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Korea Electric Power Corp.
- 32,000.00 KRW
- -600.00
- -1.84%
South Korea
Dec 14, 2018Ticker
KRX(015760)Prev. close
32,600Market cap (KRW)
20,928.00BMarket cap (USD)
18,508.10MShares
641.96M
In the news
- Toshiba's next 5-year plan to feature $1.8bn in cost cuts Nov 8, 2018
- South Korean solar power companies push into Japan Apr 16, 2018
- South Korea to help UAE become nuclear exporter Mar 27, 2018
- Moon's tax hikes too big for South Korea's economy Jan 3, 2018
- South Korea power boss steps down after UK nuclear deal nears Dec 7, 2017 See more articles on Korea Electric Power Corp.
Company Background
Korea Electric Power Corp., known as Kepco, has a virtual monopoly in power generation and distribution in South Korea. The company was founded in 1982 when the government nationalized the electric power industry. Even though Kepco has gone public in Seoul and New York, the South Korean government and a government-controlled bank together hold more than 50% of the utility.
Kepco spun off its power generation operations to form six units, including Korea Hydro & Nuclear Power, in the 2000s. All six of the new companies are wholly owned subsidiaries.
Some independent companies have entered the power generation business.
Kepco's rates are regulated by the government. Since the utility cannot pass on fuel cost swings to customers, its earnings tend to fluctuate along with crude oil and natural gas prices. Since it has extremely good credit standing, it has managed to maintain a strong credit rating even when high crude oil prices meant it was losing money.
In line with government policy, Kepco intends to invest in nuclear power plants. As of 2013, South Korea was dependent on the atom for 26% of its power needs. The government aims to raise that ratio to 29% by 2035.
With South Korea's overall energy demand on the rise, it is estimated that the country will need to add at least 16 to 18 nuclear power reactors to the 23 has been operating by 2035. And even more new reactors will need to be built if any existing reactors are decommissioned.
Kepco also exports nuclear reactors. It landed a contract from the United Arab Emirates, beating competition from leading Japanese and U.S. companies.
Following the meltdowns at Japan's Fukushima Daiichi nuclear complex in 2011, however, some South Koreans have been calling for an end to nuclear power.
Business Summary
Financial Highlights
| Dec 2017 | KRW | USD |
| Revenue | 59,814.86B | 52,909.61M |
| Gross Profit | 7,987.80B | 7,065.66M |
| Operating income | 4,967.19B | 4,393.76M |
| Income before tax | 3,614.21B | 3,196.97M |
| Net income | 1,298.72B | 1,148.79M |
| EBITDA | 14,739.73B | 13,038.12M |
| Diluted EPS | 2,023 | 1.78 |
| Dividends Per Share | 790 | 0.69 |
| Total Assets | 181,788.91B | 169,808.89M |
| Total liabilities | 108,824.27B | 101,652.67M |
| Total equity | 71,681.44B | 66,957.58M |
| Operating cash flow | 11,249.89B | 9,951.16M |
| Currency in KRW | Currency in USD |
Historical Data
| Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | |
| Revenue | 54,037.79B | 57,474.88B | 58,957.72B | 60,190.38B | 59,814.86B |
| Gross Profit | 3,728.03B | 7,987.32B | 13,782.71B | 14,947.03B | 7,987.80B |
| Operating income | 1,514.72B | 5,820.86B | 11,340.36B | 12,065.85B | 4,967.19B |
| Income before tax | -425,903M | 3,988.29B | 18,461.51B | 10,532.39B | 3,614.21B |
| Net income | 60,011M | 2,686.87B | 13,289.12B | 7,048.58B | 1,298.72B |
