# EDGAR Filing Document

**Accession Number:** 0000887225
**File Stem:** 0001193125-23-068964
**Filing Date:** 2023-3
**Character Count:** 34226
**Document Hash:** 95033071511869a714d425557e94a47d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-068964.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193125-23-068964

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230313

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KOREA ELECTRIC POWER CORP
- **CENTRAL INDEX KEY:** 0000887225
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 133442428
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13372
- **FILM NUMBER:** 23726983

**BUSINESS ADDRESS:**
- **STREET 1:** 55 JEOLLYEOK-RO
- **CITY:** NAJU-SI
- **STATE:** M5
- **ZIP:** 58322
- **BUSINESS PHONE:** 201 482 8182

**MAIL ADDRESS:**
- **STREET 1:** 400 KELBY STREET
- **STREET 2:** 7TH FLOOR
- **CITY:** FORT LEE
- **STATE:** NJ
- **ZIP:** 07024

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**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549** 

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**FORM 6-K** 

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**REPORT OF FOREIGN PRIVATE ISSUER** 

**Pursuant to Rule 13a-16 or 15d-16** 

**of the Securities Exchange Act of 1934** 

**For the Month of March 2023** 

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## KOREA ELECTRIC POWER CORPORATION
**(Translation of registrant's name into English)** 

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**55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea** 

**(Address of principal executive offices)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______.

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Korea Electric Power Corporation ("KEPCO") hereby calls the annual ordinary general meeting of shareholders ("AGM") and seeks the attendance of its shareholders.

The following is an English translation of the notice given to the shareholders in connection with the AGM:

To: Shareholders

From: Cheong, Seung-Il, President & CEO of KEPCO

We hereby call the fiscal year 2022 AGM pursuant to Article 18 of the Articles of Incorporation of Korea Electric Power Corporation as follows and seek your attendance. Pursuant to Article 542-4 of the Commercial Act, this notice shall be in lieu of notices to be given to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** Date / Time: March 28, 2023 / 11:00 a.m. (Seoul Time)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Location: 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Power Corporation Headquarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Items to be Reported:

- Audit report

- Management report on KEPCO's operation

- Operation report on internal accounting control system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** Agenda for Shareholder Approval:

1) Approval of financial statements for the fiscal year 2022

2) Approval of the ceiling amount of remuneration for directors in 2023 

Details on the proposed agenda for the AGM are attached.

\* KEPCO will disclose its audit report on March 13, 2023 on the SEC and its webpage (https://www.kepco.co.kr). Business report in Korean will be disclosed on March 20, 2023, through Data Analysis, Retrieval and Transfer System ("DART") of the Financial Supervisory Service. Business report in Korean shall be changed after the AGM or revised to correct any miswriting. KEPCO will disclose the revised report on DART if there is any amendment. 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| By: | /s/ Chang, Nam-yeon |
| Name: | Chang, Nam-yeon |
| Title: | Head of Finance & IR Team |

---

Date: March 13, 2023

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*Attachment* 

**Agenda 1. Approval of Financial Statements for the Fiscal Year 2022** 

KEPCO seeks to obtain approval for its consolidated financial statements, separate financial statements and accompanying documents for the fiscal year 2022, pursuant to Article 449 of the Commercial Act, Article 43 of the Act on the Management of Public Institutions and Article 50 of the Articles of Incorporation of KEPCO.

Disclaimer: The financial statements for the fiscal year 2022 as presented below is in accordance with the International Financial Reporting Standard adopted in Korea (K-IFRS), and are subject to shareholders' approval.

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Financial Statements

For the years ended December 31, 2022 and 2021

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position

**As of December 31, 2022 and 2021** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  **<u>Assets</u>** |  |  |  |
|  Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | W | 3234780 | 2635238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets, net |  | 4286975 | 1868796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables, net |  | 10461822 | 8122415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net |  | 9930732 | 7608182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivables |  | 46619 | 41344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current non-financial assets |  | 1744869 | 1758991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held-for-sale |  | 44748 | 15879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  | 29750545 | 22050845 |
|  Non-current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets, net |  | 3336835 | 2909810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current trade and other receivables, net |  | 2153080 | 1906861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net |  | 177865308 | 173134638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties, net |  | 208286 | 212784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  | 100093 | 105647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets other than goodwill, net |  | 956664 | 1044077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates |  | 5844464 | 5232373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in joint ventures |  | 3147584 | 2239011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit assets, net |  | 198626 | 20871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets |  | 10934375 | 1901992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current non-financial assets |  | 309134 | 364818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  | 205054449 | 189072882 |
|  **Total Assets** | W | 234804994 | 211123727 |

