KOREA ELECTRIC POWER CORPORATION
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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, 2005

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 þ      Form 40-F o

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 o      No þ

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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Non-consolidated Balance Sheets
Non-consolidated Statements of Income
Non-consolidated Statements of Appropriation of Retained Earnings
SIGNATURES

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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).

 

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Disclaimer
 
Attached for your reference is our non-audited, non-consolidated financial statements prepared in accordance with generally accepted accounting principles in Korea (“Korean GAAP”). These financial statements are English versions of the audited non-consolidated financial statements prepared in Korean and prepared under Korean GAAP and released to the public on Mar. 2, 2005. However, these financial statements are different from the Korean version in presentation of certain line items and classifications of certain line items. As the attached English version has not been finally reviewed by our independent accountants, the attached English version is preliminary and unaudited. We will promptly release the English version of our non-consolidated financial statements that have been audited and reviewed by our independent accountants.

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Korea Electric Power Corporation

Non-consolidated Balance Sheets

December 31, 2004 and 2003

(In millions of Korean Won and in thousands of U.S. dollars)

                                         
    Won     U.S. dollars  
Assets   2004             2003     2004     2003  
Property, Plant and Equipment:
                                        
Utility plant
     W40,125,462               37,235,281     $ 38,441,715       35,672,812  
Less: accumulated depreciation
     (9,107,944 )             (7,472,373 )     (8,725,756 )     (7,158,817 )
Less: construction grants
     (3,182,366 )             (2,758,789 )     (3,048,827 )     (2,643,025 )
 
                                
 
     27,835,152               27,004,119       26,667,132       25,870,192  
Construction in-progress
     2,110,396               2,266,928       2,021,839       2,171,803  
 
                                
 
     29,945,548               29,271,047       28,688,971       28,042,773  
 
                                
 
                                        
Investments and others:
                                        
Investment securities
     25,462,887               23,865,370       24,394,412       22,863,930  
Long-term loans
     163,525               142,368       156,664       136,394  
Long-term other accounts receivable,
less discount on present value of W35,576 in 2003 and alloWance for doubtful accounts of W15,500 in 2003
     88               213,924       84       204,947  
Currency and interest rate sWaps
     312,611               124,345       299,493       119,127  
Intangibles, net
     233,016               144,367       223,238       138,309  
Other non-current assets
     148,070               143,110       141,856       137,105  
 
                                
 
     26,320,197               24,633,484       25,215,747       23,599,812  
 
                                
Current assets:
                                        
Cash and cash equivalents
     445,863               366,817       427,154       351,425  
Trade receivables,
less alloWance for doubtful accounts of W33,810 in 2004 and W27,787 in 2003
     1,576,542               1,501,949       1,510,387       1,438,924  
Other account receivables,
less alloWance for doubtful accounts of W19,944 in 2004 and W14,184 in 2003 and present value discount of W14,125 in 2004
     465,821               434,648       446,274       416,409  
Short-term financial instruments
     46,000               61,000       44,070       58,440  
Inventories
     70,484               78,796       67,526       75,490  
Other current assets
     46,869               121,921       44,902       116,805  
 
                                
 
     2,651,579               2,565,131       2,540,313       2,457,493  
 
                                
Total assets
     W58,917,324               56,469,662     $ 56,445,031       54,100,078  
 
                                

 

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Korea Electric Power Corporation

Non-consolidated Balance Sheets, Continued

December 31, 2004 and 2003

(In millions of Korean Won and in thousands of U.S. dollars)

                                 
    Won     U.S. dollars  
Liabilities and Shareholders’ Equity   2004     2003     2004     2003  
Stockholders’ equity:
                                
Common stock of W5,000 par value
                                
Authorized — 1,200,000,000 shares
                                
Issued and outstanding
— 640,748,573 shares in 2004 and 2003
   W 3,203,743       3,203,743     $ 3,069,307       3,069,307  
Capital surplus
     14,372,895       14,373,779       13,769,779       13,770,626  
Retained earnings
                                
Appropriated
     19,554,340       17,899,939       18,733,800       17,148,821  
Unappropriated
     3,379,107       2,315,938       3,237,313       2,218,756  
Capital adjustments
     (233,151 )     (150,681 )     (223,368 )     (144,358 )
 
                        
 
                                
Total shareholders’ equity
     40,276,934       37,642,718       38,586,831       36,063,152  
 
                        
 
                                
Long-term liabilities:
                                
Long-term borroWings
     10,118,184       9,641,037       9,693,605       9,236,479  
Reserve for retirement and severance benefits, net
     439,701       316,408       421,250       303,131  
Reserve for self insurance
     93,352       87,926       89,435       84,236  
Currency and interest rate sWaps
     158,060       178,283       151,427       170,802  
Deferred income tax liabilities
     1,822,513       1,462,016       1,746,037       1,400,667  
Other long-term liabilities
     381,942       486,981       365,914       466,546  
 
                        
 
     13,013,752       12,172,651       12,467,668       11,661,861  
 
                        
Current liabilities:
                                
