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 2012

 

 

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  ¨

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.


Further to the report on Form 6-K furnished to the Commission on February 23, 2012 (the “Prior Filing”), Korea Electric Power Corporation (“KEPCO”) will hold the annual ordinary general meeting of shareholders (“AGM”) on March 30, 2012.

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

To: Shareholders

From: Kim, Joong-Kyum, President & CEO of KEPCO

We hereby call the 51st 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 30, 2012 / 10:00 a.m. (Seoul Time)

 

  2. Location: 167 Samseong-dong, Gangnam-gu, Seoul 135-791, KEPCO headquarters, Grand Hall

 

  3. Items to be Reported:

 

   

Audit Report

 

   

Management report on KEPCO’s operation

 

  4. Agenda for Shareholder Approval:

 

  1) Approval of audited consolidated financial statements and non-consolidated financial statements as of or for the fiscal year ended December 31, 2011;

 

  2) Amendment of the Articles of Incorporation of KEPCO; and

 

  3) Aggregate ceiling on remuneration for KEPCO’s directors.

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


Attachment

Agenda 1. Approval of audited consolidated financial statements and non-consolidated financial statements as of or for the fiscal year ended December 31, 2011

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JANUARY 01, 2010, DECEMBER 31, 2010 AND DECEMBER 31, 2011

 

     Won  
     Jan. 01, 2010      Dec. 31, 2010      Dec. 31, 2011  
     (In millions)  

ASSETS

        

CURRENT ASSETS:

        

Cash and cash equivalents

     1,475,684         2,090,051         1,387,921   

Current financial assets

     763,751         723,422         770,539   

Accounts and other receivables

     5,982,542         6,612,377         7,632,497   

Inventories

     3,461,429         3,483,415         3,851,751   

Income tax receivables

     6,841         3,007         35,801   

Current non-financial assets

     159,448         244,130         447,393   
  

 

 

    

 

 

    

 

 

 
     11,849,695         13,156,402         14,125,902   
  

 

 

    

 

 

    

 

 

 

NON-CURRENT ASSETS:

        

Non-current financial assets

     1,806,109         2,457,432         2,199,032   

Non-current accounts and other receivables

     1,026,130         846,318         1,284,532   

Property, plant and equipment, net

     102,751,572         107,406,466         112,384,881   

Investment properties

     507,959         533,166         517,149   

Intangible assets

     501,136         923,136         848,709   

Investments in joint ventures

     195,595         275,321         767,202   

Investments in affiliates

     3,284,215         3,490,510         3,718,154   

Deferred tax assets

     399,822         151,870         372,478   

Non-current non-financial assets

     295,800         277,173         249,811   
  

 

 

    

 

 

    

 

 

 
     110,768,338         116,361,392         122341,948   
  

 

 

    

 

 

    

 

 

 

Total Assets

     122,618,033         129,517,794         136,467,850   
  

 

 

    

 

 

    

 

 

 

LIABILITIES

        

CURRENT LIABILITIES:

        

Accounts and other payables

     4,166,228         4,571,145         6,576,158   

Short-term borrowings

     592,875         457,931         1,173,568   

Current financial liabilities

     5,631,972         6,324,952         5,852,342   

Income tax payables

     83,487         257,563         505,154   

Current non-financial liabilities

     1,828,701         2,383,303         3,541,562   
  

 

 

    

 

 

    

 

 

 
     12,369,021         14,072,173         17,741,167   
  

 

 

    

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

        

Non-current accounts and other payables

     5,245,490         5,280,924         4,178,137   

Non-current financial liabilities

     28,034,241         33,052,466         39,403,578   

Non-current non-financial liabilities

     5,251,182         5,221,856         5,611,010   

Employee benefits obligations

     1,985,131         1,964,155         1,942,994   

Deferred tax liabilities

     6,463,994         6,307,322         6,786,779   

Non-current provisions

     5,981,636         6,342,361         7,000,235   
  

 

 

    

 

 

    

 

 

 
     52,961,674         58,169,084         64,922,733   
  

 

 

    

 

 

    

 

 

 

Total Liabilities

     65,330,695         72,241,257         82,663,900   
  

 

 

    

 

 

    

 

 

 
(Continued)         


CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF JANUARY 01, 2010, DECEMBER 31, 2010 AND DECEMBER 31, 2011