---

*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position, Continued

**As of December 31, 2022 and 2021** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  **<u>Liabilities</u>** |  |  |  |
|  Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other payables, net | W | 11983549 | 8153426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial liabilities, net |  | 22703996 | 14037125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payables |  | 429604 | 229460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current non-financial liabilities |  | 6974377 | 6466333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current provisions |  | 2427051 | 2845876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  | 44518577 | 31732220 |
|  Non-current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current trade and other payables, net |  | 5638914 | 5996498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial liabilities, net |  | 98334120 | 66570419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current non-financial liabilities |  | 10662661 | 10216364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits liabilities, net |  | 828721 | 1679158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities |  | 6457103 | 7100938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current provisions |  | 26364642 | 22501424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  | 148286161 | 114064801 |
|  **Total Liabilities** | W | 192804738 | 145797021 |
|  **<u>Equity</u>** |  |  |  |
|  Contributed capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital | W | 3209820 | 3209820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share premium |  | 843758 | 843758 |
|  |  | 4053578 | 4053578 |
|  Retained earnings |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserves |  | 1604910 | 1604910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary reserves |  | 27782969 | 33282817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unappropriated retained earnings (deficit) |  | (7956579) | 10370517 |
|  |  | 21431300 | 45258244 |
|  Other components of equity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other capital surplus |  | 1268569 | 1231109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) |  | 496976 | (57632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other equity |  | 13294973 | 13294973 |
|  |  | 15060518 | 14468450 |
|  Equity attributable to owners of the controlling company |  | 40545396 | 63780272 |
|  Non-controlling interests |  | 1454860 | 1546434 |
|  **Total Equity** | W | 42000256 | 65326706 |
|  **Total Liabilities and Equity** | W | 234804994 | 211123727 |

---

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

**For the years ended December 31, 2022 and 2021** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won, except per share information* | **2022** | **2022** | **2021** |
|  **Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of goods | W | 69184469 | 58800977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of services |  | 714602 | 456400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of construction services |  | 646953 | 754998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue related to transfer of assets<br> from customers |  | 711839 | 661212 |
|  |  | 71257863 | 60673587 |
|  **Cost of sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of goods |  | (99441768) | (62164425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of services |  | (520572) | (580902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of construction services |  | (941254) | (898963) |
|  |  | (100903594) | (63644290) |
|  **Gross loss** |  | (29645731) | (2970703) |
|  **Selling and administrative expenses** |  | (3009422) | (2875796) |
|  **Operating loss** |  | (32655153) | (5846499) |
|  **Other income** |  | 383650 | 372921 |
|  **Other expenses** |  | (212150) | (257932) |
|  **Other gains (losses), net** |  | 243122 | 8519 |
|  **Finance income** |  | 1833312 | 1402614 |
|  **Finance expenses** |  | (4746791) | (3245777) |
|  **Profit (loss) related to associates, joint ventures and subsidiaries** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of investments in associates and joint ventures |  | 1393486 | 775588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in associates and joint ventures |  | 11091 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of investments in associates and joint ventures |  | (55193) | (218532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in associates and joint ventures |  | (1675) | (64119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of investments in associates and joint ventures |  | (5174) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in subsidiaries |  | (32144) | (197) |
|  |  | 1310391 | 494584 |
|  **Loss before income tax** |  | (33843619) | (7071570) |
|  **Income tax benefit** |  | 9414511 | 1855989 |
|  **Loss for the year** | W | (24429108) | (5215581) |

---

*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss), Continued

**For the years ended December 31, 2022 and 2021** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won, except per share information* | **2022** | **2022** | **2021** |
|  **Other comprehensive income (loss), net of tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit liability | W | 663095 | 210409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income of associates and joint ventures |  | 12305 | 3609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of equity investments at fair value through other comprehensive income (loss) |  | 58010 | 59024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting |  | (24415) | (15778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations |  | 28387 | 41189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures |  | 509487 | 301161 |
|  **Other comprehensive income for the year** |  | 1246869 | 599614 |
|  **Total comprehensive loss for the year** | W | (23182239) | (4615967) |
|  **Profit (loss) attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company | W | (24466853) | (5304522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  | 37745 | 88941 |
|  | W | (24429108) | (5215581) |
|  **Total comprehensive income (loss) attributable to:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company | W | (23273171) | (4743513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  | 90932 | 127546 |
|  | W | (23182240) | (4615967) |
|  **Loss per share (in won)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted loss per share | W | (38112) | (8263) |

