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 March, 2007

 


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).


Korea Electric Power Corporation (“KEPCO”) changed the date of its 46th Annual General Meeting of Shareholders (“Shareholders’ Meeting”) to Monday, March 26, 2007 from Friday, March 23, 2007. KEPCO hereby calls the Shareholders’ Meeting pursuant to Article 18 of its Articles of Incorporation as follows and seeks the attendance of its shareholders.

1. The 46th Annual General Meeting of Shareholders of KEPCO

 

Date and time    Monday, March 26, 2007, 10:00 a.m. (Seoul Time)
   
Place   

167, Samseong-dong, Gangnam-gu, Seoul, Korea,

Grand Hall at the head office of KEPCO

   
Report   

1.      General report on the business of KEPCO for the fiscal year ended December 31, 2006

 

2.      Report of the Board of Auditors on the proposed financial statements of KEPCO for the fiscal year ended December 31, 2006.

 

3.      Appointment of the independent accountants of KEPCO

 

- KEPCO changed its independent accountants to Deloitte Anjin LLC., a member firm of Deloitte Touche Tohmatsu, for the period from January 1, 2007 through December 31, 2009, from KPMG Samjong Accounting Corp. Such change was in the ordinary course of business of KEPCO.

   
Agenda   

1.      Shareholders’ approval of the non-consolidated balance sheets, income statements and the proposed appropriation of retained earnings as of or for the fiscal year ended December 31, 2006, each prepared in accordance with generally accepted accounting principles in Korea, or Korean GAAP.

 

2.      Selection of the president of KEPCO

 

Nominee

 

- Name: Lee, Won-Gul

 

- Age: 58

 

- Term of office: 3 years

 

- Nationality: Republic of Korea

 

Mr. Lee, Won-Gul received a B.A. in public administration from Sungkyunkwan University and previously served as Vice Minister for Energy of the Ministry of Commerce, Industry and Energy.

 

¨ Attached: Preliminary, unaudited, non-consolidated financial statements as of or for the fiscal year ended December 31, 2006, prepared in accordance with Korean GAAP


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/ Moon, Ho

Name:   Moon, Ho
Title:   Chief Financial Officer

Date: March 8, 2007


[Attachment]

Korea Electric Power Corporation

Preliminary Non-consolidated Balance Sheets

December 31, 2006 and 2005

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

 

     Won     U.S. dollars  

Assets

   2006     2005     2006     2005  

Property, plant and equipment:

   (Won) 46,072,259     43,163,840     $ 49,561,380     46,432,702  

Less: accumulated depreciation

     (12,556,783 )   (10,854,375 )     (13,507,727 )   (11,676,393 )

Less: construction grants

     (4,086,894 )   (3,640,966 )     (4,396,401 )   (3,916,702 )
                            
     29,428,582     28,668,499       31,657,252     30,839,607  

Construction in-progress

     2,122,773     2,118,540       2,283,534     2,278,980  
                            
     31,551,355     30,787,039       33,940,786     33,118,587  
                            

Investments and other assets:

        

Investment securities

     27,644,237     26,797,485       29,737,777     28,826,898  

Long-term loans

     195,413     180,084       210,211     193,722  

Currency and interest rate swaps

     —       549,668       —       591,295  

Intangible assets

     214,284     235,040       230,512     252,839  

Other non-current assets

     262,198     151,854       282,054     163,356  
                            
     28,316,132     27,914,131       30,460,554     30,028,110  
                            

Current assets:

        

Cash and cash equivalents

     129,224     208,513       139,012     224,304  

Trade receivables, less allowance for doubtful accounts of (Won)48,559 in 2006 and (Won)44,330 in 2005

     2,249,046     2,041,366       2,419,369     2,195,962  

Other accounts receivable, less allowance for doubtful accounts of (Won)5,724 in 2006 and (Won)5,232 in 2005 and present value discount of nil in 2006 and 2005

     264,305     263,041       284,321     282,961  

Short-term financial instruments

     25,000     38,000       26,894     40,878  

Short-term currency swaps

     479,879     —         516,221     —    

Currency forwards

     64     —         69     —    

Inventories

     178,099     92,741       191,587     99,765  

Deferred income tax assets

     251,413     207,860       270,453     223,601  

Other current assets

     91,684     74,150       98,627     79,766  
                            
     3,668,714     2,925,671       3,946,553     3,147,237  
                            

Total assets

   (Won) 63,536,201     61,626,841     $ 68,347,893     66,293,934  
                            

 


Korea Electric Power Corporation

Preliminary Non-consolidated Balance Sheets, Continued

December 31, 2006 and 2005

(In millions of Korean Won and in thousands of U.S. dollars, except share data)

 

     Won     U.S. dollars  

Liabilities and Shareholders’ Equity

   2006     2005     2006     2005  

Stockholders’ equity:

        

Common stock of (Won)5,000 par value Authorized - 1,200,000,000 shares Issued - 641,567,712 shares in 2006 and 2005

   (Won) 3,207,839     3,207,839     $ 3,450,773     3,450,773  

Capital surplus

     14,518,843     14,422,727       15,618,377     15,514,981  

Retained earnings:

        

Appropriated

     23,922,207     22,209,291       25,733,872     23,891,234  

Unappropriated

     2,071,223     2,444,451       2,228,080     2,629,574  

Capital adjustments

     (758,088 )   (78,646 )     (815,499 )   (84,602 )
                            

