Report of Foreign Issuer (6-k)
March 30 2018 - 8:23AM
Edgar (US Regulatory)
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 2018
KOREA
ELECTRIC POWER CORPORATION
(Translation of registrants name into English)
55
Jeollyeok-ro,
Naju-si,
Jeollanam-do, 58217, 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 ☒ 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 ☒
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
82-
.
At the annual general meeting (AGM) of shareholders of Korea Electric Power Corporation
(KEPCO) held on March 30, 2018, all the agendas set forth below submitted for shareholder approval were approved by the shareholders as originally proposed:
|
1.
|
Agendas for Shareholder Approval:
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|
1)
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Approval of financial statements for the fiscal year 2017
|
|
|
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Dividend per share : KRW 790
|
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2)
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Approval of the maximum aggregate amount of remuneration for directors in 2018
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|
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Aggregate ceiling on remuneration for direactros in 2018 : 2,120,796 thousand won
|
|
|
|
|
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Agenda
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Outstanding Shares
|
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Attendant Shares
|
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Shares for
|
1. 1)
|
|
641,964,077
|
|
528,258,103
|
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524,629,257 (99.31%)
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1. 2)
|
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641,964,077
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528,258,103
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422,261,017 (79.93%)
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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.
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By:
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/s/ Kim,
Jong-Soo
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Name:
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Kim,
Jong-Soo
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Title:
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Vice President
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Date: March 30, 2018
Agenda 1. Approval of Financial Statements for the Fiscal Year 2017
Disclaimer: The financial statements for the fiscal year 2017 as presented below is in accordance with the International Financial Reporting Standard adopted
in Korea
(K-IFRS).
Consolidated Statements of Financial Position
As of December 31, 2017 and 2016
|
|
|
|
|
|
|
|
|
In millions of won
|
|
2017
|
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
W
|
2,369,739
|
|
|
|
3,051,353
|
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Current financial assets, net
|
|
|
1,958,357
|
|
|
|
2,671,989
|
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Trade and other receivables, net
|
|
|
7,928,972
|
|
|
|
7,788,876
|
|
Inventories, net
|
|
|
6,002,086
|
|
|
|
5,479,443
|
|
Income tax refund receivables
|
|
|
100,590
|
|
|
|
19,163
|
|
Current
non-financial
assets
|
|
|
753,992
|
|
|
|
631,860
|
|
Assets
held-for-sale
|
|
|
27,971
|
|
|
|
65,842
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|
|
|
|
|
|
|
|
|
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Total current assets
|
|
|
19,141,707
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|
|
|
19,708,526
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|
|
|
|
|
|
|
|
|
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Non-current
assets
|
|
|
|
|
|
|
|
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Non-current
financial assets, net
|
|
|
2,038,913
|
|
|
|
2,657,494
|
|
Non-current
trade and other receivables, net
|
|
|
1,754,797
|
|
|
|
1,903,515
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Property, plant and equipment, net
|
|
|
150,882,414
|
|
|
|
145,743,056
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Investment properties, net
|
|
|
284,714
|
|
|
|
353,680
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Goodwill
|
|
|
2,582
|
|
|
|
2,582
|
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Intangible assets other than goodwill, net
|
|
|
1,187,121
|
|
|
|
980,821
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Investments in associates
|
|
|
3,837,421
|
|
|
|
4,092,252
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|
Investments in joint ventures
|
|
|
1,493,275
|
|
|
|
1,418,196
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|