| EBITDA | 8,906.19B | 13,693.49B | 19,681.08B | 21,026.16B | 14,739.73B |
| Diluted EPS | 96 | 4,290 | 20,701 | 10,980 | 2,023 |
| Dividends Per Share | 90 | 500 | 3,100 | 1,980 | 790 |
| Total Assets | 155,527.33B | 163,708.28B | 175,257.35B | 177,837.04B | 181,788.91B |
| Total liabilities | 104,076.59B | 108,883.27B | 107,314.88B | 104,786.49B | 108,824.27B |
| Total equity | 50,259.66B | 53,601.33B | 66,634.46B | 71,723.69B | 71,681.44B |
| Operating cash flow | 6,883.90B | 12,045.69B | 16,943.10B | 16,520.55B | 11,249.89B |
| Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | |
| Revenue | 49,360.28M | 54,599.75M | 52,091.83M | 51,879.77M | 52,909.61M |
| Gross Profit | 3,405.33M | 7,587.76M | 12,177.65M | 12,883.26M | 7,065.66M |
| Operating income | 1,383.61M | 5,529.67M | 10,019.72M | 10,399.89M | 4,393.76M |
| Income before tax | -389.03M | 3,788.78M | 16,311.58M | 9,078.16M | 3,196.97M |
| Net income | 54.81M | 2,552.46M | 11,741.54M | 6,075.36M | 1,148.79M |
| EBITDA | 8,135.27M | 13,008.49M | 17,389.13M | 18,123.03M | 13,038.12M |
| Diluted EPS | 0.08 | 4.07 | 18.29 | 9.46 | 1.78 |
| Dividends Per Share | 0.08 | 0.47 | 2.73 | 1.70 | 0.69 |
| Total Assets | 147,370.38M | 148,940.80M | 149,466.84M | 147,240.46M | 169,808.89M |
| Total liabilities | 98,618.08M | 99,061.34M | 91,522.64M | 86,758.14M | 101,652.67M |
| Total equity | 47,623.69M | 48,766.16M | 56,828.67M | 59,383.74M | 66,957.58M |
| Operating cash flow | 6,288.03M | 11,443.11M | 14,970.00M | 14,239.52M | 9,951.16M |
Valuation Measures
| Dec 2017 | |
| PER | 18.85 |
| ROA | 0.72% |
| ROE | 1.81% |
| Operating margin | 8.30% |
| Profit margin | 2.17% |
Key executives
- Chief Executive Officer & Director: Jong-Kap Kim
- President & Director: Hwan-Eik Cho
- Director & Vice President: Si-Ho Kim
- Director & Vice President: Hyang-ryul Ryu
- Director & Head-Planning: Sang-Kwon Hyun
Shareholders
- Government of South Korea (51.1%)
- National Pension Service of Korea (5.6%)
- JF Asset Management Ltd. (1.0%)
- Orbis Investment Management Ltd. (1.0%)
- BlackRock Fund Advisors (0.9%)
- Invesco Asset Management Ltd. (0.8%)
- Eastspring Investments (Singapore) Ltd. (0.8%)
- The Vanguard Group, Inc. (0.8%)
- Samsung Asset Management Co., Ltd. (0.5%)
- Hermes Investment Management Ltd. (0.3%)
Contact Details
- Website:http://www.kepco.co.kr
- Phone: +82.61.345.3114
Related Companies
- Gyeongju Wind Power Co. Ltd.
- KEPCO Neimenggu International Ltd.
- Recurrent Energy LLC /3 Solar Projects/
- KEPCO Energy Solution Co., Ltd.
- RES Technology AD
- Woobang ENC Co., Ltd.
- KST Electric Power Co. SAPI de CV
- Garolim Tidal Power Plant Co., Ltd.
- PT Tanggamus Electric Power
- KOSEP Material Co., Ltd.
- Honam Wind Power Co., Ltd.
- Kepco International Hong Kong Ltd.
- Egbin Power Plc
- Anglo Coal Bylong Pty Ltd.
- Korea Electric Power Corp. Employee Stock OwnershipAssn
- Kepco International Philippines, Inc.
- Kepco Ilijan Corp.
- KEPCO Engineering & Construction Co., Inc.
- KEPCO Australia Pty Ltd.
- Korea Waterbury Uranium LP
- KEPCO Plant Service & Engineering Co., Ltd
- Horizon International Ltd.
- Kepco Philippines Holdings, Inc.
- East-West Power Corp.
- KEPCO Philippines Corp.
- KEPCO KDN Co., Ltd.
- KEPCO Cayman Co. Ltd.
- Korea Midland Power Co., Ltd.
- Korea Western Power Co., Ltd.
- Korea Southern Power Co., Ltd.
Competitors
- San Miguel Corp.
- Top Frontier Investment Holdings, Inc.
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