---

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity

**For the years ended December 31, 2022 and 2021** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Non-**<br>**controlling**<br>**interests** |  |
|  | **Contributed**<br>**capital** | **Contributed**<br>**capital** | **Retained**<br>**earnings** | **Other**<br>**components**<br>**of equity** | **Subtotal** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**equity** |
|  **Balance as of January 1, 2021** | W | 4053578 | 51134330 | 14109501 | 69297409 | 1370650 | 70668059 |
|  **Total comprehensive income (loss) for the period** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (Loss) for the year |  |  | (5304522) |  | (5304522) | 88941 | (5215581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit liability, net of tax |  |  | 201067 |  | 201067 | 9342 | 210409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures, net of tax |  |  | 3609 |  | 3609 |  | 3609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |  |  |  | 59022 | 59022 | 2 | 59024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  | (19610) | (19610) | 3832 | (15778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations, net of tax |  |  |  | 15760 | 15760 | 25429 | 41189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures, net of tax |  |  |  | 301161 | 301161 |  | 301161 |
|  **Transactions with owners of the Company, recognized directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  | (780628) |  | (780628) | (31516) | (812144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of shares of capital by subsidiaries and others |  |  |  | (491) | (491) | 75702 | 75211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions between consolidated entities |  |  |  | 7452 | 7452 | (42199) | (34747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in consolidation scope |  |  |  | 43 | 43 | 59636 | 59679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid (hybrid bond) |  |  |  |  |  | (13385) | (13385) |
|  **Others** |  |  | 4388 | (4388) |  |  |  |
|  **Balance as of December 31, 2021** | W | 4053578 | 45258244 | 14468450 | 63780272 | 1546434 | 65326706 |

---

*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity, Continued

**For the years ended December 31, 2022 and 2021** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Non-**<br>**controlling**<br>**interests** |  |
|  | **Contributed**<br>**capital** | **Contributed**<br>**capital** | **Retained**<br>**earnings** | **Other**<br>**components**<br>**of equity** | **Subtotal** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**equity** |
|  **Balance as of January 1, 2022** | W | 4053578 | 45258244 | 14468450 | 63780272 | 1546434 | 65326706 |
|  **Total comprehensive income (loss) for the period** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (Loss) for the period |  |  | (24466853) |  | (24466853) | 37745 | (24429108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit liability, net of tax |  |  | 626769 |  | 626769 | 36326 | 663095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures, net of tax |  |  | 12305 |  | 12305 |  | 12305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |  |  |  | 58008 | 58008 | 2 | 58010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  | (32437) | (32437) | 8022 | (24415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations, net of tax |  |  |  | 19550 | 19550 | 8837 | 28387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures, net of tax |  |  |  | 509487 | 509487 |  | 509487 |
|  **Transactions with owners of the Company, recognized directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  |  |  |  | (42344) | (42344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of shares of capital by subsidiaries and others |  |  | 835 | 39641 | 40476 | 86316 | 126792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions between consolidated entities |  |  |  | (1584) | (1584) | (75791) | (77375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in consolidation scope |  |  |  | (597) | (597) | 32311 | 31714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid (hybrid bond) |  |  |  |  |  | (13461) | (13461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of hybrid bond |  |  |  |  |  | (169537) | (169537) |
|  **Balance as of December 31, 2022** | W | 4053578 | 21431300 | 15060518 | 40545396 | 1454860 | 42000256 |

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows

**For the years ended December 31, 2022 and 2021** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  **Cash flows from operating activities** |  |  |  |
|  Loss for the year | W | (24429108) | (5215581) |
|  Adjustments to reconcile profit (loss) for the period to net cash<br> provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  | (9414511) | (1855989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 12305252 | 11776331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  | 156160 | 166161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits expense |  | 485700 | 512270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense |  | 29997 | 67242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 2818546 | 1914457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of financial assets |  | 1841 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  | 100066 | 92622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on abandonment of property, plant and equipment |  | 160909 | 207934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of property, plant and equipment |  | (97425) | 4056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of intangible assets |  | 164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of intangible assets |  | 116 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in provisions |  | 2146979 | 2466452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translation, net |  | 523285 | 997119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial assets at fair value through profit or loss |  | (7099) | (14338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of financial assets at fair value through profit or loss |  | 44329 | 5480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation and transaction gain on derivative instruments, net |  | (448903) | (907076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of investments in associates and joint ventures, net |  | (1338293) | (557056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of financial assets |  | (11199) | (7718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of Impairment loss on intangible assets |  |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  | (148667) | (56284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of intangible assets |  | (41) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of associates and joint ventures |  | (11091) | (1844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of associates and joint ventures |  | 1675 | 64119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment investments in associates and joint ventures |  | 5174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of subsidiaries |  | 32144 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | (340753) | (221874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends income |  | (28875) | (10522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  | 215943 | (169856) |
|  |  | 7181423 | 14473058 |
|  Changes in working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | (1909649) | (216734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | 80444 | 869870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | (34706) | (17918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 80236 | 24306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | (651926) | (569732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | (3000669) | (1738000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets |  | 58790 | (3462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables |  | 2782474 | 2144561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade payables |  | 61737 | (571051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | (191681) | (456992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities |  | 446064 | 379378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 422916 | 458007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates and joint ventures (dividends received) |  | 473700 | 288242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | (1564243) | (2426017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of employee benefit obligations |  | (218319) | (159477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan assets |  | (347778) | (317707) |
|  | W | (3512610) | (2312726) |

