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Investor Presentation
January 2015
2
Disclaimer
This presentation material is being presented to you solely for your information and may not be taken away by you and may not be reproduced,
redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.
This presentation material is not an offer or sale of securities of Korea Electric Power (“KEPCO” or the “Company”) in the United States or other
jurisdictions, and does not constitute a prospectus or offering circular, in whole or in part. Neither this presentation material, whether in whole or in
part, nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment
whatsoever. Any decision to purchase securities of the Company in the context of the offering of securities, if any, should be made solely on the basis of
information contained in a published prospectus or other offering circular issued by the Company in connection with such offering. Securities may not be
offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities to be made in the United
States will be made by means of a prospectus that may be obtained from the Company and that will contained detailed information about the Company
and management, as well as financial statements.
This presentation material has been prepared by the Company solely for information purposes and for use at this presentation, and the information or
statement therein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be
placed on, the fairness, accuracy, completeness or correctness of such information or any opinion presented or contained herein. Neither the Company
nor any of its affiliates, directors, advisors or representatives shall have any liability or responsibility whatsoever (in negligence or otherwise) for any loss
or damage arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Unless otherwise stated, the
information presented or contained in this presentation material should be considered in the context of the circumstances prevailing at the time, is
subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, directors, advisers or representatives
undertakes to update such information subsequent to the date hereof. This presentation material should not be construed as legal, tax, investment or
other advice.
This presentation material contains contain “forward-looking statements” that reflect the Company’s beliefs and expectations about the future. These
forward-looking statements are based on the Company’s current expectation of future events and are subject to certain risks and uncertainties that could
cause actual results to differ materially from those described in the forward-looking statements, some of which are beyond the Company’s control.
Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements.
Certain industry and market data in this presentation material was obtained from various trade associations, and the Company has not verified such data
with independent sources. Accordingly, the Company makes no representation as to the accuracy or completeness of such data, and such data may
involve risks and uncertainties and are subject to change based on various factors.
This presentation material contains certain estimated financial information, including without limitation, certain information relating to KEPCO and its six
wholly-owned generation subsidiaries (“GENCOs”) that are presented on a combined basis based on a simple arithmetic sum by adding the non-
consolidated information of the non-consolidated information of KEPCO and GENCOs after adjusting for major intercompany transactions among these
entities. Such information represents preliminary internal estimates made by the Company based on IFRS. Such information has been neither audited nor
reviewed by the Company’s independent accountants or any other independent public accountants, and may differ significantly from the actual results of
operations of the Company on a consolidated basis and accordingly should not be relied upon for investment, including but not limited to the purchase of
any securities, or for other purposes.
By attending this presentation, you are agreeing to be bound by the foregoing limitations.
Table of Contents
COMPANY PROFILE
BUSINESS & OPERATION
lll FINANCIALS
OVERSEAS BUSINESSlV
l
ll
3
I. Company Profile
4
Dominant Player in Korea Company Profile
5
Major
Business
Transmission
& Distribution
100% market
share in
Korean power
market
Generation
(70,845MW)
87.2% market
share1) in
Korean
power market
Others2)
Korean Government
Assets : ₩155.5 trillion ($147.3 billion)
Revenues : ₩54.0 trillion ($51.2 billion)
Thermal &
Renewable
Thermal &
Renewable
Thermal &
Renewable
Thermal &
Renewable
Thermal &
Renewable
(100%) (100%)
Nuclear & Hydro
Assets: ₩46.7 Tn
Revenues: ₩6.4Tn
(100%) (100%) (100%) (100%)
(51%)
Assets: ₩8.3 Tn
Revenues: ₩4.2 Tn
Assets: ₩6.2 Tn
Revenues: ₩5.7Tn
Assets: ₩7.2 Tn
Revenues: ₩5.8 Tn
Assets: ₩7.4 Tn
Revenues: ₩7.1 Tn
Assets: ₩7.5 Tn
Revenues: ₩5.4 Tn
KEPCO E&C (66.3%)
Engineering Service
KEPCO KPS (54.0%)
Maintenance & Repair
Nuclear Fuel IT Service
Mobile & Internet Service Retail Metering
