Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 |
Investments in Associates and Joint Ventures [Abstract] | |
Investments in Associates and Joint Ventures | 2016 Investees Key operation activities Location Percentage of Acquisition cost Book value In millions of won <Associates> Korea Gas Corporation(*1) Importing and wholesaling LNG KOREA 20.47 % ₩ 94,500 1,933,877 Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others KOREA 29.00 % 4,727 20,475 YTN Co., Ltd. Broadcasting KOREA 21.43 % 59,000 38,156 Cheongna Energy Co., Ltd. Generating and distributing vapor and hot/cold water KOREA 43.90 % 48,353 12,373 Gangwon Wind Power Co., Ltd.(*2) Power generation KOREA 15.00 % 5,725 13,069 Hyundai Green Power Co., Ltd. Power generation KOREA 29.00 % 88,885 115,998 Korea Power Exchange(*6) Management of power market and others KOREA 100.00 % 127,839 223,238 AMEC Partners Korea Ltd.(*3) Resources development KOREA 19.00 % 707 225 Hyundai Energy Co., Ltd.(*9) Power generation KOREA 30.66 % 71,070 1,031 Ecollite Co., Ltd. Artificial light-weight aggregate KOREA 36.10 % 1,516 — Taebaek Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,810 4,750 Taeback Guinemi Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,420 3,131 Pyeongchang Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,875 3,383 Daeryun Power Co., Ltd.(*3, 10) Power generation KOREA 13.13 % 25,477 29,873 Changjuk Wind Power Co., Ltd. Power generation KOREA 30.00 % 3,801 6,930 KNH Solar Co., Ltd. Power generation KOREA 27.00 % 1,296 2,073 SPC Power Corporation Power generation PHILIPPINES 38.00 % 20,635 56,818 Gemeng International Energy Co., Ltd. Power generation CHINA 34.00 % 413,153 680,065 PT. Cirebon Electric Power Power generation INDONESIA 27.50 % 40,365 96,658 KNOC Nigerian East Oil Co., Resources development NIGERIA 14.63 % 12 — KNOC Nigerian West Oil Co., Resources development NIGERIA 14.63 % 12 — PT Wampu Electric Power Power generation INDONESIA 46.00 % 21,292 23,188 PT. Bayan Resources TBK Resources development INDONESIA 20.00 % 615,860 402,667 S-Power Power generation KOREA 49.00 % 132,300 123,912 Pioneer Gas Power Limited(*8) Power generation INDIA 40.00 % 49,831 50,740 Eurasia Energy Holdings Power generation and resources development RUSSIA 40.00 % 461 — Xe-Pian Xe-Namnoy Power generation LAOS 25.00 % 49,119 51,544 Hadong Mineral Fiber Co., Ltd.(*17) Recycling fly ashes KOREA 8.33 % 50 — Green Biomass Co., Ltd.(*12) Power generation KOREA 14.00 % 714 47 PT. Mutiara Jawa Manufacturing and operating floating coal terminal INDONESIA 29.00 % 2,978 — Samcheok Eco Materials Co., Recycling fly ashes KOREA 2.35 % 686 — Noeul Green Energy Co., Ltd. Power generation KOREA 29.00 % 1,740 1,217 Naepo Green Energy Co., Ltd. Power generation KOREA 25.00 % 29,200 25,438 Goseong Green Energy Co., Ltd.(*2) Power generation KOREA 1.12 % 2,900 2,663 Gangneung Eco Power Co., Ltd.(*2) Power generation KOREA 1.61 % 2,900 2,646 Shin Pyeongtaek Power Co., Ltd. Power generation KOREA 40.00 % 40 — Heang Bok Do Si Photovoltaic Power Co., Ltd. Power generation KOREA 28.00 % 194 181 DS POWER Co., Ltd.(*2) Power generation KOREA 14.44 % 17,900 7,190 Dongducheon Dream Power Co., Ltd. Power generation KOREA 33.61 % 61,535 46,876 KS Solar Co., Ltd.(*3) Power generation KOREA 19.00 % 637 604 Yeongwol Energy Station Co., Power generation KOREA 10.00 % 1,400 — Jinbhuvish Power Generation Pvt. Power generation INDIA 5.16 % ₩ 9,000 — SE Green Energy Co., Ltd. Power generation support KOREA 47.76 % 3,821 3,525 Daegu Photovoltaic Co., Ltd. Power generation KOREA 29.00 % 1,230 1,700 Jeongam Wind Power Co., Ltd. Power generation KOREA 40.00 % 5,580 4,000 Korea Power Engineering Service Co., Ltd. Construction and service KOREA 29.00 % 290 2,810 Busan Green Energy Co., Ltd. Power generation KOREA 29.00 % 14,564 13,803 Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)(*2) Power generation KOREA 18.87 % 1,000 — Korea Electric Vehicle Charging Service Electric vehicle charge service KOREA 28.00 % 1,596 1,103 Ulleungdo Natural Energy Co., Ltd. Renewable power generation KOREA 29.85 % 8,000 6,894 Korea Nuclear Partners Co., Ltd. Electric material agency KOREA 29.00 % 290 248 Tamra Offshore Wind Power Co., Ltd. Power generation KOREA 27.00 % 8,910 7,015 Korea Electric Power Corporation Developing electric enterprises KOREA 98.09 % 51,500 50,856 Energy Infra Asset Management Co., Ltd.