XML 39 R24.htm IDEA: XBRL DOCUMENT

Consolidated Subsidiaries

12 Months Ended

Dec. 31, 2018

Consolidated Subsidiaries [Abstract]

Consolidated Subsidiaries

19.

Consolidated Subsidiaries

(1)

Consolidated subsidiaries as of December 31, 2017 and 2018 are as follows:


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2017			2018
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc.(*1)	Architectural engineering for utility plant and others	KOREA		65.77	%		65.77	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	KOREA		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	KOREA		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	KOREA		100.00	%		100.00	%
Garolim Tidal Power Plant Co., Ltd.(*2)	Power generation	KOREA		49.00	%		49.00	%
KEPCO International HongKong Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	PHILIPPINES		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	PHILIPPINES		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	PHILIPPINES		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	PHILIPPINES		51.00	%		51.00	%
KEPCO Lebanon SARL	Operation of utility plant	LEBANON		100.00	%		100.00	%
KEPCO Neimenggu International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	SINGAPORE		100.00	%		100.00	%
KEPCO Canada Energy Ltd.	Resources development	CANADA		100.00	%		—
KEPCO Netherlands B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
KOREA Imouraren Uranium Investment Corp.	Holding company	FRANCE		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	BAHRAIN		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	JORDAN		80.00	%		80.00	%
KHNP Canada Energy, Ltd.	Holding company	CANADA		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership	Resources development	CANADA		79.64	%		79.64	%
Korea Electric Power Nigeria Ltd.	Operation of utility plant	NIGERIA		100.00	%		100.00	%
KEPCO Holdings de Mexico	Holding company	MEXICO		100.00	%		100.00	%
KST Electric Power Company	Construction and operation of utility plant	MEXICO		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	MEXICO		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	INDONESIA		51.00	%		51.00	%
PT. Cirebon Power Service(*2)	Operation of utility plant	INDONESIA		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	PHILIPPINES		99.99	%		99.99	%
KOSPO Jordan LLC	Operation of utility plant	JORDAN		100.00	%		100.00	%
EWP Philippines Corporation	Holding company	PHILIPPINES		100.00	%		100.00	%
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
DG Fairhaven Power, LLC	Power generation	USA		100.00	%		100.00	%
DG Whitefield, LLC	Power generation	USA		100.00	%		100.00	%
Springfield Power, LLC	Power generation	USA		100.00	%		100.00	%
KNF Canada Energy Limited	Holding company	CANADA		96.36	%		96.36	%
PT KEPCO Resource Indonesia	Holding company	INDONESIA		100.00	%		—
EWP Barbados 1 SRL	Holding company	BARBADOS		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	KOREA		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	INDONESIA		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	KOREA		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
EWPRC Biomass Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOSEP USA, INC.	Power generation	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	INDONESIA		99.96	%		99.96	%
KEPCO Netherlands J3 B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Mira Power Limited(*3)	Power generation	PAKISTAN		76.00	%		76.00	%
KOSEP Material Co., Ltd.(*4)	Recycling fly ashes	KOREA		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd.(*5)	Power generation	KOREA		59.03	%		59.03	%
KEPCO Singapore Holdings Pte., Ltd.	Holding company	SINGAPORE		100.00	%		100.00	%
KOWEPO India Private Limited(*6)	Holding company	INDIA		100.00	%		—
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	PHILIPPINES		51.00	%		51.00	%
KOSPO Chile SpA	Holding company	CHILE		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	INDONESIA		95.00	%		95.00	%
HeeMang Sunlight Power Co., Ltd.	Operation of utility plant	KOREA		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	JORDAN		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	KOREA		50.00	%		50.00	%
HI Carbon Professional Private Special Asset Investment Trust 1	Holding company	KOREA		96.67	%		96.67	%
Chitose Solar Power Plant LLC	Power generation	JAPAN		80.10	%		80.10	%
KEPCO Energy Solution Co. Ltd.	Energy service	KOREA		100.00	%		100.00	%
Solar School Plant Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
KOSPO Power Services Limitada	Utility plant maintenance and others	CHILE		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	KOREA		99.75	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	LAOS		100.00	%		100.00	%
KEPCO US Inc.	Holding company	USA		100.00	%		100.00	%
KEPCO Alamosa LLC	Holding company	USA		50.10	%		50.10	%
Cogentrix Solar Services, LLC	Holding company	USA		50.10	%		—
Solar Investments I, LLC	Holding company	USA		50.10	%		—
KEPCO Solar of Alamosa, LLC (formerly, Cogentrix of Alamosa, LLC)	Power generation	USA		50.10	%		50.10	%
KEPCO-LG CNS Mangilao Holdings LLC	Holding company	USA		70.00	%		70.00	%
Mangilao Investment LLC	Holding company	USA		70.00	%		70.00	%
KEPCO-LG CNS Mangilao Solar, LLC	Power generation	USA		70.00	%		70.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	KOREA		70.22	%		68.84	%
PT. Siborpa Eco Power	Construction and operation of utility plant	INDONESIA		64.71	%		55.00	%
BSK E-New Industry Fund VII	Holding company	KOREA		81.47	%		80.86	%
e-New Industry LB Fund 1	Holding company	KOREA		75.92	%		75.36	%
Songhyun e-New Industry Fund	Holding company	KOREA		80.45	%		79.85	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	INDONESIA		—			95.00	%
KOLAT SpA	Utility plant maintenance and others	CHILE		—			100.00	%
KEPCO California, LLC	Holding company	USA		—			100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		—			100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	KOREA		—			60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	KOREA		—			100.00	%
KOMIPO Service Co., Ltd.	Facility maintenance and service	KOREA		—			100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	KOREA		—			100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	KOREA		—			100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	KOREA		—			100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	INDONESIA		—			95.00	%

