| 16. | Consolidated Subsidiaries |
| (1) | Consolidated subsidiaries as of December 31, 2016 and 2017 are as follows: |
| Percentage of ownership (%) | ||||||||||||
|
Subsidiaries |
Key operation activities |
Location |
2016 | 2017 | ||||||||
|
Korea Hydro & Nuclear Power Co., Ltd. |
Power generation | KOREA | 100.00 | % | 100.00 | % | ||||||
|
Korea South-East Power Co., Ltd. |
Power generation | KOREA | 100.00 | % | 100.00 | % | ||||||
|
Korea Midland Power Co., Ltd. |
Power generation | KOREA | 100.00 | % | 100.00 | % | ||||||
|
Korea Western Power Co., Ltd. |
Power generation | KOREA | 100.00 | % | 100.00 | % | ||||||
|
Korea Southern Power Co., Ltd. |
Power generation | KOREA | 100.00 | % | 100.00 | % | ||||||
|
Korea East-West Power Co., Ltd. |
Power generation | KOREA | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Engineering & Construction Company, Inc.(*1) |
Architectural engineering for utility plant and others | KOREA | 65.77 | % | 65.77 | % | ||||||
|
KEPCO Plant Service & Engineering Co., Ltd. |
Utility plant maintenance and others | KOREA | 51.00 | % | 51.00 | % | ||||||
|
KEPCO Nuclear Fuel Co., Ltd. |
Nuclear fuel |
KOREA |
96.36 | % | 96.36 | % | ||||||
|
KEPCO KDN Co., Ltd. |
Electric power information technology and others | KOREA | 100.00 | % | 100.00 | % | ||||||
|
Garolim Tidal Power Plant Co., |
Power generation | KOREA | 49.00 | % | 49.00 | % | ||||||
|
KEPCO International HongKong Ltd. |
Holding company |
HONG KONG |
100.00 | % | 100.00 | % | ||||||
|
KEPCO International Philippines Inc. |
Holding company |
PHILIPPINES |
100.00 | % | 100.00 | % | ||||||
|
KEPCO Gansu International Ltd. |
Holding company |
HONG KONG |
100.00 | % | 100.00 | % | ||||||
|
KEPCO Philippines Holdings Inc. |
Holding company |
PHILIPPINES |
100.00 | % | 100.00 | % | ||||||
|
KEPCO Philippines Corporation |
Operation of utility plant | PHILIPPINES | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Ilijan Corporation |
Construction and operation of utility plant | PHILIPPINES | 51.00 | % | 51.00 | % | ||||||
|
KEPCO Lebanon SARL |
Operation of utility plant | LEBANON | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Neimenggu International Ltd. |
Holding company | HONG KONG | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Shanxi International Ltd. |
Holding company | HONG KONG | 100.00 | % | 100.00 | % | ||||||
|
KOMIPO Global Pte Ltd. |
Holding company | SINGAPORE | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Canada Energy Ltd. |
Resources development | CANADA | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Netherlands B.V. |
Holding company | NETHERLANDS | 100.00 | % | 100.00 | % | ||||||
|
KOREA Imouraren Uranium Investment Corp. |
Holding company | FRANCE | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Australia Pty., Ltd. |
Resources development | AUSTRALIA | 100.00 | % | 100.00 | % | ||||||
|
KOSEP Australia Pty., Ltd. |
Resources development | AUSTRALIA | 100.00 | % | 100.00 | % | ||||||
|
KOMIPO Australia Pty., Ltd. |
Resources development | AUSTRALIA | 100.00 | % | 100.00 | % | ||||||
|
KOWEPO Australia Pty., Ltd. |
Resources development | AUSTRALIA | 100.00 | % | 100.00 | % | ||||||
|
KOSPO Australia Pty., Ltd. |
Resources development | AUSTRALIA | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Middle East Holding Company |
Holding company | BAHRAIN | 100.00 | % | 100.00 | % | ||||||
|
Qatrana Electric Power Company |
Construction and operation of utility plant | JORDAN | 80.00 | % | 80.00 | % | ||||||
|
KHNP Canada Energy, Ltd. |
Holding company | CANADA | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Bylong Australia Pty., Ltd. |
Resources development | AUSTRALIA | 100.00 | % | 100.00 | % | ||||||
|
Korea Waterbury Uranium Limited Partnership |
Resources development | CANADA | 79.64 | % | 79.64 | % | ||||||
|
Korea Electric Power Nigeria Ltd. |
Operation of utility plant | NIGERIA | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Holdings de Mexico |
Holding company | MEXICO | 100.00 | % | 100.00 | % | ||||||
|
KST Electric Power Company |
Construction and operation of utility plant | MEXICO | 56.00 | % | 56.00 | % | ||||||
|
KEPCO Energy Service Company |
Operation of utility plant | MEXICO | 100.00 | % | 100.00 | % | ||||||
|
KEPCO Netherlands S3 B.V. |
Holding company | NETHERLANDS | 100.00 | % | 100.00 | % | ||||||
|
PT. KOMIPO Pembangkitan Jawa Bali |
Operation of utility plant | INDONESIA | 51.00 | % | 51.00 | % | ||||||
|
PT. Cirebon Power Service(*2) |
Operation of utility plant | INDONESIA | 27.50 | % | 27.50 | % | ||||||
|
KOWEPO International Corporation |
