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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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, 2003
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 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).
March 5, 2002
TO SHAREHOLDERS:
We hereby call the 42nd Ordinary General Meeting of Shareholders pursuant
to Article 18 of the Corporation's Article of Incorporation as follows and
seek your attendance.
1. Time: March 21, 2003. 10:00 a.m. (Seoul Time)
2. Place: 167, Samseong-dong, Gangnam-gu, Seoul 135-791
Korea Electric Power Corporation, Grand Hall
3. Purpose of Meeting and Agenda
1) Reports: Reports on the Business and Audit Results
for the period of Year 2002
2) Approval of Agenda: Approval of Non-Consolidated Balance Sheet,
Profit and Loss Statement and the Proposed
Appropriation of Retained Earnings in
respect of Year 2002, all prepared in
accordance with Korean GAAP*
* Preliminary, Unaudited Financial Statements, prepared in accordance with
Korean generally accepted accounting principles, are attached hereto
KEPCO retained Credit Suisse First Boston Corporation and Lehman Brothers
Inc. as Solicitation Agents.
KOREA ELECTRIC POWER CORPORATION
NON-CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2002
(Korean Won In millions)
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ASSETS
Property, Plant and Equipment:
Utility plant 34,432,036
Less: accumulated depreciation (5,939,624)
Less: construction grants (2,321,138)
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26,171,274
Construction in-progress 1,986,138
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28,157,412
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Investments and others:
Investment securities 22,239,278
Others 1,063,169
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23,302,447
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Current assets:
Cash and cash equivalents 610,056
Trade receivables, net of allowance for doubtful accounts 1,400,411
Other account receivables, net of allowance for doubtful accounts 228,101
Short-term financial instruments 79,000
Short-term loans 8,450
Inventories 65,217
Other current assets 94,519
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2,485,754
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Total Assets 53,945,613
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SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity:
Common stock 3,200,504
Capital surplus 14,311,579
Retained earnings
Appropriated 17,899,940
Unappropriated -
Capital adjustments: 35,707
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Total Shareholders' Equity 35,447,730
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Long-term liabilities:
Long-term debt 9,973,313
Accrued severance indemnities, net 226,609
Reserve for self insurance 82,537
Currency and interest rate swaps 468,900
Financial lease liabilities 4,993
Deferred income tax liabilities 1,354,128
Other long-term liabilities 325,533
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12,436,013
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Current liabilities:
Trade payables 1,238,749
Current portion of long-term debt 2,454,722
Income taxes payable 682,777
Dividends payable 513,503
Other current liabilities 1,172,119
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6,061,870
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Total Liabilities 18,497,883
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Total Shareholders' Equity and Liabilities 53,945,613
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NON-CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2002
(Korean Won In millions)
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OPERATING REVENUES:
Sale of electricity 20,716,297
Other operating revenues 331,577
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21,047,874
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OPERATING EXPENSES:
Power generation, transmission, distribution 3,365,041
Purchased power 14,532,830
Other operating costs 327,226
Selling and administrative expenses 940,016
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19,165,113
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OPERATING INCOME 1,882,761
OTHER INCOME (EXPENSE):
Interest income 23,710
Interest expense (627,954)
Gain (loss) on foreign currency transactions and translation, net 398,544
Gain on valuation using the equity method of accounting 2,178,492
Gain (loss) on valuation of investments, net (1,244)
Gain on disposal of investment, net 433,151
Loss on disposal of utility plant, net (16,671)
Gain (loss) on repayment of bonds 14,151
Valuation gain (loss) on currency and interest rate swaps, net 63,158
Donations (76,825)
Rent 108,439
Other, net (51,419)
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2,445,532
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ORDINARY INCOME/INCOME BEFORE INCOME TAXES 4,328,293
INCOME TAXES EXPENSE 1,268,478
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NET INCOME 3,059,815
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EARNINGS PER SHARE
Basic 4,788
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Diluted 4,788
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NON-CONSOLIDATED STATEMENTS OF APPROPRIATIONS OF RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 2002
(Korean Won In millions)
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RETAINED EARNINGS BEFORE APPROPRIATIONS:
Unappropriated retained earnings carried over from prior years -
Net income for the year 3,059,815
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3,059,815
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APPROPRIATIONS OF RETAINED EARNINGS:
Business rationalization reserve -
Reserve for business expansion 2,368,465
Reserve for investment in social overhead capital 120,000
Reserve for research and human development 60,000
Cash dividends 511,350
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3,059,815
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UNAPPROPRIATED RETAINED EARNINGS TO BE CARRIED FORWARD TO SUBSEQUENT YEAR -
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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/ Chung, Soo Eun
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Name: Chung, Soo Eun
Title: Chief Financial Officer
Date: March 5, 2003