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Retained Earnings and Dividends Paid (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Retained Earnings and Dividends Paid [Abstract]  
Retained Earnings

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

 

            2017      2018  
            In millions of won  

Legal reserve(*)

    ￦        1,604,910        1,604,910  

Voluntary reserves

         34,833,844        35,906,267  

Retained earnings before appropriations

         16,931,804        14,007,942  
     

 

 

     

 

 

  

Retained earnings

    ￦        53,370,558        51,519,119  
     

 

 

     

 

 

  

 

  (*)

The KEPCO Act requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.

 
Voluntary reserves

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

 

            2017      2018  
            In millions of won  

Reserve for investment on social overhead capital

    ￦        5,277,449        5,277,449  

Reserve for research and human development(*)

         330,000        330,000  

Reserve for business expansion

         29,016,395        30,088,818  

Reserve for equalizing dividends

         210,000        210,000  
     

 

 

     

 

 

  
   ￦        34,833,844        35,906,267  
     

 

 

     

 

 

  

 

  (*)

The reserve for research and human development is appropriated by KEPCO to use as qualified tax credits to reduce corporate tax liabilities. The reserve is available for cash dividends for a certain period as defined by the Restriction of Special Taxation Act of Korea.

 
Changes in Retained Earnings

Changes in retained earnings for the years ended December 31, 2017 and 2018 are as follows:

 

           2017      2018  
           In millions of won  

Beginning balance

   ￦        53,173,871        53,370,558  

Effect of change in accounting policy

        —          71,928  

Net profit (loss) for the period attributed to owner of the Company

        1,298,720        (1,314,567 ) 

Changes in equity method retained earnings

        10,065        (1,153 ) 

Remeasurements of defined benefit liability, net of tax

        158,991        (100,495 ) 

Dividends paid

        (1,271,089 )       (507,152 ) 
    

 

 

     

 

 

  

Ending balance

   ￦        53,370,558        51,519,119  
    

 

 

     

 

 

  

 
Dividends Paid

Dividends paid for the years ended December 31, 2016, 2017 and 2018 are as follows:

 

    2016  

In millions of won

   Number of
shares issued		     Number of
treasury stocks		     Number of
shares eligible for
dividends		           Dividends paid
per share		     Dividends
paid		  
                            (In won)        

Common shares

     641,964,077       —         641,964,077     ￦       3,100       1,990,089  

 

    2017  

In millions of won

   Number of
shares issued		     Number of
treasury stocks		     Number of
shares eligible for
dividends		           Dividends paid
per share		     Dividends
paid		  
                            (In won)        

Common shares

     641,964,077       —         641,964,077     ￦       1,980       1,271,089  

 

    2018  

In millions of won

   Number of
shares issued		     Number of
treasury stocks		     Number of
shares eligible for
dividends		           Dividends paid
per share		     Dividends
paid		  
                            (In won)        

Common shares

     641,964,077       —         641,964,077     ￦       790       507,152  

 
Changes in retained earnings of investments in associates and joint ventures

Changes in retained earnings of investments in associates and joint ventures for the years ended December 31, 2017 and 2018 are as follows:

 

            2017      2018  
            In millions of won  

Beginning balance

    ￦        (4,943 )       5,122  

Changes

         10,065        (1,153 ) 
     

 

 

     

 

 

  

Ending balance

    ￦        5,122        3,969  
     

 

 

     

 

 

  

 
Changes in retained earnings of remeasurement components

Changes in remeasurement components for the years ended December 31, 2017 and 2018 are as follows:

 

          2017     2018  
          In millions of won  

Beginning balance

   ￦       (222,997 )      (43,513 ) 

Changes

       239,636       (154,198 ) 

Income tax effect

       (80,645 )      53,703  

Transfer to reserve for business expansion

       20,493       (75,373 ) 
   

 

 

    

 

 

  

Ending balance

   ￦       (43,513 )      (219,381 )