(*1)	Considering treasury stocks, the effective percentage of ownership is 66.08%.

(*2)	These subsidiaries are included in the consolidated financial statements as the Company obtained the majority of the voting power through the shareholders’ agreement.

(*3)	As of reporting date, the annual reporting period of all subsidiaries is December 31, except for Mira Power Limited which is November 30.

(*4)	The effective percentage of ownership has increased to 86.22% since Long Lasting Value exercised the put option to sell its investment to KOSEP during the year ended December 31, 2017.

(*5)

The Company guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Company which can be exercised 84 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability.

(*6)	KOWEPO India Private Limited was in the process of liquidating its business as of December 31, 2018 and has been reclassified to assets held-for-sale, accordingly.

(2)

Subsidiaries newly included in or excluded from consolidation for the year ended December 31, 2018 are as follows:

Subsidiaries included in consolidation during the year ended December 31, 2018.


Subsidiary		Reason
PT. Korea Energy Indonesia		Newly established
KOLAT SpA		Newly established
KEPCO California, LLC		Newly established
KEPCO Mojave Holdings, LLC		Newly established
Incheon Fuel Cell Co., Ltd.		Newly established
KOEN Service Co., Ltd.		Newly established
KOMIPO Service Co., Ltd.		Newly established
KOWEPO Service Co., Ltd.		Newly established
KOSPO Service Co., Ltd.		Newly established
EWP Service Co., Ltd.		Newly established
PT. KOMIPO Energy Indonesia		Newly established

Subsidiaries

excluded from consolidation during the year ended December 31, 2018.


Subsidiary		Reason
KEPCO Canada Energy Ltd.		Liquidated
Cogentrix Solar Services, LLC		Liquidated
Solar Investments I, LLC		Liquidated
PT KEPCO Resource Indonesia		Liquidated
KOWEPO India Private Limited		Liquidating

(3)

Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2017 and 2018 are as follows:


2017
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		55,011,096		29,252,816		9,415,751		854,346
Korea South-East Power Co., Ltd.			9,879,577		4,844,184		5,387,846		130,371
Korea Midland Power Co., Ltd.			9,893,822		6,148,173		4,167,009		104,591
Korea Western Power Co., Ltd.			9,660,426		5,739,534		4,199,079		110,939
Korea Southern Power Co., Ltd.			9,648,741		5,401,216		4,397,552		98,817
Korea East-West Power Co., Ltd.			8,855,518		4,204,187		4,644,330		217,599
KEPCO Engineering & Construction Company, Inc.			762,166		305,134		490,193		21,222
KEPCO Plant Service & Engineering Co., Ltd.			1,195,086		294,689		1,232,113		135,482
KEPCO Nuclear Fuel Co., Ltd.			792,187		421,088		279,664		4,557
KEPCO KDN Co., Ltd.			524,520		155,715		619,470		48,968
Garolim Tidal Power Plant Co., Ltd.			619		345		—		(12	)
KEPCO International HongKong Ltd.			153,529		1		—		4,380
KEPCO International Philippines Inc.			102,323		886		—		47,201
KEPCO Gansu International Ltd.			11,567		493		—		(29	)
KEPCO Philippines Holdings Inc.			127,922		2,621		—		43,218
KEPCO Philippines Corporation			6,293		114		—		2,098
KEPCO Ilijan Corporation			474,624		57,801		109,183		66,320
KEPCO Lebanon SARL			1,069		9,281		—		(219	)
KEPCO Neimenggu International Ltd.			165,937		—		—		500
KEPCO Shanxi International Ltd.			497,990		193,309		—		3,796
KOMIPO Global Pte Ltd.			225,411		1,497		—		21,858
KEPCO Canada Energy Ltd.			132		22		—		(32	)
KEPCO Netherlands B.V.			114,911		49		—		17,309
KOREA Imouraren Uranium Investment Corp.			151,278		131		—		1,490
KEPCO Australia Pty., Ltd.			466,654		569		—		(568	)
KOSEP Australia Pty., Ltd.			27,076		333		12,096		1,601
KOMIPO Australia Pty., Ltd.			31,441		4,691		12,096		1,133
KOWEPO Australia Pty., Ltd.			31,586		4,691		12,096		1,232
KOSPO Australia Pty., Ltd.			29,472		4,221		12,096		(2,759	)
KEPCO Middle East Holding Company			95,812		90,842		—		2,913
Qatrana Electric Power Company			460,206		327,401		18,892		23,310
KHNP Canada Energy, Ltd.			51,994		31		—		(92	)
KEPCO Bylong Australia Pty., Ltd.			242,364		277,549		—		20,271
Korea Waterbury Uranium Limited Partnership			20,886		136		—		(59	)
Korea Electric Power Nigeria Ltd.			238		76		2,164		29
KEPCO Holdings de Mexico			235		30		—		(20	)
KST Electric Power Company			546,242		478,230		120,126		16,154
KEPCO Energy Service Company			1,793		451		6,773		976
KEPCO Netherlands S3 B.V.			46,642		53		—		2,382
PT. KOMIPO Pembangkitan Jawa Bali			11,261		4,769		20,956		4,666
PT. Cirebon Power Service			2,808		155		7,439		592