Operation of utility plant | PHILIPPINES | 99.99 | % | 99.99 | % | ||||||
|
KOSPO Jordan LLC |
Operation of utility plant | JORDAN | 100.00 | % | 100.00 | % | ||||||
|
EWP Philippines Corporation |
Holding company | PHILIPPINES | 100.00 | % | 100.00 | % | ||||||
|
EWP America Inc. |
Holding company | USA | 100.00 | % | 100.00 | % | ||||||
|
EWP Renewable Corporation |
Holding company | USA | 100.00 | % | 100.00 | % | ||||||
|
DG Fairhaven Power, LLC |
Power generation | USA | 100.00 | % | 100.00 | % | ||||||
|
DG Whitefield, LLC |
Power generation | USA | 100.00 | % | 100.00 | % | ||||||
|
Springfield Power, LLC |
Power generation | USA | 100.00 | % | 100.00 | % | ||||||
|
KNF Canada Energy Limited |
Holding company | CANADA | 96.36 | % | 96.36 | % | ||||||
|
PT KEPCO Resource Indonesia |
Holding company | INDONESIA | 100.00 | % | 100.00 | % | ||||||
|
EWP Barbados 1 SRL |
Holding company | BARBADOS | 100.00 | % | 100.00 | % | ||||||
|
California Power Holdings, LLC |
Power generation | USA | 100.00 | % | 100.00 | % | ||||||
|
Gyeonggi Green Energy Co., Ltd. |
Power generation | KOREA | 62.01 | % | 62.01 | % | ||||||
|
PT. Tanggamus Electric Power |
Power generation | INDONESIA | 52.50 | % | 52.50 | % | ||||||
|
Gyeongju Wind Power Co., Ltd. |
Power generation | KOREA | 70.00 | % | 70.00 | % | ||||||
|
KOMIPO America Inc. |
Holding company | USA | 100.00 | % | 100.00 | % | ||||||
|
EWPRC Biomass Holdings, LLC |
Holding company | USA | 100.00% | 100.00% | ||||||||
|
KOSEP USA, INC. |
Power generation | USA | 100.00% | 100.00% | ||||||||
|
PT. EWP Indonesia |
Holding company | INDONESIA | 99.95% | 99.96% | ||||||||
|
KEPCO Netherlands J3 B.V. |
Holding company | NETHERLANDS | 100.00% | 100.00% | ||||||||
|
Korea Offshore Wind Power Co., Ltd. |
Power generation | KOREA | 100.00% | 100.00% | ||||||||
|
Global One Pioneer B.V. |
Holding company | NETHERLANDS | 100.00% | 100.00% | ||||||||
|
Global Energy Pioneer B.V. |
Holding company | NETHERLANDS | 100.00% | 100.00% | ||||||||
|
Mira Power Limited(*3) |
Power generation | PAKISTAN | 76.00% | 76.00% | ||||||||
|
KOSEP Material Co., Ltd.(*4) |
Recycling fly ashes | KOREA | 46.22% | 86.22% | ||||||||
|
Commerce and Industry Energy |
Power generation | KOREA | 59.03% | 59.03% | ||||||||
|
KEPCO Singapore Holdings Pte., Ltd. |
Holding company | SINGAPORE | 100.00% | 100.00% | ||||||||
|
KOWEPO India Private Limited |
Holding company | INDIA | 100.00% | 100.00% | ||||||||
|
KEPCO KPS Philippines Corp. |
Utility plant maintenance and others | PHILIPPINES | 51.00% | 51.00% | ||||||||
|
KOSPO Chile SpA |
Holding company | CHILE | 100.00% | 100.00% | ||||||||
|
PT. KOWEPO Sumsel Operation And Maintenance Services |
Utility plant maintenance and others | INDONESIA | 95.00% | 95.00% | ||||||||
|
HeeMang Sunlight Power Co., Ltd. |
Operation of utility plant | KOREA | 100.00% | 100.00% | ||||||||
|
Fujeij Wind Power Company |
Operation of utility plant | JORDAN | 100.00% | 100.00% | ||||||||
|
KOSPO Youngnam Power Co., Ltd. |
Operation of utility plant | KOREA | 50.00% | 50.00% | ||||||||
|
HI Carbon Professional Private Special Asset Investment Trust 1 (formerly, Global One Carbon Private Equity Investment Trust 2) |
Holding company | KOREA | 96.67% | 96.67% | ||||||||
|
Chitose Solar Power Plant LLC |
Power generation | JAPAN | 80.10% | 80.10% | ||||||||
|
KEPCO Energy Solution Co. Ltd. |
Energy service | KOREA | 100.00% | 100.00% | ||||||||
|
Solar School Plant Co., Ltd. |
Power generation | KOREA | 100.00% | 100.00% | ||||||||
|
KOSPO Power Services Limitada |
Utility plant maintenance and others | CHILE | 65.00% | 65.00% | ||||||||
|
Energy New Industry Specialized Investment Private Investment Trust |
Holding company | KOREA | 99.75% | 99.75% | ||||||||
|
KOEN Bylong Pty., Ltd. |
Resources development | AUSTRALIA | 100.00% | 100.00% | ||||||||
|
KOMIPO Bylong Pty., Ltd. |
Resources development | AUSTRALIA | 100.00% | 100.00% | ||||||||
|
KOWEPO Bylong Pty., Ltd. |
Resources development | AUSTRALIA | 100.00% | 100.00% | ||||||||
|
KOSPO Bylong Pty., Ltd. |
Resources development | AUSTRALIA | 100.00% | 100.00% | ||||||||
|
EWP Bylong Pty., Ltd. |
Resources development | AUSTRALIA | 100.00% | 100.00% | ||||||||
|
KOWEPO Lao International |
Utility plant maintenance and others | LAOS | 100.00% | 100.00% | ||||||||
|
KEPCO US Inc. |
Holding company | USA | — | 100.00% | ||||||||
|
KEPCO Alamosa LLC |
Holding company | USA | — | 50.10% | ||||||||
|
Cogentrix Solar Services, LLC |
Holding company | USA | — | 50.10% | ||||||||
|
Solar Investments I, LLC |
Holding company | USA | — | 50.10% | ||||||||
|
Cogentrix of Alamosa, LLC |
Power generation | USA | — | 50.10% | ||||||||