Deferred tax assets
|
|
|
919,153
|
|
|
|
795,131
|
|
Non-current
non-financial
assets
|
|
|
246,818
|
|
|
|
181,789
|
|
|
|
|
|
|
|
|
|
|
Total
non-current
assets
|
|
|
162,647,208
|
|
|
|
158,128,516
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
W
|
181,788,915
|
|
|
|
177,837,042
|
|
|
|
|
|
|
|
|
|
|
(Continued)
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|
|
|
|
|
|
|
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Liabilities
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
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Trade and other payables, net
|
|
W
|
5,999,521
|
|
|
|
5,585,411
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|
Current financial liabilities, net
|
|
|
9,194,552
|
|
|
|
8,942,329
|
|
Income tax payables
|
|
|
508,402
|
|
|
|
1,843,288
|
|
Current
non-financial
liabilities
|
|
|
5,584,308
|
|
|
|
6,368,210
|
|
Current provisions
|
|
|
2,137,498
|
|
|
|
1,999,988
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
23,424,281
|
|
|
|
24,739,226
|
|
|
|
|
|
|
|
|
|
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Non-current
liabilities
|
|
|
|
|
|
|
|
|
Non-current
trade and other payables, net
|
|
|
3,223,480
|
|
|
|
3,558,175
|
|
Non-current
financial liabilities, net
|
|
|
45,980,899
|
|
|
|
44,835,562
|
|
Non-current
non-financial
liabilities
|
|
|
8,072,434
|
|
|
|
7,591,605
|
|
Employee benefits liabilities, net
|
|
|
1,483,069
|
|
|
|
1,686,258
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|
Deferred tax liabilities
|
|
|
10,415,397
|
|
|
|
8,948,520
|
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Non-current
provisions
|
|
|
16,224,714
|
|
|
|
13,427,151
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|
|
|
|
|
|
|
|
|
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Total
non-current
liabilities
|
|
|
85,399,993
|
|
|
|
80,047,271
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|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
W
|
108,824,274
|
|
|
|
104,786,497
|
|
|
|
|
|
|
|
|
|
|
|
|
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Equity
|
|
|
|
|
|
|
|
|
Contributed capital
|
|
|
|
|
|
|
|
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Share capital
|
|
W
|
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
|
|
|
|
1,604,910
|
|
Voluntary reserves
|
|
|
34,833,844
|
|
|
|
31,847,275
|
|
Unappropriated retained earnings
|
|
|
16,931,804
|
|
|
|
19,721,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,370,558
|
|
|
|
53,173,871
|
|
|
|
|
|
|
|
|
|
|
Other components of equity
|
|
|
|
|
|
|
|
|
Other capital surplus
|
|
|
1,233,793
|
|
|
|
1,235,146
|
|
Accumulated other comprehensive loss
|
|
|
(271,457
|
)
|
|
|
(33,875
|
)
|
Other equity
|
|
|
13,294,973
|
|
|
|
13,294,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,257,309
|
|
|
|
14,496,244
|
|
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the controlling company
|
|
|
71,681,445
|
|
|
|
71,723,693
|
|
|
|
|
Non-controlling
interests
|
|
|
1,283,196
|
|
|
|
1,326,852
|
|
|
|
|
|
|
|
|
|
|
Total Equity
|
|
W
|
72,964,641
|
|
|
|
73,050,545
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
W
|
181,788,915
|
|
|
|
177,837,042
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income
For the years ended December 31, 2017 and 2016
|
|
|
|
|
|
|
|
|
In millions of won, except per share information
|
|
2017
|
|
|
2016
|
|
Sales
|
|
|
|
|
|
|
|
|
Sales of goods
|
|
W
|
55,772,548
|
|
|
|
55,379,487
|
|
Sales of services
|
|
|
351,157
|
|
|
|
356,743
|
|
Sales of construction services
|
|
|
3,212,184
|
|
|
|
4,026,857
|
|
Revenue related to transfer of assets from customers
|
|
|
478,973
|
|
|
|
427,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59,814,862
|
|
|
|
60,190,384
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
|
|
|
|
|
Cost of sales of goods
|
|
|
(48,454,036
|
)
|
|
|
(41,237,372
|
)
|
Cost of sales of services
|
|
|
(597,423
|
)
|
|
|
(557,037
|
)
|
Cost of sales of construction services
|
|
|
(3,047,396
|
)
|
|
|
(3,755,144
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(52,098,855
|
)
|
|
|
(45,549,553
|
)
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
7,716,007
|
|
|
|
14,640,831
|
|
|
|
|
Selling and administrative expenses
|
|
|
(2,762,855
|
)
|
|
|
(2,639,232
|
)
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
4,953,152
|
|
|
|
12,001,599
|
|
|
|
|
Other
non-operating
income
|
|
|
390,145
|
|
|
|
412,887
|
|
|
|
|
Other
non-operating
expense
|
|
|
(180,055
|
)
|
|
|
(188,624
|
)
|
|
|
|
Other gains, net
|
|
|
156,627
|
|
|
|
70,498
|
|
|
|
|
Finance income
|
|
|
1,530,618
|
|
|
|
791,543
|
|
|
|
|
Finance expenses
|
|
|
(3,127,952
|
)
|
|
|
(2,437,087
|
)
|
|
|
|
Profit related to associates, joint ventures and subsidiaries
|
|
|
|
|
|
|
|
|
Share in profit of associates and joint ventures
|
|
|