(*3) Asset management KOREA 9.90 % 297 259 Daegu clean Energy Co., Ltd. Renewable power generation KOREA 28.00 % 140 140 YaksuESS Co., Ltd Installing ESS related equipment KOREA 29.00 % 210 196 Nepal Water & Energy Development Company Private Limited(*14) Construction and operation of utility plant NEPAL 52.77 % 18,568 18,667 2,134,911 4,092,252 <Joint ventures> KEPCO-Uhde Inc.(*7) Power generation KOREA 52.8 % 11,355 301 Eco Biomass Energy Sdn. Bhd.(*7) Power generation MALAYSIA 61.53 % 9,661 — Datang Chaoyang Renewable Power Co., Ltd. Power generation CHINA 40.00 % 27,660 28,239 Shuweihat Asia Power Investment B.V. Holding company NETHERLANDS 49.00 % 46,037 — Shuweihat Asia Operation & Maintenance Company(*7) Maintenance of utility plant CAYMAN 55.00 % 30 450 Waterbury Lake Uranium L.P. Resources development CANADA 36.97 % 26,602 21,314 ASM-BG Power generation BULGARIA 50.00 % 16,101 21,488 RES Technology AD Power generation BULGARIA 50.00 % 15,595 13,582 KV Holdings, Inc. Power generation PHILIPPINES 40.00 % 2,103 2,098 KEPCO SPC Power Corporation(*7) Construction and operation of utility plant PHILIPPINES 75.20 % 94,579 245,367 Canada Korea Uranium Limited Partnership(*5) Resources development CANADA 12.50 % 5,404 — Gansu Datang Yumen Wind Power Co., Ltd. Power generation CHINA 40.00 % 16,621 12,821 Datang Chifeng Renewable Power Co., Ltd. Power generation CHINA 40.00 % 121,928 166,535 Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation CHINA 40.00 % 10,858 10,843 Rabigh Electricity Company Power generation SAUDI ARABIA 40.00 % 109,743 97,802 Rabigh Operation & Maintenance Company Limited Maintenance of utility plant SAUDI ARABIA 40.00 % 70 4,427 Jamaica Public Service Company Limited Power generation JAMAICA 40.00 % 301,910 249,453 KW Nuclear Components Co., Ltd. Manufacturing KOREA 45.00 % 833 7,133 Busan Shinho Solar Power Co., Ltd. Power generation KOREA 25.00 % 2,100 3,814 GS Donghae Electric Power Co., Ltd. Power generation KOREA 34.00 % 204,000 205,948 Global Trade Of Power System Co., Ltd. Exporting products and technology of small or medium business by proxy KOREA 29.00 % ₩ 290 477 Expressway Solar-light Power Generation Co., Ltd. Power generation KOREA 29.00 % 1,856 2,343 KODE NOVUS I LLC Power generation USA 50.00 % 19,213 — KODE NOVUS II LLC Power generation USA 50.00 % 12,756 — Daejung Offshore Wind Power Co., Ltd. Power generation KOREA 49.90 % 4,990 3,015 Amman Asia Electric Power Power generation JORDAN 60.00 % 111,476 153,857 KAPES, Inc.(*7) R&D KOREA 51.00 % 5,629 4,758 Dangjin Eco Power Co., Ltd. Power generation KOREA 34.00 % 56,100 53,253 Honam Wind Power Co., Ltd. Power generation KOREA 29.00 % 3,480 4,451 Chun-cheon Energy Co., Ltd. Power generation KOREA 29.90 % 52,700 50,592 Yeonggwangbaeksu Wind Power Co., Ltd.(*3) Power generation KOREA 15.00 % 3,000 2,689 Nghi Son 2 Power Ltd. Power generation VIETNAM 50.00 % 1,788 229 Kelar S.A(*7) Power generation CHILE 65.00 % 4,180 — PT. Tanjung Power Indonesia Power generation INDONESIA 35.00 % 746 1,946 Incheon New Power Co., Ltd. Power generation KOREA 29.00 % 461 563 Seokmun Energy Co., Ltd. Power generation KOREA 29.00 % 580 391 Daehan Wind Power PSC Power generation JORDAN 50.00 % 285 16 Barakah One Company(*16) Power generation UAE 18.00 % 118 116 Nawah Energy Company(*16) Operation of utility plant UAE 18.00 % 296 290 MOMENTUM International thermonuclear experimental reactor construction management FRANCE 33.33 % 1 67 Daegu Green Power Co., Ltd.