EX-99.1 2 exhibit1.htm EX-99.1

Exhibit  EX-99.1

Disclaimer:
The numbers in Korea Electric Power Corporation (“KEPCO”) Financial Results as of December 31, 2004 and 2003 as presented below are preliminary and subject to change during the course of an audit by KEPCO’s independent accountants, Samjung & Co..

Preliminary KEPCO Financial Results as of December 31, 2004 and 2003

										Year on Year
(Unit : in billions of Korean Won)		2004				2003				Change
Operating revenues			23,600				22,398				5.4	%
Operating income			1,973				1,813				8.8	%
Income before tax			3,989				3,100				28.7	%
Net income			2,881				2,316				24.4	%
Total assets			58,917				56,470
Total liabilities			18,640				18,827
Common stock (C)			3,204				3,204
Shareholders’ equity (D)			40,277				37,643
(D)/(C)			1257	%			1175	%

Disclaimer:
The financial numbers in KEPCO & GENCOs CONSOLIDATED STATEMENTS OF INCOME as presented below are not consolidated and made by simply adding the results of operations of Korea Electric Power Corporation (“KEPCO”) to the results of operations of the six generation subsidiaries of KEPCO (“GENCOs”), after adjusting for major inter-company transactions. It must be noted that this information has been prepared by KEPCO for its internal purpose and for the convenience of KEPCO’s investors based upon the information that is available to KEPCO management at the time of preparation. This financial information has not been audited or reviewed by KEPCO’s independent accountants, Samjung & Co., or any other accountants and has not been prepared in accordance with the generally accepted accounting principles of any country. Accordingly, this financial statement may not necessarily be indicative of the results of operations of KEPCO and GENCOs and should not be relied upon, or form a basis of entering into any contract, for the purpose of acquiring or selling any securities of KEPCO or any other investment decision in respect of securities of KEPCO and GENCOs.

Preliminary KEPCO & GENCOs Consolidated Statements of Income
as of December 31, 2004 and 2003

														Year on Year
														Change
(Unit : in billions of Korean Won)						2004				2003
Operating revenues:							23,661				22,530				5.0	%
Sale of electric power							23,193				21,915				5.8	%
Other electricity revenues							358				305				17.4	%
Revenues from other businesses							110				310				-64.5	%
Operating expenses:							19,404				17,554				10.5	%
Fuel							7,421				5,486				35.3	%
Power purchased for resale							1,345				1,384				-2.8	%
Labor							1,569				1,459				7.6	%
Retirement benefit							209				163				28.0	%
Maintenance							1,770				1,594				11.0	%
Depreciation							4,722				4,605				2.6	%
Commission							597				554				7.8	%
Other							1,659				2,002				-17.2	%
Expenses for other businesses							112				308				-63.4	%
Operating income							4,257				4,976				-14.4	%
Other income:							1,719				822				109.1	%
FX gain							876				51				1603.7	%
Investment income from affiliates							277				227				22.0	%
Other							566				544				4.1	%
Other expenses:							1,330				1,750				-24.0	%
Interest expenses							707				792				-10.7	%
FX loss							9				256				-96.3	%
Other							614				702				-12.5	%
Income before tax							4,646				4,048				14.8	%
Provision for income taxes							1,765				1,732				1.9	%
Net income							2,881				2,316				24.4	%