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*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows, Continued

**For the years ended December 31, 2022 and 2021** 

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| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Cash generated from operating activities | W | (20760295) | 6944751 |
|  Dividends received |  | 28875 | 10522 |
|  Interest paid |  | (2517694) | (1928160) |
|  Interest received |  | 220471 | 201022 |
|  Income taxes paid |  | (448857) | (736757) |
|  **Net cash provided by (used in) operating activities** |  | (23477500) | 4491378 |
|  **Cash flows from investing activities** |  |  |  |
|  Proceeds from disposals of investments in associates and joint ventures |  | 56171 | 4472 |
|  Acquisition of investments in associates and joint ventures |  | (360962) | (673017) |
|  Proceeds from disposals of property, plant and equipment |  | 629924 | 277998 |
|  Acquisition of property, plant and equipment |  | (12346878) | (12686726) |
|  Proceeds from disposals of intangible assets |  | 279 | 59 |
|  Acquisition of intangible assets |  | (80508) | (113100) |
|  Disposal of investment properties |  | 515 |  |
|  Proceeds from disposals of financial assets |  | 14182348 | 7023674 |
|  Acquisition of financial assets |  | (16496258) | (5893404) |
|  Increase in loans |  | (401377) | (223950) |
|  Collection of loans |  | 102061 | 218704 |
|  Increase in deposits |  | (237266) | (222924) |
|  Decrease in deposits |  | 141000 | 166066 |
|  Proceeds from disposals of assets held-for-sale |  | 24205 | 1148 |
|  Receipt of government grants |  | 50755 | 37920 |
|  Net cash outflow from changes in consolidation scope |  | (31350) | (63492) |
|  Other cash outflow from investing activities, net |  | (186412) | (225948) |
|  **Net cash used in investing activities** |  | (14953753) | (12372520) |
|  **Cash flows from financing activities** |  |  |  |
|  Proceeds from short-term borrowings, net |  | 5852426 | 1621440 |
|  Proceeds from long-term borrowings and debt securities |  | 43594078 | 17392311 |
|  Repayment of long-term borrowings and debt securities |  | (10252688) | (9360357) |
|  Payment of lease liabilities |  | (562646) | (572036) |
|  Settlement of derivative instruments, net |  | 407627 | 98068 |
|  Change in non-controlling interests |  | 175645 | 90096 |
|  Repayment of hybrid bond |  | (169537) |  |
|  Dividends paid (hybrid bond) |  | (13461) | (13385) |
|  Dividends paid |  | (42348) | (812159) |
|  Other cash outflow from financing activities, net |  | 8803 | (8901) |
|  **Net cash provided by financing activities** |  | 38997899 | 8435077 |
|  **Net increase in cash and cash equivalents before effect of exchange rate fluctuations** |  | 566646 | 553935 |
|  **Effect of exchange rate fluctuations on cash held** |  | 32896 | 51719 |
|  **Net increase in cash and cash equivalents** |  | 599542 | 605654 |
|  **Cash and cash equivalents at January 1, 2022** |  | 2635238 | 2029584 |
|  **Cash and cash equivalents at December 31, 2022** | W | 3234780 | 2635238 |

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**Agenda 2. Approval of the ceiling amount of remuneration for directors** 

KEPCO seeks to obtain approval regarding the ceiling amount of remuneration for directors for the fiscal year 2023, pursuant to Article 388 of the Commercial Act and Article 35 of the Articles of Incorporation of KEPCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proposed aggregate ceiling on remuneration for directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2,205,048 thousand won in fiscal year 2023 (total number of directors: 15; number of non-standing directors: 8)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2,092,695 thousand won in fiscal year 2022 (total number of directors: 15; number of non-standing directors: 8)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The actual remuneration for directors in the fiscal year 2022 was 1,408,648 thousand won.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We proposed to increase the maximum aggregate ceiling on remuneration for directors in 2023 by 5.3% compared to
2022 as a result of (i) the notification by the Government to increase the remuneration for directors of government controlled entities by 1.5% (14,121 thousand won), (ii) the assumption of maximum payout rate (100~80%) for
performance-based compensation which increases the ceiling by 17,765 thousand won and (iii) the increased severance payments by 80,467 thousand won due to the increase in the average incumbency of our directors.