|
KEPCO-LG CNS Mangilao Holdings LLC |
Holding company | USA | — | 70.00% | ||||||||
|
Mangilao Investment LLC |
Holding company | USA | — | 70.00% | ||||||||
|
KEPCO-LG CNS Mangilao Solar, LLC |
Power generation | USA | — | 70.00% | ||||||||
|
Jeju Hanlim Offshore Wind Co., Ltd. |
Power generation | KOREA | — | 70.22% | ||||||||
|
PT. Siborpa Eco Power |
Construction and operation of utility plant | INDONESIA | — | 64.71% | ||||||||
|
BSK E-New Industry Fund VII |
Holding company | KOREA | — | 81.47% | ||||||||
|
e-New Industry LB Fund 1 |
Holding company | KOREA | — | 75.92% | ||||||||
|
Songhyun e-New Industry Fund |
Holding company | KOREA | — | 80.45% | ||||||||
| (*1) | Considering treasury stocks, the effective percentage of ownership is 66.08%. |
| (*2) | These subsidiaries are included in the consolidated financial statements as the Company obtained the majority of the voting power through the shareholders’ agreement. |
| (*3) | As of reporting date, the annual reporting period of all subsidiaries is December 31, except for Mira Power Limited which is November 30. |
| (*4) | The effective percentage of ownership has increased to 86.22% since Long Lasting Value exercised the put option to sell its investment to KOSEP during the year ended December 31, 2017. |
| (*5) | The Company guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Company which can be exercised 84 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability. |
| (2) | Subsidiaries newly included in or excluded from consolidation for the year ended December 31, 2017 are as follows: |
| Subsidiaries | included in consolidation during the year ended December 31, 2017. |
|
Subsidiary |
Reason | |
|
KEPCO US Inc. |
Newly established | |
|
KEPCO Alamosa LLC |
Newly established | |
|
Cogentrix Solar Services, LLC |
Newly established | |
|
Solar Investments I, LLC |
Newly established | |
|
Cogentrix of Alamosa, LLC |
Newly established | |
|
KEPCO-LG CNS Mangilao Holdings LLC |
Newly established | |
|
Mangilao Investment LLC |
Newly established | |
|
KEPCO-LG CNS Mangilao Solar, LLC |
Newly established | |
|
Jeju Hanlim Offshore Wind Co., Ltd. |
Newly established | |
|
PT. Siborpa Eco Power |
Newly established | |
|
BSK E-New Industry Fund VII |
Newly established | |
|
e-New Industry LB Fund 1 |
Newly established | |
|
Songhyun e-New Industry Fund |
Newly established |
| There | are no subsidiaries excluded from consolidation during the year ended December 31, 2017. |
| (3) | Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2016 and 2017 are as follows: |
|
2016 |
||||||||||||||||||||
|
Subsidiaries |
Total assets |
Total liabilities |
Sales | Profit (loss) for the period |
||||||||||||||||
| In millions of won | ||||||||||||||||||||
|
Korea Hydro & Nuclear Power Co., Ltd. |
￦ | 52,782,915 | 27,366,938 | 11,168,579 | 2,454,810 | |||||||||||||||
|
Korea South-East Power Co., Ltd. |
9,773,778 | 4,794,330 | 5,093,598 | 531,061 | ||||||||||||||||
|
Korea Midland Power Co., Ltd. |
9,066,666 | 5,416,336 | 3,719,981 | 400,696 | ||||||||||||||||
|
Korea Western Power Co., Ltd. |
9,810,714 | 5,866,916 | 4,169,712 | 401,936 | ||||||||||||||||
|
Korea Southern Power Co., Ltd. |
9,806,023 | 5,637,950 | 4,200,035 | 426,337 | ||||||||||||||||
|
Korea East-West Power Co., Ltd. |
8,967,951 | 4,488,911 | 4,210,898 | 467,603 | ||||||||||||||||
|
KEPCO Engineering & Construction Company, Inc. |
786,596 | 364,676 | 506,012 | 17,796 | ||||||||||||||||
|
KEPCO Plant Service & Engineering Co., Ltd. |
1,086,421 | 301,490 | 1,214,304 | 86,657 | ||||||||||||||||
|
KEPCO Nuclear Fuel Co., Ltd. |
713,230 | 346,012 | 309,911 | 33,115 | ||||||||||||||||
|
KEPCO KDN Co., Ltd. |
519,901 | 205,869 | 588,160 | 43,127 | ||||||||||||||||
|
Garolim Tidal Power Plant Co., Ltd. |
632 | 346 | — | -24 | ||||||||||||||||
|
KEPCO International HongKong Ltd. |
173,138 | 41 | — | 4,532 | ||||||||||||||||
|
KEPCO International Philippines Inc. |
114,141 | 1,468 | — | 56,783 | ||||||||||||||||
|
KEPCO Gansu International Ltd. |
17,928 | 557 | — | (18 | ) | |||||||||||||||
|
KEPCO Philippines Holdings Inc. |
125,100 | 27 | — | 13,517 | ||||||||||||||||
|
KEPCO Philippines Corporation |
13,704 | 8,949 | — | (8,717 | ) | |||||||||||||||
|
KEPCO Ilijan Corporation |
558,030 | 58,449 | 116,667 | 51,552 | ||||||||||||||||
|
KEPCO Lebanon SARL |
1,458 | 10,312 | — | 810 | ||||||||||||||||
|
KEPCO Neimenggu International Ltd. |
186,636 | — | — | 7,082 | ||||||||||||||||
|
KEPCO Shanxi International Ltd. |
549,189 | 218,047 | — | 5,812 | ||||||||||||||||
|
KOMIPO Global Pte Ltd. |
223,082 | 1,095 | — | 36,764 | ||||||||||||||||
|