Import & Supply of LNG District Heating
LG U+ KEPID
KOGAS KDHC
( - ) (29.0%)
(20.5%) (19.6%)KEPCO NF (96.4%) KEPCO KDN (100%)
KOSEPKHNP KOMIPO WP KOSPO EWP
1) Generation in Korea for FY2013 : 87.2% or 447,877GWh was generated by 6 GENCOs & KEPCO, and 12.8% or 65,587GWh by IPPs
2) Others include only major subsidiaries and affiliates of KEPCO other than 6 GENCOs
(As of December 31, 2013, KRW/USD = 1,055.3, Others &Credit Rating : As of December 31, 2014)
Moody’s : Aa3 / S&P : A+ / Fitch : AA-
Moody’s : Aa3 / S&P : A+ / Fitch : AA-
II. Business & Operation
6
Power Demand Growth Business & Operation
7
Demand Growth for 3Q 2014 Sales Breakdown for 3Q 2014
Industrial
Commercial
Residential
Others
106.5
130.3
126.3
72.8
111.5
54%
25%
15%
6%
Unit Price
(KRW/kWh)
Average
1) Power demand figures are based on the meter reading results
2) Residential sector does not include overnight power usage
Based on 2014 GDP growth assumption of 3.5%
Forecast from 2015 : Based on the 6th Basic Plan of Long-Term
Electricity Supply & Demand by the MOTIE
※ Actual results may differ from the forecast
Demand Growth Forecast
2014(F) 2015~2017(F) 2018~2027(F)
Volume Revenue
Residential Commercial Average
0.3%
Industrial
5.8%
-2.6%
3.2%
-5.1%
4.9%
10.8%
-3.0%
3) Power sales figures do not include accounts receivable related to fuel cost adjustment
Demand Growth(%) GDP Growth(%)
‘02 ‘03 ‘06 ‘10‘04 ‘05 ‘07 ‘08 ‘12‘09 ‘11
Historical Demand & GDP Growth
‘13
278 294 312 332 349 369 385 394 434
Sales Volume(1,000 GWh)
455 466 475
0.8%
3.2%
1.8%
8.0
5.4 6.3 6.5
4.9 5.7 4.5
2.4
10.1
4.8
2.5 1.8
7.0
3.1 4.7 4.2 5 5.1
2.3 0.3
6.2 3.6
2.0 3.0
Rate of Return
* Cost of Equity is determined by CAPM (Capital Asset Pricing Model) : Risk Free Rate + Market Risk Premium x Beta
Fair Rate of Return
(Weighted Average
Cost of Capital)
Cost of Debt (after tax)
× Debt Proportion
Cost of Equity* × Equity Proportion= +
Business & Operation
8
Tariff (1)
Tariff Adjustment
Total
Comprehensive
Cost
Total Compre. Cost : Current year’s budget
Sale of Electric Power : Current year’s budget
Fair Return : Fair Rate of Return X Rate Base
Rate Base : Net Plant in Service
+ Working Capital
Fair Cost Sale of Electric
Power
Fair Return
Tariff Increase
Historical Tariff Adjustment
Business & Operation
Tariff (2)
9
Roadmap for Adjustment of Tariff System*
2.8%
Residential
Commercial
Industrial
2.4%
2.8%
3.3%
Avg Change 2.1%
0.0%
-3.2%
1.0%
0.0%
3.0%
8.1%
4.5%
0.0%
2.3%
6.5%
3.9%
0.0%
0.0%
0.0%
4.2%
Effective Dec 05 Jan 07 Jun 09Jan 08 Nov 08
2.0%
0.0%
5.8%
3.5%
Aug 10
4.9%
2.0%
4.4%
6.1%
Aug 11
4.5%
0.0%
4.5%
6.5%
Dec 11
4.9%
Aug 12
2.7%
4.4%
6.0%
Jan 13
2.0%
4.6%
4.4%
4.0%
Nov 13
2.7%
5.8%
6.4%
5.4%
Improvement (Stage 2)
2013 2014 2015~
Improvement (Stage 1)
Residential
(Progressive rate structure)
인센티브 규제 요금제
Peak Tariff System Expansion of Tariff System by Season & Time
Combination by VoltagesAdjustment of gaps (Commercial, Industrial)Tariff System by Voltages
Support by Government Fund, Boucher Welfare, Discount
Demand Management Program
Welfare, Government Support
Fuel - Generation & Fuel Cost Mix
Fuel Cost MixGeneration Mix
3Q 2013 3Q 2014
Nuclear1)
Coal
Oil
LNG
32.2%
15.7%
45.4%45.3%
3.4%
19.1%
37.0%
1.9%
3.6%
46.3%
Fuel Expense
Unit Price & FX Rate
Coal*
Oil**
LNG*
KRW/USD
Fuel Expense
Coal
Oil
LNG
Nuclear
Total
* 1,000Won/ton ** Won/liter
(KRW Bn)
1) Generation of Hydro & Renewable energy accounts for approximately 1% of the total generation
Fuel Expense Business & Operation
3Q 2013 3Q 2014
10
Coal
Oil
LNG
Nuclear 6.8%
36.5%33.9%
4.1%
49.3%
11.4%
50.6%
7.4%
3Q 2013 3Q 2014
100.3 97.9
800.4 751.6
1,012.1
1,105.7 1,041.4
yoy
-6.1%
-5.8%
-2.4%
5.1%1,063.8
yoy3Q 2013 3Q 2014
6,127
2,067
9,166
701
18,061
5,636
1,141
7,610
788
15,175
-8.0%
-44.8%
-16.9%
12.4%
-15.9%
LNG
III. Financials
11
Financials
Capital Structure
12
Capital Structure*
Interest Bearing Debt** Debt Repayment Schedule
(KRW Tn)
Debt Ratio & Cost
Total
Shareholders’
Equity
Total
Liabilities
* Consolidated basis as of September 30, 2014
KRW 53.5 Tn
(USD 50.9 Bn)
KRW 107.6 Tn
(USD 102.5 Bn)
Interest Bearing Debt to Equity Ratio
Average Interest Rate
FX
2.0%
KRW
98.0%
USD
100.0%
Total Debt
: KRW60.6 Tn
Total FX Debt
: KRW1.2 Tn
** Interest Bearing Debt : 1) Fixed vs Floating : 97:3
2) KEPCO + 6 GENCOs after SWAP (As of September 30, 2014)
※ KRW/USD=1,050.6 (As of September 30, 2014)
(KRW Tn)
20112008 2009 2010 2013
Interest Bearing Debt
2012 2014 3Q
70.6%
82.9%
69.2%
86.3%
104.2%
118.3% 115.9%
5.2% 5.5% 5.1% 4.9% 4.5% 4.1% 3.9%
2014 2015 2016 2017 2018 2019 2020 2021
2.5
6.4 6.9
8.4
5.2
4.3 3.8
7.9
2022~
15.2
Financials
FY2013EarningsResults

Major Factors of YoY Change
13
( Based on K-IFRS Consolidated Financials)
Operating revenue of W54.0 tn in 2013, 9.3% increase
from W49.4 tn in 2012
Net income of W185 bn in 2013 from W3.1 net loss
in 2012
(KRW Bn) 2012 2013 YoY
1.OPERATING REVENUE 49,421 54,037 9.3%
Sale of electric power 45,979 50,170 9.1%
Revenues from Other Businesses 3,442 3,867 12.4%
2.COGS/SG&A EXPENSES 50,239 52,518 4.5%
Fuel 23,823 24,200 1.6%
Purchased Power 9,800 11,328 15.6%
Depreciation 6,214 6,559 5.6%