(*15) Power generation KOREA 29.00 % 46,225 47,528 1,349,360 1,418,196 ₩ 3,484,271 5,510,448 (*1) The effective percentage of ownership is 21.57% considering treasury stocks. (*2) The Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors. (*3) The Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity. (*4) The Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its influence on the entity. (*5) The Company has joint control over the entity by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors. (*6) The Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. The Company can exercise significant influence by its right to nominate directors to the board of directors of the entity. (*7) According to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. For these reasons, the entities are classified as joint ventures. (*8) As of reporting date, the annual reporting period of all associates and joint ventures ends on December 31, except for Pioneer Gas Power Limited whose reporting period ends on March 31. (*9) As of December 31, 2016, 15.64% of ownership of Hyundai Energy Co., Ltd. is held by NH Power ll Co., Ltd. and NH Bank. According to the shareholders’ agreement reached on March 2011, not only does the Company have a call option to acquire the investment in Hyundai Energy Co., Ltd. from NH Power ll Co., Ltd. and NH Bank with a certain rate of return, NH Power ll Co., Ltd. and NH Bank also have put options to dispose of their investment to the Company. In connection with this agreement, the Company applied the equity method on the investment in Hyundai Energy Co., Ltd. with 46.30% of ownership. (*10) The Company’s percentage of ownership has decreased due to the acquisition of Daeryun Power Co., Ltd. and the effective percentage of ownership is 19.45% considering stock purchase options. (*11) The Company’s effective percentage of ownership excluding the redeemable convertible preferred stock is 25.54%. (*12) The effective percentage of ownership is less than 20% but the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity and the fact that the dominant portion of the investee’s sales transactions is generated from the Company. (*13) The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. For this reason, the entity is classified as an associate. (*14) The effective percentage of ownership is more than 50%, but the Company does not control the entity according to the shareholders’ agreement. For this reason, the entity is classified as an associate. (*15) The entity is reclassified from associates to joint ventures since the terms of the shareholders’ agreement had been amended. (*16) The effective percentage of ownership is less than 20%, but the Company has joint control over the entity as decisions on the major activities require the unanimous consent of the parties that collectively control the entity. (*17) Although the percentage of ownership temporarily decreased to 8.33% from the difference in timing of capital payment by shareholders, the Company can exercise significant influence by virtue of its right to appoint a director to the board of directors of the entity based on the shareholders’ agreement. The percentage of ownership is 25.00% at the time of completion of capital payment. 2017 Investees Key operation activities Location Percentage of Acquisition Book In millions of won <Associates> Korea Gas Corporation(*1) Importing and wholesaling LNG KOREA 20.47 % ₩ 94,500 1,618,868 Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others KOREA 29.00 % 4,727 21,838 YTN Co., Ltd. Broadcasting KOREA 21.43 % 59,000 40,606 Cheongna Energy Co., Ltd. Generating and distributing vapor and hot/cold water KOREA 43.90 % 48,353 8,337 Gangwon Wind Power Co., Ltd.(*2) Power generation KOREA 15.00 % 5,725 13,855 Hyundai Green Power Co., Ltd. Power generation KOREA 29.00 % 88,885 114,806 Korea Power Exchange(*5) Management of power market and others KOREA 100.00 % 127,839 237,631 AMEC Partners Korea Ltd.(*3) Resources development KOREA 19.00 % 707 215 Hyundai Energy Co., Ltd.(*8) Power generation KOREA 30.66 % 71,070 — Ecollite Co., Ltd. Artificial light-weight aggregate KOREA 36.10 % 1,516 — Taebaek Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,810 5,319 Taeback Guinemi Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,420 3,089 Pyeongchang Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,875 4,136 Daeryun Power Co., Ltd.