KEPCO Canada Energy Ltd. |
202 | 24 | — | (27,216 | ) | |||||||||||||||
|
KEPCO Netherlands B.V. |
128,014 | 35 | — | 224 | ||||||||||||||||
|
KOREA Imouraren Uranium Investment Corp. |
154,302 | 764 | — | (68,417 | ) | |||||||||||||||
|
KEPCO Australia Pty., Ltd. |
503,657 | 1,545 | 3,670 | (19,006 | ) | |||||||||||||||
|
KOSEP Australia Pty., Ltd. |
25,174 | 521 | 5,357 | 4,028 | ||||||||||||||||
|
KOMIPO Australia Pty., Ltd. |
25,413 | 10 | 5,388 | 4,023 | ||||||||||||||||
|
KOWEPO Australia Pty., Ltd. |
25,550 | 10 | 5,357 | 4,012 | ||||||||||||||||
|
KOSPO Australia Pty., Ltd. |
25,625 | 10 | 5,357 | 4,033 | ||||||||||||||||
|
KEPCO Middle East Holding Company |
128,846 | 125,008 | — | 6,840 | ||||||||||||||||
|
Qatrana Electric Power Company |
546,123 | 417,800 | 18,866 | 19,601 | ||||||||||||||||
|
KHNP Canada Energy, Ltd. |
54,374 | 46 | — | (6,304 | ) | |||||||||||||||
|
KEPCO Bylong Australia Pty., Ltd. |
220,721 | 277,358 | — | (2,357 | ) | |||||||||||||||
|
Korea Waterbury Uranium Limited Partnership |
20,882 | 149 | — | 2,348 | ||||||||||||||||
|
Korea Electric Power Nigeria Ltd. |
696 | 493 | 9,794 | 35 | ||||||||||||||||
|
KEPCO Holdings de Mexico |
262 | 19 | — | 251 | ||||||||||||||||
|
KST Electric Power Company |
596,823 | 539,459 | 146,295 | 17,322 | ||||||||||||||||
|
KEPCO Energy Service Company |
1,309 | 310 | 5,337 | 580 | ||||||||||||||||
|
KEPCO Netherlands S3 B.V. |
55,609 | 54 | — | 3,731 | ||||||||||||||||
|
PT. KOMIPO Pembangkitan Jawa Bali |
16,246 | 4,549 | 21,632 | 8,989 | ||||||||||||||||
|
PT. Cirebon Power Service |
3,456 | 1,228 | 7,463 | 301 | ||||||||||||||||
|
KOWEPO International Corporation |
— | — | — | — | ||||||||||||||||
|
KOSPO Jordan LLC |
11,524 | 687 | 7,321 | 317 | ||||||||||||||||
|
EWP Philippines Corporation |
1,966 | 955 | — | (41 | ) | |||||||||||||||
|
EWP America Inc.(*) |
104,809 | 80,252 | 33,616 | (8,704 | ) | |||||||||||||||
|
KNF Canada Energy Limited |
1,967 | 20 | — | (46 | ) | |||||||||||||||
|
PT KEPCO Resource Indonesia |
913 | 18 | — | (341 | ) | |||||||||||||||
|
EWP Barbados 1 SRL |
267,859 | 425 | 1,656 | (902 | ) | |||||||||||||||
|
Gyeonggi Green Energy Co., Ltd. |
301,126 | 221,078 | 108,557 | 19,211 | ||||||||||||||||
|
PT. Tanggamus Electric Power |
184,861 | 167,641 | 40,903 | 2,041 | ||||||||||||||||
|
Gyeongju Wind Power Co., Ltd. |
￦ | 76,569 | 49,293 | 6,413 | 1,269 | |||||||||||||||
|
KOMIPO America Inc. |
11,518 | 2,432 | — | (2,240 | ) | |||||||||||||||
|
KOSEP USA, INC. |
159 | 39,028 | 3,791 | (72,817 | ) | |||||||||||||||
|
PT. EWP Indonesia |
2,154 | 50 | — | 1,088 | ||||||||||||||||
|
KEPCO Netherlands J3 B.V. |
125,337 | 68 | — | 12,433 | ||||||||||||||||
|
Korea Offshore Wind Power Co., Ltd. |
37,826 | 2,048 | — | (4,960 | ) | |||||||||||||||
|
Global One Pioneer B.V. |
161 | 22 | — | (54 | ) | |||||||||||||||
|
Global Energy Pioneer B.V. |
338 | 22 | — | (59 | ) | |||||||||||||||
|
Mira Power Limited |
178,141 | 133,730 | — | (954 | ) | |||||||||||||||
|
KOSEP Material Co., Ltd. |
2,398 | 1,497 | 3,232 | (901 | ) | |||||||||||||||
|
Commerce and Industry Energy Co., Ltd. |
99,432 | 87,316 | 28,375 | (536 | ) | |||||||||||||||
|
KEPCO Singapore Holdings Pte., Ltd. |
2,568 | 13 | — | (33 | ) | |||||||||||||||
|
KOWEPO India Private Limited |
879 | — | — | 1 | ||||||||||||||||
|
KEPCO KPS Philippines Corp. |
7,897 | 1,213 | 12,843 | 2,060 | ||||||||||||||||
|
KOSPO Chile SpA |
6,656 | 4,787 | — | 125 | ||||||||||||||||
|
PT. KOWEPO Sumsel Operation and Maintenance Services |
1,439 | 700 | 6,165 | (96 | ) | |||||||||||||||
|
HeeMang Sunlight Power Co., Ltd. |
7,102 | 3,391 | 12 | (308 | ) | |||||||||||||||
|
Fujeij Wind Power Company |
47,935 | 46,636 | — | (873 | ) | |||||||||||||||
|
KOSPO Youngnam Power Co., Ltd. |
284,368 | 205,680 | — | (931 | ) | |||||||||||||||
|
HI Carbon Professional Private Special Asset Investment Trust 1 (formerly, Global One Carbon Private Equity Investment Trust 2) |
3,002 | — | — | 9 | ||||||||||||||||
|
Chitose Solar Power Plant LLC |
49,728 | 38,806 | — | (811 | ) | |||||||||||||||
|
KEPCO Energy Solution Co. Ltd. |
299,933 | 233 | — | (300 | ) | |||||||||||||||
|
Solar School Plant Co., Ltd. |
200,268 | 259 | 1 | 9 | ||||||||||||||||
|
KOSPO Power Services Limitada |
4,385 | 1,262 | 7,300 | 2,963 | ||||||||||||||||
|
Energy New Industry Specialized Investment Private Investment Trust |
501,275 | 33 | — | (7 | ) | |||||||||||||||
|
KOEN Bylong Pty., Ltd. |
6,135 | — | — | — | ||||||||||||||||
|
KOMIPO Bylong Pty., Ltd. |
6,135 | — | — | — | ||||||||||||||||
|
KOWEPO Bylong Pty., Ltd. |
6,135 | — | — | — | ||||||||||||||||
|
KOSPO Bylong Pty., Ltd. |