241,537
|
|
|
|
224,435
|
|
Gain on disposal of investments in associates and joint ventures
|
|
|
609
|
|
|
|
52
|
|
Share in loss of associates and joint ventures
|
|
|
(323,225
|
)
|
|
|
(243,361
|
)
|
Loss on disposal of investments in associates and joint ventures
|
|
|
|
|
|
|
(2,935
|
)
|
Impairment loss on investments in associates and joint ventures
|
|
|
(27,238
|
)
|
|
|
(115,539
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(108,317
|
)
|
|
|
(137,348
|
)
|
|
|
|
|
|
|
|
|
|
Profit before income tax
|
|
|
3,614,218
|
|
|
|
10,513,468
|
|
|
|
|
Income tax expense
|
|
|
(2,172,824
|
)
|
|
|
(3,365,141
|
)
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
|
1,441,394
|
|
|
|
7,148,327
|
|
|
|
|
|
|
|
|
|
|
In millions of won, except per share information
|
|
2017
|
|
|
2016
|
|
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
Items that will not be reclassified subsequently to profit or loss:
|
|
|
|
|
|
|
|
|
Remeasurement of defined benefit liability, net of tax
|
|
W
|
170,337
|
|
|
|
(75,926
|
)
|
Share in other comprehensive income (loss) of associates and joint ventures, net of tax
|
|
|
10,067
|
|
|
|
(2,515
|
)
|
Items that are or may be reclassified subsequently to profit or loss:
|
|
|
|
|
|
|
|
|
Net change in the unrealized fair value of
available-for-sale
financial assets, net of tax
|
|
|
(7,098
|
)
|
|
|
61,279
|
|
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of
tax
|
|
|
20,868
|
|
|
|
28,414
|
|
Foreign currency translation of foreign operations, net of tax
|
|
|
(134,196
|
)
|
|
|
41,360
|
|
Share in other comprehensive loss of associates and joint ventures, net of tax
|
|
|
(154,694
|
)
|
|
|
(54,914
|
)
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss, net of tax
|
|
|
(94,716
|
)
|
|
|
(2,302
|
)
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
W
|
1,346,678
|
|
|
|
7,146,025
|
|
|
|
|
|
|
|
|
|
|
Profit or loss attributable to:
|
|
|
|
|
|
|
|
|
Owners of the controlling company
|
|
W
|
1,298,720
|
|
|
|
7,048,581
|
|
Non-controlling
interests
|
|
|
142,674
|
|
|
|
99,746
|
|
|
|
|
|
|
|
|
|
|
|
|
W
|
1,441,394
|
|
|
|
7,148,327
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
Owners of the controlling company
|
|
W
|
1,230,194
|
|
|
|
7,041,557
|
|
Non-controlling
interests
|
|
|
116,484
|
|
|
|
104,468
|
|
|
|
|
|
|
|
|
|
|
|
|
W
|
1,346,678
|
|
|
|
7,146,025
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share
|
|
W
|
2,023
|
|
|
|
10,980
|
|
Statement of Appropriation of Retained Earnings
For the year ended December 31, 2016, KEPCOs retained earnings were appropriated on March 21, 2017. For the year ended December 31, 2017,
KEPCOs retained earnings are expected to be appropriated on March 30, 2018. Statements of appropriation of retained earnings of KEPCO, the controlling company, for the years ended December 31, 2017 and 2016 are as follows:
|
|
|
|
|
|
|
|
|
|
|
In millions of won except for dividends per share
|
|
2017
|
|
|
2016
|
|
I. Retained earnings before appropriations
|
|
|
|
|
|
|
|
|
Unappropriated retained earnings carried over from prior years
|
|
W
|
|
|
|
|
|
|
Net income
|
|
|
1,506,852
|
|
|
|
4,261,986
|
|
Remeasurement of the defined benefit plan
|
|
|
72,723
|
|
|
|
(4,328
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,579,575
|
|
|
|
4,257,658
|
|
|
|
|
|
|
|
|
|
|
|
|
II. Transfer from voluntary reserves
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
III. Subtotal ( I+II )
|
|
|
1,579,575
|
|
|
|
4,257,658
|
|
|
|
|
|
|
|
|
|
|
|
|
IV. Appropriations of retained earnings
|
|
|
(1,579,575
|
)
|
|
|
(4,257,658
|
)
|
Legal reserve
|
|
|
|
|
|
|
|
|
Dividends (government, individual)
|
|
|
|
|
|
|
|
|
(Amount of dividends per share (%) :
|
|
Current year
W
790 (16%)
|
|
|
|
|
|
|
|
|
|
|
Prior year
W
1,980 (40%))
|
|
|
(507,152
|
)
|
|
|
(1,271,089
|
)
|
Reserve for business expansion
|
|
|
(1,072,423
|
)
|
|
|
(2,986,569
|
)
|
V. Unappropriated retained earnings to be carried over forward to subsequent
year
|
|
|
|
|
|
|
|
|
Agenda 2. Approval of the ceiling amount of remuneration for directors
|
|
|
Proposed aggregate ceiling on remuneration for directors:
|
|
|
|
2,120,796 thousand won in fiscal year 2018 (total number of directors: 15; number of
non-standing
directors: 8)
|
|
|
|
2,108,298 thousand won in fiscal year 2017 (total number of directors: 15; number of
non-standing
directors: 8)
|
|
|
|
We proposed to increase the maximum aggregate amount of remuneration for directors in 2018 by 0.6% compared to 2017 as a result of (i) the notification by the Government to increase the remuneration for directors
of government controlled entities by 2.6% and (ii) the decreased severance payments due to the decrease in the average incumbency of our directors from 26 months to 19 months.
|
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