Maintenance 1,423 1,456 2.4%
Commissions 768 870 13.3%
Research & development 504 577 14.5%
Other operating expenses 7,707 7,528 -2.3%
3. OPERATING INCOME(LOSS) -817 1,519 285.7%
4.OTHER REVENUES 374 400 7.0%
5.OTHER EXPENSES 74 99 33.8%
6.OTHER INCOME(LOSS) -1,781 128 107.2%
7.FINANCE INCOME(LOSS) -1,939 -2,302 -18.7%
8.EQUITY INCOME(LOSS) OF AFFILIATES 185 29 -84.2%
9.GAIN(LOSS) ON DIPOSAL OF AFFILIATES -8 -52 -489.9%
10.INCOME BEFORE INCOME TAX -4,063 -377 90.7%
11.INCOME TAX EXPENSES -985 -562 42.9%
12.NET INCOME (LOSS) -3,078 185 106.0%
13.CONTROLLING INTEREST -3,166 71 102.2%
14.NON CONTROLLING INTEREST 88 114 28.9%
Operating income of W1.5 tn in 2013, W2.3 tn
increase from OP loss of W817 bn in 2012
 Thanks to 9.3% increase in OP revenue and small increase
in fuel cost, OP income improved by 285.7%
 Power sales revenue, up 9.1% to W50.1 tn due to 7.4%
increase in unit tariff and 1.8% growth in power sales volume
COGS/SG&A expenses of W52.5 tn in 2013,
4.5% increase from W50.2 tn in 2012
 Fuel cost, up 1.6% to W24.2 tn due to power demand
 Purchased power cost, up 15.6% to W11.3 tn due to 3.5%
decrease in unit cost, 12.1% jump in purchased volume
and REC purchase
Other income improved to W128 bn
 Account receivable of W1.8 tn, caused by the Fuel Cost Pass-
thru. System, was re-classified into Other asset, and
recognized as impairment loss in 2012 due to uncertainty in
the relevant tariff collection
Financials
3Q2014EarningsResults

Major Factors of YoY Change
14
( Based on K-IFRS Consolidated Financials)
Operating revenue of W42.5 tn in 3Q 2014, 7.1% increase
from W39.7 tn in 3Q 2013
Net income of W2.3 tn in 3Q 2014 from net loss of
W451 bn in 3Q 2013
(KRW Bn) 3Q 2013 3Q 2014 YoY
1.OPERATING REVENUE 39,763 42,569 7.1%
Sale of electric power 37,045 39,171 5.7%
Revenues from Other Businesses 2,718 3,398 25.0%
2.COGS/SG&A EXPENSES 38,652 37,652 -2.6%
Fuel 18,113 15,517 -14.3%
Purchased Power 8,169 8,896 8.9%
Depreciation 4,862 5,063 4.1%
Maintenance 1,022 1,027 0.5%
Commissions 599 642 7.2%
Research & development 379 378 -0.3%
Other operating expenses 5,508 6,129 11.3%
3. OPERATING INCOME(LOSS) 1,112 4,917 342.3%
4.OTHER REVENUES 272 223 -17.9%
5.OTHER EXPENSES 41 51 24.4%
6.OTHER INCOME(LOSS) 129 111 -13.9%
7.FINANCE INCOME(LOSS) -1,697 -1,717 -1.1%
8.EQUITY INCOME(LOSS) OF AFFILIATES 24 234 875.0%
9.INCOME BEFORE INCOME TAX -199 3,717 1,967.8%
10.INCOME TAX EXPENSES 252 1,395 453.6%
12.NET INCOME (LOSS) -451 2,322 614.9%
13.CONTROLLING INTEREST -535 2,235 517.7%
14.NON CONTROLLING INTEREST 84 87 3.6%
Operating income of W4.9 tn in 3Q 2014, W3.8 tn
increase from W1.1 tn in 3Q 2013
 Thanks to 7.1% increase in OP revenue and 14.3% decrease
in fuel cost, OP income improved by 342.3%
 Power sales revenue, up 5.7% to W39.2 tn due to increase in
unit tariff and 0.3% growth in power sales volume
COGS/SG&A expenses of W37.6 tn in 3Q 2014,
2.6% decrease from W38.6 tn in 3Q 2013
 Fuel cost, down 14.3% to W15.5 tn due to slow power demand
 Purchased power cost, up 8.9% to W8.9 tn due to 5.7%
decrease in unit cost, 12.1% increase in purchased volume
and REC purchase
Financials
Investment Plan
15
895 798 1,815 1,153 968242 210 276 1,208 804
3,362
6,781
7,963 5,673
2,895
4,360
3,686
4,844
5,231
6,137
4,356
4,355
5,001
5,214
5,535
2012(A) 2013(A) 2014(E) 2015(E) 2016(E)
Transmission &
Distribution
Nuclear Generation
Thermal Generation
Renewable Energy
Others
13,215 (In KRW Bn)18,479 16,33919,89915,830
New Capacity Addition Plan**
Capital Expenditure Projection*
** Based on the 6th Basic Plan of Long-Term Electricity Supply & Demand as of Feb. 2013
1) ( ) : number of nuclear units 2) Renewable : Hydro, Wind, Solar, Fuel cell, etc
* Based on KEPCO + 6 GENCOs
Current Capacity Annual Net Increase Future Capacity
(MW) 2013End 2014 2015 2016 2017 2018~2027 Total 2027End
KEPCO
Group
Nuclear1)
20,716(23) 2,400 1,400 1,400 10,000 15,200(11) 35,916(34)
Coal 24,534 1,740 2,020 5,470 600 2,740 12,570 37,104
LNG 15,774 216 - 812 900 -2,335 -407 15,367
Oil 4,280 -1,000 - - - -2,600 -3,600 680
Renewable2)
5,542 278 445 86 313 3,122 4,244 9,786
Sub-total 70,846 3,634 3,865 6,368 3,213 10,927 28,007 98,853
IPP 16,124 5,950 3,512 3,521 1,870 8,594 23,447 39,571
Total 86,970 9,584 7,377 9,889 5,083 19,521 51,454 138,424
Financials
Major Statistics
16
Return on Equity5)Interest Coverage Ratio3) & EBITDA Margin4)
Net Profit Margin2)Operating Profit Margin1)
* Based on consolidated financial statements
1) Operating Profit Margin : Operating Income/Op. Revenues
2) Net Profit Margin : Net Income/Op. Revenues
3) Interest Coverage Ratio : EBITDA/Total Interest Expense
4) EBITDA Margin : EBITDA/Operating Revenues
5) Return on Equity (ROE) : Net Income/Shareholder’s Equity
EBITDA Margin
EBITDA Interest Coverage
9.7%
-8.9%
5.0% 5.7%
-1.6% -1.7%
2.8%
2007 2008 2009 2010 2011 2012 2013
5.0%
-9.2%
-0.1% -0.2%
-7.6%
-6.2%
0.3%
2007 2008 2009 2010 2011 2012 2013
3.3%
-7.0%
-0.2% -0.2%
-6.1% -6.1%
0.1%
2007 2008 2009 2010 2011 2012 2013
29.7%
10.9%
23.6% 22.7%
14.2%
12.5%
16.5%
2007 2008 2009 2010 2011 2012 2013
8.9x
2.6x
4.3x
3.6x
2.3x 2.1x
2.9x
lV. Overseas Business
17