6,135 | — | — | — | ||||||||||||||||
|
EWP Bylong Pty., Ltd. |
6,135 | — | — | — | ||||||||||||||||
|
KOWEPO Lao International |
218 | 181 | — | (108 | ) | |||||||||||||||
| (*) | Financial information of EWP America Inc. includes that of six other subsidiaries, EWP Renewable Co., DG Fairhaven Power, LLC, DG Whitefield, LLC, Springfield Power, LLC, California Power Holdings, LLC, and EWPRC Biomass Holdings, LLC. |
|
2017 |
||||||||||||||||||||
|
Subsidiaries |
Total assets |
Total liabilities |
Sales | Profit (loss) for the period |
||||||||||||||||
| In millions of won | ||||||||||||||||||||
|
Korea Hydro & Nuclear Power Co., Ltd. |
￦ | 55,011,096 | 29,252,816 | 9,415,751 | 854,346 | |||||||||||||||
|
Korea South-East Power Co., Ltd. |
9,879,577 | 4,844,184 | 5,387,846 | 130,371 | ||||||||||||||||
|
Korea Midland Power Co., Ltd. |
9,893,822 | 6,148,173 | 4,167,009 | 104,591 | ||||||||||||||||
|
Korea Western Power Co., Ltd. |
9,660,426 | 5,739,534 | 4,199,079 | 110,939 | ||||||||||||||||
|
Korea Southern Power Co., Ltd. |
9,648,741 | 5,401,216 | 4,397,552 | 98,817 | ||||||||||||||||
|
Korea East-West Power Co., Ltd. |
8,855,518 | 4,204,187 | 4,644,330 | 217,599 | ||||||||||||||||
|
KEPCO Engineering & Construction Company, Inc. |
762,166 | 305,134 | 490,193 | 21,222 | ||||||||||||||||
|
KEPCO Plant Service & Engineering Co., Ltd. |
1,195,086 | 294,689 | 1,232,113 | 135,482 | ||||||||||||||||
|
KEPCO Nuclear Fuel Co., Ltd. |
792,187 | 421,088 | 279,664 | 4,557 | ||||||||||||||||
|
KEPCO KDN Co., Ltd. |
524,520 | 155,715 | 619,470 | 48,968 | ||||||||||||||||
|
Garolim Tidal Power Plant Co., Ltd. |
619 | 345 | — | (12 | ) | |||||||||||||||
|
KEPCO International HongKong Ltd. |
153,529 | 1 | — | 4,380 | ||||||||||||||||
|
KEPCO International Philippines Inc. |
102,323 | 886 | — | 47,201 | ||||||||||||||||
|
KEPCO Gansu International Ltd. |
11,567 | 493 | — | (29 | ) | |||||||||||||||
|
KEPCO Philippines Holdings Inc. |
127,922 | 2,621 | — | 43,218 | ||||||||||||||||
|
KEPCO Philippines Corporation |
6,293 | 114 | — | 2,098 | ||||||||||||||||
|
KEPCO Ilijan Corporation |
474,624 | 57,801 | 109,183 | 66,320 | ||||||||||||||||
|
KEPCO Lebanon SARL |
1,069 | 9,281 | — | (219 | ) | |||||||||||||||
|
KEPCO Neimenggu International Ltd. |
165,937 | — | — | 500 | ||||||||||||||||
|
KEPCO Shanxi International Ltd. |
497,990 | 193,309 | — | 3,796 | ||||||||||||||||
|
KOMIPO Global Pte Ltd. |
225,411 | 1,497 | — | 21,858 | ||||||||||||||||
|
KEPCO Canada Energy Ltd. |
132 | 22 | — | (32 | ) | |||||||||||||||
|
KEPCO Netherlands B.V. |
114,911 | 49 | — | 17,309 | ||||||||||||||||
|
KOREA Imouraren Uranium Investment Corp. |
151,278 | 131 | — | 1,490 | ||||||||||||||||
|
KEPCO Australia Pty., Ltd. |
466,654 | 569 | — | (568 | ) | |||||||||||||||
|
KOSEP Australia Pty., Ltd. |
27,076 | 333 | 12,096 | 1,601 | ||||||||||||||||
|
KOMIPO Australia Pty., Ltd. |
31,441 | 4,691 | 12,096 | 1,133 | ||||||||||||||||
|
KOWEPO Australia Pty., Ltd. |
31,586 | 4,691 | 12,096 | 1,232 | ||||||||||||||||
|
KOSPO Australia Pty., Ltd. |
29,472 | 4,221 | 12,096 | (2,759 | ) | |||||||||||||||
|
KEPCO Middle East Holding Company |
95,812 | 90,842 | — | 2,913 | ||||||||||||||||
|
Qatrana Electric Power Company |
460,206 | 327,401 | 18,892 | 23,310 | ||||||||||||||||
|
KHNP Canada Energy, Ltd. |
51,994 | 31 | — | (92 | ) | |||||||||||||||
|
KEPCO Bylong Australia Pty., Ltd. |
242,364 | 277,549 | — | 20,271 | ||||||||||||||||
|
Korea Waterbury Uranium Limited Partnership |
20,886 | 136 | — | (59 | ) | |||||||||||||||
|
Korea Electric Power Nigeria Ltd. |
238 | 76 | 2,164 | 29 | ||||||||||||||||
|
KEPCO Holdings de Mexico |
235 | 30 | — | (20 | ) | |||||||||||||||
|
KST Electric Power Company |
546,242 | 478,230 | 120,126 | 16,154 | ||||||||||||||||
|
KEPCO Energy Service Company |
1,793 | 451 | 6,773 | 976 | ||||||||||||||||
|
KEPCO Netherlands S3 B.V. |
46,642 | 53 | — | 2,382 | ||||||||||||||||
|
PT. KOMIPO Pembangkitan Jawa Bali |
11,261 | 4,769 | 20,956 | 4,666 | ||||||||||||||||
|
PT. Cirebon Power Service |
2,808 | 155 | 7,439 | 592 | ||||||||||||||||
|
KOWEPO International Corporation |
— | 8 | — | (2 | ) | |||||||||||||||
|
KOSPO Jordan LLC |
24,077 | 13,594 | 7,331 | 953 | ||||||||||||||||
|
EWP Philippines Corporation |
1,708 | 836 | — | (17 | ) | |||||||||||||||
|
EWP America Inc.(*1) |
79,854 | 67,308 | 23,543 | (9,737 | ) | |||||||||||||||
|
KNF Canada Energy Limited |
1,884 | 31 | — | (43 | ) | |||||||||||||||
|
PT KEPCO Resource Indonesia |
491 | — | — | (311 | ) | |||||||||||||||
|
EWP Barbados 1 SRL |
235,096 | 450 | — | (2,585 | ) | |||||||||||||||
|
Gyeonggi Green Energy Co., Ltd. |