(*3, 9) Power generation KOREA 13.13 % 25,477 25,113 Changjuk Wind Power Co., Ltd. Power generation KOREA 30.00 % 3,801 7,515 KNH Solar Co., Ltd. Power generation KOREA 27.00 % 1,296 2,218 SPC Power Corporation Power generation PHILIPPINES 38.00 % 20,635 52,283 Gemeng International Energy Co., Ltd. Power generation CHINA 34.00 % 413,153 649,973 PT. Cirebon Electric Power Power generation INDONESIA 27.50 % 40,365 97,410 KNOC Nigerian East Oil Co., Ltd.(*4) Resources development NIGERIA 14.63 % 12 — KNOC Nigerian West Oil Co., Ltd.(*4) Resources development NIGERIA 14.63 % 12 — PT Wampu Electric Power Power generation INDONESIA 46.00 % 21,292 29,403 PT. Bayan Resources TBK Resources development INDONESIA 20.00 % 615,860 451,831 S-Power Power generation KOREA 49.00 % 132,300 116,945 Pioneer Gas Power Limited(*7) Power generation INDIA 38.50 % 49,831 38,659 Eurasia Energy Holdings Power generation and resources development RUSSIA 40.00 % 461 — Xe-Pian Xe-Namnoy Power generation LAOS 25.00 % 71,481 61,779 Hadong Mineral Fiber Co., Ltd.(*3) Recycling fly ashes KOREA 8.33 % 50 — Green Biomass Co., Ltd.(*11, 14) Power generation KOREA 8.80 % 714 208 PT. Mutiara Jawa Manufacturing and operating floating coal terminal INDONESIA 29.00 % 2,978 — Samcheok Eco Materials Co., Ltd.(*10) Recycling fly ashes KOREA 2.35 % 686 — Noeul Green Energy Co., Ltd. Power generation KOREA 29.00 % 1,740 2,067 Naepo Green Energy Co., Ltd. Power generation KOREA 41.67 % ₩ 29,200 20,598 Goseong Green Energy Co., Ltd.(*2) Power generation KOREA 1.12 % 2,900 2,597 Gangneung Eco Power Co., Ltd.(*2) Power generation KOREA 1.61 % 2,900 2,583 Shin Pyeongtaek Power Co., Ltd. Power generation KOREA 40.00 % 43,920 34,903 Heang Bok Do Si Photovoltaic Power Co., Ltd. Power generation KOREA 28.00 % 194 187 Dongducheon Dream Power Co., Ltd. Power generation KOREA 33.61 % 111,134 53,233 Jinbhuvish Power Generation Pvt. Power generation INDIA 5.16 % 9,000 — SE Green Energy Co., Ltd. Power generation KOREA 47.76 % 3,821 3,476 Daegu Photovoltaic Co., Ltd. Power generation KOREA 29.00 % 1,230 1,718 Jeongam Wind Power Co., Ltd. Power generation KOREA 40.00 % 5,580 3,763 Korea Power Engineering Service Co., Ltd. Construction and service KOREA 29.00 % 290 3,659 Busan Green Energy Co., Ltd. Power generation KOREA 29.00 % 5,243 7,363 Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)(*2) Power generation KOREA 18.87 % 1,000 — Korea Electric Vehicle Charging Service Electric vehicle charge service KOREA 28.00 % 2,604 1,749 Ulleungdo Natural Energy Co., Ltd. Renewable power generation KOREA 29.85 % 8,000 6,370 Korea Nuclear Partners Co., Ltd. Electric material agency KOREA 29.00 % 290 383 Tamra Offshore Wind Power Co., Ltd. Power generation KOREA 27.00 % 8,910 8,560 Korea Electric Power Corporation Fund(*12) Developing electric enterprises KOREA 98.09 % 51,500 47,974 Energy Infra Asset Management Co., Ltd.(*3) Asset management KOREA 9.90 % 297 476 Daegu clean Energy Co., Ltd. Renewable power generation KOREA 28.00 % 140 11 YaksuESS Co., Ltd Installing ESS related equipment KOREA 29.00 % 210 194 Nepal Water & Energy Development Company Private Limited(*15) Construction and operation of utility plant NEPAL 62.13 % 33,577 30,498 Gwangyang Green Energy Co., Ltd. Power generation KOREA 20.00 % 2,000 1,772 PND solar., Ltd Power generation KOREA 29.00 % 1,250 1,250 2,240,761 3,837,421 <Joint ventures> KEPCO-Uhde Inc.(*6) Power generation KOREA 52.80 % 11,355 258 Eco Biomass Energy Sdn. Bhd.