Korea Electric Power : Agenda 1. Approval of Financial Statements for the Fiscal Year 2023 - Form 6-K

Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the Month of March 2024

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant's name into English)

55 Jeollyeok-ro,Naju-si, Jeollanam-do, 58322, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form40-F ☐

Korea Electric Power Corporation ("KEPCO") hereby calls the annual ordinary general meeting of shareholders ("AGM") and seeks the attendance of its shareholders.

The following is an English translation of the notice given to the shareholders in connection with the AGM:

To: Shareholders

From: Kim, Dong-Cheol, President & CEO of KEPCO

We hereby call the fiscal year 2023 AGM pursuant to Article 18 of the Articles of Incorporation of KEPCO as follows and seek your attendance. Pursuant to Article 542-4 of the Commercial Act, this notice shall be in lieu of notices to be given to the shareholders.

1.

Date / Time: March 26, 2024 / 11:00 a.m. (Seoul Time)

2.

Location: 55 Jeollyeok-ro,Naju-si, Jeollanam-do, 58322, Korea

KEPCO Headquarters

3.

Items to be Reported

1)

Audit Report

2)

Management report on KEPCO's operation

3)

Operation report on internal accounting control system

4.

Agendas for Shareholder Approval:

1)

Approval of financial statements for the fiscal year 2023

2)

Approval of the ceiling amount of remuneration for directors in 2024

ø

Details on the proposed agenda for the AGM are attached.

*

KEPCO will disclose its audit report on March 11, 2024 on the SEC and its webpage (https://www.kepco.co.kr). Business report in Korean will be disclosed on March 18, 2024, through Data Analysis, Retrieval and Transfer System ("DART") of the Financial Supervisory Service. Business report in Korean shall be changed after the AGM or revised to correct any miswriting. KEPCO will disclose the revised report on DART if there is any amendment.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:		/s/ Park, WooGun
Name:		Park, WooGun
Title:		Vice President

Date: March 11, 2024

Attachment

Agenda 1. Approval of Financial Statements for the Fiscal Year 2023

KEPCO seeks to obtain approval for its consolidated financial statements, separate financial statements and accompanying documents for the fiscal year 2023, pursuant to Article 449 of the Commercial Act, Article 43 of the Act on the Management of Public Institutions and Article 50 of the Articles of Incorporation of KEPCO.

Disclaimer: The financial statements for the fiscal year 2023 as presented below is in accordance with the International Financial Reporting Standard adopted in Korea (K-IFRS), and are subject to shareholders' approval.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position

As of December 31, 2023 and 2022

In millions of won		2023			2022
Assets
Current assets
Cash and cash equivalents		W	4,342,887				3,234,780
Current financial assets, net			3,107,397				4,286,975
Trade and other receivables, net			11,985,735				10,461,822
Inventories, net			8,875,615				9,930,732
Income tax receivables			69,612				46,619
Current non-financial assets			1,109,321				1,744,869
Assets held-for-sale			45,648				44,748
Total current assets			29,536,215				29,750,545
Non-current assets
Non-current financial assets, net			3,546,214				3,336,835
Non-current trade and other receivables, net			2,193,587				2,153,080
Property, plant and equipment, net			179,875,535				177,865,308
Investment properties, net			185,527				208,286
Goodwill			99,156				100,093
Intangible assets other than goodwill, net			1,033,984				956,664
Investments in associates			6,176,889				5,844,464
Investments in joint ventures			3,485,699				3,147,584
Defined benefit assets, net			70,187				198,626
Deferred tax assets			13,161,802				10,934,375
Non-currentnon-financial assets			350,170				309,134
Total non-current assets			210,178,750				205,054,449
Total Assets		W	239,714,965				234,804,994

(Continued)

1

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position, Continued

As of December 31, 2023 and 2022

In millions of won		2023			2022
Liabilities
Current liabilities
Trade and other payables, net		W	9,089,973				11,983,549
Current financial liabilities, net			41,139,726				22,703,996
Income tax payables			482,934				429,604
Current non-financial liabilities			7,881,663				6,974,377
Current provisions			2,654,125				2,427,051
Total current liabilities			61,248,421				44,518,577
Non-current liabilities
Non-current trade and other payables, net			4,981,957				5,638,914
Non-current financial liabilities, net			92,944,338				98,334,120
Non-currentnon-financial liabilities			11,196,000				10,662,661
Employee benefits liabilities, net			1,035,320				828,721
Deferred tax liabilities			5,163,135				6,457,103
Non-current provisions			25,881,044				26,364,642
Total non-current liabilities			141,201,794				148,286,161
Total Liabilities		W	202,450,215				192,804,738
Equity
Contributed capital
Share capital		W	3,209,820				3,209,820
Share premium			843,758				843,758
		4,053,578				4,053,578
Retained earnings
Legal reserves			1,604,910				1,604,910
Voluntary reserves			2,812,313				27,782,969
Unappropriated retained earnings (Undisposed accumulated deficits)			11,921,039				(7,956,579	)
		16,338,262				21,431,300
Other components of equity
Other capital surplus			1,600,801				1,268,569
Accumulated other comprehensive income			557,430				496,976
Other equity			13,294,972				13,294,973
		15,453,203				15,060,518
Equity attributable to owners of the controlling company			35,845,043				40,545,396
Non-controlling interests			1,419,707				1,454,860
Total Equity		W	37,264,750				42,000,256
Total Liabilities and Equity		W	239,714,965				234,804,994