 

     Won  
     Jan. 01, 2010     Dec. 31, 2010     Dec. 31, 2011  
     (In millions)  

SHAREHOLDER’S EQUITY

      

CONTRIBUTED EQUITY:

      

Shares issued

     3,207,839        3,207,839        3,209,820   

Share premium

     835,140        835,140        843,758   
  

 

 

   

 

 

   

 

 

 
     4,042,979        4,042,979        4,053,578   
  

 

 

   

 

 

   

 

 

 

RETAINED EARNINGS:

      

Legal reserves

     1,603,919        1,603,919        1,603,919   

Voluntary reserves

     21,905,812        21,828,100        21,766,678   

Retained earnings before appropriations

     15,987,364        15,864,213        12,398,497   
  

 

 

   

 

 

   

 

 

 
     39,497,095        39,296,232        35,769,094   
  

 

 

   

 

 

   

 

 

 

OTHER COMPONENTS OF EQUITY:

      

Other capital surpluses

     471,708        569,630        639,028   

Cumulative other comprehensive income

     306,235        355,626        255,095   

Treasury stock

     (741,489     (741,489     (741,489

Other equity

     13,295,000        13,295,000        13,294,990   
  

 

 

   

 

 

   

 

 

 
     13,331,454        13,478,767        13,447,624   
  

 

 

   

 

 

   

 

 

 

TOTAL SHAREHOLDER’S EQUITY

     56,871,528        56,817,978        53,270,296   
  

 

 

   

 

 

   

 

 

 

NON-CONTROLLING INTERESTS

     415,810        458,559        533,654   
  

 

 

   

 

 

   

 

 

 

Total Equity

     57,287,338        57,276,537        53,803,950   
  

 

 

   

 

 

   

 

 

 

Total Liabilities and Equity

     122,618,033        129,517,794        136,467,850   
  

 

 

   

 

 

   

 

 

 


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

 

     2011     2010  
     (Won in millions)  

SALES

    

Sales of goods

     41,754,554        38,004,325   

Sales of service

     322,616        747,044   

Sales of construction contracts

     1,455,132        755,213   
  

 

 

   

 

 

 
     43,532,302        39,506,582   
  

 

 

   

 

 

 

COST OF SALES

    

Cost of sales of goods

     41,283,628        35,021,668   

Cost of sales of service

     393,049        414,672   

Cost of sales of construction contracts

     1,405,302        750,897   
  

 

 

   

 

 

 
     43,081,979        36,187,237   
  

 

 

   

 

 

 

GROSS PROFIT

     450,323        3,319,345   

OTHER INCOME

     598,303        536,915   

SELLING AND ADMINISTRATIVE EXPENSES

     1,751,697        1,644,760   

OTHER EXPENSE

     147,595        69,787   

OTHER PROFIT

     165,703        118,207   
  

 

 

   

 

 

 

OPERATING PROFIT(LOSS)

     (684,963     2,259,920   
  

 

 

   

 

 

 

FINANCE INCOME

     607,592        591,491   

FINANCE EXPENSE

     2,518,850        2,558,425   

PROFITS OF AFFILIATES OR JOINT VENTURES USING EQUITY METHOD

     123,095        76,626   

Gain on valuation of affiliates or joint ventures

     162,513        160,314   

Gain on disposal of affiliates or joint ventures

     3,147        25,975   

Loss on valuation of affiliates or joint ventures

     42,115        56,246   

Loss on disposal of affiliates or joint ventures

     450        53,417   
  

 

 

   

 

 

 

PROFIT(LOSS) BEFORE INCOME TAX

     (2,473,126     369,612   

INCOME TAX EXPENSE

     819,871        438,779   
  

 

 

   

 

 

 

LOSS FOR THE PERIOD

     (3,292,997     (69,167

OTHER COMPREHENSIVE INCOME

    

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

     (174,958     124,464   

Effective portion of changes in fair value of cash flow hedges

     (27,999     (35,005

Actuarial losses on retirement benefit obligations

     (152,196     (85,605

Share of the profit(loss) of affiliates and joint ventures accounted for using the equity method

     45,860        (34,297

Foreign currency translation of foreign operations

     47,135        (12,124
  

 

 

   

 

 