2017
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
KOWEPO International Corporation	￦		—		8		—		(2	)
KOSPO Jordan LLC			24,077		13,594		7,331		953
EWP Philippines Corporation			1,708		836		—		(17	)
EWP America Inc.(*1)			79,854		67,308		23,543		(9,737	)
KNF Canada Energy Limited			1,884		31		—		(43	)
PT KEPCO Resource Indonesia			491		—		—		(311	)
EWP Barbados 1 SRL			235,096		450		—		(2,585	)
Gyeonggi Green Energy Co., Ltd.			282,408		199,160		95,192		3,203
PT. Tanggamus Electric Power			179,317		160,144		34,281		4,640
Gyeongju Wind Power Co., Ltd.			112,279		82,124		7,219		2,400
KOMIPO America Inc.			10,505		521		—		2,071
KOSEP USA, INC.			184		9,065		—		26,997
PT. EWP Indonesia			2,035		23		—		1,916
KEPCO Netherlands J3 B.V.			122,612		76		—		12,115
Korea Offshore Wind Power Co., Ltd.			190,195		1,985		—		(6,997	)
Global One Pioneer B.V.			151		38		—		(80	)
Global Energy Pioneer B.V.			309		41		—		(87	)
Mira Power Limited			208,150		163,198		—		737
KOSEP Material Co., Ltd.			2,751		1,448		3,128		320
Commerce and Industry Energy Co., Ltd.			99,129		87,926		30,577		(749	)
KEPCO Singapore Holdings Pte., Ltd.			3,265		4		—		(24	)
KOWEPO India Private Limited			781		—		—		(46	)
KEPCO KPS Philippines Corp.			6,636		235		6,840		555
KOSPO Chile SpA			133,570		50,109		—		1,066
PT. KOWEPO Sumsel Operation And Maintenance Services			1,350		279		7,651		659
HeeMang Sunlight Power Co., Ltd.			6,876		3,395		105		(229	)
Fujeij Wind Power Company			165,636		156,099		—		8,836
KOSPO Youngnam Power Co.,Ltd.			412,785		333,302		68,973		939
HI Carbon Professional Private Special Asset Investment Trust 1			3,002		—		—		12
Chitose Solar Power Plant LLC			136,098		121,622		7,083		4,100
KEPCO Energy Solution Co. Ltd.			313,401		12,376		5,544		1,325
Solar School Plant Co., Ltd.			201,482		599		67		874
KOSPO Power Services Limitada			3,901		887		11,067		666
Energy New Industry Specialized Investment Private Investment Trust(*3)			506,207		2,118		—		52
KOEN Bylong Pty., Ltd.			5,875		—		—		—
KOMIPO Bylong Pty., Ltd.			5,875		—		—		—
KOWEPO Bylong Pty., Ltd.			5,875		—		—		—
KOSPO Bylong Pty., Ltd.			5,875		—		—		—
EWP Bylong Pty., Ltd.			5,875		—		—		—
KOWEPO Lao International			3,259		1,452		3,624		1,881
KEPCO US Inc.			16,913		—		—		—
KEPCO Alamosa LLC			33,144		492		—		(218	)
Cogentrix Solar Services, LLC(*2)			84,458		53,116		8,958		(112	)


2017
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
KEPCO-LG CNS Mangilao Holdings LLC	￦		24,131		24,395		—		(278	)
Mangilao Investment LLC			24,131		—		—		—
KEPCO-LG CNS Mangilao Solar, LLC			24,002		134		—		(278	)
Jeju Hanlim Offshore Wind Co., Ltd.			36		—		—		—
PT. Siborpa Eco Power			11,562		214		—		(518	)

(*1)

Financial information of EWP America Inc. includes that of six other subsidiaries, EWP Renewable Corporation, DG Fairhaven Power, LLC, DG Whitefield, LLC, Springfield Power, LLC, California Power Holdings, LLC, and EWPRC Biomass Holdings, LLC.

(*2)

Financial information of Cogentrix Solar Services, LLC includes that of two other subsidiaries, Solar Investments I, LLC and KEPCO Solar of Alamosa, LLC (formerly, Cogentrix of Alamosa, LLC).

(*3)

Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of three other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1 and Songhyun e-New Industry Fund.