2

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

For each of the two years in the period ended December 31, 2023

In millions of won, except per share information		2023			2022
Sales
Sales of goods		W	85,940,137				69,184,469
Sales of services			750,878				714,602
Sales of construction services			785,395				646,953
Revenue related to transfer of assets from customers			743,051				711,839
		88,219,461				71,257,863
Cost of sales
Cost of sales of goods			(88,066,120	)			(99,441,768	)
Cost of sales of services			(629,806	)			(520,572	)
Cost of sales of construction services			(1,003,601	)			(941,254	)
		(89,699,527	)			(100,903,594	)
Gross loss			(1,480,066	)			(29,645,731	)
Selling and administrative expenses			(3,061,582	)			(3,009,422	)
Operating loss			(4,541,648	)			(32,655,153	)
Other income			532,851				383,650
Other expenses			(258,905	)			(212,150	)
Other gains, net			22,686				243,122
Finance income			1,425,031				1,833,312
Finance expenses			(5,347,018	)			(4,746,791	)
Profit (loss) related to associates, joint ventures and subsidiaries
Gain on valuation of investments in associates and joint ventures			804,141				1,393,486
Gain on disposal of investments in associates and joint ventures			18,204				11,091
Reversal of impairment loss on investments in associates and joint ventures			347				-
Gain on disposal of investments in subsidiaries			2				-
Loss on valuation of investments in associates and joint ventures			(209,085	)			(55,193	)
Loss on disposal of investments in associates and joint ventures			-				(1,675	)
Loss on impairment of investments in associates and joint ventures			(19	)			(5,174	)
Loss on disposal of investments in subsidiaries			(564	)			(32,144	)
		613,026				1,310,391
Loss before income tax			(7,553,977	)			(33,843,619	)
Income tax benefit			2,837,833				9,414,511
Loss for the year		W	(4,716,144	)			(24,429,108	)

(Continued)

3

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss), Continued

For each of the two years in the period ended December 31, 2023

In millions of won, except per share information		2023			2022
Other comprehensive income (loss), net of tax
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability		W	(271,724	)			663,095
Share in other comprehensive income of associates and joint ventures (loss)			(27,349	)			12,305
Net change in fair value of equity investments at fair value through other comprehensive income (loss)			(31,665	)			58,010
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting			(3,654	)			(24,415	)
Foreign currency translation of foreign operations			(17,274	)			28,387
Share in other comprehensive income of associates and joint ventures			122,994				509,487
Other comprehensive income (loss) for the year			(228,672	)			1,246,869
Total comprehensive loss for the year		W	(4,944,816	)			(23,182,239	)
Profit (loss) attributable to:
Owners of the controlling company		W	(4,822,549	)			(24,466,853	)
Non-controlling interests			106,405				37,745
	W	(4,716,144	)			(24,429,108	)
Total comprehensive income (loss) attributable to:
Owners of the controlling company		W	(5,032,584	)			(23,273,171	)
Non-controlling interests			87,768				90,932
	W	(4,944,816	)			(23,182,239	)
Loss per share (in won)
Basic and diluted loss per share		W	(7,512	)			(38,112	)

4

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity

For each of the two years in the period ended December 31, 2023

In millions of won		Equity attributable to owners of the controlling company			Non- controlling interests
		Contributed capital			Retained earnings			Other components of equity			Subtotal			Total equity
Balance as of January 1, 2022		W	4,053,578				45,258,244				14,468,450				63,780,272				1,546,434				65,326,706
Total comprehensive income (loss) for the period
Profit (Loss) for the period			-				(24,466,853	)			-				(24,466,853	)			37,745				(24,429,108	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax			-				626,769				-				626,769				36,326				663,095
Share of other comprehensive income of associates and joint ventures, net of tax			-				12,305				-				12,305				-				12,305
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax			-				-				58,008				58,008				2				58,010
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			-				-				(32,437	)			(32,437	)			8,022				(24,415	)
Foreign currency translation of foreign operations, net of tax			-				-				19,550				19,550				8,837				28,387
Share of other comprehensive income of associates and joint ventures, net of tax			-				-				509,487				509,487				-				509,487
Transactions with owners of the Group, recognized directly in equity
Dividends paid			-				-				-				-				(42,344	)			(42,344	)
Issuance of shares of capital by subsidiaries and others			-				835				39,641				40,476				86,316				126,792
Transactions between consolidated entities			-				-				(1,584	)			(1,584	)			(75,791	)			(77,375	)
Changes in consolidation scope			-				-				(597	)			(597	)			32,311				31,714
Dividends paid for hybrid bonds			-				-				-				-				(13,461	)			(13,461	)
Repayment of hybrid bond			-				-				-				-				(169,537	)			(169,537	)
Balance as of December 31, 2022		W	4,053,578				21,431,300				15,060,518				40,545,396				1,454,860				42,000,256

