Korea Electric Power : Financial Statements (Unaudited)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Financial Statements

For the three-month and nine-month periods ended September 30, 2021 and 2020 (With Independent Auditor's Review Report Thereon)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

INDEX TO FINANCIAL STATEMENTS

	Page
Independent Auditor's Review Report
Consolidated Interim Statements of Financial Position	1
Consolidated Interim Statements of Comprehensive Income (Loss)	3
Consolidated Interim Statements of Changes in Equity	5
Consolidated Interim Statements of Cash Flows	7
Notes to the Consolidated Interim Financial Statements	9

Ernst & Young Han Young

Taeyoung Building, 111, Yeouigongwon-ro,

Yeongdeungpo-gu, Seoul 07241 Korea

Tel: [phone]

Fax: [phone] ey.com/kr

Independent Auditor's Review Report

Based on a report originally issued in Korean

The Shareholders and Board of Directors

Korea Electric Power Corporation:

We have reviewed the accompanying consolidated interim financial statements of Korea Electric Power Corporation (the "Company") and its subsidiaries (collectively referred to as the "Group"), which comprise the consolidated interim statement of financial position as of September 30, 2021, and the related consolidated interim statements of comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2021 and 2020, consolidated interim statements of changes in equity and consolidated interim statements of cash flows for the nine-month periods then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Consolidated Interim Financial Statements

Management is responsible for the preparation and presentation of these consolidated interim financial statements in accordance with Korean International Financial Reporting Standard ("KIFRS") 1034 Interim Financial Reporting, and for such internal control as management determines is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express a conclusion on these consolidated interim financial statements based on our review. We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Auditing Standards ("KGAAS") and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements are not prepared, in all material respects, in accordance with KIFRS 1034 Interim Financial Reporting.

Other Matter

We have audited the consolidated statement of financial position of the Group as of December 31, 2020, and the related consolidated statement of comprehensive income (loss), consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended (not presented herein) in accordance with KGAAS, and our report dated March 10, 2021 expressed an unqualified opinion thereon. The accompanying consolidated statement of financial position as of December 31, 2020 presented for comparative purposes, is not different, in all material respects, from the above audited consolidated statement of financial position.

November 15, 2021

This review report is effective as of November 15, 2021, the independent auditor's review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the independent auditor's review report date to the time this review report is used. Such events and circumstances could significantly affect the accompanying consolidated interim financial statements and may result in modifications to this review report.

A member firm of Ernst & Young Global Limited

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES Consolidated Interim Statements of Financial Position

As of September 30, 2021 (Unaudited) and December 31, 2020

			September 30,		December 31,
In millions of won	Note		2021	2020
Assets
Current assets
Cash and cash equivalents	5,6,7,44	W	2,086,505	2,029,584
Current financial assets, net	5,6,9,11,12,13,44,46		3,462,053	2,800,220
Trade and other receivables, net	5,8,20,24,44,45,46		7,095,475	7,918,470
Inventories, net	14		7,477,116	6,742,909
Income tax receivables			42,980	49,675
Current non-financial assets	15		1,177,603	1,020,158
Assets held-for-sale	16,41		1		925
Total current assets			21,341,733	20,561,941
Non-current assets
Non-current financial assets, net	5,6,9,10,11,12,13,44,46		2,935,003	2,472,821
Non-current trade and other receivables, net	5,8,20,44,45,46		1,874,522	1,861,569
Property, plant and equipment, net	18,24,27,48		170,050,428	168,709,387
Investment properties, net	19,27		224,546	225,195
Goodwill	16		105,690	98,166
Intangible assets other than goodwill, net	21,27,45		998,946	1,055,730
Investments in associates	4,17		4,784,999	4,250,787
Investments in joint ventures	4,17		2,232,079	1,919,746
Defined benefit assets, net	25		-	7,231
Deferred tax assets			1,877,837	1,733,146
Non-currentnon-financial assets	15		588,544		246,392
Total non-current assets			185,672,594		182,580,170
Total Assets	4	W	207,014,327	203,142,111
(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES Consolidated Interim Statements of Financial Position, Continued

As of September 30, 2021 (Unaudited) and December 31, 2020

			September 30,		December 31,
In millions of won	Note		2021	2020
Liabilities
Current liabilities
Trade and other payables, net	5,22,24,44,46	W	6,367,188	6,256,521
Current financial liabilities, net	5,12,23,44,46		13,510,464	10,724,689
Income tax payables			268,524	476,898
Current non-financial liabilities	20,28,29		6,555,393	5,971,450
Current provisions	26,44		2,048,068		2,451,664
Total current liabilities			28,749,637	25,881,222
Non-current liabilities
Non-current trade and other payables, net	5,22,24,44,46		6,422,921	6,480,412
Non-current financial liabilities, net	5,12,23,44,46		62,214,786	59,365,011
Non-currentnon-financial liabilities	28,29		10,032,508	9,661,941
Employee benefits liabilities, net	25,44		2,019,717	1,910,860
Deferred tax liabilities			8,399,086	9,100,247
Non-current provisions	26,44		20,360,379		20,075,572
Total non-current liabilities			109,449,397		106,594,043
Total Liabilities	4	W	138,199,034	132,475,265
Equity
Contributed capital	1,30,44
Share capital		W	3,209,820	3,209,820
Share premium			843,758		843,758
			4,053,578	4,053,578
Retained earnings	31
Legal reserves			1,604,910	1,604,910
Voluntary reserves			33,282,817	32,179,066
Unappropriated retained earnings			13,905,586		17,349,625
			48,793,313	51,133,601
Other components of equity	33
Other capital surplus			1,231,267	1,224,105
Accumulated other comprehensive loss			(49,978)	(409,577)
Other equity			13,294,973		13,294,973
			14,476,262	14,109,501
Equity attributable to owners of
the controlling company			67,323,153	69,296,680
Non-controlling interests	16,32		1,492,140		1,370,166
Total Equity		W	68,815,293		70,666,846
Total Liabilities and Equity		W	207,014,327		203,142,111

The accompanying notes are an integral part of the consolidated interim financial statements.

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