Total shareholders’ equity

     42,962,024     42,205,662       46,215,603     45,401,960  
                            

Long-term liabilities:

        

Long-term debt, net

     10,230,839     10,430,342       11,005,637     11,220,248  

Accrual for retirement and severance benefits, net

     557,887     450,422       600,137     484,533  

Reserve for self insurance

     103,942     98,618       111,813     106,087  

Currency and interest rate swaps

     —       56,388       —       60,659  

Deferred income tax liabilities

     2,435,310     2,300,950       2,619,740     2,475,204  

Other long-term liabilities

     389,062     401,270       418,525     431,658  
                            
     13,717,040     13,737,990       14,755,852     14,778,389  
                            

Current liabilities:

        

Trade payables

     1,776,592     2,103,862       1,911,137     2,263,191  

Other accounts payable

     421,832     358,007       453,778     385,119  

Short-term borrowings

     200,000     71,000       215,146     76,377  

Current portion of long-term debt, net

     3,363,742     2,328,206       3,618,483     2,504,525  

Income tax payable

     423,120     97,189       455,164     104,549  

Accrued interest expense

     98,951     81,749       106,445     87,940  

Other current liabilities

     572,900     643,176       616,285     691,884  
                            
     6,857,137     5,683,189       7,376,438     6,113,585  
                            

Total liabilities

     20,574,177     19,421,179       22,132,290     20,891,974  
                            

Commitments and contingencies

        
                            

Total shareholders’ equity and liabilities

   (Won) 63,536,201     61,626,841     $ 68,347,893     66,293,934  
                            


Korea Electric Power Corporation

Preliminary Non-consolidated Statements of Income

For the years ended December 31, 2006 and 2005

(In millions of Korean Won and in thousands of U.S. dollars, except earnings per share)

 

     Won     U.S. dollars  
     2006     2005     2006     2005  

Operating revenues:

        

Sale of electricity

   (Won) 26,900,604     24,995,344     $ 28,937,827     26,888,279  

Other operating revenues

     78,429     116,987       84,368     125,847  
                            
     26,979,033     25,112,331       29,022,195     27,014,126  
                            

Operating expenses:

        

Power transmission and distribution costs

     4,112,928     3,964,824       4,424,406     4,265,086  

Purchased power

     20,347,128     18,543,717       21,888,046     19,948,060  

Other operating costs

     85,611     122,680       92,095     131,971  

Selling and administrative expenses

     1,201,775     1,155,193       1,292,787     1,242,678  
                            
     25,747,442     23,786,414       27,697,334     25,587,795  
                            

Operating income

     1,231,591     1,325,917       1,324,861     1,426,331  

Other income (expense):

        

Interest income

     15,702     16,001       16,891     17,213  

Interest expense

     (544,327 )   (472,979 )     (585,550 )   (508,799 )

Gain on foreign currency transactions and translation, net

     236,336     235,946       254,234     253,815  

Donations

     (105,687 )   (108,636 )     (113,691 )   (116,863 )

Rental income

     138,294     128,469       148,767     138,198  

Equity income of affiliates, net

     1,589,394     1,912,194       1,709,762     2,057,007  

Gain on disposal of property, plant and equipment, net

     6,784     22,359       7,298     24,052  

Valuation gain (loss) on currency and interest rate swaps, net

     (26,466 )   127,363       (28,470 )   137,009  

Other, net

     82,317     (5,593 )     88,551     (6,017 )
                            
     1,392,347     1,855,124       1,497,792     1,995,615  
                            

Income before income taxes

     2,623,938     3,181,041       2,822,653     3,421,946  

Income taxes

     (553,395 )   (732,430 )     (595,304 )   (787,898 )
                            

Net income

   (Won) 2,070,543     2,448,611     $ 2,227,349     2,634,048  
                            

Basic earnings per share

   (Won) 3,245     3,854     $ 3.49     4.15  
                            

Diluted earnings per share

   (Won) 3,153     3,830     $ 3.39     4.12  
                            


Korea Electric Power Corporation

Preliminary Non-consolidated Statements of Appropriation of Retained Earnings

For the years ended December 31, 2006 and 2005

Date of Appropriation for 2006: March 23, 2007

Date of Appropriation for 2005: March 17, 2006

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

 

     Won     U.S. dollars  
     2006    2005     2006    2005  

Unappropriated retained earnings:

          

Balance at beginning of year

   (Won) —      —       $ —      —    

Change in retained earnings due to cumulative effect of accounting change

     —      12,422       —      13,363  

Change in retained earnings of affiliated companies due to cumulative effect of accounting changes

     680    (16,581 )     731    (17,837 )

Net income

     2,070,543    2,448,611       2,227,349    2,634,048  
                          

Balance at end of year before appropriation

     2,071,223    2,444,452       2,228,080    2,629,574  
                          

Appropriation of retained earnings:

          

Legal reserve

     —      2,048       —      2,202  

Reserve for investment on social overhead capital

     60,000    65,000       64,544    69,923  

Reserve for research and human development

     60,000    60,000       64,544    64,544  

Reserve for business expansion

     1,330,141    1,585,869       1,430,875    1,705,969  

Dividends – 20% on par value at 1,000 Won per share in 2006 and 23% on par value at 1,150 Won per share in 2005

     621,082    731,535       668,117    786,936  
                          
     2,071,223    2,444,452       2,228,080    2,629,574  
                          

Unappropriated retained earnings to be carried over to subsequent year

   (Won) —      —       $ —      —