(Continued)

5

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity, Continued

For each of the two years in the period ended December 31, 2023

In millions of won		Equity attributable to owners of the controlling company			Non- controlling interests
		Contributed capital			Retained earnings			Other components of equity			Subtotal			Total equity
Balance as of January 1, 2023		W	4,053,578				21,431,300				15,060,518				40,545,396				1,454,860				42,000,256
Total comprehensive income (loss) for the period
Profit (Loss) for the period			-				(4,822,549	)			-				(4,822,549	)			106,405				(4,716,144	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax			-				(242,987	)			-				(242,987	)			(28,737	)			(271,724	)
Share of other comprehensive (loss) of associates and joint ventures, net of tax			-				(27,349	)			-				(27,349	)			-				(27,349	)
Net change in fair value of financial assets at fair value through other comprehensive (loss), net of tax			-				-				(31,665	)			(31,665	)			-				(31,665	)
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			-				-				(5,078	)			(5,078	)			1,424				(3,654	)
Foreign currency translation of foreign operations, net of tax			-				-				(25,950	)			(25,950	)			8,676				(17,274	)
Share of other comprehensive income of associates and joint ventures, net of tax			-				-				122,994				122,994				-				122,994
Transactions with owners of the Group, recognized directly in equity
Dividends paid			-				-				-				-				(45,322	)			(45,322	)
Issuance of shares of capital by subsidiaries and others			-				-				(1	)			(1	)			6,024				6,023
Transactions between consolidated entities			-				-				332,280				332,280				(73,795	)			258,485
Changes in consolidation scope			-				-				(48	)			(48	)			384				336
Dividends paid for hybrid bonds			-				-				-				-				(10,212	)			(10,212	)
Others			-				(153	)			153				-				-				-
Balance as of December 31, 2023		W	4,053,578				16,338,262				15,453,203				35,845,043				1,419,707				37,264,750

6

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows

For each of the two years in the period ended December 31, 2023

In millions of won		2023			2022
Cash flows from operating activities
Loss for the year		W	(4,716,144	)			(24,429,108	)
Adjustments to reconcile profit (loss) for the period to net cash provided by operating activities:
Income tax expense			(2,837,833	)			(9,414,511	)
Depreciation			12,869,089				12,305,252
Amortization			163,174				156,160
Retirement benefit expenses			358,730				485,700
Bad debt expense			101,550				29,997
Interest expense			4,451,659				2,818,546
Loss on disposal of financial assets			1				1,841
Loss on disposal of property, plant and equipment			98,120				100,066
Loss on abandonment of property, plant and equipment			196,697				160,909
(Reversal of) Loss on impairment of property, plant and equipment			17,031				(97,425	)
Loss on impairment of intangible assets			2,865				164
Loss on disposal of intangible assets			71				116
Increase in provisions			1,611,082				2,146,979
Loss on foreign currency translation, net			363,659				523,285
Gain on valuation of financial assets at fair value through profit or loss			(152,322	)			(7,099	)
Loss on valuation of financial assets at fair value through profit or loss			24,015				44,329
Gain on valuation and transaction of derivative instruments, net			(323,858	)			(448,903	)
Gain on valuation of investments in associates and joint ventures, net			(595,056	)			(1,338,293	)
Gain on disposal of financial assets			(13,162	)			(11,199	)
Gain on disposal of property, plant and equipment			(32,196	)			(148,667	)
Gain on disposal of intangible assets			(136	)			(41	)
Gain on disposal of associates and joint ventures			(18,204	)			(11,091	)
Loss on disposal of associates and joint ventures			-				1,675
Loss on impairment investments in associates and joint ventures			19				5,174
Reversal of impairment loss on investments in associates and joint ventures			(347	)			-
Gain on disposal of subsidiaries			(2	)			-
Loss on disposal of subsidiaries			564				32,144
Interest income			(429,620	)			(340,753	)
Dividends income			(25,941	)			(28,875	)
Others, net			6,910				215,943
		15,836,559				7,181,423
Changes in working capital:
Trade receivables			(1,484,134	)			(1,909,649	)
Non-trade receivables			625,993				80,444
Accrued income			(258,993	)			(34,706	)
Other receivables			56,460				80,236
Other current assets			251,842				(651,926	)
Inventories			147,798				(3,000,669	)
Other non-current assets			(101,576	)			58,790
Trade payables			(3,154,822	)			2,782,474
Non-trade payables			(960,450	)			61,737
Accrued expenses			(228,464	)			(191,681	)
Other current liabilities			901,692				446,064
Other non-current liabilities			437,809				422,916
Investments in associates and joint ventures (dividends received)			592,812				473,700
Provisions			(1,497,699	)			(1,564,243	)
Payments of employee benefit obligations			(281,383	)			(218,319	)
Plan assets			(188,566	)			(347,778	)
	W	(5,141,681	)			(3,512,610	)

