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 2004
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, 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).
The Board of Directors of Korea Electric Power Corporation ("KEPCO") passed
resolutions on the following 2 items on February 27, 2004.
1. The 43/rd/ Annual General Meeting of Shareholders
---------------------------------------------------------------------------
Date and time March 19, 2004, 10:00 a.m. (Seoul Time)
---------------------------------------------------------------------------
Place 167, Samseong-dong, Gangnam-gu, Seoul, Korea
Grand Hall at the head office of KEPCO
---------------------------------------------------------------------------
Report 1. Business and audit results for the fiscal Year 2003
2. Appointment of the independent accountant of KEPCO:
KEPCO had changed its accountant to Samjong KPMG
Inc., a member firm of KPMG International effective
from January 1, 2004 through December 31, 2006 from
Anjin & Co., an associate member firm of Deloitte
Touche Tohmatsu (Such change was in the ordinary
course of business of KEPCO.)
---------------------------------------------------------------------------
Agenda 1. Approval of Non-Consolidated Balance Sheet, Income
Statement and the Proposed Appropriation of Retained
Earnings in respect of 2003, all prepared in
accordance with Korean GAAP
2. Selection of the president of KEPCO
---------------------------------------------------------------------------
* Preliminary, Unaudited Financial Statements, prepared in accordance with
Korean generally accepted accounting principles, are attached hereto
2. Dividend payment for the fiscal year 2003
---------------------------------------------------------------------------
FY 2003 FY 2002
---------------------------------------------------------------------------
Dividend per share KRW1,050 KRW800
---------------------------------------------------------------------------
Dividend rate per par value 21.0% 16.0%
---------------------------------------------------------------------------
Dividend payout ratio 28.6% 16.7%
---------------------------------------------------------------------------
Number of shares 640,100,876 640,100,876
issued and outstanding
---------------------------------------------------------------------------
Attachment
KOREA ELECTRIC POWER CORPORATION
NON-CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2003 AND 2002
Translation into
Korean Won U.S. Dollars
-------------------------------- ---------------------------------
2003 2002 2003 2002
--------------- --------------- --------------- ---------------
ASSETS (In millions) (In thousands)
------
Property, Plant and Equipment
Utility plant W 37,235,281 W 34,432,035 $ 31,086,392 $ 28,746,063
Less: accumulated depreciation (7,472,373) (5,939,623) (6,238,414) (4,958,777)
Less: construction grants (2,758,789) (2,321,138) (2,303,213) (1,937,834)
--------------- --------------- --------------- ---------------
27,004,119 26,171,274 22,544,765 21,849,452
Construction in-progress 2,266,928 1,986,138 1,892,577 1,658,155
--------------- --------------- --------------- ---------------
29,271,047 28,157,412 24,437,342 23,507,607
--------------- --------------- --------------- ---------------
Investments and others:
Investment securities 23,865,369 22,239,278 19,924,335 18,566,771
Long-term loans 142,368 128,656 118,858 107,410
Long-term other account receivables, net of
discount on present value of W35,576 million
in 2003 and W42,034 million in 2002 and
allowance for doubtful accounts of W15,500
million in 2003 213,924 388,924 178,598 324,699
Currency and interest rate swaps 124,345 320,641 103,812 267,692
Intangibles 144,367 94,874 120,527 79,206
Other non-current assets 143,111 130,074 119,480 108,593
--------------- --------------- --------------- ---------------
