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 April 2013

 

 

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.


At the annual ordinary general meeting of shareholders of Korea Electric Power Corporation (“KEPCO”) held on March 29, 2013, all of the agenda (as set forth below) submitted for shareholder approval were approved by the shareholders as originally proposed:

 

  1.

Approval of Financial Statements for the 52nd Fiscal Year

 

  2. Approval of ceiling amount of the remuneration for directors

For further details relating to the foregoing agenda, see Form 6-K furnished to the Securities and Exchange Commission on March 15, 2013.


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/ Han, Key-Shik

Name:   Han, Key-Shik
Title:   Vice President

Date: April 2, 2013


Attachment

Agenda 1. Approval of Financial Statements for the 52nd Fiscal Year

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2012 AND DECEMBER 31, 2011

 

     Dec. 31, 2012      Dec. 31, 2011  

ASSETS

     

CURRENT ASSETS:

     

Cash and cash equivalents

   1,954,949       1,387,921   

Current financial assets, net

     656,217         770,539   

Accounts and other receivables, net

     7,184,625         7,274,148   

Inventories, net

     3,440,341         3,851,751   

Income tax receivables

     30,476         35,801   

Current non-financial assets

     664,047         447,393   

Non-current assets held for sale and discontinued operations

     2,828         —     
  

 

 

    

 

 

 
     13,933,483         13,767,553   
  

 

 

    

 

 

 

NON-CURRENT ASSETS:

     

Non-current financial assets, net

     1,873,676         2,199,032   

Non-current accounts and other receivables, net

     1,254,330         1,284,532   

Property, plant and equipment, net

     122,376,140         112,384,881   

Investment properties, net

     590,223         517,149   

Intangible assets, net

     883,814         848,709   

Investments in joint ventures

     908,593         767,202   

Investments in associates

     3,982,340         3,718,154   

Deferred tax assets

     209,783         372,478   

Non-current non-financial assets

     140,438         608,160   
  

 

 

    

 

 

 
     132,219,337         122,700,297   
  

 

 

    

 

 

 

Total Assets

   146,152,820       136,467,850   
  

 

 

    

 

 

 

LIABILITIES

     

CURRENT LIABILITIES:

     

Accounts and other payables, net

     6,418,464         6,576,158   

Short-term borrowings

     689,310         1,173,568   

Current financial liabilities, net

     7,099,509         5,852,342   

Income tax payables

     334,053         505,154   

Current non-financial liabilities

     4,117,440         3,541,562   

Current provisions

     158,303         92,383   
  

 

 

    

 

 

 
     18,817,079         17,741,167   
  

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

     

Non-current accounts and other payables, net

     4,173,691         4,178,137   

Non-current financial liabilities, net

     46,050,766         39,403,578   

Non-current non-financial liabilities

     6,298,650         5,611,010   

Employee benefits obligations, net

     2,144,334         1,942,994   

Deferred tax liabilities, net

     5,433,292         6,786,779   

Non-current provisions

     12,170,806         7,000,235   
  

 

 

    

 

 

 
     76,271,539         64,922,733   
  

 

 

    

 

 

 

Total Liabilities

     95,088,618         82,663,900   
  

 

 

    

 

 

 

 

 

(Continued)


CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF DECEMBER 31, 2012 AND DECEMBER 31, 2011

 

     Dec. 31, 2012     Dec. 31, 2011  

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

     1,603,919        1,603,919   

Voluntary reserves

     25,961,315        21,766,678   

Retained earnings before appropriations

     4,999,049        12,398,497   
  

 

 

   

 

 

 
     32,564,283        35,769,094   
  

 

 

   

 

 

 

OTHER COMPONENTS OF EQUITY:

    

Other capital surpluses

     705,448        639,028   

Cumulative other comprehensive income

     11,957        255,095   

Treasury stocks

     (741,489     (741,489

Other equity

     13,294,990        13,294,990   
  

 

 

   

 

 

 
     13,270,906        13,447,624   
  

 

 

   

 

 

 

EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY

     49,888,767        53,270,296   
  

 

 

   

 

 

 

NON-CONTROLLING INTERESTS

     1,175,435        533,654   
  

 

 

   

 

 

 

Total Equity

     51,064,202        53,803,950   
  

 

 

   

 

 

 

Total Liabilities and Equity

   146,152,820      136,467,850   
  

 

 

   

 

 

 


KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2012 AND DECEMBER 31, 2011

 

     2012     2011  
     (KRW in millions except per share amounts)  

SALES

    

Sales of goods

   46,906,587      41,397,469   

Sales of service

     357,877        322,616   

Sales of construction contracts

     1,856,045        1,455,132   

Sales of construction grant

     301,004        280,458   
  

 

 

   

 

 

 
     49,421,513        43,455,675   
  

 

 

   

 

 

 

COST OF SALES

    

Cost of sales of goods

     46,293,591        40,926,543   

Cost of sales of service

     470,453        393,049   

Cost of sales of construction contracts

     1,695,218        1,405,302   
  

 

