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 April, 2008

 

 

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”) hereby announces its un-audited, preliminary earnings results for the first quarter of fiscal year 2007 and 2008 as attached hereto.

 

*   Attachment  1.   un-audited, preliminary statements of income of KEPCO for the first quarter of fiscal year 2007 and 2008
  Attachment  2.   un-audited, estimated statements of income including KEPCO and its six generation subsidiaries for the first quarter of fiscal year 2007 and 2008

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/ Kim, Myung-Whan

Name:   Kim, Myung-Whan
Title:   Director
  Finance Team

Date: April 30, 2008


Disclaimer:

The financial information relating to the results of operations of Korea Electric Power Corporation (“KEPCO”) for the first quarter of 2007 and 2008 as presented below (the “Information”) has been prepared by KEPCO based on preliminary internal estimates. The Information has been prepared on a non-consolidated basis based on Korean GAAP. The Information has neither been audited nor reviewed by KEPCO’s independent accountants, Deloitte Anjin LLC., or any other independent public accountants. The Information may differ significantly from the actual non-consolidated financial condition and results of operations of KEPCO as of March 31, 2008, and accordingly should not be relied upon for investment, including but not limited to purchase of any securities, or other purposes.

Korea Electric Power Corporation

Preliminary NON-CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

As of March 31, 2007 and 2008

 

(Unit : in billions of Korean Won)

   1Q 2008     1Q 2007    Change  
Operating revenues:    8,017     7,156    12.0 %
                 

Sale of electric power

   7,958     7,094    12.2 %

Other operating revenues

   56     58    -2.8 %

Revenues for other businesses

   3     4    -40.5 %
                 
Operating expenses:    8,236     7,030    17.2 %
                 

Fuel

   10     8    20.0 %

Purchased power

   6,979     5,834    19.6 %

Maintenance

   149     151    -1.5 %

Depreciation

   472     437    8.1 %

Other operating expenses

   618     593    4.0 %

Expenses for other businesses

   8     6    21.9 %
                 
Operating income    (219 )   126    -274.0 %
                 
Non-operating income:    830     1,020    -18.6 %
                 

Gain on foreign currency transactions and translation

   1     0    400.0 %

Investment income from affiliates

   672     792    -15.1 %

Other

   157     228    -31.0 %
                 

Non-operating expenses:

   354     223    58.5 %
                 

Interest expenses

   157     136    15.9 %

Loss on foreign currency transactions and translation

   129     36    260.2 %

Investment loss from affiliates

   26     21    26.4 %

Other

   41     31    32.9 %
                 
Earnings before taxes    257     922    -72.1 %
                 
Provision for income taxes    (43 )   147    -129.3 %
                 
Net income    300     775    -61.3 %
                 


Disclaimer:

The financial information relating to the results of operations of Korea Electric Power Corporation (“KEPCO”) and/or certain of its subsidiaries for the fiscal year ended March 31, 2007 and 2008 as presented below (the “Information”) has been prepared by KEPCO based on preliminary internal estimates. The Information is not consolidated and made by simply adding the results of operations of KEPCO to the results of operations of its wholly owned six-generation subsidiaries (“GENCOs”), after adjusting for major inter-company transactions. The Information has neither been audited nor reviewed by KEPCO’s independent accountants, Deloitte Anjin LLC., or any other independent public accountants. The Information may differ significantly from the actual financial condition and results of operations of KEPCO and GENCOs as of March 31, 2008, and accordingly should not be relied upon for investment, including but not limited to purchase of any securities, or other purposes.

Korea Electric Power Corporation

Estimated STATEMENTS OF INCOME including six GENCOs (Unaudited)

As of March 31, 2007 and 2008

 

(Unit : in billions of Korean Won)

   1Q 2008    1Q 2007    Change  

Operating revenues:

   8,077    7,208    12.1 %
                

Sale of electric power

   7,929    7,077    12.0 %

Other operating revenues

   44    50    -12.0 %

Revenues for other businesses

   104    81    28.4 %
                

Operating expenses:

   7,523    6,101    23.3 %
                

Fuel

   3,729    2,821    32.2 %

Purchased power

   975    589    65.5 %

Maintenance

   388    377    2.9 %

Depreciation

   1,240    1,200    3.3 %

Other operating expenses

   1,182    1,108    6.7 %

Expenses for other businesses

   9    6    50.0 %
                

Operating income

   554    1,107    -50.0 %
                

Non-operating income:

   628    434    44.7 %
                

Gain on foreign currency transactions and translation

   14    2    600.0 %

Investment income from affiliates

   150    116    29.3 %

Other

   464    316    46.8 %
                

Non-operating expenses:

   738    363    103.3 %
                

Interest expenses

   206    175    17.7 %

Loss on foreign currency transactions and translation

   399    67    495.5 %

Investment loss from affiliates

   26    21    23.8 %

Other

   107    100    7.0 %
                

Earnings before taxes

   444    1,178    -62.3 %
                

Provision for income taxes

   144    403    -64.2 %
                

Net income

   300    775    -61.3 %