Korea Electric Power (KEP) - 2025 Q1 - Quarterly Report

FORM 6-K Report of Foreign Private Issuer Signatures The report was signed by Joo, Hwa-Sik, Vice President, on June 17, 2025, under the Securities Exchange Act of 1934 - The report was signed by Joo, Hwa-Sik, Vice President, on June 17, 2025[5] Table of Contents Independent Auditors' Review Report Auditors reviewed Q1 2025 interim financial statements under K-IFRS 1034, concluding fair presentation without an audit opinion - The condensed consolidated interim financial statements for the three-month period ended March 31, 2025, were reviewed in accordance with K-IFRS No. 1034, 'Interim Financial Reporting'[9][10][13] - The auditors did not express an audit opinion, as the scope of a review is substantially less than an audit[12] - Comparative financial statements for March 31, 2024, were reviewed by another auditor, and the consolidated statement of financial position as of December 31, 2024, was audited by another auditor with an unmodified opinion[15][16] Consolidated Interim Statements of Financial Position Total assets, liabilities, and equity increased as of March 31, 2025, with assets at W249,913,097 million and equity at W43,111,122 million Consolidated Interim Statements of Financial Position (March 31, 2025 vs. December 31, 2024) | Category | March 31, 2025 (millions of won) | December 31, 2024 (millions of won) | Change (millions of won) | Percentage Change | |:---|:---|:---|:---|:---|\ | Assets | | | | | | Total current assets | 30,029,891 | 29,255,205 | 774,686 | 2.65% | | Total non-current assets | 219,883,206 | 217,552,590 | 2,330,616 | 1.07% | | Total assets | 249,913,097 | 246,807,795 | 3,105,302 | 1.26% | | Liabilities | | | | | | Total current liabilities | 63,424,570 | 63,968,789 | (544,219) | -0.85% | | Total non-current liabilities | 143,377,405 | 141,476,173 | 1,901,232 | 1.34% | | Total liabilities | 206,801,975 | 205,444,962 | 1,357,013 | 0.66% | | Equity | | | | | | Total equity | 43,111,122 | 41,362,833 | 1,748,289 | 4.23% | - Current financial assets, net, increased significantly from W3,494,717 million to W5,104,546 million (46.06% increase)[19] - Property, plant and equipment, net, increased from W182,982,763 million to W183,845,454 million (0.47% increase)[19] - Non-current financial liabilities increased from W88,352,359 million to W89,994,826 million (1.86% increase)[20] Consolidated Interim Statements of Comprehensive Income Profit for the period surged to W2,361,708 million for Q1 2025, driven by higher sales, gross profit, and lower finance expenses, with basic EPS rising to W3,627 Consolidated Interim Statements of Comprehensive Income (March 31, 2025 vs. March 31, 2024) | Indicator | March 31, 2025 (millions of won) | March 31, 2024 (millions of won) | Change (millions of won) | Percentage Change | |:---|:---|:---|:---|:---|\ | Sales | 24,223,984 | 23,292,743 | 931,241 | 4.00% | | Cost of sales | (19,756,944) | (21,303,187) | 1,546,243 | -7.26% | | Gross profit | 4,467,040 | 1,989,556 | 2,477,484 | 124.53% | | Operating profit | 3,753,607 | 1,299,343 | 2,454,264 | 188.89% | | Finance income | 413,301 | 987,226 | (573,925) | -58.14% | | Finance expenses | (1,231,655) | (2,001,253) | 769,598 | -38.46% | | Profit before income tax | 3,231,874 | 737,785 | 2,494,089 | 338.06% | | Income tax expense | (870,166) | (141,850) | (728,316) | 513.45% | | Profit for the period | 2,361,708 | 595,935 | 1,765,773 | 296.30% | | Total comprehensive income for the period | 2,204,170 | 915,202 | 1,288,968 | 140.84% | | Basic and diluted earnings per share (won) | 3,627 | 875 | 2,752 | 314.51% | - Sales of goods increased by W958,701 million (4.20%) from W22,850,748 million to W23,809,449 million[22] - Cost of sales of goods decreased by W1,850,310 million (-8.79%) from W21,045,353 million to W19,195,043 million[22] Consolidated Interim Statements of Changes in Equity Total equity increased from W41,362,833 million to W43,111,122 million as of March 31, 2025, primarily due to profit for the period Consolidated Interim Statements of Changes in Equity (March 31, 2025 vs. January 1, 2025) | Indicator | January 1, 2025 (millions of won) | March 31, 2025 (millions of won) | Change (millions of won) | Percentage Change | |:---|:---|:---|:---|:---|\ | Equity attributable to owners of the controlling company | 39,915,236 | 41,956,591 | 2,041,355 | 5.11% | | Non-controlling interests | 1,447,597 | 1,154,531 | (293,066) | -20.25% | | Total equity | 41,362,833 | 43,111,122 | 1,748,289 | 4.23% | | Profit for the period attributable to owners of the controlling company | - | 2,328,246 | - | - | | Remeasurement of defined benefit plans, net of tax (attributable to owners) | - | (94,441) | - | - | | Dividends paid (attributable to owners) | - | (136,738) | - | - | | Repayment of hybrid bond (non-controlling interests) | - | (230,000) | - | - | - Profit for the period attributable to owners of the controlling company was W2,328,246 million for the three-month period ended March 31, 2025[26] - Remeasurement of defined benefit plans, net of tax, resulted in a loss of **W94,441