2018
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		55,792,704		30,484,104		8,858,717		(137,613	)
Korea South-East Power Co., Ltd.			9,997,758		4,948,553		5,521,038		25,736
Korea Midland Power Co., Ltd.			10,839,218		7,088,013		4,368,467		(38,142	)
Korea Western Power Co., Ltd.			9,902,752		5,965,410		4,841,261		(28,157	)
Korea Southern Power Co., Ltd.			9,810,985		5,463,721		5,539,793		55,439
Korea East-West Power Co., Ltd.			8,744,380		4,092,460		4,933,525		3,345
KEPCO Engineering & Construction Company, Inc.			771,480		310,100		433,701		12,937
KEPCO Plant Service & Engineering Co., Ltd.			1,275,365		296,428		1,239,604		160,791
KEPCO Nuclear Fuel Co., Ltd.			817,416		434,439		230,667		15,835
KEPCO KDN Co., Ltd.			566,807		159,423		622,154		60,016
Garolim Tidal Power Plant Co., Ltd.			608		345		—		(11	)
KEPCO International HongKong Ltd.			140,101		1		—		3,307
KEPCO International Philippines Inc.			107,948		1,475		—		52,539
KEPCO Gansu International Ltd.			12,047		515		—		(24	)
KEPCO Philippines Holdings Inc.			188,551		9,775		—		53,219
KEPCO Philippines Corporation			6,394		213		—		54
KEPCO Ilijan Corporation			431,444		53,413		99,844		49,631
KEPCO Lebanon SARL			1,509		9,686		—		413
KEPCO Neimenggu International Ltd.			194,336		—		—		20,829
KEPCO Shanxi International Ltd.			519,991		201,732		—		290
KOMIPO Global Pte Ltd.			250,456		961		—		11,478
KEPCO Netherlands B.V.			130,460		77		—		26,550
KOREA Imouraren Uranium Investment Corp.			63,517		171		—		(89,852	)
KEPCO Australia Pty., Ltd.			439,719		14		—		49
KOSEP Australia Pty., Ltd.			37,057		2,832		20,294		7,315
KOMIPO Australia Pty., Ltd.			39,066		4,659		20,294		7,193
KOWEPO Australia Pty., Ltd.			39,341		4,702		20,294		7,316
KOSPO Australia Pty., Ltd.			36,525		3,585		20,294		9,520
KEPCO Middle East Holding Company			101,201		92,862		—		3,043
Qatrana Electric Power Company			484,383		326,486		18,766		21,170
KHNP Canada Energy, Ltd.			49,776		35		—		(26	)
KEPCO Bylong Australia Pty., Ltd.			254,398		315,921		—		(29,573	)
Korea Waterbury Uranium Limited Partnership			20,890		142		—		(74	)


2018
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Korea Electric Power Nigeria Ltd.	￦		112		39		727		(93	)
KEPCO Holdings de Mexico			248		57		—		(11	)
KST Electric Power Company			535,807		457,867		109,735		10,274
KEPCO Energy Service Company			1,940		1,454		5,117		(232	)
KEPCO Netherlands S3 B.V.			46,518		38		—		1,226
PT. KOMIPO Pembangkitan Jawa Bali			11,405		5,472		20,320		3,925
PT. Cirebon Power Service			1,588		273		7,228		177
KOWEPO International Corporation			—		8		—		—
KOSPO Jordan LLC			16,315		3,432		34,371		1,907
EWP Philippines Corporation			1,684		829		—		(11	)
EWP America Inc.(*1)			72,525		4,903		29,557		(4,483	)
KNF Canada Energy Limited			1,801		20		—		(45	)
EWP Barbados 1 SRL			268,033		1,581		688		11,221
Gyeonggi Green Energy Co., Ltd.			293,812		185,043		96,442		25,121
PT. Tanggamus Electric Power			216,321		187,502		26,832		9,338
Gyeongju Wind Power Co., Ltd.			122,303		83,348		21,906		8,803
KOMIPO America Inc.			10,092		572		—		(885	)
KOSEP USA, INC.			1		4,857		—		4,341
PT. EWP Indonesia			7,444		14		—		3,138
KEPCO Netherlands J3 B.V.			115,978		77		—		(104	)
Korea Offshore Wind Power Co., Ltd.			216,114		36,377		—		(8,473	)
Global One Pioneer B.V.			162		87		—		(113	)
Global Energy Pioneer B.V.			325		74		—		(102	)
Mira Power Limited			277,525		213,104		—		(980	)
KOSEP Material Co., Ltd.			2,862		1,249		3,240		377
Commerce and Industry Energy Co., Ltd.			92,872		88,009		27,937		(6,091	)
KEPCO Singapore Holdings Pte., Ltd.			582		9		—		(31	)
KEPCO KPS Philippines Corp.			7,501		358		4,815		766
KOSPO Chile SpA			139,814		57,502		—		1,016
PT. KOWEPO Sumsel Operation And Maintenance Services			1,313		394		4,343		(654	)
HeeMang Sunlight Power Co., Ltd.			10,915		7,626		146		(192	)
Fujeij Wind Power Company			217,796		212,435		—		(1,033	)
KOSPO Youngnam Power Co., Ltd.			413,472		325,589		369,669		8,155
HI Carbon Professional Private Special Asset Investment Trust 1			3,002		—		—		12
Chitose Solar Power Plant LLC			115,505		105,079		15,022		872
KEPCO Energy Solution Co. Ltd.			304,103		849		5,584		2,532
Solar School Plant Co., Ltd.			204,282		1,366		1,149		2,033
KOSPO Power Services Limitada			3,045		596		9,610		1,132
Energy New Industry Specialized Investment Private Investment Trust(*2)			66,498		1,014		—		(1,140	)
KOEN Bylong Pty., Ltd.			5,544		26		—		(10	)
KOMIPO Bylong Pty., Ltd.			5,544		26		—		(25	)
KOWEPO Bylong Pty., Ltd.			5,544		26		—		—
KOSPO Bylong Pty., Ltd.			5,544		26		—		(25	)
EWP Bylong Pty., Ltd.			5,544		16		—		(15	)
KOWEPO Lao International			3,800		1,015		2,899		895
KEPCO US Inc.			16,640		—		—		6
KEPCO Alamosa LLC			32,346		79		750		(688	)
KEPCO Solar of Alamosa, LLC (formerly, Cogentrix of Alamosa, LLC)			64,223		48,819		9,015		200
KEPCO-LG CNS Mangilao Holdings LLC			25,642		27,197		—		(1,144	)