Overseas Business - Major Projects
18
Overseas Business
* Projects in Operation : Generation projects with construction completed or in commercial operation
** Capacity for KEPCO’s equity ownership
Projects in Progress
Total Capacity
(MW)
KEPCO Capacity
(MW)
Period
Investment
(KRW Bn)
China Wind Project BOO Wind power plant 396 158 Dec-06 ~ Dec-26 -
China Shanxi M&A/BOO Coal-fired plant 941 320 Apr-07 ~ Apr-57 -
Jordan IPP3 BOO Diesel-fired plant 573 344 Sep-14 ~ Sep-39 111
UAE EPC
Nuclear Power Plants
Construction
5,600 1,008 Dec-09 ~ May-20 -
7,510 1,830 111
Projects in Operation*
Total Capacity
(MW)
KEPCO Capacity**
(MW)
Period
Investment
(KRW Bn)
Philippines Ilijan BOT1)
Combined-cycle plant 1,200 612 Jun-02 ~ Jun-22 105
Philippines Cebu BOO Coal-fired plant 200 120 Jun-11 ~ Jun-36 94
Philippines SPC(Naga) M&A Coal-fired/Diesel plant 492 197 Feb-06 ~ 20
China Wind Project BOO2)
Wind power plant 919 368 Dec-06 ~ Jun-26 177
China Shanxi M&A/BOO Coal-fired plant 5,946 2,021 Apr-07 ~ Apr-57 253
Jordan Al Qatrana BOO Gas-fired plant 373 298 Jan-11 ~ Jan-36 113
Saudi Arabia Rabigh BOO Oil-fired plant 1,204 482 Apr-13 ~ Apr-33 245
Mexico Norte 2 BOO Gas-fired plant 433 242 Dec-13 ~ Dec-38 65
Nigeria Egbin O&M Gas-fired plant 1,320 - Nov-13 ~ Nov-18 -
UAE Shuweihat S3 BOO Gas-fired plant 1,600 314 Jul-14 ~ Jul-39 60
13,687 4,654 1,132
Generation (12 Projects)
1) BOT : Build, Operate & Transfer
(As of September 30, 2014)
2) BOO : Build, Operate & Own
Key Contract Parties and Functions
Project Overview
Overseas Business - UAE Nuclear Project
Project Capacity : 5,600MW (APR* 1400 4 units)
Contract Amount : USD18.6 Bn (Subject to change based on price escalation provisions)
Contract Term : Dec. 2009 to May 2020
Scope of Major Services : Design and construction of 4 nuclear units,
supply of nuclear fuel, technical support, training and education
Target Completion : Unit #1(May 2017), #2(May 2018), #3(May 2019), #4(May 2020)
Overseas Business
* APR: Advanced Power Reactor
19
Architecture
Engineering
Main
Equipment
Turbine
Generator
Construction Nuclear Fuel
Operation
Support
UAE ENEC
KEPCO
Overseas Business - Major Projects Overseas Business
20
Exploration & Production (10 Projects)
Fuel Country
Projects under Operation
& Progress
Resources
(Ton)
Equity
(%)
Investment
(KRW Bn)
Fuel Secured
(Ton)
Production
Coal
(5)
Australia
Bylong Coal Mine(’10) 1.2 Bn 100 662.4 5.9 Mn To be produced from ’17
Moolarben Coal Mine(’08) 1.2 Bn 1 16.6 2.5 Mn Under production
Cockatoo Coal Limited(’07) 2.5 Bn 0.44 6.9 2.0 Mn Under production
Indonesia
Bayan Resources(’10) 1.0 Bn 20 615.9 2.0 Mn Under production
Adaro Energy(’09) 12.8 Bn 1.2 57.2 3.0 Mn Under production
Coal Sub-total 1,359.0 15.4 Mn
Uranium
(5)
Canada
Cree East Mine(’07) Exploration 12.5 5.1 - -
Waterbury Lake Mine(’08, ’10) 6,000 16.0 12.4 - -
Denison (’09) 84,000 9.05 63.0 - -
EFI(’12) 64,000 7.09 8.9 159 Under production
Niger Imouraren Uranium Mine (’09) 303,000 5.4 173.0 626 To be produced from ’17
Uranium Sub-total 262.4 785
Total 1,621.4
(As of September 30, 2014)
Overseas Business - Major Projects Overseas Business
21
Transmission & Distribution (T&D), Etc (15 Projects)
Country Project Name
Contract Fee
(U$ Mn)
Accrued Revenue
(Bn KRW)
Saudi Arabia(2) Consulting on Establishment of AMR Test Center & DAS Masterplan 4.36 4.48
Bangladesh (3) Power Grid Consulting, Supervision on Substation Construction & Grid Maintenance 5.23 2.88
WAPP*(1) Consulting on Selection of 225kV Power Grid Construction Site 2.50 2.82
Egypt(1) Establishment of DAS Infrastructure(2nd stage) 2.50 1.80
Cambodia(1) Engineering & Supervision on 230kV Power Grid Construction 2.22 2.19
Others(4) Pakistan, Dominican Republic, Ghana, Nigeria Consulting Projects 16.13 5.65
Total(12) 32.94 19.82
T&D Consulting (12 Projects)
Country Project Name
Contract Fee
(U$ Mn)
Accrued Revenue
(Bn KRW)
Dominica Rehabilitation of Electricity Distribution Network 51 50.9
India Rehabilitation of Electricity Distribution Network 100 26.1
Kazakhstan Rehabilitation & Modernization of 17 Substations 100 21.9
Total(3) 251 98.9
EPCM (3 Projects)
* WAPP : West African Power Pool
(As of September 30, 2014)
General Information
Incorporation : Jan. 26, 1898
Company Type : Government Invested Company
Paid in Capital : KRW 4.1 trillion (USD 3.5 billion)
Major Business : Electric Power Supply
(Generation, Transmission & Distribution)
Fiscal Year : From January 1 to December 31
Number of Employees : 37,857(KEPCO + 6 GENCOs)
Head Office : 512 Youngdong-daero, Gangnam-gu,
Seoul,135-791, Korea
Homepage : www.kepco.co.kr
Shareholders & Listing Status
1) Total shares listed : 641,964,077 2) Underlying shares : ADR = 1:2
Government
51%
KoFC* 30%
Govt. 21%
Treasury Stock 3%
Others 18%
Foreigners
23%
Underlying 23%
ADR 5%
100%
Underlying Shares
KRX
Since Aug. 1989
Stock Symbol : 015760 KS
(As of Sept., 2014)
ADR
NYSE
Since Oct.1994
Stock Symbol : KEP US
* Korea Finance Corporation : Following the split of Korea Development Bank
(KDB) into KoFC and KDB Financial Group, KDB’s entire shares in KEPCO were
transferred to KoFC (100% owned by the government) on Oct. 28, 2009.