282,408 | 199,160 | 95,192 | 3,203 | ||||||||||||||||
|
PT. Tanggamus Electric Power |
179,317 | 160,144 | 34,281 | 4,640 | ||||||||||||||||
|
Gyeongju Wind Power Co., Ltd. |
112,279 | 82,124 | 7,219 | 2,400 | ||||||||||||||||
|
KOMIPO America Inc. |
10,505 | 521 | — | 2,071 | ||||||||||||||||
|
KOSEP USA, INC. |
184 | 9,065 | — | 26,997 | ||||||||||||||||
|
2017 |
||||||||||||||||||||
|
Subsidiaries |
Total assets |
Total liabilities |
Sales | Profit (loss) for the period |
||||||||||||||||
| In millions of won | ||||||||||||||||||||
|
PT. EWP Indonesia |
￦ | 2,035 | 23 | — | 1,916 | |||||||||||||||
|
KEPCO Netherlands J3 B.V. |
122,612 | 76 | — | 12,115 | ||||||||||||||||
|
Korea Offshore Wind Power Co., Ltd. |
190,195 | 1,985 | — | (6,997 | ) | |||||||||||||||
|
Global One Pioneer B.V. |
151 | 38 | — | (80 | ) | |||||||||||||||
|
Global Energy Pioneer B.V. |
309 | 41 | — | (87 | ) | |||||||||||||||
|
Mira Power Limited |
208,150 | 163,198 | — | 737 | ||||||||||||||||
|
KOSEP Material Co., Ltd. |
2,751 | 1,448 | 3,128 | 320 | ||||||||||||||||
|
Commerce and Industry Energy Co., Ltd. |
99,129 | 87,926 | 30,577 | (749 | ) | |||||||||||||||
|
KEPCO Singapore Holdings Pte., Ltd. |
3,265 | 4 | — | (24 | ) | |||||||||||||||
|
KOWEPO India Private Limited |
781 | — | — | (46 | ) | |||||||||||||||
|
KEPCO KPS Philippines Corp. |
6,636 | 235 | 6,840 | 555 | ||||||||||||||||
|
KOSPO Chile SpA |
133,570 | 50,109 | — | 1,066 | ||||||||||||||||
|
PT. KOWEPO Sumsel Operation And Maintenance Services |
1,350 | 279 | 7,651 | 659 | ||||||||||||||||
|
HeeMang Sunlight Power Co., Ltd. |
6,876 | 3,395 | 105 | (229 | ) | |||||||||||||||
|
Fujeij Wind Power Company |
165,636 | 156,099 | — | 8,836 | ||||||||||||||||
|
KOSPO Youngnam Power Co.,Ltd. |
412,785 | 333,302 | 68,973 | 939 | ||||||||||||||||
|
HI Carbon Professional Private Special Asset Investment Trust 1 (formerly, Global One Carbon Private Equity Investment Trust 2) |
3,002 | — | — | 12 | ||||||||||||||||
|
Chitose Solar Power Plant LLC |
136,098 | 121,622 | 7,083 | 4,100 | ||||||||||||||||
|
KEPCO Energy Solution Co. Ltd. |
313,401 | 12,376 | 5,544 | 1,325 | ||||||||||||||||
|
Solar School Plant Co., Ltd. |
201,482 | 599 | 67 | 874 | ||||||||||||||||
|
KOSPO Power Services Limitada |
3,901 | 887 | 11,067 | 666 | ||||||||||||||||
|
Energy New Industry Specialized Investment Private Investment Trust(*3) |
506,207 | 2,118 | — | 52 | ||||||||||||||||
|
KOEN Bylong Pty., Ltd. |
5,875 | — | — | — | ||||||||||||||||
|
KOMIPO Bylong Pty., Ltd. |
5,875 | — | — | — | ||||||||||||||||
|
KOWEPO Bylong Pty., Ltd. |
5,875 | — | — | — | ||||||||||||||||
|
KOSPO Bylong Pty., Ltd. |
5,875 | — | — | — | ||||||||||||||||
|
EWP Bylong Pty., Ltd. |
5,875 | — | — | — | ||||||||||||||||
|
KOWEPO Lao International |
3,259 | 1,452 | 3,624 | 1,881 | ||||||||||||||||
|
KEPCO US Inc. |
16,913 | — | — | — | ||||||||||||||||
|
KEPCO Alamosa LLC |
33,144 | 492 | — | (218 | ) | |||||||||||||||
|
Cogentrix Solar Services, LLC(*2) |
84,458 | 53,116 | 8,958 | (112 | ) | |||||||||||||||
|
KEPCO-LG CNS Mangilao Holdings LLC |
24,131 | 24,395 | — | (278 | ) | |||||||||||||||
|
Mangilao Investment LLC |
24,131 | — | — | — | ||||||||||||||||
|
KEPCO-LG CNS Mangilao Solar, LLC |
24,002 | 134 | — | (278 | ) | |||||||||||||||
|
Jeju Hanlim Offshore Wind Co., Ltd. |
36 | — | — | — | ||||||||||||||||
|
PT. Siborpa Eco Power |
11,562 | 214 | — | (518 | ) | |||||||||||||||
| (*1) | Financial information of EWP America Inc. includes that of six other subsidiaries, EWP Renewable Corporation, DG Fairhaven Power, LLC, DG Whitefield, LLC, Springfield Power, LLC, California Power Holdings, LLC, and EWPRC Biomass Holdings, LLC. |
| (*2) | Financial information of Cogentrix Solar Services, LLC includes that of two other subsidiaries, Solar Investments I, LLC and Cogentrix of Alamosa, LLC. |
| (*3) | Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of three other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1 and Songhyun e-New Industry Fund. |
| (4) | Significant restrictions on abilities to subsidiaries are as follows: |
|
Company |
Nature and extent of any significant restrictions | |
|
Gyeonggi Green Energy Co., Ltd. |
Acquisition or disposal of assets of more than ￦35 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors. | |
|
KOSPO Youngnam Power Co., Ltd. |
Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions. | |
| (5) | Details of non-controlling interest prior to intra-group eliminations as of and for the years ended December 31, 2016 and 2017 are as follows: |
| 2016 | ||||||||||||||||||||||||
|
Description |
KEPCO Ilijan Corporation |
