   
  

 

 

    

 

 

 

PROFITS (LOSS) BEFORE INCOME TAX

  4,229,306      (396,488

INCOME TAX EXPENSE (BENEFIT)

  1,430,339      (570,794
  

 

 

    

 

 

 

PROFIT FOR THE PERIOD

  2,798,967      174,306   
  

 

 

    

 

 

 

 

(Continued)


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2014 AND DECEMBER 31, 2013

 

     2014     2013  
     (KRW in millions except per share amounts)  

OTHER COMPREHENSIVE INCOME (LOSS)

    

Items that will not be reclassified subsequently to profit or loss

    

Defined benefit plan actuarial gain (loss), net of tax

     (108,430     132,457   

Share in other comprehensive income (loss) of associates and joint ventures, net of tax

     (1,899     7,671   

Items that may be reclassified subsequently to profit or loss:

    

Net change in the unrealized fair value of available-for-sale financial assets, net of tax

     (97,251     86,570   

Net change in the unrealized fair derivatives using cash flow hedge accounting, net of tax

     (84,793     29,332   

Share in other comprehensive income (loss) of associates and joint ventures, net of tax

     5,228        38,366   

Foreign currency translation of foreign operations, net of tax

     (70,576     (108,625
  

 

 

   

 

 

 
  (357,721   185,771   
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

  2,441,246      360,077   
  

 

 

   

 

 

 

PROFIT OR LOSS ATTRIBUTABLE TO;

Owners of the Company

  2,686,873      60,011   

Non-controlling interests

  112,094      114,295   
  

 

 

   

 

 

 
  2,798,967      174,306   
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO;

Owners of the Company

  2,335,827      245,384   

Non-controlling interests

  105,419      114,693   
  

 

 

   

 

 

 
  2,441,246      360,077   
  

 

 

   

 

 

 

EARNINGS PER SHARE;

Basic earnings per share

  4,290      96   

Diluted earnings per share

  4,290      96   


KOREA ELECTRIC POWER CORPORATION

SEPARATE (NON-CONSOLIDATED) STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2014 AND DECEMBER 31, 2013

 

     Won  
     Dec. 31, 2014      Dec. 31, 2013  
     (KRW in millions)  
ASSETS      

CURRENT ASSETS:

     

Cash and cash equivalents

     614,514         731,833   

Current financial assets

     20,875         16,221   

Trade and other receivables, net

     6,995,697         6,872,873   

Inventories, net

     126,326         88,662   

Income tax receivables

     12,493         716   

Current non-financial assets

     72,425         62,896   

Assets held-for-sale

     2,056,207         —     
  

 

 

    

 

 

 
  9,898,537      7,773,201   
  

 

 

    

 

 

 

NON-CURRENT ASSETS:

Non-current financial assets

  461,706      899,291   

Non-current trade and other receivables, net

  411,582      354,808   

Property, plant and equipment, net

  57,653,543      57,359,689   

Investment properties, net

  357,297      853,881   

Intangible assets, net

  56,277      63,238   

Investments in subsidiaries

  28,864,233      28,866,623   

Investments in joint ventures

  20,642      20,642   

Investments in associates

  1,956,568      2,021,302   

Non-current non-financial assets

  38,721      37,252   
  

 

 

    

 

 

 
  89,820,569      90,476,726   
  

 

 

    

 

 

 

Total Assets

  99,719,106      98,249,927   
  

 

 

    

 

 

 
LIABILITIES

CURRENT LIABILITIES:

Trade and other payables, net

  5,614,840      4,513,403   

Current financial liabilities, net

  5,149,545      4,819,861   

Current non-financial liabilities

  7,446,189      5,339,106   

Current provisions

  298,160      309,019   
  

 

 

    

 

 

 
  18,508,734      14,981,389   
  

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

Non-current trade and other payables, net

  816,300      917,456   

Non-current financial liabilities

  27,807,868      30,701,559   

Non-current non-financial liabilities

  6,876,469      6,918,489   

Employee benefits liabilities

  558,295      1,500,508   

Deferred tax liabilities

  1,542,445      1,321,755   

Non-current provisions

  227,927      249,225   
  

 

 

    

 

 

 
  37,829,304      41,608,992   
  

 

 

    

 

 

 

Total Liabilities

  56,338,038      56,590,381   
  

 

 

    

 

 

 

 

(Continued)


SEPARATE STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF DECEMBER 31, 2014 AND DECEMBER 31, 2013

 

     Won  
     Dec. 31, 2014     Dec. 31, 2013  
     (KRW in millions)  
SHAREHOLDER’S EQUITY   

CONTRIBUTED EQUITY:

    

Shares issued

     3,209,820        3,209,820   

Share premium

     843,758        843,758   
  

 

 

   

 

 

 
  4,053,578      4,053,578   
  

 

 

   

 

 

 

RETAINED EARNINGS:

Legal reserves

  1,604,910      1,603,919   

Voluntary reserves

  22,999,360      22,753,161   

Unappropriated retained earnings

  1,041,789      303,263   
  

 

 

   

 

 

 
  25,646,059      24,660,343   
  

 

 

   

 

 

 

OTHER COMPONENTS OF EQUITY:

Other capital surpluses

  387,524      303,028   

Cumulative other comprehensive income

  (1,191   88,988   

Treasury stock

  —        (741,489

Other equity

  13,295,098      13,295,098   
  

 

 

   

 

 

 
  13,681,431      12,945,625   
  

 

 

   

 

 

 

Total Shareholder’s Equity

  43,381,068      41,659,546   
  

 