(*6) Power generation MALAYSIA 61.53 % 14,439 — Datang Chaoyang Renewable Power Co., Ltd. Power generation CHINA 40.00 % 27,660 27,262 Shuweihat Asia Power Investment B.V. Holding company NETHERLANDS 49.00 % 46,037 15,675 Shuweihat Asia Operation & Maintenance Company(*6) Maintenance of utility plant CAYMAN 55.00 % 30 663 Waterbury Lake Uranium L.P. Resources development CANADA 35.76 % 26,602 19,781 ASM-BG Power generation BULGARIA 50.00 % 16,101 21,202 RES Technology AD Power generation BULGARIA 50.00 % 15,595 14,375 KV Holdings, Inc. Power generation PHILIPPINES 40.00 % 2,103 1,918 KEPCO SPC Power Corporation(*6) Construction and operation of utility plant PHILIPPINES 75.20 % 94,579 217,094 Gansu Datang Yumen Wind Power Co., Ltd. Power generation CHINA 40.00 % 16,621 10,840 Datang Chifeng Renewable Power Co., Ltd. Power generation CHINA 40.00 % 121,928 171,055 Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation CHINA 40.00 % 10,858 11,060 Rabigh Electricity Company Power generation SAUDI ARABIA 40.00 % 109,743 99,356 Rabigh Operation & Maintenance Company Limited Maintenance of utility plant SAUDI ARABIA 40.00 % 70 3,987 Jamaica Public Service Company Limited Power generation JAMAICA 40.00 % ₩ 301,910 221,153 KW Nuclear Components Co., Ltd. Manufacturing KOREA 45.00 % 833 6,703 Busan Shinho Solar Power Co., Ltd. Power generation KOREA 25.00 % 2,100 4,346 GS Donghae Electric Power Co., Ltd. Power generation KOREA 34.00 % 204,000 220,727 Global Trade Of Power System Co., Ltd. Exporting products and technology of small or medium business by proxy KOREA 29.00 % 290 577 Expressway Solar-light Power Generation Co., Ltd. Power generation KOREA 29.00 % 1,856 2,463 KODE NOVUS I LLC Power generation USA 50.00 % 19,213 — KODE NOVUS II LLC Power generation USA 50.00 % 12,756 — Daejung Offshore Wind Power Co., Ltd. Power generation KOREA 49.90 % 5,190 2,969 Amman Asia Electric Power Power generation JORDAN 60.00 % 111,476 145,676 KAPES, Inc.(*6) R&D KOREA 51.00 % 5,629 7,476 Dangjin Eco Power Co., Ltd. Power generation KOREA 34.00 % 61,540 57,928 Honam Wind Power Co., Ltd. Power generation KOREA 29.00 % 3,480 4,302 Chun-cheon Energy Co., Ltd. Power generation KOREA 29.90 % 52,700 48,118 Yeonggwangbaeksu Wind Power Co., Ltd.(*3) Power generation KOREA 15.00 % 3,000 2,734 Nghi Son 2 Power Ltd. Power generation VIETNAM 50.00 % 2,781 183 Kelar S.A(*6) Power generation CHILE 65.00 % 77,220 67,233 PT. Tanjung Power Indonesia Power generation INDONESIA 35.00 % 746 1,776 Incheon New Power Co., Ltd. Power generation KOREA 29.00 % 461 619 Seokmun Energy Co., Ltd. Power generation KOREA 29.00 % 15,370 13,786 Daehan Wind Power PSC Power generation JORDAN 50.00 % 285 — Barakah One Company(*13) Power generation UAE 18.00 % 118 626 Nawah Energy Company(*13) Operation of utility plant UAE 18.00 % 296 258 MOMENTUM International thermonuclear experimental reactor construction management FRANCE 33.33 % 1 391 Daegu Green Power Co., Ltd. Power generation KOREA 29.00 % 46,225 42,391 Yeonggwang Wind Power Co., Ltd. Power generation KOREA 41.00 % 15,375 15,294 Chester Solar IV SpA(*6) Power generation CHILE 81.82 % 1,700 1,700 Chester Solar V SpA(*6) Power generation CHILE 81.82 % 525 525 Diego de Almagro Solar SpA(*6) Power generation CHILE 81.82 % 2,091 2,091 South Jamaica Power Company Limited Power generation JAMAICA 20.00 % 7,090 6,704 1,469,978 1,493,275 ₩ 3,710,739 5,330,696 (*1) The effective percentage of ownership is 21.57% considering treasury stocks. (*2) The Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors. (*3) The Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity. (*4) The Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its influence on the entity. (*5) The Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. The Company can exercise significant influence by its right to nominate directors to the board of directors of the entity. (*6) According to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. For these reasons, the entities are classified as joint ventures. (*7) As of reporting date, the annual reporting period of all associates and joint ventures ends on December 31, except for Pioneer Gas Power Limited whose reporting period ends on March 31. (*8) As of December 31, 2017, 15.64% of ownership of Hyundai Energy Co., Ltd. is held by NH Power ll Co., Ltd. and NH Bank. According to the shareholders’ agreement reached on March 2011, not only does the Company have a call option to acquire the investment in Hyundai Energy Co., Ltd. from NH Power ll Co., Ltd. and NH Bank with a certain rate of return, NH Power ll Co., Ltd. and NH Bank also have put options to dispose of their investment to the Company. In connection with this