2018
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Mangilao Investment LLC	￦		25,641		—		—		—
KEPCO-LG CNS Mangilao Solar, LLC			25,406		146		—		(104	)
Jeju Hanlim Offshore Wind Co., Ltd.			16,557		328		—		(925	)
PT. Siborpa Eco Power			12,363		141		—		(1,771	)
PT. Korea Energy Indonesia			1,183		60		1,459		223
KOLAT SpA			38,362		474		585		(186	)
KEPCO California, LLC			42,171		21		—		(332	)
KEPCO Mojave Holdings, LLC			103,189		65,730		—		(3,959	)
Incheon Fuel Cell Co., Ltd.			23,626		415		—		(201	)
KOEN Service Co., Ltd.			583		31		—		(48	)
KOMIPO Service Co., Ltd.			576		17		—		(41	)
KOWEPO Service Co., Ltd.			750		227		—		(77	)
KOSPO Service Co., Ltd.			576		6		—		(30	)
EWP Service Co., Ltd.			667		97		—		(30	)
PT. KOMIPO Energy Indonesia			2,236		—		—		—

(*1)

(*2)

(4)

Significant restrictions on abilities to subsidiaries are as follows:


Company		Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than ￦35 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors.

KOSPO Youngnam Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.

Incheon Fuel Cell Co., Ltd.		Acquisition or disposal of assets of more than ￦20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors.

(5)

Details of non-controlling interest prior to intra-group eliminations as of and for the years ended December 31, 2016, 2017 and 2018 are as follows:


2016
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		154,758			553,924			270,553			1,211,510			2,190,745
Non-current assets			403,272			532,497			516,043			2,379,882			3,831,694
Current liabilities			(19,256	)		(264,506	)		(286,444	)		(297,510	)		(867,716	)
Non-current liabilities			(39,193	)		(36,984	)		(78,232	)		(1,919,924	)		(2,074,333	)
Net assets			499,581			784,931			421,920			1,373,958			3,080,390
Book value of non-controlling interest			244,794			384,616			143,115			684,093			1,456,618
Sales			116,667			1,214,304			506,012			674,461			2,511,444
Profit for the period			51,552			86,657			17,796			102,170			258,175
Profit for the period attributable to non-controlling interest			25,260			42,462			6,036			26,709			100,467
Cash flows from operating activities			102,546			121,240			18,748			84,086			326,620
Cash flows from investing activities			(117	)		79,807			(7,556	)		(367,674	)		(295,540	)
Cash flows from financing activities before dividends to non-controlling interest			(56,863	)		(39,911	)		(1,634	)		877,863			779,455
Dividends to non-controlling interest			(55,705	)		(36,139	)		(2,539	)		(22,054	)		(116,437	)
Effect of exchange rate fluctuation			1,529			127			(854	)		7,216			8,018
Net increase (decrease) of cash and cash equivalents			(8,610	)		125,124			6,165			579,437			702,116