 
     (262,158     (42,567
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

     (3,555,155     (111,734
  

 

 

   

 

 

 
(Continued)     


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

 

     2011     2010  
     (Won in millions)  

PROFIT ATTRIBUTABLE TO;

    

Owners of the Company

     (3,370,464     (119,931

Non-controlling interests

     77,467        50,764   

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO;

    

Owners of the Company

     (3,627,669     (151,472

Non-controlling interests

     72,514        39,738   

EARNINGS PER SHARE;

    

Basic earnings per share

     (5,411     (193

Diluted earnings per share

     (5,411     (193


SEPARATE(NON-CONSOLIDATED) STATEMENTS OF FINANCIAL POSITION

AS OF JANUARY 01, 2010, DECEMBER 31, 2010 AND DECEMBER 31, 2011

 

     Won  
     Jan. 01, 2010      Dec. 31, 2010      Dec. 31, 2011  
     (In millions)  

ASSETS

     

CURRENT ASSETS:

        

Cash and cash equivalents

     188,256         288,197         191,053   

Current financial assets

     98,256         55,532         18,651   

Accounts and other receivables

     4,774,319         5,317,650         6,188,757   

Inventories

     41,942         59,625         71,040   

Income tax receivables

     —           3,007         1,608   

Current non-financial assets

     23,689         22,179         30,275   
  

 

 

    

 

 

    

 

 

 
     5,126,462         5,746,190         6,501,384   
  

 

 

    

 

 

    

 

 

 

NON-CURRENT ASSETS:

        

Non-current financial assets

     414,503         881,402         868,812   

Non-current accounts and other receivables

     1,228,588         1,189,552         994,891   

Property, plant and equipment, net

     50,320,223         52,224,480         54,175,944   

Investment properties

     1,236,066         1,242,691         1,130,856   

Intangible assets

     114,387         107,595         85,406   

Investments in subsidiaries

     28,424,564         28,772,895         28,873,782   

Investments in affiliates

     1,970,226         2,022,784         2,021,313   

Investments in joint ventures

     7,271         7,271         15,013   

Non-current non-financial assets

     128,506         104,308         102,497   
  

 

 

    

 

 

    

 

 

 
     83,844,334         86,552,978         88,268,514   
  

 

 

    

 

 

    

 

 

 

Total Assets

     88,970,796         92,299,168         94,769,898   
  

 

 

    

 

 

    

 

 

 

LIABILITIES

        

CURRENT LIABILITIES:

        

Accounts and other payables

     4,143,554         4,348,767         5,174,335   

Short-term borrowings

     260,000         68,334         100,000   

Current financial liabilities

     3,660,522         4,066,894         3,773,887   

Current non-financial liabilities

     1,830,433         2,504,701         3,611,089   
  

 

 

    

 

 

    

 

 

 
     9,894,509         10,988,696         12,659,311   
  

 

 

    

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

        

Non-current accounts and other payables

     1,369,524         1,268,245         1,160,108   

Non-current financial liabilities

     18,106,509         22,274,174         26,166,724   

Non-current non-financial liabilities

     5,202,035         5,179,016         5,581,813   

Employee benefits obligations

     972,206         1,104,492         1,379,316   

Deferred tax liabilities

     3,488,260         3,041,293         3,112,627   

Non-current provisions

     269,317         333,789         270,694   
  

 

 

    

 

 

    

 

 

 
     29,407,851         33,201,009         37,671,282   
  

 

 

    

 

 

    

 

 

 

Total Liabilities

     39,302,360         44,189,705         50,330,593   
  

 

 

    

 

 

    

 

 

 
(Continued)         


SEPARATE STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF JANUARY 01, 2010, DECEMBER 31, 2010 AND DECEMBER 31, 2011

 

     Won  
     Jan. 01, 2010     Dec. 31, 2010     Dec. 31, 2011  
     (In millions)  

SHAREHOLDER’S EQUITY

    

CONTRIBUTED EQUITY:

      

Shares issued

     3,207,839        3,207,839        3,207,839   

Share premium

     835,140        835,140        843,758   
  

 

 

   

 

 

   

 

 

 
     4,042,979        4,042,979        4,053,578   
  

 

 

   

 

 

   

 

 

 

RETAINED EARNINGS:

      