agreement, the Company applied the equity method on the investment in Hyundai Energy Co., Ltd. with 46.30% of ownership. (*9) The Company’s percentage of ownership has decreased due to the acquisition of Daeryun Power Co., Ltd. and the effective percentage of ownership is 19.45% considering stock purchase options. (*10) The Company’s effective percentage of ownership excluding the redeemable convertible preferred stock is 25.54%. (*11) The effective percentage of ownership is less than 20% but the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity and the fact that the dominant portion of the investee’s sales transactions is generated from the Company. (*12) The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. For this reason, the entity is classified as an associate. (*13) The effective percentage of ownership is less than 20% but the Company has joint control over the entity as decisions on the major activities require the unanimous consent of the parties that collectively control the entity (*14) The percentage of ownership decreased since the Company did not participate in the capital increase of Green Biomass Co., Ltd. during the period. (*15) The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. For this reason, the entity is classified as an associate. |
The fair value of associates | Investees 2016 2017 In millions of won <Associates> Korea Electric Power Industrial Development Co., Ltd. ₩ 45,474 38,667 Korea Gas Corporation(*) 915,705 804,195 YTN Co., Ltd. 22,320 18,855 SPC Power Corporation 70,253 72,616 PT. Bayan Resources TBK 359,200 558,267 (*) The carrying amount of Korea Gas Corporation (“KOGAS”) is ₩1,618,868 million as of December 31, 2017 and management has determined that there is objective evidence of impairment. As a result of the impairment test, the Company has not recognized any impairment loss as the value in use is greater than the carrying amount. The recoverable amount of KOGAS based on its value in use is calculated by considering the long-term natural gas supply and demand programs of future cash flows approved by Ministry of Trade, Industry & Energy and the discount rate of 4.94%. |
Changes in investments in associates and joint ventures | Changes in investments in associates and joint ventures for the years ended December 31, 2016 and 2017 are as follows: 2016 Investees Beginning Acquisition Disposal Dividends Share of Other Others Ending In millions of won <Associates> Daegu Green Power Co., Ltd. ₩ 80,267 3,347 (34,422 ) — (1,814 ) 148 (47,526 ) — Korea Gas Corporation 2,102,813 — — (3,213 ) (146,308 ) (14,551 ) (4,864 ) 1,933,877 Korea Electric Power Industrial Development Co., Ltd. 18,994 — — (1,598 ) 4,491 — (1,412 ) 20,475 YTN Co., Ltd. 38,365 — — — (227 ) 32 (14 ) 38,156 Cheongna Energy Co., Ltd. 19,490 — — — (7,117 ) — — 12,373 Gangwon Wind Power Co., Ltd. 12,890 — — (1,136 ) 1,270 45 — 13,069 Hyundai Green Power Co., Ltd. 113,664 — — (8,888 ) 11,222 — — 115,998 Korea Power Exchange 208,735 — — — 15,847 — (1,344 ) 223,238 AMEC Partners Korea Ltd. 230 — — — (5 ) — — 225 Hyundai Energy Co., Ltd. 6,990 — — — (21,163 ) — 15,204 1,031 Ecollite Co., Ltd. — — — — — — — — Taebaek Wind Power Co., Ltd. 4,956 — — — (206 ) — — 4,750 Taeback Guinemi Wind Power Co., Ltd. 2,587 570 — — (26 ) — — 3,131 Pyeongchang Wind Power Co., Ltd. 3,402 — — — (19 ) — — 3,383 Daeryun Power Co., Ltd. 36,156 — — — (6,282 ) (1 ) — 29,873 JinanJangsu Wind Power Co., Ltd. 77 — (64 ) — (13 ) — — — Changjuk Wind Power Co., Ltd. 6,143 — — (190 ) 977 — — 6,930 KNH Solar Co., Ltd. 1,924 — — — 144 5 — 2,073 SPC Power Corporation 58,033 — — (7,151 ) 6,416 (477 ) (3 ) 56,818 Gemeng International Energy Co., Ltd. 728,396 — — (16,476 ) 26,714 (58,493 ) (76 ) 680,065 PT. Cirebon Electric Power 60,574 — — (1,242 ) 31,511 2,568 3,247 96,658 KNOC Nigerian East Oil Co., Ltd. — — — — (1,346 ) (398 ) 1,744 — KNOC Nigerian West Oil Co., Ltd. — — — — (973 ) (356 ) 1,329 — Dolphin Property Limited 61 — — (35 ) — (69 ) 43 — PT Wampu Electric Power 18,963 — — — 3,493 (3 ) 735 23,188 PT. Bayan Resources TBK(*2) 525,066 — — — (23,257 ) 208 (99,350 ) 402,667 S-Power 130,908 — — — (7,006 ) — 10 123,912 Pioneer Gas Power Limited 51,187 — — — (698 ) 251 — 50,740 Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy 31,863 16,402 — — 1,576 1,703 — 51,544 Busan Solar Co., Ltd. 925 — (887 ) — (38 ) — — — Hadong Mineral Fiber Co., Ltd. — — — — — — — — Green Biomass Co., Ltd. — — — — (138 ) — 185 47 PT. Mutiara Jawa — — — — — — — — Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. 