Appendix
22
Seoul IR Contact
Jang-young You
Assistant Manager
8261-345-4212
jyou1716@kepco.co.kr
Changyoung Ji
Senior Manager
8261-345-4211
cy_ji@kepco.co.kr
Cecilia Oh
Senior Manager
8261-345-4261
cecilia@kepco.co.kr
Jung-in Yoon
Senior Manager
1-201-443-6004
junginyoon@kepco.co.kr
New York IR Contact

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Kepco Investor presentation(eng) Jan 2015

  • 2. 2 Disclaimer This presentation material is being presented to you solely for your information and may not be taken away by you and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. This presentation material is not an offer or sale of securities of Korea Electric Power (“KEPCO” or the “Company”) in the United States or other jurisdictions, and does not constitute a prospectus or offering circular, in whole or in part. Neither this presentation material, whether in whole or in part, nor any information or statement contained therein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Any decision to purchase securities of the Company in the context of the offering of securities, if any, should be made solely on the basis of information contained in a published prospectus or other offering circular issued by the Company in connection with such offering. Securities may not be offered or sold in the United States absent registration or an exemption from registration, and any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and that will contained detailed information about the Company and management, as well as financial statements. This presentation material has been prepared by the Company solely for information purposes and for use at this presentation, and the information or statement therein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or any opinion presented or contained herein. Neither the Company nor any of its affiliates, directors, advisors or representatives shall have any liability or responsibility whatsoever (in negligence or otherwise) for any loss or damage arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Unless otherwise stated, the information presented or contained in this presentation material should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, directors, advisers or representatives undertakes to update such information subsequent to the date hereof. This presentation material should not be construed as legal, tax, investment or other advice. This presentation material contains contain “forward-looking statements” that reflect the Company’s beliefs and expectations about the future. These forward-looking statements are based on the Company’s current expectation of future events and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, some of which are beyond the Company’s control. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements. Certain industry and market data in this presentation material was obtained from various trade associations, and the Company has not verified such data with independent sources. Accordingly, the Company makes no representation as to the accuracy or completeness of such data, and such data may involve risks and uncertainties and are subject to change based on various factors. This presentation material contains certain estimated financial information, including without limitation, certain information relating to KEPCO and its six wholly-owned generation subsidiaries (“GENCOs”) that are presented on a combined basis based on a simple arithmetic sum by adding the non- consolidated information of the non-consolidated information of KEPCO and GENCOs after adjusting for major intercompany transactions among these entities. Such information represents preliminary internal estimates made by the Company based on IFRS. Such information has been neither audited nor reviewed by the Company’s independent accountants or any other independent public accountants, and may differ significantly from the actual results of operations of the Company on a consolidated basis and accordingly should not be relied upon for investment, including but not limited to the purchase of any securities, or for other purposes. By attending this presentation, you are agreeing to be bound by the foregoing limitations.
  • 3. Table of Contents COMPANY PROFILE BUSINESS & OPERATION lll FINANCIALS OVERSEAS BUSINESSlV l ll 3
  • 5. Dominant Player in Korea Company Profile 5 Major Business Transmission & Distribution 100% market share in Korean power market Generation (70,845MW) 87.2% market share1) in Korean power market Others2) Korean Government Assets : ₩155.5 trillion ($147.3 billion) Revenues : ₩54.0 trillion ($51.2 billion) Thermal & Renewable Thermal & Renewable Thermal & Renewable Thermal & Renewable Thermal & Renewable (100%) (100%) Nuclear & Hydro Assets: ₩46.7 Tn Revenues: ₩6.4Tn (100%) (100%) (100%) (100%) (51%) Assets: ₩8.3 Tn Revenues: ₩4.2 Tn Assets: ₩6.2 Tn Revenues: ₩5.7Tn Assets: ₩7.2 Tn Revenues: ₩5.8 Tn Assets: ₩7.4 Tn Revenues: ₩7.1 Tn Assets: ₩7.5 Tn Revenues: ₩5.4 Tn KEPCO E&C (66.3%) Engineering Service KEPCO KPS (54.0%) Maintenance & Repair Nuclear Fuel IT Service Mobile & Internet Service Retail Metering Import & Supply of LNG District Heating LG U+ KEPID KOGAS KDHC ( - ) (29.0%) (20.5%) (19.6%)KEPCO NF (96.4%) KEPCO KDN (100%) KOSEPKHNP KOMIPO WP KOSPO EWP 1) Generation in Korea for FY2013 : 87.2% or 447,877GWh was generated by 6 GENCOs & KEPCO, and 12.8% or 65,587GWh by IPPs 2) Others include only major subsidiaries and affiliates of KEPCO other than 6 GENCOs (As of December 31, 2013, KRW/USD = 1,055.3, Others &Credit Rating : As of December 31, 2014) Moody’s : Aa3 / S&P : A+ / Fitch : AA- Moody’s : Aa3 / S&P : A+ / Fitch : AA-