Legal reserves

     1,603,919        1,603,919        1,603,919   

Voluntary reserves

     21,905,812        21,828,100        21,766,678   

Retained earnings before appropriations

     9,239,669        7,764,883        4,194,638   
  

 

 

   

 

 

   

 

 

 
     32,749,400        31,196,902        27,565,235   
  

 

 

   

 

 

   

 

 

 

OTHER COMPONENTS OF EQUITY:

      

Other capital surpluses

     303,028        303,028        458,559   

Cumulative other comprehensive income

     19,420        12,945        (36,145

Treasury stock

     (741,489     (741,489     (741,489

Other equity

     13,295,098        13,295,098        13,295,098   

Total Shareholder’s Equity

     49,668,436        48,109,463        44,439,305   
  

 

 

   

 

 

   

 

 

 

Total Liabilities and Equity

     88,970,796        92,299,168        94,769,898   
  

 

 

   

 

 

   

 

 

 


SEPARATE(NON-CONSOLIDATED) STATEMENTS OF COMPREHENSIVE INCOME

FOR YEAR ENDED DECEMBER 31, 2011 AND 2010

 

     2011     2010  
     (Won in millions)  

SALES

    

Sales of goods

     41,894,293        38,155,925   

Sales of services

     109,000        533,988   

Sales of construction contracts

     1,211,565        601,369   
  

 

 

   

 

 

 
     43,214,858        39,291,282   
  

 

 

   

 

 

 

COST OF SALES

    

Costs of sales of goods

     44,134,403        39,063,050   

Costs of sales of services

     262,475        282,362   

Costs of sales of construction contracts

     1,180,103        601,281   
  

 

 

   

 

 

 
     45,576,981        39,946,693   
  

 

 

   

 

 

 

GROSS PROFIT

     (2,362,123     (655,411

OTHER INCOME

     496,009        466,434   

SELLING AND ADMINISTRATIVE EXPENSES

     1,213,539        1,181,095   

OTHER EXPENSE

     48,961        37,723   

OTHER GAINS AND LOSSES

     134,829        95,278   
  

 

 

   

 

 

 

OPERATING PROFIT

     (2,993,785     (1,312,517

FINANCE INCOME

     964,516        780,131   

FINANCE COSTS

     1,528,202        1,486,999   

PROFITS OF AFFILIATES OR JOINT VENTURES

     98,506        102,798   
  

 

 

   

 

 

 

LOSS BEFORE INCOME TAX

     (3,458,965     (1,916,587

INCOME TAX EXPENSE (BENEFIT)

     55,165        (438,360
  

 

 

   

 

 

 

LOSS FOR THE PERIOD

     (3,514,130     (1,478,227

OTHER COMPREHENSIVE INCOME

    

Net change in fair value of available-for-sale financial assets

     (49,090     (6,475

Actuarial gains(losses) on retirement benefit obligation

     (117,537     (74,271
  

 

 

   

 

 

 
     (166,627     (80,746
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

     (3,680,757     (1,558,973
  

 

 

   

 

 

 

EARNINGS PER SHARE

    

Basic earnings per share

     (5,642     (2,374

Diluted earnings per share

     (5,642     (2,374


STATEMENT OF APPROPRIATION OF RETAINED EARNINGS

FOR YEARS ENDED DECEMBER 31, 2011 AND 2010

 

     For year ended,  
     2011     2010  
     ( Won in millions)  

I. RETAINED EARNINGS BEFORE APPROPRIATIONS:

    

Retained earnings carried over from prior year

     7,826,305        —     

Effect of transition to K-IFRS

     —          9,317,382   

Loss for the period

     (3,514,130     (1,478,227

Actuarial losses on retirement benefit obligations

     (117,538     (74,271
  

 

 

   

 

 

 
     4,194,637        7,764,884   
  

 

 

   

 

 

 

II. TRANSFER FROM VOLUNTARY RESERVES:

    

Transfer from reserve for business expansion

     —          61,421   
  

 

 

   

 

 

 
     —          61,421   
  

 

 

   

 

 

 

III. I + II

     4,194,637        7,826,305   
  

 

 

   

 

 

 

IV. APPROPRIATIONS OF RETAINED EARNINGS:

    

Transfer to reserve for business expansion

     (4,194,637     —     
  

 

 

   

 

 

 
     (4,194,637     —     
  

 

 

   

 

 

 

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

     —          7,826,305   
  

 

 

   

 

 

 


Agenda 2. Amendment of the Articles of Incorporation of KEPCO

 

Current provisions

  

Proposed amendments

  

Rationale

Article 7 (Par Value and Types of Shares and Denominations of Share Certificates)

 

(1) The par value of a share shall be 5,000 Won. All shares to be issued by the Corporation shall be common stock and preferred stock, both of which shall be in registered form.