KEPCO Plant Service & Engineering Co., Ltd. |
KEPCO Engineering & Construction Company, Inc. |
Others | Total | |||||||||||||||||||
| In millions of won | ||||||||||||||||||||||||
|
Percentage of ownership |
49.00 | % | 49.00 | % | 33.92 | % | ||||||||||||||||||
|
Current assets |
￦ | 154,758 | 553,924 | 270,553 | 1,211,510 | 2,190,745 | ||||||||||||||||||
|
Non-current assets |
403,272 | 532,497 | 516,043 | 2,379,882 | 3,831,694 | |||||||||||||||||||
|
Current liabilities |
(19,256 | ) | (264,506 | ) | (286,444 | ) | (297,510 | ) | (867,716 | ) | ||||||||||||||
|
Non-current liabilities |
(39,193 | ) | (36,984 | ) | (78,232 | ) | (1,919,924 | ) | (2,074,333 | ) | ||||||||||||||
|
Net assets |
499,581 | 784,931 | 421,920 | 1,373,958 | 3,080,390 | |||||||||||||||||||
|
Book value of non-controlling interest |
244,794 | 384,616 | 143,115 | 684,093 | 1,456,618 | |||||||||||||||||||
|
Sales |
116,667 | 1,214,304 | 506,012 | 674,461 | 2,511,444 | |||||||||||||||||||
|
Profit for the period |
51,552 | 86,657 | 17,796 | 102,170 | 258,175 | |||||||||||||||||||
|
Profit for the period attributable to non-controlling interest |
25,260 | 42,462 | 6,036 | 26,709 | 100,467 | |||||||||||||||||||
|
Cash flows from operating activities |
102,546 | 121,240 | 18,748 | 84,086 | 326,620 | |||||||||||||||||||
|
Cash flows from investing activities |
(117 | ) | 79,807 | (7,556 | ) | (367,674 | ) | (295,540 | ) | |||||||||||||||
|
Cash flows from financing activities before dividends to non-controlling interest |
(56,863 | ) | (39,911 | ) | (1,634 | ) | 877,863 | 779,455 | ||||||||||||||||
|
Dividends to non-controlling interest |
(55,705 | ) | (36,139 | ) | (2,539 | ) | (22,054 | ) | (116,437 | ) | ||||||||||||||
|
Effect of exchange rate fluctuation |
1,529 | 127 | (854 | ) | 7,216 | 8,018 | ||||||||||||||||||
|
Net increase (decrease) of cash and cash equivalents |
(8,610 | ) | 125,124 | 6,165 | 579,437 | 702,116 | ||||||||||||||||||
| 2017 | ||||||||||||||||||||||||
|
Description |
KEPCO Ilijan Corporation |
KEPCO Plant Service & Engineering Co., Ltd. |
KEPCO Engineering & Construction Company, Inc. |
Others | Total | |||||||||||||||||||
| In millions of won | ||||||||||||||||||||||||
|
Percentage of ownership |
49.00 | % | 49.00 | % | 33.92 | % | ||||||||||||||||||
|
Current assets |
￦ | 160,588 | 623,934 | 257,529 | 1,269,175 | 2,311,226 | ||||||||||||||||||
|
Non-current assets |
314,036 | 571,152 | 504,637 | 2,588,833 | 3,978,658 | |||||||||||||||||||
|
Current liabilities |
(21,546 | ) | (278,562 | ) | (221,860 | ) | (394,320 | ) | (916,288 | ) | ||||||||||||||
|
Non-current liabilities |
(36,255 | ) | (16,127 | ) | (83,274 | ) | (2,014,925 | ) | (2,150,581 | ) | ||||||||||||||
|
Net assets |
416,823 | 900,397 | 457,032 | 1,448,763 | 3,223,015 | |||||||||||||||||||
|
Book value of non-controlling interest |
204,243 | 441,194 | 155,025 | 612,245 | 1,412,707 | |||||||||||||||||||
|
Sales |
109,183 | 1,232,113 | 490,193 | 719,087 | 2,550,576 | |||||||||||||||||||
|
Profit for the period |
66,320 | 135,482 | 21,222 | 66,419 | 289,443 | |||||||||||||||||||
|
Profit for the period attributable to non-controlling interest |
32,497 | 66,386 | 7,199 | 20,447 | 126,529 | |||||||||||||||||||
|
Cash flows from operating activities |
123,534 | 129,801 | 62,578 | 60,021 | 375,934 | |||||||||||||||||||
|
Cash flows from investing activities |
(5,276 | ) | (193,408 | ) | (8,622 | ) | (409,353 | ) | (616,659 | ) | ||||||||||||||
|
Cash flows from financing activities before dividends to non-controlling interest |
(44,442 | ) | (15,606 | ) | (55,504 | ) | 339,432 | 223,880 | ||||||||||||||||
|
Dividends to non-controlling interest |
(48,855 | ) | (14,994 | ) | (1,419 | ) | (20,840 | ) | (86,108 | ) | ||||||||||||||
|
Effect of exchange rate fluctuation |
(7,432 | ) | (1,267 | ) | (101 | ) | (24,206 | ) | (33,006 | ) | ||||||||||||||
|
Net increase (decrease) of cash and cash equivalents |
17,529 | (95,474 | ) | (3,068 | ) | (54,946 | ) | (135,959 | ) | |||||||||||||||
| (6) | Changes in goodwill |
| (i) | Details of goodwill as of December 31, 2016 and 2017 are as follows: |
| 2016 | 2017 | |||||||||||
| In millions of won | ||||||||||||
|
Acquisition cost |
￦ | 2,582 | 2,582 | |||||||||
|
Accumulated impairment |
— | — | ||||||||||
|
|
|
|
|
|||||||||
|
Carrying book value |
￦ | 2,582 | 2,582 | |||||||||
|
|
|
|
|
|||||||||
| (ii) | There are no changes in goodwill for the years ended December 31, 2016 and 2017. |
| (7) | Disposals of subsidiaries |
KEPCO Canada Uranium Investment Limited Partnership was dissolved and the Company liquidated DG Kings Plaza, LLC during the year ended December 31, 2016.
