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Retained Earnings and Dividends Paid

12 Months Ended

Dec. 31, 2020

Disclosure of Retained Earnings and Dividends Paid [Abstract]

Retained Earnings and Dividends Paid

31.

Retained Earnings and Dividends Paid

(1)

Details of retained earnings as of December 31, 2019 and 2020 are as follows:


		2019		2020
		In millions of won
Legal reserve(*)	￦		1,604,910		1,604,910
Voluntary reserves			34,785,425		32,179,066
Retained earnings before appropriations			12,811,798		17,349,625

Retained earnings	￦		49,202,133		51,133,601

(*)

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.

(2)

Details of voluntary reserves as of December 31, 2019 and 2020 are as follows:


		2019		2020
		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			28,967,976		26,361,617
Reserve for equalizing dividends			210,000		210,000

	￦		34,785,425		32,179,066

(*)

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.

(3)

Changes in retained earnings for the years ended December 31, 2019 and 2020 are as follows:


		2019			2020
		In millions of won
Beginning balance	￦		51,519,119			49,202,133
Profit (loss) for the period attributed to owner of the controlling Company			(2,345,517	)		1,991,347
Changes in equity method retained earnings			(6,789	)		3,181
Remeasurements of defined benefit liability, net of tax			36,160			(62,857	)
Transfer of gain (loss) on valuation of financial assets through other comprehensive income			(840	)		—
Transactions between consolidated entities			—			(203	)

Ending balance	￦		49,202,133			51,133,601

(4)

Dividends paid for the years ended December 31, 2018, 2019 and 2020 are as follows:

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

2019

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

￦

—

2020

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

￦

—

(5)

Changes in retained earnings of investments in associates and joint ventures for the years ended December 31, 2019 and 2020 are as follows:


		2019			2020
		In millions of won
Beginning balance	￦		3,969			(2,820	)
Changes			(6,789	)		3,181

Ending balance	￦		(2,820	)		361

(6)

Changes in remeasurement components related to defined benefit liability for the years ended December 31, 2019 and 2020 are as follows:


		2019			2020
		In millions of won
Beginning balance	￦		(219,381	)		(117,779	)
Changes			76,395			(77,828	)
Income tax effect			(40,235	)		14,971
Transfer to reserve for business expansion			65,442			11,402

Ending balance	￦		(117,779	)		(169,234	)