Trade payables
     1,377,976       1,256,526       1,320,153       1,203,800  
Other accounts payable
     506,049       571,772       484,814       547,779  
Short-term borroWings
     200,172       16,245       191,772       15,563  
Current portion of long-term debt
     2,198,443       4,030,652       2,106,192       3,861,518  
Income tax payable
     677,600       164,170       649,167       157,281  
Accrued expenses
     115,520       146,094       110,673       139,964  
Dividends payable
     2,501       2,324       2,396       2,226  
Other current liabilities
     548,377       466,510       525,365       446,934  
 
                        
 
     5,626,638       6,654,293       5,390,532       6,375,065  
 
                        
 
                                
Total liabilities
     18,640,390       18,826,944       17,858,200       18,036,926  
 
                        
 
                                
Commitments and contingencies
                                
 
                                
Total shareholders’ equity and liabilities
   W 58,917,324       56,469,662     $ 56,445,031       54,100,078  
 
                        

 

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Korea Electric Power Corporation

Non-consolidated Statements of Income

For the years ended December 31, 2004 and 2003

(In millions of Korean Won and in thousands of U.S. dollars)

                                 
    Won     U.S. dollars (note 2)  
    2004     2003     2004     2003  
Operating revenues:
                                
Sale of electricity
   W 23,490,001       22,087,455     $ 22,504,312       21,160,620  
Other operating revenues
     109,912       310,034       105,300       297,024  
 
                        
 
     23,599,913       22,397,489       22,609,612       21,457,644  
 
                        
 
                                
Operating expenses:
                                
PoWer generation, transmission and distribution
     3,687,105       3,560,513       3,532,386       3,411,106  
Purchased poWer
     16,766,232       15,724,513       16,062,686       15,064,680  
Other operating costs
     112,369       307,539       107,654       294,634  
Selling and administrative expenses
     1,061,048       992,115       1,016,524       950,485  
 
                        
 
     21,626,754       20,584,680       20,719,250       19,720,905  
 
                        
 
                                
Operating income
     1,973,159       1,812,809       1,890,362       1,736,739  
 
                                
Other income (expense):
                                
Interest income
     36,079       38,780       34,565       37,153  
Interest expense
     (562,971 )     (583,556 )     (539,348 )     (559,069 )
Gain (loss) on foreign currency transactions and translation, net
     616,592       (183,676 )     590,719       (175,969 )
Donations
     (81,682 )     (125,090 )     (78,254 )     (119,841 )
Rental income
     130,237       121,535       124,772       116,435  
Equity income of affiliates
     1,793,808       2,123,518       1,718,536       2,034,411  
Gain on disposal of investments, net
     7,472       45,214       7,158       43,317  
Gain (loss) on disposal of utility plant, net
     5,887       (2,755 )     5,640       (2,639 )
Valuation gain (loss) on currency and interest rate sWaps, net
     20,806       (59,689 )     19,933       (57,185 )
Other, net
     49,376       (87,531 )     47,304       (83,857 )
 
                        
 
     2,015,604       1,286,750       1,931,025       1,232,756  
 
                        
Income before income taxes
     3,988,763       3,099,559       3,821,387       2,969,495  
 
                                
Income taxes
     (1,107,993 )     (783,621 )     (1,061,499 )     (750,739 )
 
                        
 
                                
Net income
   W 2,880,770       2,315,938     $ 2,759,888       2,218,756  
 
                        
 
                                
Basic earnings per share
   W 4,574       3,674     $ 4,382       3,520  
 
                        
 
                                
Diluted earnings per share
   W 4,507       3,666     $ 4,318       3,512  
 
                        

 

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Korea Electric Power Corporation

Non-consolidated Statements of Appropriation of Retained Earnings

For the years ended December 31, 2004 and 2003

Date of Appropriation for 2004: March 18, 2005
Date of Appropriation for 2003: March 19, 2004

(In millions of Korean Won and in thousands of U.S. dollars)

                                 
    Won     U.S. dollars  
    2004     2003     2004     2003  
Unappropriated retained earnings:
                                
Balance at beginning of year
   W —-       —     $ —       —  
Change in retained earnings of affiliated company
     498,337       —       477,426       —  
Net income
     2,880,770       2,315,938       2,759,887       2,218,757  
 
                        
Balance at end of year before appropriation
     3,379,107       2,315,938       3,237,312       2,218,757  
 
                        
 
                                
Appropriation of retained earnings:
                                
Legal reserve
     —       1,619       —       1,551  
Reserve for investment on social overhead capital
     60,000       80,000       57,482       76,643  
Reserve for research and human development
     30,000       60,000       28,741       57,482  
Reserve for business expansion
     2,564,951       1,512,782       2,457,320       1,449,302  
Dividends – 23% on par value at 1,150 Won per share
     724,156       661,537       693,769       633,778  
 
                        
 
     3,379,107       2,315,938       3,237,312       2,218,757  
Unappropriated retained earnings to be carried over to subsequent year
   W —       —     $ —       —  
 
                        

 

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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.

         
     
  /s/ Lee, Hi-Taek    
  Name:   Lee, Hi-Taek
 		  
  Title:   Chief Financial Officer  
 
Date: March 3, 2005