| (i) | The fair value of proceeds from disposal as of December 31, 2016 is as follows: |
| 2016 | ||||||||
| In millions of won | ||||||||
|
Cash received upon dissolution |
￦ | 898 | ||||||
|
Net assets transferred due to dissolution |
34,148 | |||||||
|
|
|
|||||||
| ￦ | 35,046 | |||||||
|
|
|
|||||||
| (ii) | The carrying value of assets and liabilities of subsidiaries as at the date the Company lost its control during the year ended December 31, 2016 are as follows: |
| 2016 | ||||||||
| In millions of won | ||||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
￦ | 898 | ||||||
|
Current financial assets, net |
81 | |||||||
|
Non-current assets |
||||||||
|
Available-for-sale financial assets |
34,089 | |||||||
|
Current liabilities |
||||||||
|
Current financial liabilities |
(22 | ) | ||||||
|
|
|
|||||||
| ￦ | 35,046 | |||||||
|
|
|
|||||||
| (iii) | Gain from disposals of subsidiaries for the year ended December 31, 2016 is as follows: |
| 2016 | ||||||||
| In millions of won | ||||||||
|
Fair value of sale price |
￦ | 35,046 | ||||||
|
Net assets disposed |
(35,046 | ) | ||||||
|
Non-controlling interests |
— | |||||||
|
Realization of unrealized gain |
— | |||||||
|
Other comprehensive income |
— | |||||||
|
|
|
|||||||
|
Gain from disposals of subsidiaries |
￦ | — | ||||||
|
|
|
|||||||
| (iv) | Net cash flow from sales of subsidiaries for the year ended December 31, 2016 is as follows: |
| 2016 | ||||||||
| In millions of won | ||||||||
|
Consideration received in cash |
￦ | 898 | ||||||
|
Less: cash held by disposed subsidiaries |
(898 | ) | ||||||
|
|
|
|||||||
|
Net cash flow |
￦ | — | ||||||
|
|
|
|||||||
| (8) | Cash dividends received from subsidiaries for the years ended December 31, 2015, 2016 and 2017, respectively, are as follows: |
|
Subsidiaries |
2015 | 2016 | 2017 | |||||||||||||
| In millions of won | ||||||||||||||||
|
Korea Hydro & Nuclear Power Co., Ltd. |
￦ | 446,399 | 635,200 | 543,072 | ||||||||||||
|
Korea South-East Power Co., Ltd. |
57,485 | 124,169 | 106,546 | |||||||||||||
|
Korea Midland Power Co., Ltd. |
16,580 | 23,073 | 54,305 | |||||||||||||
|
Korea Western Power Co., Ltd. |
22,749 | 36,238 | 66,992 | |||||||||||||
|
Korea Southern Power Co., Ltd. |
10,272 | 17,849 | 60,630 | |||||||||||||
|
Korea East-West Power Co., Ltd. |
25,280 | 67,906 | 94,430 | |||||||||||||
|
KEPCO Engineering & Construction Company, Inc. |
14,574 | 5,069 | 2,765 | |||||||||||||
|
KEPCO Plant Service & Engineering Co., Ltd. |
40,584 | 39,911 | 15,607 | |||||||||||||
|
KEPCO Nuclear Fuel Co., Ltd. |
6,280 | 3,411 | 3,231 | |||||||||||||
|
KEPCO KDN Co., Ltd. |
4,046 | 3,392 | 4,352 | |||||||||||||
|
KEPCO International HongKong Ltd. |
25,826 | 9,107 | 4,304 | |||||||||||||
|
KEPCO International Philippines Inc. |
32,891 | 61,862 | 44,906 | |||||||||||||
|
KEPCO Ilijan Corporation |
38,128 | 57,979 | 50,849 | |||||||||||||
|
KEPCO Philippines Holdings Inc. |
19,221 | 17,747 | 26,023 | |||||||||||||
|
KEPCO Neimenggu International Ltd. |
25,338 | 10,735 | — | |||||||||||||
|
KOMIPO Global Pte Ltd. |
— | 10,432 | — | |||||||||||||
|
Qatrana Electric Power Company |
16,857 | 8,331 | 5,939 | |||||||||||||
|
KOSPO Jordan LLC |
— | 1,095 | — | |||||||||||||
|
KEPCO Energy Service Company |
— | 294 | — | |||||||||||||
|
EWP Philippines Corporation |
5,586 | — | — | |||||||||||||
|
KEPCO Netherlands S3 B.V. |
1,382 | — | — | |||||||||||||
|
PT. KOMIPO Pembangkitan Jawa Bali |
3,169 | 3,222 | 3,188 | |||||||||||||
|
KEPCO Netherlands J3 B.V. |
19,254 | 12,507 | — | |||||||||||||
|
Gyeongju Wind Power Co., Ltd. |
1,294 | 679 | — | |||||||||||||
|
Energy New Industry Specialized Investment Private Investment Trust |
— | — | 291 | |||||||||||||
|
HI Carbon Professional Private Special Asset Investment Trust 1 (formerly, Global One Carbon Private Equity Investment Trust 2) |
— | — | 11 | |||||||||||||
|
KOSPO Power Services Limitada |
— | — | 425 | |||||||||||||
|
Cogentrix Solar Services, LLC |
— | — | 344 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| ￦ | 833,195 | 1,150,208 | 1,088,210 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||