  

Article 7 (Par Value and Types of Shares and Denominations of Share Certificates)

 

(1) The par value of a share shall be 5,000 Won. All shares to be issued by the Corporation shall be common stock and class shares, both of which shall be in registered form.

   To reflect the amendment to the Commercial Act(Article 344, 345, 346 of the Act)

Article 7-2 (Number and Rights of Preferred Shares)

 

(1) The preferred shares to be issued by the Corporation shall not have voting rights. The total number of preferred shares authorized to be issued by the Corporation is 150,000,000 shares.

  

Article 7-2 (Number and Rights of Class Shares)

 

(1) The class shares to be issued by the Corporation shall be preferred dividend shares that shall not have voting rights. The total number of such shares authorized to be issued by the Corporation is 150,000,000 shares.

   To reflect change in terminology

(2) The dividend rate, which the Board of Directors decides upon issuing, on each preferred share shall be based on a preferred dividend rate which is an amount equal to or greater than eight (8) percent per annum of par value.

  

(2) The dividend rate, which the Board of Directors decides upon issuing, on each class share in Paragraph (1) shall be based on a preferred dividend rate which is an amount equal to or greater than eight (8) percent per annum of par value, and such amount of dividends will be paid on a priory basis.

   To reflect the amendment to the Commercial Act(Article 344-2 of the Act)

(3) If the rate of dividends on each common share is greater than the rate of dividends on each preferred share, the difference shall be divided among the common shares and preferred shares on a pro rata basis.

  

(3) If the rate of dividends on each common share is greater than the rate of dividends on each class share in Paragraph (1), the difference shall be divided among the common shares and preferred shares on a pro rata basis.

   To reflect change in terminology

(4) If the dividends on preferred shares as set forth herein are not paid from the profits of any fiscal year, the accumulated amount of dividends will be paid on a priority basis the next fiscal year.

  

(4) If the dividends on class shares in Paragraph (1) as set forth herein are not paid from the profits of any fiscal year, the accumulated amount of dividends will be paid on a priority basis the next fiscal year.

   To reflect change in terminology


(5) If the dividends on preferred shares as set forth herein are not paid for any fiscal year, the preferred shares shall be deemed to have voting rights from the General Meeting of Shareholders immediately following the General Meeting of Shareholders at which the resolution not to pay such dividends on preferred shares was adopted to the end of the General Meeting of Shareholders at which the resolution to pay such dividends on preferred shares is adopted.

  

(5) If the dividends on class shares in Paragraph (1) as set forth herein are not paid for any fiscal year, the preferred shares shall be deemed to have voting rights from the General Meeting of Shareholders immediately following the General Meeting of Shareholders at which the resolution not to pay such dividends on preferred shares was adopted to the end of the General Meeting of Shareholders at which the resolution to pay such dividends on preferred shares is adopted.

   To reflect change in terminology

Article 10 (Preemptive Rights)

 

(1) The Corporation shall allocate any new shares to shareholders in proportion to the number of shares held by each shareholder. However, in such case, the Corporation may, pursuant to the resolution of the Board of Directors, allocate preferred shares to holders of the outstanding preferred shares in proportion to their respective shareholding ratio.

  

Article 10 (Preemptive Rights)

 

(1) The Corporation shall allocate any new shares to shareholders in proportion to the number of shares held by each shareholder. However, in such case, the Corporation may, pursuant to the resolution of the Board of Directors, allocate class shares in Article 7-2 to holders of the outstanding class shares in Article 7-2 in proportion to their respective shareholding ratio.

   To reflect change in terminology
(Newly inserted)   

(4) If new shares are allocated to any person other than shareholders pursuant to Paragraph (3) above, the items as set forth in Subparagraph (1) to (4) of Article 416 of the Commercial Law shall be notified or announced to the shareholders two (2) weeks prior to the due date of payment.