2017
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		160,588			623,934			257,529			1,269,175			2,311,226
Non-current assets			314,036			571,152			504,637			2,588,833			3,978,658
Current liabilities			(21,546	)		(278,562	)		(221,860	)		(394,320	)		(916,288	)
Non-current liabilities			(36,255	)		(16,127	)		(83,274	)		(2,014,925	)		(2,150,581	)
Net assets			416,823			900,397			457,032			1,448,763			3,223,015
Book value of non-controlling interest			204,243			441,194			155,025			612,245			1,412,707
Sales			109,183			1,232,113			490,193			719,087			2,550,576
Profit for the period			66,320			135,482			21,222			66,419			289,443
Profit for the period attributable to non-controlling interest			32,497			66,386			7,199			20,447			126,529
Cash flows from operating activities			123,534			129,801			62,578			60,021			375,934
Cash flows from investing activities			(5,276	)		(193,408	)		(8,622	)		(409,353	)		(616,659	)
Cash flows from financing activities before dividends to non-controlling interest			(44,442	)		(15,606	)		(55,504	)		339,432			223,880
Dividends to non-controlling interest			(48,855	)		(14,994	)		(1,419	)		(20,840	)		(86,108	)
Effect of exchange rate fluctuation			(7,432	)		(1,267	)		(101	)		(24,206	)		(33,006	)
Net increase (decrease) of cash and cash equivalents			17,529			(95,474	)		(3,068	)		(54,946	)		(135,959	)
2018
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		163,622			628,725			281,390			956,928			2,030,665
Non-current assets			267,822			646,640			490,090			2,760,500			4,165,052
Current liabilities			(16,819	)		(270,097	)		(248,402	)		(559,552	)		(1,094,870	)
Non-current liabilities			(36,594	)		(26,331	)		(61,698	)		(1,933,583	)		(2,058,206	)
Net assets			378,031			978,937			461,380			1,224,293			3,042,641
Book value of non-controlling interest			185,235			479,679			156,500			680,963			1,502,377
Sales			99,844			1,239,604			433,701			966,037			2,739,186
Profit for the period			49,631			160,791			12,937			92,457			315,816
Profit for the period attributable to non-controlling interest			24,319			78,788			4,388			28,475			135,970
Cash flows from operating activities			92,822			129,700			81,042			110,448			414,012
Cash flows from investing activities			(4,452	)		(123,593	)		(50,569	)		35,167			(143,447	)
Cash flows from financing activities before dividends to non-controlling interest			(53,733	)		(33,737	)		(14,591	)		(374,669	)		(476,730	)
Dividends to non-controlling interest			(51,626	)		(32,414	)		(2,839	)		(23,452	)		(110,331	)
Effect of exchange rate fluctuation			2,840			(124	)		31			1,304			4,051
Net increase (decrease) of cash and cash equivalents			(14,149	)		(60,168	)		13,074			(251,202	)		(312,445	)

(6)

Changes in goodwill

(i)

Details of goodwill as of December 31, 2017 and 2018 are as follows:


	2017		2018
	In millions of won
Acquisition cost	￦	2,582		2,582
Accumulated impairment		—		—

Carrying book value	￦	2,582		2,582

(ii)

There are no changes in goodwill for the years ended December 31, 2017 and 2018.

(7)

Disposals of subsidiaries

KEPCO Canada Uranium Investment Limited Partnership was dissolved and the Company liquidated DG Kings Plaza, LLC during the year ended December 31, 2016. Also, the Company liquidated KEPCO Canada Energy Ltd., Cogentrix Solar Services, LLC, Solar Investments I, LLC, and PT KEPCO Resource Indonesia during the year ended December 31, 2018.