  • 6. II. Business & Operation 6
  • 7. Power Demand Growth Business & Operation 7 Demand Growth for 3Q 2014 Sales Breakdown for 3Q 2014 Industrial Commercial Residential Others 106.5 130.3 126.3 72.8 111.5 54% 25% 15% 6% Unit Price (KRW/kWh) Average 1) Power demand figures are based on the meter reading results 2) Residential sector does not include overnight power usage Based on 2014 GDP growth assumption of 3.5% Forecast from 2015 : Based on the 6th Basic Plan of Long-Term Electricity Supply & Demand by the MOTIE ※ Actual results may differ from the forecast Demand Growth Forecast 2014(F) 2015~2017(F) 2018~2027(F) Volume Revenue Residential Commercial Average 0.3% Industrial 5.8% -2.6% 3.2% -5.1% 4.9% 10.8% -3.0% 3) Power sales figures do not include accounts receivable related to fuel cost adjustment Demand Growth(%) GDP Growth(%) ‘02 ‘03 ‘06 ‘10‘04 ‘05 ‘07 ‘08 ‘12‘09 ‘11 Historical Demand & GDP Growth ‘13 278 294 312 332 349 369 385 394 434 Sales Volume(1,000 GWh) 455 466 475 0.8% 3.2% 1.8% 8.0 5.4 6.3 6.5 4.9 5.7 4.5 2.4 10.1 4.8 2.5 1.8 7.0 3.1 4.7 4.2 5 5.1 2.3 0.3 6.2 3.6 2.0 3.0
  • 8. Rate of Return * Cost of Equity is determined by CAPM (Capital Asset Pricing Model) : Risk Free Rate + Market Risk Premium x Beta Fair Rate of Return (Weighted Average Cost of Capital) Cost of Debt (after tax) × Debt Proportion Cost of Equity* × Equity Proportion= + Business & Operation 8 Tariff (1) Tariff Adjustment Total Comprehensive Cost Total Compre. Cost : Current year’s budget Sale of Electric Power : Current year’s budget Fair Return : Fair Rate of Return X Rate Base Rate Base : Net Plant in Service + Working Capital Fair Cost Sale of Electric Power Fair Return Tariff Increase
  • 9. Historical Tariff Adjustment Business & Operation Tariff (2) 9 Roadmap for Adjustment of Tariff System* 2.8% Residential Commercial Industrial 2.4% 2.8% 3.3% Avg Change 2.1% 0.0% -3.2% 1.0% 0.0% 3.0% 8.1% 4.5% 0.0% 2.3% 6.5% 3.9% 0.0% 0.0% 0.0% 4.2% Effective Dec 05 Jan 07 Jun 09Jan 08 Nov 08 2.0% 0.0% 5.8% 3.5% Aug 10 4.9% 2.0% 4.4% 6.1% Aug 11 4.5% 0.0% 4.5% 6.5% Dec 11 4.9% Aug 12 2.7% 4.4% 6.0% Jan 13 2.0% 4.6% 4.4% 4.0% Nov 13 2.7% 5.8% 6.4% 5.4% Improvement (Stage 2) 2013 2014 2015~ Improvement (Stage 1) Residential (Progressive rate structure) 인센티브 규제 요금제 Peak Tariff System Expansion of Tariff System by Season & Time Combination by VoltagesAdjustment of gaps (Commercial, Industrial)Tariff System by Voltages Support by Government Fund, Boucher Welfare, Discount Demand Management Program Welfare, Government Support
  • 10. Fuel - Generation & Fuel Cost Mix Fuel Cost MixGeneration Mix 3Q 2013 3Q 2014 Nuclear1) Coal Oil LNG 32.2% 15.7% 45.4%45.3% 3.4% 19.1% 37.0% 1.9% 3.6% 46.3% Fuel Expense Unit Price & FX Rate Coal* Oil** LNG* KRW/USD Fuel Expense Coal Oil LNG Nuclear Total * 1,000Won/ton ** Won/liter (KRW Bn) 1) Generation of Hydro & Renewable energy accounts for approximately 1% of the total generation Fuel Expense Business & Operation 3Q 2013 3Q 2014 10 Coal Oil LNG Nuclear 6.8% 36.5%33.9% 4.1% 49.3% 11.4% 50.6% 7.4% 3Q 2013 3Q 2014 100.3 97.9 800.4 751.6 1,012.1 1,105.7 1,041.4 yoy -6.1% -5.8% -2.4% 5.1%1,063.8 yoy3Q 2013 3Q 2014 6,127 2,067 9,166 701 18,061 5,636 1,141 7,610 788 15,175 -8.0% -44.8% -16.9% 12.4% -15.9% LNG
  • 12. Financials Capital Structure 12 Capital Structure* Interest Bearing Debt** Debt Repayment Schedule (KRW Tn) Debt Ratio & Cost Total Shareholders’ Equity Total Liabilities * Consolidated basis as of September 30, 2014 KRW 53.5 Tn (USD 50.9 Bn) KRW 107.6 Tn (USD 102.5 Bn) Interest Bearing Debt to Equity Ratio Average Interest Rate FX 2.0% KRW 98.0% USD 100.0% Total Debt : KRW60.6 Tn Total FX Debt : KRW1.2 Tn ** Interest Bearing Debt : 1) Fixed vs Floating : 97:3 2) KEPCO + 6 GENCOs after SWAP (As of September 30, 2014) ※ KRW/USD=1,050.6 (As of September 30, 2014) (KRW Tn) 20112008 2009 2010 2013 Interest Bearing Debt 2012 2014 3Q 70.6% 82.9% 69.2% 86.3% 104.2% 118.3% 115.9% 5.2% 5.5% 5.1% 4.9% 4.5% 4.1% 3.9% 2014 2015 2016 2017 2018 2019 2020 2021 2.5 6.4 6.9 8.4 5.2 4.3 3.8 7.9 2022~ 15.2
