Korea Electric Power Corp.

In the news

UAE looks to diversify oil-dependent economy with Mars mission Jul 23, 2020
Asia's winners and losers from mayhem in the markets Mar 10, 2020
Japan and South Korea lag on climate action: UK asset manager Jun 23, 2019
Cheap coal swells in Southeast Asia, foiling global green push Apr 6, 2019
Toshiba's next 5-year plan to feature $1.8bn in cost cuts Nov 8, 2018

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

Korea Electric Power Corp. engages in the generation, transmission and distribution of electricity. It operates through the following Businesses: Sale of Electric Power, Development of Electric Power Resources, Investment, and Real Estate. The company was founded on July 1, 1961 and is headquartered in Naju, South Korea.

Financial Highlights

Dec 2020	KRW	USD
Revenue	58,569.31B	49,639.72M
Gross Profit	6,959.87B	5,898.76M
Operating income	4,085.18B	3,462.34M
Income before tax	2,712.40B	2,298.87M
Net income	1,991.34B	1,687.74M
EBITDA	15,631.74B	13,248.50M
Diluted EPS	3,101.96	2.62
Dividends Per Share	1,216	1.03
Total Assets	203,142.11B	187,003.68M
Total liabilities	132,475.26B	121,950.89M
Total equity	69,296.68B	63,791.47M
Operating cash flow	13,208.47B	11,194.68M
	Currency in KRW	Currency in USD

Historical Data

KRW | USD

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020
Revenue	60,190.38B	59,814.86B	60,627.61B	59,172.89B	58,569.31B
Gross Profit	14,950.24B	7,987.80B	2,657.01B	1,592.65B	6,959.87B
Operating income	12,065.85B	4,967.19B	-231,324M	-1,295.69B	4,085.18B
Income before tax	10,532.39B	3,614.21B	-2,000.81B	-3,432.65B	2,712.40B
Net income	7,048.58B	1,298.72B	-1,314.56B	-2,345.51B	1,991.34B
EBITDA	21,026.16B	14,739.73B	9,792.54B	9,834.51B	15,631.74B
Diluted EPS	10,980	2,023	-2,047.72	-3,653.65	3,101.96
Dividends Per Share	1,980	790	0	0	1,216
Total Assets	177,837.04B	181,788.91B	185,249.06B	197,597.79B	203,142.11B
Total liabilities	104,786.49B	108,824.27B	114,150.48B	128,708.14B	132,475.26B
Total equity	71,723.69B	71,681.44B	69,743.92B	67,496.31B	69,296.68B
Operating cash flow	16,520.55B	11,249.89B	6,680.13B	8,213.42B	13,208.47B

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020
Revenue	51,879.77M	52,909.61M	55,090.06M	50,740.59M	49,639.72M
Gross Profit	12,886.03M	7,065.66M	2,414.32M	1,365.69M	5,898.76M
Operating income	10,399.89M	4,393.76M	-210.19M	-1,111.05M	3,462.34M
Income before tax	9,078.16M	3,196.97M	-1,818.07M	-2,943.49M	2,298.87M
Net income	6,075.36M	1,148.79M	-1,194.49M	-2,011.27M	1,687.74M
EBITDA	18,123.03M	13,038.12M	8,898.12M	8,433.07M	13,248.50M
Diluted EPS	9.46	1.78	-1.86	-3.13	2.62
Dividends Per Share	1.70	0.69	0	0	1.03
Total Assets	147,240.46M	169,808.89M	166,023.53M	170,865.83M	187,003.68M
Total liabilities	86,758.14M	101,652.67M	102,303.70M	111,295.90M	121,950.89M
Total equity	59,383.74M	66,957.58M	62,505.75M	58,365.09M	63,791.47M
Operating cash flow	14,239.52M	9,951.16M	6,069.98M	7,042.99M	11,194.68M

Valuation Measures

Dec 2020
PER	8.83
ROA	0.99%
ROE	2.91%
Operating margin	6.97%
Profit margin	3.39%

Key executives

President, Chief Executive Officer & Director: Seung-il Cheong
Head of Finance & IR Team: Jeong-soo Kim

Shareholders

Government of South Korea (51.1%)
National Pension Service of Korea (6.1%)
The Vanguard Group, Inc. (0.8%)
BlackRock Fund Advisors (0.8%)
Korea Electric Power Corp. Employee Stock OwnershipAssn (0.4%)
Samsung Asset Management Co., Ltd. (0.4%)
Kopernik Global Investors LLC (0.3%)
BlackRock Advisors (UK) Ltd. (0.2%)
Geode Capital Management LLC (0.2%)
Mirae Asset Global Investments Co., Ltd. (0.1%)

Contact Details

Website:http://www.kepco.co.kr
Phone: +82.61.345.3114

Related Companies

KEPCO Mojave Holdings LLC
KEPCO California LLC
KOLAT SpA
PT Korea Energy Indonesia
BSK E-New Industry Fund X
e-New Industry LB Fund 1
PT Siborpa Eco Power
KEPCO Mangilao Solar LLC
Mangilao Investment LLC
KEPCO Mangilao Holdings LLC
KEPCO Solar of Alamosa LLC
KEPCO U.S., Inc.
KOWEPO Lao International
HeeMang sunlight Power Co., Ltd.
Energy Innovation Fund I
KOMIPO Vanphong Power Service LLC
KHNP USA LLC
Ogiri Solar Power Co., Ltd.
Moha Solar Co., Ltd.
KEPCO E&C Service Co., Ltd.
TS Energy No. 25 Co., Ltd.
Guam Ukudu Power LLC
Paju Eco Energy Co., Ltd.
Haenanum Energy Fund
KOAK Power Ltd.
KEPCO CSC Co., Ltd.
KEPCO Mangilao America LLC
Secutec Co., Ltd.
First Keepers Co., Ltd.
KEPCO FMS Co., Ltd.

Competitors

Aboitiz Equity Ventures Inc.
POSCO
PS Tec. Co., Ltd.
Inscobee, Inc.

Last Updated on 6 Dec, 2021