24,633,484 23,302,447 20,565,610 19,454,371
--------------- --------------- --------------- ---------------
Current assets:
Cash and cash equivalents 366,817 610,056 306,242 509,314
Trade receivables, net of allowance for
doubtful accounts of W 27,787 million in
2003 and W 21,588 million in 2002 1,501,949 1,400,411 1,253,923 1,169,152
Other account receivables, net of allowance for
doubtful accounts of W 14,184 million in
2003 and W 3,007 million in 2002 434,648 228,101 362,872 190,433
Short-term financial instruments 61,000 79,000 50,927 65,954
Short-term loans 9,267 8,450 7,736 7,055
Inventories 78,796 65,217 65,783 54,448
Other current assets 112,653 94,519 94,048 78,911
--------------- --------------- --------------- ---------------
2,565,131 2,485,754 2,141,531 2,075,267
--------------- --------------- --------------- ---------------
Total Assets W 56,469,662 W 53,945,613 $ 47,144,483 $ 45,037,245
=============== =============== =============== ===============
(continued)
KOREA ELECTRIC POWER CORPORATION
NON-CONSOLIDATED BALANCE SHEETS (CONTINUED)
AS OF DECEMBER 31, 2003 AND 2002
Translation into
Korean Won U.S. Dollars
--------------------------------- ---------------------------------
2003 2002 2003 2002
--------------- --------------- --------------- ---------------
SHAREHOLDERS' EQUITY AND LIABILITIES (In millions) (In thousands)
------------------------------------
Shareholders' equity:
Common stock W 3,203,743 W 3,200,504 $ 2,674,689 $ 2,671,986
Capital surplus 14,373,779 14,311,579 12,000,149 11,948,221
Retained earnings
Appropriated 17,899,939 15,351,474 14,944,013 12,816,391
Unappropriated (Net income of W 2,315,938 in
2003 and W 3,059,815 million in 2002) 2,315,938 3,059,815 1,933,493 2,554,530
Capital adjustments: (150,681) 35,707 (125,798) 29,811
--------------- --------------- --------------- ---------------
Total Shareholders' Equity 37,642,718 35,959,079 31,426,546 30,020,939
--------------- --------------- --------------- ---------------
Long-term liabilities:
Long-term debt 9,640,665 9,973,313 8,048,643 8,326,359
Accrued severance indemnities, net 316,408 226,609 264,158 189,187
Reserve for self insurance 87,926 82,537 73,406 68,907
Currency and interest rate swaps 178,283 468,900 148,842 391,467
Financial lease liabilities 371 4,993 310 4,168
Deferred income tax liabilities 1,462,016 1,354,128 1,220,585 1130,513
Other long-term liabilities 486,982 325,533 406,564 271,776
--------------- --------------- --------------- ---------------
12,172,651 12,436,013 10,162,508 10,382,377
--------------- --------------- --------------- ---------------
Current liabilities:
Trade payables 1,256,526 1,238,749 1,049,028 1,034,186
Other accounts payable 571,772 552,350 477,352 461,137
Short-term debt 16,245 - 13,562 -
Current portion of long-term debt 4,026,376 2,454,722 3,361,476 2,049,359
Current portion of financial lease liabilities 4,276 8,538 3,570 7,128
Income tax payable 164,170 682,777 137,059 570,025
Accrued expenses 146,094 166,144 121,968 138,708
Dividends payable 2,324 2,153 1,940 1,798
Other current liabilities 466,510 445,088 389,474 371,588
--------------- --------------- --------------- ---------------
6,654,293 5,550,521 5,555,429 4,633,929
--------------- --------------- --------------- ---------------
Total Liabilities 18,826,944 17,986,534 15,717,937 15,016,306
--------------- --------------- --------------- ---------------
Total Shareholders' Equity and Liabilities W 56,469,662 W 53,945,613 $ 47,144,483 $ 45,037,245
=============== =============== =============== ===============
KOREA ELECTRIC POWER CORPORATION
NON-CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
Translation into
Korean Won U.S. Dollars
-------------------------------- ---------------------------------
2003 2002 2003 2002
--------------- --------------- --------------- ---------------