  • 13. Financials FY2013EarningsResults  Major Factors of YoY Change 13 ( Based on K-IFRS Consolidated Financials) Operating revenue of W54.0 tn in 2013, 9.3% increase from W49.4 tn in 2012 Net income of W185 bn in 2013 from W3.1 net loss in 2012 (KRW Bn) 2012 2013 YoY 1.OPERATING REVENUE 49,421 54,037 9.3% Sale of electric power 45,979 50,170 9.1% Revenues from Other Businesses 3,442 3,867 12.4% 2.COGS/SG&A EXPENSES 50,239 52,518 4.5% Fuel 23,823 24,200 1.6% Purchased Power 9,800 11,328 15.6% Depreciation 6,214 6,559 5.6% Maintenance 1,423 1,456 2.4% Commissions 768 870 13.3% Research & development 504 577 14.5% Other operating expenses 7,707 7,528 -2.3% 3. OPERATING INCOME(LOSS) -817 1,519 285.7% 4.OTHER REVENUES 374 400 7.0% 5.OTHER EXPENSES 74 99 33.8% 6.OTHER INCOME(LOSS) -1,781 128 107.2% 7.FINANCE INCOME(LOSS) -1,939 -2,302 -18.7% 8.EQUITY INCOME(LOSS) OF AFFILIATES 185 29 -84.2% 9.GAIN(LOSS) ON DIPOSAL OF AFFILIATES -8 -52 -489.9% 10.INCOME BEFORE INCOME TAX -4,063 -377 90.7% 11.INCOME TAX EXPENSES -985 -562 42.9% 12.NET INCOME (LOSS) -3,078 185 106.0% 13.CONTROLLING INTEREST -3,166 71 102.2% 14.NON CONTROLLING INTEREST 88 114 28.9% Operating income of W1.5 tn in 2013, W2.3 tn increase from OP loss of W817 bn in 2012  Thanks to 9.3% increase in OP revenue and small increase in fuel cost, OP income improved by 285.7%  Power sales revenue, up 9.1% to W50.1 tn due to 7.4% increase in unit tariff and 1.8% growth in power sales volume COGS/SG&A expenses of W52.5 tn in 2013, 4.5% increase from W50.2 tn in 2012  Fuel cost, up 1.6% to W24.2 tn due to power demand  Purchased power cost, up 15.6% to W11.3 tn due to 3.5% decrease in unit cost, 12.1% jump in purchased volume and REC purchase Other income improved to W128 bn  Account receivable of W1.8 tn, caused by the Fuel Cost Pass- thru. System, was re-classified into Other asset, and recognized as impairment loss in 2012 due to uncertainty in the relevant tariff collection
  • 14. Financials 3Q2014EarningsResults  Major Factors of YoY Change 14 ( Based on K-IFRS Consolidated Financials) Operating revenue of W42.5 tn in 3Q 2014, 7.1% increase from W39.7 tn in 3Q 2013 Net income of W2.3 tn in 3Q 2014 from net loss of W451 bn in 3Q 2013 (KRW Bn) 3Q 2013 3Q 2014 YoY 1.OPERATING REVENUE 39,763 42,569 7.1% Sale of electric power 37,045 39,171 5.7% Revenues from Other Businesses 2,718 3,398 25.0% 2.COGS/SG&A EXPENSES 38,652 37,652 -2.6% Fuel 18,113 15,517 -14.3% Purchased Power 8,169 8,896 8.9% Depreciation 4,862 5,063 4.1% Maintenance 1,022 1,027 0.5% Commissions 599 642 7.2% Research & development 379 378 -0.3% Other operating expenses 5,508 6,129 11.3% 3. OPERATING INCOME(LOSS) 1,112 4,917 342.3% 4.OTHER REVENUES 272 223 -17.9% 5.OTHER EXPENSES 41 51 24.4% 6.OTHER INCOME(LOSS) 129 111 -13.9% 7.FINANCE INCOME(LOSS) -1,697 -1,717 -1.1% 8.EQUITY INCOME(LOSS) OF AFFILIATES 24 234 875.0% 9.INCOME BEFORE INCOME TAX -199 3,717 1,967.8% 10.INCOME TAX EXPENSES 252 1,395 453.6% 12.NET INCOME (LOSS) -451 2,322 614.9% 13.CONTROLLING INTEREST -535 2,235 517.7% 14.NON CONTROLLING INTEREST 84 87 3.6% Operating income of W4.9 tn in 3Q 2014, W3.8 tn increase from W1.1 tn in 3Q 2013  Thanks to 7.1% increase in OP revenue and 14.3% decrease in fuel cost, OP income improved by 342.3%  Power sales revenue, up 5.7% to W39.2 tn due to increase in unit tariff and 0.3% growth in power sales volume COGS/SG&A expenses of W37.6 tn in 3Q 2014, 2.6% decrease from W38.6 tn in 3Q 2013  Fuel cost, down 14.3% to W15.5 tn due to slow power demand  Purchased power cost, up 8.9% to W8.9 tn due to 5.7% decrease in unit cost, 12.1% increase in purchased volume and REC purchase
  • 15. Financials Investment Plan 15 895 798 1,815 1,153 968242 210 276 1,208 804 3,362 6,781 7,963 5,673 2,895 4,360 3,686 4,844 5,231 6,137 4,356 4,355 5,001 5,214 5,535 2012(A) 2013(A) 2014(E) 2015(E) 2016(E) Transmission & Distribution Nuclear Generation Thermal Generation Renewable Energy Others 13,215 (In KRW Bn)18,479 16,33919,89915,830 New Capacity Addition Plan** Capital Expenditure Projection* ** Based on the 6th Basic Plan of Long-Term Electricity Supply & Demand as of Feb. 2013 1) ( ) : number of nuclear units 2) Renewable : Hydro, Wind, Solar, Fuel cell, etc * Based on KEPCO + 6 GENCOs Current Capacity Annual Net Increase Future Capacity (MW) 2013End 2014 2015 2016 2017 2018~2027 Total 2027End KEPCO Group Nuclear1) 20,716(23) 2,400 1,400 1,400 10,000 15,200(11) 35,916(34) Coal 24,534 1,740 2,020 5,470 600 2,740 12,570 37,104 LNG 15,774 216 - 812 900 -2,335 -407 15,367 Oil 4,280 -1,000 - - - -2,600 -3,600 680 Renewable2) 5,542 278 445 86 313 3,122 4,244 9,786 Sub-total 70,846 3,634 3,865 6,368 3,213 10,927 28,007 98,853 IPP 16,124 5,950 3,512 3,521 1,870 8,594 23,447 39,571 Total 86,970 9,584 7,377 9,889 5,083 19,521 51,454 138,424
  • 16. Financials Major Statistics 16 Return on Equity5)Interest Coverage Ratio3) & EBITDA Margin4) Net Profit Margin2)Operating Profit Margin1) * Based on consolidated financial statements 1) Operating Profit Margin : Operating Income/Op. Revenues 2) Net Profit Margin : Net Income/Op. Revenues 3) Interest Coverage Ratio : EBITDA/Total Interest Expense 4) EBITDA Margin : EBITDA/Operating Revenues 5) Return on Equity (ROE) : Net Income/Shareholder’s Equity EBITDA Margin EBITDA Interest Coverage 9.7% -8.9% 5.0% 5.7% -1.6% -1.7% 2.8% 2007 2008 2009 2010 2011 2012 2013 5.0% -9.2% -0.1% -0.2% -7.6% -6.2% 0.3% 2007 2008 2009 2010 2011 2012 2013 3.3% -7.0% -0.2% -0.2% -6.1% -6.1% 0.1% 2007 2008 2009 2010 2011 2012 2013 29.7% 10.9% 23.6% 22.7% 14.2% 12.5% 16.5% 2007 2008 2009 2010 2011 2012 2013 8.9x 2.6x 4.3x 3.6x 2.3x 2.1x 2.9x