 

   

 

 

 

Total Liabilities and Equity

  99,719,106      98,249,927   
  

 

 

   

 

 

 


KOREA ELECTRIC POWER CORPORATION

SEPARATE (NON-CONSOLIDATED) STATEMENTS OF COMPREHENSIVE INCOME

FOR YEARS ENDED DECEMBER 31, 2014 AND 2013

 

     2014     2013  
    

(KRW in millions, except per

share amounts)

 

SALES

  

Sales of goods

     54,386,536        51,564,321   

Sales of services

     146,113        70,238   

Sales of construction services

     2,449,934        1,732,557   

Revenue related to transfer of assets from customers

     351,857        325,290   
  

 

 

   

 

 

 
  57,334,440      53,692,406   
  

 

 

   

 

 

 

COST OF SALES

Costs of sales of goods

  51,871,640      50,280,455   

Costs of sales of services

  290,426      238,017   

Costs of sales of construction contracts

  2,276,213      1,646,292   
  

 

 

   

 

 

 
  54,438,279      52,164,764   
  

 

 

   

 

 

 

GROSS PROFIT

  2,896,161      1,527,642   

SELLING AND ADMINISTRATIVE EXPENSES

  1,222,453      1,264,647   

OPERATING PROFIT

  1,673,708      262,995   

OTHER NON-OPERATING INCOME

  285,784      243,806   

OTHER NON-OPERATING EXPENSES

  47,861      49,398   

OTHER GAINS, NET

  139,095      92,527   
  

 

 

   

 

 

 

FINANCE INCOME

  698,485      792,518   

FINANCE EXPENSES

  1,695,640      1,634,286   

INCOME ON SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

  208,192      47,916   
  

 

 

   

 

 

 

PROFIT (LOSS) BEFORE INCOME TAX

  1,261,763      (243,922

INCOME TAX EXPENSE (BENEFIT)

  221,876      (482,229
  

 

 

   

 

 

 

PROFIT FOR THE PERIOD

  1,039,887      238,307   

OTHER COMPREHENSIVE INCOME

Items that may be reclassified subsequently to profit or loss:

Net change in the unrealized fair value of available-for-sale financial assets, net of tax

  (90,179   85,203   

Items that will not be reclassified subsequently to profit or loss:

Defined benefit plan actuarial gain, net of tax

  1,902      64,956   
  

 

 

   

 

 

 
  (88,277   150,159   
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

  951,610      388,466   
  

 

 

   

 

 

 

EARNINGS PER SHARE

Basic earnings per share

  1,660      382   

Diluted earnings per share

  1,660      382   


STATEMENT OF APPROPRIATION OF RETAINED EARNINGS

FOR YEARS ENDED DECEMBER 31, 2013 AND DECEMBER 31, 2012

 

     For year ended,  
     2014     2013  
     (KRW in millions)  

I. RETAINED EARNINGS BEFORE APPROPRIATIONS:

    

Retained earnings carried over from prior year

     —          —     

Effect of transition to K-IFRS

     —          —     

Profit for the period

     1,039,887        238,307   

Defined benefit plan actuarial gain, net of tax

     1,902        64,956   
  

 

 

   

 

 

 
  1,041,789      303,263   
  

 

 

   

 

 

 

II. TRANSFER FROM VOLUNTARY RESERVES:

Reserve for business expansion

  —        —     
  

 

 

   

 

 

 
  —        —     
  

 

 

   

 

 

 

III. I + II

  1,041,789      303,263   
  

 

 

   

 

 

 

IV. APPROPRIATIONS OF RETAINED EARNINGS:

Legal reserve

  —        (991

Dividends (government, individual)

  (320,982   (56,073

Reserve for business expansion

  (720,807   (246,199
  

 

 

   

 

 

 
  (1,041,789   (303,263
  

 

 

   

 

 

 

V. UNAPPROPRIATED RETAINED EARNINGS TO BE CARRIED FORWARD TO SUBSEQUENT YEAR

  —        —     
  

 

 

   

 

 

 


DIVIDEND PAYMENT

FOR THE FISCAL YEARS 2014 AND 2013

 

Fiscal year

  2014      2013   

Dividend per share

KRW 500    KRW 90   

Aggregate dividend amount

KRW 320,982,038,500    KRW 56,073,067,380   

Market value dividend ratio

  1.1   0.3


Agenda 2. Approval of the ceiling amount of remuneration for directors

 

    Proposed aggregate ceiling on remuneration for directors:

 

    2,012,072 thousand won in fiscal year 2015 (total number of directors: 15; number of non-standing directors: 8)

 

    1,921,067 thousand won in fiscal year 2014 (total number of directors: 15; number of non-standing directors: 8)


Agenda 3. Election of a standing director

 

Name

  

Details

Chang, Jae-Won   

•  Date of Birth: March 28, 1959

 

•  Current Position: Vice President Transmission & Substation Construction Department, KEPCO

 

•  Previous Positions: Vice President of Inchon District Division, KEPCO

 

•  Education: Ph. D, Electrical Engineering, Rensselaer Polytechnic Institute


Agenda 4. Election of a Non-Standing Director and member of the Audit Committee

 

Name

  

Details

Sung, Tae-Hyun   

•   Date of Birth: October 9, 1959

 

•   Current Position: Professor, College of Electrical Engineering, Hanyang University

 

•   Previous Positions: Member of board of directors for KIASC*

 

*The Korea Institute of Applied Superconductivity and Cryogenics

 

•   Education: Ph. D in Material Science and Engineering, Tokyo Institute of Technology