EX-99.1 2 exhibit1.htm EX-99.1

Exhibit  EX-99.1

Disclaimer:
The financial numbers of Korea Electric Power Corporation (“KEPCO”) and its six-generation subsidiaries (“GENCOs”) as presented below are not consolidated and made by simply adding the results of operations of KEPCO to the results of operations of 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 trading any securities of KEPCO or any other investment decision in respect of KEPCO and GENCOs.

Unaudited, preliminary STATEMENT OF INCOME including six Gencos only
for the fiscal year ending December 31, 2005 and 2004

						From Jan. 1, 2005				From Jan. 1, 2004				Year on Year
(Unit: in billions of Korean Won)						Through Dec. 31, 2005				Through Dec. 31, 2004				Change
Operating revenues:							25,236				23,661				6.7	%
Sale of electric power							24,671				23,193				6.4	%
Other operating revenues							448				358				25.3	%
Revenues for other businesses							117				110				6.5	%
Operating expenses:							21,460				19,404				10.6	%
Fuel							8,280				7,421				11.6	%
Power purchased for resale							1,507				1,345				12.1	%
Maintenance							1,851				1,770				4.6	%
Depreciation							5,127				4,722				8.6	%
Commission							651				597				8.9	%
Other operating expenses							3,921				3,437				14.1	%
Expenses for other businesses							123				112				9.2	%
Operating income							3,776				4,257				-11.3	%
Other income:							1,183				1,719				-31.2	%
FX gain							355				876				-59.5	%
Investment income from affiliates							182				277				-34.5	%
Other							647				566				14.4	%
Other expenses:							1,132				1,330				-14.9	%
Interest expenses							614				707				-13.1	%
FX loss							31				9				232.6	%
Investment loss from affiliates							3				—				—
Other							484				614				-21.1	%
Income before tax							3,827				4,646				-17.6	%
Provision for income tax							1,378				1,765				-21.9	%
Net income							2,449				2,881				-15.0	%