(In millions) (In thousands)
(In thousands, except per share amounts)
OPERATING REVENUES:
Sale of electricity W 22,087,455 W 20,716,297 $ 18,440,020 $ 17,295,289
Other operating revenues 310,034 331,578 258,836 276,822
--------------- --------------- --------------- ---------------
22,397,489 21,047,875 18,698,856 17,572,111
--------------- --------------- --------------- ---------------
OPERATING EXPENSES:
Power generation, transmission, distribution 3,560,513 3,365,041 2,972,544 2,809,351
Purchased power 15,724,513 14,532,830 13,127,828 12,132,936
Other operating costs 307,539 327,226 256,753 273,189
Selling and administrative expenses 992,115 940,017 828,284 784,786
--------------- --------------- --------------- ---------------
20,584,680 19,165,114 17,185,409 16,000,262
--------------- --------------- --------------- ---------------
OPERATING INCOME 1,812,809 1,882,761 1,513,447 1,571,849
OTHER INCOME (EXPENSES):
Interest income 38,780 23,710 32,376 19,795
Interest expense (583,556) (627,954) (487,190) (524,257)
Gain (loss) on foreign currency transactions
and translation, net (183,676) 398,543 (153,345) 332,730
Donations (125,090) (76,825) (104,433) (64,139)
Rent 121,535 108,439 101,465 90,532
Gain on valuation using the equity method of
accounting 2,123,518 2,178,492 1,772,849 1,818,745
Gain on disposal of investments, net 45,214 433,151 37,747 361,621
Loss on disposal of utility plant, net (2,755) (16,671) (2,300) (13,918)
Valuation gain(loss) on currency and interest
rate swaps, net (59,689) 63,158 (49,832) 52,728
Other, net (87,531) (38,511) (73,075) (32,150)
--------------- --------------- --------------- ---------------
1,286,750 2,445,532 1,074,262 2,041,687
--------------- --------------- --------------- ---------------
ORDINARY INCOME 3,099,559 4,328,293 2,587,709 3,613,536
INCOME TAX EXPENSE (783,621) (1,268,478) (654,216) (1,059,006)
--------------- --------------- --------------- ---------------
NET INCOME W 2,315,938 W 3,059,815 $ 1,933,493 $ 2,554,530
=============== =============== =============== ===============
ORDINARY INCOME PER SHARE W 3,674 W 4,788 $ 3.07 $ 4.00
=============== =============== =============== ===============
EARNINGS PER SHARE W 3,674 W 4,788 $ 3.07 $ 4.00
=============== =============== =============== ===============
KOREA ELECTRIC POWER CORPORATION
NON-CONSOLIDATED STATEMENTS OF APPROPRIATIONS OF RETAINED EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
Translation into
Korean Won U.S. Dollars
-------------------------------- ---------------------------------
2003 2002 2003 2002
--------------- --------------- --------------- ---------------
(In millions) (In thousands)
RETAINED EARNINGS BEFORE APPROPRIATIONS:
Unappropriated retained earnings carried
over from prior years W - W - $ - $ -
Net income 2,315,938 3,059,815 1,933,493 2,554,530
--------------- --------------- --------------- ---------------
2,315,938 3,059,815 1,933,493 2,554,530
--------------- --------------- --------------- ---------------
APPROPRIATIONS OF RETAINED EARNINGS:
Legal reserve 1,619 - 1,352 -
Reserve for business expansion 1,512,782 2,368,465 1,262,967 1,977,346
Reserve for investment in social overhead
capital 80,000 120,000 66,789 100,184
Reserve for research and human development 60,000 60,000 50,092 50,092
Cash dividends 661,537 511,350 552,293 426,908
--------------- --------------- --------------- ---------------
2,315,938 3,059,815 1,933,493 2,554,530
--------------- --------------- --------------- ---------------
UNAPPROPRIATED RETAINED EARNINGS TO BE CARRIED
FORWARD TO SUBSEQUENT YEAR W - W - $ - $ -
=============== =============== =============== ===============
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/ Lee, Hi-Taek
-----------------------------
Name: Lee, Hi-Taek
Title: Chief Financial Officer
Date: March 2, 2004