 

   

 

 

 
     48,459,262        42,724,894   
  

 

 

   

 

 

 

GROSS PROFIT

     962,251        730,781   

SELLING AND ADMINISTRATIVE EXPENSES

     1,780,168        1,751,236   
  

 

 

   

 

 

 

OPERATING INCOME(LOSS)

     (817,917     (1,020,455

OTHER OPERATING INCOME

     373,996        317,384   

OTHER OPERATING EXPENSES

     74,567        147,595   

OTHER INCOME(LOSS)

     (1,781,835     165,703   

FINANCE INCOME

     1,128,357        607,592   

FINANCE EXPENSES

     3,068,321        2,518,850   

PROFITS OF ASSOCIATES AND JOINT VENTURES USING EQUITY METHOD

     176,941        123,095   

Share in income of associates and joint ventures

     205,987        162,513   

Gain on disposal of associates and joint ventures

     —          3,147   

Share in loss of associates and joint ventures

     (20,127     (42,115

Loss on disposal of associates and joint ventures

     (162     (450

Impairment loss on associates and joint ventures

     (8,757     —     
  

 

 

   

 

 

 

INCOME (LOSS) BEFORE INCOME TAX

     (4,063,346     (2,473,126

INCOME TAX EXPENSE

     (985,377     819,871   
  

 

 

   

 

 

 

NET LOSS FOR THE YEAR

   (3,077,969   (3,292,997
  

 

 

   

 

 

 

 

 

(Continued)


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2012 AND DECEMBER 31, 2011

 

     2012     2011  
     (KRW in millions except per share amounts)  

OTHER COMPREHENSIVE INCOME (LOSS)

    

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

     2,245        (174,958

Loss on valuation of derivatives using of cash flow hedge accounting, net of tax

     (63,850     (27,999

Actuarial losses on retirement benefit obligations

     (41,310     (152,196

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

     (96,906     45,860   

Foreign currency translation of foreign operations, net of tax

     (121,892     47,135   
  

 

 

   

 

 

 
     (321,713     (262,158
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

   (3,399,682   (3,555,155
  

 

 

   

 

 

 

NET INCOME(LOSS) ATTRIBUTABLE TO;

    

Owners of the Company

     (3,166,616     (3,370,464

Non-controlling interests

     88,647        77,467   
  

 

 

   

 

 

 
   (3,077,969   (3,292,997
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO;

    

Owners of the Company

     (3,447,949     (3,627,669

Non-controlling interests

     48,267        72,514   
  

 

 

   

 

 

 
   (3,399,682   (3,555,155
  

 

 

   

 

 

 

EARNINGS PER SHARE;

    

Basic earnings per share

   (5,083   (5,411

Diluted earnings per share

   (5,083   (5,411


KOREA ELECTRIC POWER CORPORATION

SEPARATE(NON-CONSOLIDATED) STATEMENTS OF FINANCIAL POSITION

AS OF DECEMBER 31, 2012 AND DECEMBER 31, 2011

 

     Won  
     Dec. 31, 2012      Dec. 31, 2011  
     (In millions)  
ASSETS   

CURRENT ASSETS:

     

Cash and cash equivalents

   439,425       191,053   

Current financial assets

     71,056         18,651   

Accounts and other receivables

     6,569,474         5,830,408   

Inventories

     65,698         71,040   

Income tax receivables

     831         1,608   

Current non-financial assets

     57,687         30,275   
  

 

 

    

 

 

 
     7,204,171         6,143,035   
  

 

 

    

 

 

 

NON-CURRENT ASSETS:

     

Non-current financial assets

     782,913         868,812   

Non-current accounts and other receivables

     366,798         994,891   

Property, plant and equipment, net

     55,922,112         54,175,944   

Investment properties

     872,420         1,130,856   

Intangible assets

     75,071         85,406   

Investments in subsidiaries

     28,928,951         28,873,782   

Investments in joint ventures

     20,642         15,013   

Investments in affiliates

     2,021,313         2,021,313   

Non-current non-financial assets

     40,307         460,846   
  

 

 

    

 

 

 
     89,030,527         88,626,863   
  

 

 

    

 

 

 

Total Assets

     96,234,698         94,769,898   
  

 

 

    

 

 

 
LIABILITIES      

CURRENT LIABILITIES:

     

Accounts and other payables

     5,321,179         5,174,335   

Short-term borrowings

     —           100,000   

Current financial liabilities

     4,532,461         3,773,887   

Current non-financial liabilities

     4,478,921         3,611,089   
  

 

 

    

 

 

 
     14,332,561         12,659,311   
  

 

 

    

 

 

 

NON-CURRENT LIABILITIES:

     

Non-current accounts and other payables

     1,034,135         1,160,108   

Non-current financial liabilities

     29,830,158         26,166,724   

Non-current non-financial liabilities

     6,270,095         5,581,813   

Employee benefits obligations

     1,485,073         1,379,316   

Deferred tax liabilities

     1,757,057         3,112,627   

Non-current provisions

     254,537         270,694   
  

 