(i)

The fair value of proceeds from disposal as of December 31, 2016, 2017 and 2018, respectively, are as follows:


	2016		2017		2018
	In millions of won
Consideration received in cash	￦	898		—		160
Net assets transferred due to dissolution or liquidation		34,148		—		—

	￦	35,046		—		160

(ii)

The carrying value of assets and liabilities of subsidiaries as of the date the Company lost its control during the years ended December 31, 2016, 2017 and 2018, respectively, are as follows:


	2016			2017		2018
	In millions of won
Current assets
Cash and cash equivalents	￦	898			—		175
Current financial assets		81			—		—
Trade and other receivables		—			—		11
Non-current assets
Available-for-sale financial assets		34,089			—		—
Current liabilities
Current financial liabilities		(22	)		—		—
Trade and other payables		—			—		(28	)

	￦	35,046			—		158

(iii)

Gain from disposals of subsidiaries for the years ended December 31, 2016, 2017 and 2018, respectively, are as follows:


	2016			2017		2018
	In millions of won
Fair value of sale price	￦	35,046			—		160
Net assets disposed		(35,046	)		—		(158	)
Non-controlling interests		—			—		—
Realization of unrealized gain		—			—		70
Other comprehensive income		—			—		—

Gain from disposals of subsidiaries(*1)	￦	—			—		72

(*1)

Gain from disposals of subsidiaries is included in the consolidated statements of comprehensive income (loss).

(iv)

Net cash flow from sales of subsidiaries for the years ended December 31, 2016, 2017 and 2018, respectively, are as follows:


	2016			2017		2018
	In millions of won
Consideration received in cash	￦	898			—		160
Less: cash held by disposed subsidiaries		(898	)		—		(175	)

Net cash flow	￦	—			—		(15	)

(8)

Cash dividends received from subsidiaries for the years ended December 31, 2016, 2017 and 2018, respectively, are as follows:


Subsidiaries		2016		2017		2018
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		635,200		543,072		281,234
Korea South-East Power Co., Ltd.			124,169		106,546		33,928
Korea Midland Power Co., Ltd.			23,073		54,305		26,581
Korea Western Power Co., Ltd.			36,238		66,992		28,996
Korea Southern Power Co., Ltd.			17,849		60,630		25,780
Korea East-West Power Co., Ltd.			67,906		94,430		61,408
KEPCO Engineering & Construction Company, Inc.			5,069		2,765		5,531
KEPCO Plant Service & Engineering Co., Ltd.			39,911		15,607		33,739
KEPCO Nuclear Fuel Co., Ltd.			3,411		3,231		1,077
KEPCO KDN Co., Ltd.			3,392		4,352		13,888
KEPCO International HongKong Ltd.			9,107		4,304		23,314
KEPCO International Philippines Inc.			61,862		44,906		52,507
KEPCO Ilijan Corporation			57,979		50,849		53,900
KEPCO Philippines Holdings Inc.			17,747		26,023		—
KEPCO Neimenggu International Ltd.			10,735		—		—
KOMIPO Global Pte Ltd.			10,432		—		—
Qatrana Electric Power Company			8,331		5,939		6,240
KOSPO Jordan LLC			1,095		—		—
KEPCO Energy Service Company			294		—		—
EWP Philippines Corporation			—		—		—
KEPCO Netherlands S3 B.V.			—		—		3,115
PT. KOMIPO Pembangkitan Jawa Bali			3,222		3,188		20,658
KEPCO Netherlands J3 B.V.			12,507		—		12,090
Gyeongju Wind Power Co., Ltd.			679		—		—
Energy New Industry Specialized Investment Private Investment Trust			—		291		—
HI Carbon Professional Private Special Asset Investment Trust 1			—		11		11
KOSPO Power Services Limitada			—		425		993
Cogentrix Solar Services, LLC			—		344		—
KEPCO Netherlands B.V.			—		—		17,424
PT. Cirebon Power Service			—		—		382
Chitose Solar Power Plant LLC			—		—		1,986

	￦		1,150,208		1,088,210		704,782