  • 18. Overseas Business - Major Projects 18 Overseas Business * Projects in Operation : Generation projects with construction completed or in commercial operation ** Capacity for KEPCO’s equity ownership Projects in Progress Total Capacity (MW) KEPCO Capacity (MW) Period Investment (KRW Bn) China Wind Project BOO Wind power plant 396 158 Dec-06 ~ Dec-26 - China Shanxi M&A/BOO Coal-fired plant 941 320 Apr-07 ~ Apr-57 - Jordan IPP3 BOO Diesel-fired plant 573 344 Sep-14 ~ Sep-39 111 UAE EPC Nuclear Power Plants Construction 5,600 1,008 Dec-09 ~ May-20 - 7,510 1,830 111 Projects in Operation* Total Capacity (MW) KEPCO Capacity** (MW) Period Investment (KRW Bn) Philippines Ilijan BOT1) Combined-cycle plant 1,200 612 Jun-02 ~ Jun-22 105 Philippines Cebu BOO Coal-fired plant 200 120 Jun-11 ~ Jun-36 94 Philippines SPC(Naga) M&A Coal-fired/Diesel plant 492 197 Feb-06 ~ 20 China Wind Project BOO2) Wind power plant 919 368 Dec-06 ~ Jun-26 177 China Shanxi M&A/BOO Coal-fired plant 5,946 2,021 Apr-07 ~ Apr-57 253 Jordan Al Qatrana BOO Gas-fired plant 373 298 Jan-11 ~ Jan-36 113 Saudi Arabia Rabigh BOO Oil-fired plant 1,204 482 Apr-13 ~ Apr-33 245 Mexico Norte 2 BOO Gas-fired plant 433 242 Dec-13 ~ Dec-38 65 Nigeria Egbin O&M Gas-fired plant 1,320 - Nov-13 ~ Nov-18 - UAE Shuweihat S3 BOO Gas-fired plant 1,600 314 Jul-14 ~ Jul-39 60 13,687 4,654 1,132 Generation (12 Projects) 1) BOT : Build, Operate & Transfer (As of September 30, 2014) 2) BOO : Build, Operate & Own
  • 19. Key Contract Parties and Functions Project Overview Overseas Business - UAE Nuclear Project Project Capacity : 5,600MW (APR* 1400 4 units) Contract Amount : USD18.6 Bn (Subject to change based on price escalation provisions) Contract Term : Dec. 2009 to May 2020 Scope of Major Services : Design and construction of 4 nuclear units, supply of nuclear fuel, technical support, training and education Target Completion : Unit #1(May 2017), #2(May 2018), #3(May 2019), #4(May 2020) Overseas Business * APR: Advanced Power Reactor 19 Architecture Engineering Main Equipment Turbine Generator Construction Nuclear Fuel Operation Support UAE ENEC KEPCO
  • 20. Overseas Business - Major Projects Overseas Business 20 Exploration & Production (10 Projects) Fuel Country Projects under Operation & Progress Resources (Ton) Equity (%) Investment (KRW Bn) Fuel Secured (Ton) Production Coal (5) Australia Bylong Coal Mine(’10) 1.2 Bn 100 662.4 5.9 Mn To be produced from ’17 Moolarben Coal Mine(’08) 1.2 Bn 1 16.6 2.5 Mn Under production Cockatoo Coal Limited(’07) 2.5 Bn 0.44 6.9 2.0 Mn Under production Indonesia Bayan Resources(’10) 1.0 Bn 20 615.9 2.0 Mn Under production Adaro Energy(’09) 12.8 Bn 1.2 57.2 3.0 Mn Under production Coal Sub-total 1,359.0 15.4 Mn Uranium (5) Canada Cree East Mine(’07) Exploration 12.5 5.1 - - Waterbury Lake Mine(’08, ’10) 6,000 16.0 12.4 - - Denison (’09) 84,000 9.05 63.0 - - EFI(’12) 64,000 7.09 8.9 159 Under production Niger Imouraren Uranium Mine (’09) 303,000 5.4 173.0 626 To be produced from ’17 Uranium Sub-total 262.4 785 Total 1,621.4 (As of September 30, 2014)
  • 21. Overseas Business - Major Projects Overseas Business 21 Transmission & Distribution (T&D), Etc (15 Projects) Country Project Name Contract Fee (U$ Mn) Accrued Revenue (Bn KRW) Saudi Arabia(2) Consulting on Establishment of AMR Test Center & DAS Masterplan 4.36 4.48 Bangladesh (3) Power Grid Consulting, Supervision on Substation Construction & Grid Maintenance 5.23 2.88 WAPP*(1) Consulting on Selection of 225kV Power Grid Construction Site 2.50 2.82 Egypt(1) Establishment of DAS Infrastructure(2nd stage) 2.50 1.80 Cambodia(1) Engineering & Supervision on 230kV Power Grid Construction 2.22 2.19 Others(4) Pakistan, Dominican Republic, Ghana, Nigeria Consulting Projects 16.13 5.65 Total(12) 32.94 19.82 T&D Consulting (12 Projects) Country Project Name Contract Fee (U$ Mn) Accrued Revenue (Bn KRW) Dominica Rehabilitation of Electricity Distribution Network 51 50.9 India Rehabilitation of Electricity Distribution Network 100 26.1 Kazakhstan Rehabilitation & Modernization of 17 Substations 100 21.9 Total(3) 251 98.9 EPCM (3 Projects) * WAPP : West African Power Pool (As of September 30, 2014)
  • 22. General Information Incorporation : Jan. 26, 1898 Company Type : Government Invested Company Paid in Capital : KRW 4.1 trillion (USD 3.5 billion) Major Business : Electric Power Supply (Generation, Transmission & Distribution) Fiscal Year : From January 1 to December 31 Number of Employees : 37,857(KEPCO + 6 GENCOs) Head Office : 512 Youngdong-daero, Gangnam-gu, Seoul,135-791, Korea Homepage : www.kepco.co.kr Shareholders & Listing Status 1) Total shares listed : 641,964,077 2) Underlying shares : ADR = 1:2 Government 51% KoFC* 30% Govt. 21% Treasury Stock 3% Others 18% Foreigners 23% Underlying 23% ADR 5% 100% Underlying Shares KRX Since Aug. 1989 Stock Symbol : 015760 KS (As of Sept., 2014) ADR NYSE Since Oct.1994 Stock Symbol : KEP US * Korea Finance Corporation : Following the split of Korea Development Bank (KDB) into KoFC and KDB Financial Group, KDB’s entire shares in KEPCO were transferred to KoFC (100% owned by the government) on Oct. 28, 2009. Appendix 22 Seoul IR Contact Jang-young You Assistant Manager 8261-345-4212 jyou1716@kepco.co.kr Changyoung Ji Senior Manager 8261-345-4211 cy_ji@kepco.co.kr Cecilia Oh Senior Manager 8261-345-4261 cecilia@kepco.co.kr Jung-in Yoon Senior Manager 1-201-443-6004 junginyoon@kepco.co.kr New York IR Contact