   To reflect the amendment to the Commercial Act(Article 418-4 of the Act)
(Newly inserted)   

Article 16 (Bonds)

 

(2) The Board of Directors may authorize the President of the Corporation to issue bonds for a period not exceeding one (1) year by setting the amount and type of bond, conditions of issuing and repayment period.

   To reflect the amendment to the Commercial Act(Article 469-4 of the Act)


Article 17 (Issuance of Convertible Bonds)

 

(3) The shares to be issued upon conversion shall be either common shares (provided that the total par value of the convertible bonds converted into common shares shall be 1.5 trillion Won) or preferred shares (provided that the total par value of the convertible bonds convertible into preferred shares shall be 500 billion Won). The conversion price shall be decided by the Board of Directors at the time of issuance of convertible bonds; provided that the conversion price shall not be less than the par value of each share.

  

Article 17 (Issuance of Convertible Bonds)

 

(3) The shares to be issued upon conversion shall be either common shares (provided that the total par value of the convertible bonds converted into common shares shall be 1.5 trillion Won) or preferred shares (provided that the total par value of the convertible bonds convertible into class shares under Article 7-2 shall be 500 billion Won). The conversion price shall be decided by the Board of Directors at the time of issuance of convertible bonds; provided that the conversion price shall not be less than the par value of each share.

   To reflect change in terminology

Article 17-2 (Issuance of Bonds with Warrants)

 

(3) The shares to be issued upon exercise of warrants shall be either common shares (provided that the total par value of the bonds with warrants for common shares shall be 500 billion won) or preferred shares (provided that the total par value of the bonds with warrants for preferred shares shall be 500 billion won). The issue price shall be not less than the par value of the shares as determined by the Board of Directors at the time of the issuance of the relevant bonds with warrants.

  

Article 17-2 (Issuance of Bonds with Warrants)

 

(3) The shares to be issued upon exercise of warrants shall be either common shares (provided that the total par value of the bonds with warrants for common shares shall be 500 billion won) or class shares (provided that the total par value of the bonds with warrants for class shares shall be 500 billion won). The issue price shall be not less than the par value of the shares as determined by the Board of Directors at the time of the issuance of the relevant bonds with warrants.

   To reflect change in terminology

Article 50 (Submission, Approval, Publication and Keeping of Financial Statements)

 

(1) The President of the Corporation shall prepare and submit to the Audit Committee, no later than six (6) weeks before the date set for an ordinary General Meeting of Shareholders, the following documents and supplementary schedules thereto and a business report, following approval thereof by the Board of Directors:

 

1. A balance sheet;

 

2. A statement of profit and loss; and

 

3. A statement of appropriation of retained earnings or statement of disposition of deficit.

  

Article 50 (Submission, Approval, Publication and Keeping of Financial Statements)

 

(1) The President of the Corporation shall prepare and submit to the Audit Committee, no later than six (6) weeks before the date set for an ordinary General Meeting of Shareholders, the following documents and supplementary schedules thereto and a business report, following approval thereof by the Board of Directors:

 

1. A balance sheet (statement of financial position);

 

2. A statement of profit and loss (statement of comprehensive income);

 

3. Other documents specifying financial position of the Corporation and business performance as determined by the relevant laws; and

 

4. Consolidated financial statement.

   To reflect the amendment to the Commercial Act(Article 447 of the Act)
  

ADDENDA

 

The Articles of Incorporation shall be implemented on and after the date of promulgation; provided that the provisions of Articles 7, 7-2, 10, 16, 17 and 17-2 shall be applicable on and after the date of 15 April, 2012.

   To modify the enforcement date of relevant provisions to correspond to the enforcement date of the amended Commercial Act


Agenda 3. Aggregate ceiling on remuneration for KEPCO’s directors

 

   

Proposed aggregate ceiling on remuneration for directors:

 

   

1,993,797 thousand won in fiscal year 2012 (Number of directors 15, Number of non-standing directors 8)

 

   

1,951,292 thousand won in fiscal year 2011 (Number of directors 15, Number of non-standing directors 8)


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/ Kim, Jung In

Name: Kim, Jung In
Title: Vice President

Date: March 16, 2012