 

    

 

 

 
     40,631,057         37,671,282   
  

 

 

    

 

 

 

Total Liabilities

     54,963,618         50,330,593   
  

 

 

    

 

 

 

 

 

(Continued)


SEPARATE STATEMENTS OF FINANCIAL POSITION (CONTINUED)

AS OF DECEMBER 31, 2012 AND DECEMBER 31, 2011

 

     Won  
     Dec. 31, 2012     Dec. 31, 2011  
     (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

     1,603,919        1,603,919   

Voluntary reserves

     25,961,315        21,766,678   

Retained earnings before appropriations

     (3,208,155     4,194,638   
  

 

 

   

 

 

 
     24,357,080        27,565,235   
  

 

 

   

 

 

 

OTHER COMPONENTS OF EQUITY:

    

Other capital surpluses

     303,028        303,028   

Cumulative other comprehensive income

     3,786        (36,145

Treasury stock

     (741,489     (741,489

Other equity

     13,295,098        13,295,098   

Total Shareholder’s Equity

     41,271,080        44,439,305   
  

 

 

   

 

 

 

Total Liabilities and Equity

     96,234,698        94,769,898   
  

 

 

   

 

 

 

(Additional information will be available at www.kepco.co.kr/eng.)


KOREA ELECTRIC POWER CORPORATION

SEPARATE(NON-CONSOLIDATED) STATEMENTS OF COMPREHENSIVE INCOME

FOR YEARS ENDED DECEMBER 31, 2012 AND 2011

 

     2012     2011  
     (Won in millions)  

SALES

    

Sales of goods

   47,413,257      41,537,208   

Sales of services

     71,927        109,000   

Sales of construction contracts

     1,548,685        1,211,565   

Sales of construction grant

     301,004        280,458   
  

 

 

   

 

 

 
     49,334,873        43,138,231   
  

 

 

   

 

 

 

COST OF SALES

    

Costs of sales of goods

     49,116,803        43,777,318   

Costs of sales of services

     258,765        262,475   

Costs of sales of construction contracts

     1,409,153        1,180,103   
  

 

 

   

 

 

 
     50,784,721        45,219,896   
  

 

 

   

 

 

 

GROSS PROFIT

     (1,449,845     (2,081,665

SELLING AND ADMINISTRATIVE EXPENSES

     1,213,539        1,213,539   

OPERATING PROFIT

     (2,692,853     (3,295,204

OTHER INCOME

     252,021        215,551   

OTHER EXPENSE

     30,908        48,961   

OTHER GAINS AND LOSSES

     (1,774,553     134,829   
  

 

 

   

 

 

 

FINANCE INCOME

     1,361,991        964,517   

FINANCE COSTS

     1,814,299        1,528,202   

PROFITS OF AFFILIATES OR JOINT VENTURES

     88,176        98,506   
  

 

 

   

 

 

 

LOSS BEFORE INCOME TAX

     (4,610,424     (3,458,965

INCOME TAX EXPENSE (BENEFIT)

     (1,383,827     55,165   
  

 

 

   

 

 

 

LOSS FOR THE PERIOD

     (3,226,597     (3,514,130

OTHER COMPREHENSIVE INCOME

    

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

     39,930        (49,090

Actuarial gains(losses) on retirement benefit obligation

     18,442        (117,537
  

 

 

   

 

 

 
     58,372        (166,627
  

 

 

   

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

   (3,167,225   (3,680,758
  

 

 

   

 

 

 

EARNINGS PER SHARE

    

Basic earnings per share

   (5,179   (5,640

Diluted earnings per share

   (5,179   (5,640

(Additional information will be available at www.kepco.co.kr/eng.)


STATEMENT OF APPROPRIATION OF RETAINED EARNINGS

FOR YEARS ENDED DECEMBER 31, 2012 AND DECEMBER 31, 2011

 

     For year ended,  
     2012     2011  
     ( Won in millions)  

I. RETAINED EARNINGS BEFORE APPROPRIATIONS:

    

Retained earnings carried over from prior year

   —        7,826,305   

Effect of transition to K-IFRS

     —          —     

Loss for the period

     (3,226,597     (3,514,130

Actuarial losses on retirement benefit obligations

     18,442        (117,538
  

 

 

   

 

 

 
     (3,208,155     4,194,637   
  

 

 

   

 

 

 

II. TRANSFER FROM VOLUNTARY RESERVES:

    

Transfer from reserve for business expansion

     3,208,155        —     
  

 

 

   

 

 

 
     3,208,155        —     
  

 

 

   

 

 

 

III. I + II

   —        4,194,637   
  

 

 

   

 

 

 

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

   —        —     
  

 

 

   

 

 

 


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

 

   

Proposed aggregate ceiling on remuneration for directors:

 

   

2,083,394 thousand won in fiscal year 2013 (Number of directors 15, Number of non-standing directors 8)

 

   

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