Korea Electric Power (US:KEP)2025-12-18 11:02Financial Performance - For the nine-month period ended September 30, 2025, KEPCO reported total sales of 73,746 billion Won, an increase of 3,877 billion Won (approximately 5.6%) compared to the same period in 2024[11]. - Operating profit for the same period rose to 11,541 billion Won, reflecting an increase of 5,595 billion Won (approximately 94.2%) year-over-year[17]. - Net income for the nine months ended September 30, 2025, was 7,328 billion Won, up by 4,738 billion Won compared to a net income of 2,590 billion Won in 2024[17]. - Electricity sales increased to 72,468 billion Won in 2025, compared to 68,664 billion Won in 2024, marking a growth of approximately 5.2%[12]. - The operating profit from nuclear generation surged to 3,186 billion Won, up from 1,794 billion Won in the previous year, indicating an increase of 77.5%[12]. - Total comprehensive income for the nine-month period ended September 30, 2025, was W 6,848,962 million, up from W 2,504,587 million in 2024, indicating a year-over-year increase of 173%[67]. - Profit for the nine-month period ended September 30, 2025, increased to W 7,328,083 million, compared to W 2,589,999 million for the same period in 2024, representing a growth of 182%[65]. Assets and Liabilities - KEPCO's total assets as of September 30, 2025, amounted to 253,092 billion Won, an increase of 6,284 billion Won from 246,808 billion Won in 2024[17]. - Total liabilities as of September 30, 2025, were W 205,340,214 million, slightly down from W 205,444,962 million as of December 31, 2024, indicating a marginal decrease of about 0.05%[62]. - The equity attributable to owners of the controlling company increased to W 46,553,523 million as of September 30, 2025, from W 39,915,236 million as of December 31, 2024, reflecting a growth of approximately 16.5%[62]. - Non-current assets as of September 30, 2025, totaled W 201,148,927 million, an increase from W 195,972,142 million as of December 31, 2024, reflecting a growth of approximately 2.2%[101]. Shareholder Information - KEPCO's issued share capital stands at 3.2 trillion Won, with a total of 641,964,077 shares issued[10]. - The total number of shareholders as of September 30, 2025, was 564,729, with a total of 641,964,077 shares owned[38]. - The government of the Republic of Korea holds 18.20% of the total shares, while Korea Development Bank holds 32.90%[38]. Legal and Regulatory Matters - KEPCO and its subsidiaries are involved in 720 lawsuits as defendants, with a total claimed amount of 854 billion Won[43]. - The company reported an administrative fine of 144 million Won related to the Nuclear Safety Act[45]. - The attendance rate of standing directors for the nine-month period ended September 30, 2025, was 72.7% to 100%[28]. Investments and Subsidiaries - The company maintains a 100% ownership in several subsidiaries involved in power generation and utility operations across various countries, including Korea, the Philippines, and Australia[146]. - New investments were made in four subsidiaries during the nine-month period ended September 30, 2025, including KEPCO Yona America LLC and KEPCO SADAWI – FZCO[150]. - KEPCO's subsidiary Paju Ecoenergy Co., Ltd. increased its ownership percentage from 89.00% to 93.68%[148]. Financial Instruments and Derivatives - The total amount of long-term financial instruments as of September 30, 2025, is W 805,019 million, compared to W 812,211 million as of December 31, 2024[139]. - The company has multiple interest rate swap contracts with varying pay and receive rates, with the highest pay rate being 5.45% and the lowest receive rate being 1.05%[135]. - The company recognized a gain on transaction of derivative instruments amounting to W 37,572 million for the nine-month period ended September 30, 2025[129]. Cash Flow and Operating Activities - Cash flows from operating activities for the nine-month period ended September 30, 2025, amounted to W 17,014,717 million, compared to W 15,319,248 million in 2024, an increase of 11%[70]. - Cash generated from operating activities increased to W 21,884,132 million in 2025 from W 16,735,786 million in 2024, representing a growth of 30.5%[71]. - The company reported a net gain on valuation of derivatives applying cash flow hedge accounting of W 14,208 million for the nine-month period ended September 30, 2025, compared to a loss of W 28,608 million for the same period in 2024[137]. Employee Information - The total number of employees as of September 30, 2025, was 22,397, with an average salary of 71,562,000 Won[41]. - The average continuous service year for employees was 15.0 years[41]. - The total remuneration for standing directors was 1,215,660,000 Won, averaging 202,610,000 Won per person[40]. Strategic Plans and Approvals - Approval of the mid-to long-term financial management plan for 2025-2029[25]. - Approval of the 1st long-term plan for power distribution[28]. - Approval of investment in the fund for cooperation between large enterprises and small and medium enterprises in 2025[28].