(Continued)

7

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows, Continued

For each of the two years in the period ended December 31, 2023

In millions of won		2023			2022
Cash generated from operating activities		W	5,978,734				(20,760,295	)
Dividends received			25,941				28,875
Interest paid			(4,245,838	)			(2,517,694	)
Interest received			329,740				220,471
Income taxes paid			(566,415	)			(448,857	)
Net cash provided by (used in) operating activities			1,522,162				(23,477,500	)
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures			5,806				56,171
Acquisition of investments in associates and joint ventures			(497,634	)			(360,962	)
Proceeds from disposals of property, plant and equipment			309,627				629,924
Acquisition of property, plant and equipment			(13,908,373	)			(12,346,878	)
Proceeds from disposals of intangible assets			153				279
Acquisition of intangible assets			(74,832	)			(80,508	)
Disposal of investment properties			-				515
Proceeds from disposals of financial assets			4,389,228				14,182,348
Acquisition of financial assets			(3,141,906	)			(16,496,258	)
Increase in loans			(212,994	)			(401,377	)
Collection of loans			124,386				102,061
Increase in deposits			(138,205	)			(237,266	)
Decrease in deposits			130,221				141,000
Proceeds from disposals of assets held-for-sale			28,727				24,205
Receipt of government grants			57,207				50,755
Net cash outflow from changes in consolidation scope			(25,849	)			(31,350	)
Other cash outflow from investing activities, net			(119,319	)			(186,412	)
Net cash used in investing activities			(13,073,757	)			(14,953,753	)
Cash flows from financing activities
Proceeds from short-term borrowings, net			1,946,992				5,852,426
Proceeds from long-term borrowings and debt securities			21,714,092				43,594,078
Repayment of long-term borrowings and debt securities			(10,968,160	)			(10,252,688	)
Payment of lease liabilities			(574,239	)			(562,646	)
Settlement of derivative instruments, net			332,263				407,627
Change in non-controlling interests			218,766				175,645
Repayment of hybrid bond			-				(169,537	)
Dividends paid (for hybrid bond)			(10,212	)			(13,461	)
Dividends paid			(45,323	)			(42,348	)
Other cash outflow from financing activities, net			47,703				8,803
Net cash provided by financing activities			12,661,882				38,997,899
Net increase in cash and cash equivalents before effect of exchange rate fluctuations			1,110,287				566,646
Effect of exchange rate fluctuations on cash held			(2,180	)			32,896
Net increase in cash and cash equivalents			1,108,107				599,542
Cash and cash equivalents as of January 1, 2023 and 2022			3,234,780				2,635,238
Cash and cash equivalents as of December 31, 2023 and 2022		W	4,342,887				3,234,780

8

Agenda 2. Approval of the ceiling amount of remuneration for directors in 2024

KEPCO seeks to obtain approval regarding the ceiling amount of remuneration for directors for the fiscal year 2024, pursuant to Article 388 of the Commercial Act and Article 35 of the Articles of Incorporation of KEPCO.

•

Proposed aggregate ceiling on remuneration for directors:

•

2,011,083 thousand won in fiscal year 2024 (total number of directors: 15; number of non-standing directors: 8)

•

2,019,724 thousand won in fiscal year 2023 (total number of directors: 15; number of non-standing directors: 8)

•

The actual remuneration for directors in the fiscal year 2023 was 1,225,751 thousand won (60.7% of the ceiling).

•

We proposed to decrease the maximum aggregate ceiling on remuneration for directors in 2024 by 8,641 thousand won compared to 2023 as a result of (i) the notification by the Government to increase the remuneration for directors of government controlled entities by 2.3% (21,980 thousand won), (ii) the adjusted payment ceiling for performance-based compensation (52,228 thousand won) and (iii) the decreased severance payments by 82,849 thousand won due to the decrease in the average incumbency of our directors (from 30 to 16 months).