295 1,340 — — (418 ) — — 1,217 Naepo Green Energy Co., Ltd. 26,746 — — — (1,308 ) — — 25,438 Goseong Green Energy Co., Ltd. 2,670 — — — 71 — (78 ) 2,663 Gangneung Eco Power Co., Ltd. 2,688 — — — 56 — (98 ) 2,646 Shin Pyeongtaek Power Co., Ltd. — — — — — — — — Heang Bok Do Si Photovoltaic Power Co., Ltd. 189 — — — (10 ) — 2 181 DS POWER Co., Ltd. 10,960 — — — (3,738 ) — (32 ) 7,190 Dongducheon Dream Power Co., Ltd. 55,667 — — — (8,757 ) — (34 ) 46,876 KS Solar Co., Ltd. 618 — — — (14 ) — — 604 Yeongwol Energy Station Co., 1,290 — — — 85 25 (1,400 ) — Jinbhuvish Power Generation Pvt. Ltd.(*3) ₩ 8,350 — — — (49 ) (198 ) (8,103 ) — SE Green Energy Co., Ltd. 3,575 — — — (50 ) — — 3,525 Daegu Photovoltaic Co., Ltd. 1,886 — — (411 ) 225 — — 1,700 Jeongam Wind Power Co., Ltd. 702 3,900 — — (602 ) — — 4,000 Korea Power Engineering Service Co., Ltd. 1,805 — — — 1,005 — — 2,810 Busan Green Energy Co., Ltd. 14,512 — — — (709 ) — — 13,803 Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.) 904 — — — (904 ) — — — Korea Electric Vehicle Charging Service 1,446 — — — (343 ) — — 1,103 Ulleungdo Natural Energy Co., Ltd. 7,417 — — — (516 ) — (7 ) 6,894 Korea Nuclear Partners Co., Ltd. 289 — — — (41 ) — — 248 Tamra Offshore Wind Power Co., Ltd. — 8,910 — — (1,895 ) — — 7,015 Korea Electric Power Corporation Fund — 51,500 — — (644 ) — — 50,856 Energy Infra Asset Management Co., Ltd. — 297 — — (38 ) — — 259 Daegu clean Energy Co., Ltd. — 140 — — — — — 140 YaksuESS Co., Ltd — 210 — — (14 ) — — 196 Nepal Water & Energy Development Company Private Limited — — — — — — 18,667 18,667 4,405,668 86,616 (35,373 ) (40,340 ) (131,583 ) (69,561 ) (123,175 ) 4,092,252 <Joint ventures> KEPCO-Uhde Inc.(*4) 8,549 — — — (159 ) — (8,089 ) 301 Eco Biomass Energy Sdn. Bhd. — — — — — — — — Datang Chaoyang Renewable Power Co., Ltd. 27,640 — — — 1,417 (818 ) — 28,239 Shuweihat Asia Power Investment B.V. 20,474 — (14,154 ) (2,957 ) 6,131 (9,494 ) — — Shuweihat Asia Operation & Maintenance Company 486 — — (931 ) 941 (46 ) — 450 Waterbury Lake Uranium L.P. 20,299 — — — — 1,138 (123 ) 21,314 ASM-BG 20,203 — — — 1,508 (223 ) — 21,488 RES Technology AD 13,789 — — — (68 ) (139 ) — 13,582 KV Holdings, Inc. 2,010 — — (302 ) 429 (39 ) — 2,098 KEPCO SPC Power Corporation 208,524 — — (5,955 ) 48,132 (5,308 ) (26 ) 245,367 Canada Korea Uranium Limited Partnership — — — — — — — — Gansu Datang Yumen Wind Power Co., Ltd. 16,107 — — — (2,836 ) (450 ) — 12,821 Datang Chifeng Renewable Power Co., Ltd. 171,224 — — (7,384 ) 7,455 (4,760 ) — 166,535 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 10,580 — — (440 ) 1,002 (299 ) — 10,843 Rabigh Electricity Company 59,368 — — — 18,961 19,473 — 97,802 Rabigh Operation & Maintenance Company Limited 3,586 — — (1,934 ) 2,253 229 293 4,427 Jamaica Public Service Company Limited 241,918 — — — — 7,535 — 249,453 KW Nuclear Components Co., Ltd. 4,985 — — (2,191 ) 4,344 — (5 ) 7,133 Busan Shinho Solar Power Co., Ltd. 3,678 — — (185 ) 321 — — 3,814 GS Donghae Electric Power Co., Ltd. 200,379 — — — 5,575 — (6 ) 205,948 Global Trade Of Power System Co., Ltd. ₩ 426 — — — 51 — — 477 Expressway Solar-light Power Generation Co., Ltd. 2,100 — — — 243 — — 2,343 KODE NOVUS I LLC — — — — — — — — KODE NOVUS II LLC — 258 — — (260 ) — 2 — Daejung Offshore Wind Power Co., Ltd. 3,352 — — — (337 ) — — 3,015 Amman Asia Electric Power Company 137,668 — — (12,684 ) 17,811 11,062 — 153,857 KAPES, Inc. 4,501 — — — 311 — (54 ) 4,758 Dangjin Eco Power Co., Ltd. 48,281 5,100 — — (696 ) (26 ) 594 53,253 Honam Wind Power Co., Ltd. 3,926 — — (104 ) 629 — — 4,451 Nepal Water & Energy Development Company Private Limited 17,765 — — — 359 543 (18,667 ) — Chun-cheon Energy Co., Ltd. 31,976 19,832 — — (1,121 ) (95 ) — 50,592 Yeonggwangbaeksu Wind Power Co., Ltd. 2,668 — — — 16 — 5 2,689 Nghi Son 2 Power Ltd. 269 716 — — (740 ) (16 ) — 229 Kelar S.A — — — — — — — — PT. Tanjung Power Indonesia 617 — — — 1,337 — (8 ) 1,946 Incheon New Power Co., Ltd. 514 — — — 41 8 — 563 Seokmun Energy Co., Ltd. — — — — (197 ) 793 (205 ) 391 Daehan Wind Power PSC — 285 — — (261 ) (8 ) — 16 Barakah One Company — 118 — — — — (2 ) 116 Nawah Energy Company — 296 — — — — (6 ) 290 MOMENTUM — 1 — — 65 — 1 67 Daegu Green Power Co., Ltd. — — — — — — 47,528 47,528 1,287,862 26,606 (14,154 ) (35,067 ) 112,657 19,060 21,232 1,418,196 ₩ 5,693,530 113,222 (49,527 ) (75,407 ) (18,926 ) (50,501 ) (101,943 ) 5,510,448 (*1) ‘Others’ include ₩1,400 million of assets held-for-sale (*2) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩99,338 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2016. (*3) Due to discontinuation of operations during the year ended December 31, 2016, the Company recognized an impairment loss of ₩8,103 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2016. (*4) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩8,099 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2016. 2017 Investees Beginning Acquisition Disposal Dividends Share of Other Others Ending In millions of won <Associates> Korea Gas Corporation ₩ 1,933,877 — — — (242,232 ) (72,648 ) (129 ) 1,618,868 Korea Electric Power Industrial Development Co., Ltd. 20,475 — — (2,061 ) 3,428 102 (106 ) 21,838 YTN Co., Ltd. 38,156 — — (135 ) 1,095 929 561 40,606 Cheongna Energy Co., Ltd. 12,373 — — — (4,036 ) — — 8,337 Gangwon Wind Power Co., Ltd. 13,069 — — (852 ) 1,638 — — 13,855 Hyundai Green Power Co., Ltd. 115,998 — — (8,889 ) 7,697 — — 114,806 Korea Power Exchange 223,238 — — — 8,831 — 5,562 237,631 AMEC Partners Korea Ltd. 225 — — — (10 ) — — 215 Hyundai Energy Co., Ltd. 1,031 — — — (3,498 ) — 2,467 — Ecollite Co., Ltd. — — — — — — — — Taebaek Wind Power Co., Ltd. 4,750 — — — 569 — — 5,319 Taeback Guinemi Wind Power Co., Ltd. 3,131 — — — (42 ) — — 3,089 Pyeongchang Wind Power Co., Ltd. 3,383 — — — 753 — — 4,136 Daeryun Power Co., Ltd. 29,873 — — — (4,762 ) — 2 25,113 Changjuk Wind Power Co., Ltd. 6,930 — — (111 ) 696 — — 7,515 KNH Solar Co., Ltd. 2,073 — — — 145 — — 2,218 SPC Power Corporation 56,818 — — (5,562 ) 4,310 (3,276 ) (7 ) 52,283 Gemeng International Energy Co., Ltd. 680,065 — — (13,365 ) 6,953 (23,680 ) — 649,973 PT. Cirebon Electric Power 96,658 — — (550 ) 10,685 2,232 (11,615 ) 97,410 KNOC Nigerian East Oil Co., Ltd. — — — — (1,914 ) 1,536 378 — KNOC Nigerian West Oil Co., Ltd. — — — — (1,712 ) 1,407 305 — PT Wampu Electric Power 23,188 — — — 9,336 — (3,121 ) 29,403 PT. Bayan Resources TBK 402,667 — — — 34,122 14,982 60 451,831 S-Power 123,912 — — — (6,982 ) — 15 116,945 Pioneer Gas Power Limited 50,740 — — — (11,119 ) (1,238 ) 276 38,659 Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy 51,544 22,362 — — (4,264 ) (7,863 ) — 61,779 Hadong Mineral Fiber Co., Ltd. — — — — (31 ) — 31 — Green Biomass Co., Ltd. 47 — — — (112 ) — 273 208 PT. Mutiara Jawa — — — — — — — — Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. 1,217 — — — 850 — — 2,067 Naepo Green Energy Co., 25,438 — — — (1,400 ) — (3,440 ) 20,598 Goseong Green Energy Co., Ltd. 2,663 — — — (66 ) — — 2,597 Gangneung Eco Power Co., Ltd. 2,646 — — — (63 ) — — 2,583 Shin Pyeongtaek Power Co., Ltd. — 43,880 — — (10,998 ) (3,617 ) 5,638 34,903 Heang Bok Do Si Photovoltaic Power Co., Ltd. 181 — — — 6 — — 187 DS POWER Co., Ltd.(*4) 7,190 — — — (1,321 ) — (5,869 ) — Dongducheon Dream Power Co., Ltd.(*1,3) 46,876 — — — (10,980 ) — 17,337 53,233 KS Solar Co., Ltd. 604 — (613 ) — — 9 — — Jinbhuvish Power Generation Pvt. Ltd. — — — — — — — — SE Green Energy Co., Ltd. 3,525 — — — (49 ) — — 3,476 Daegu Photovoltaic Co., Ltd. 1,700 — — (349 ) 367 — — 1,718 Jeongam Wind Power Co., Ltd. 4,000 — — — (237 ) — — 3,763 Korea Power Engineering Service Co., Ltd. 2,810 — — (191 ) 1,030 — 10 3,659 Busan Green Energy Co., Ltd. 13,803 — (9,320 ) — 2,884 — (4 ) 7,363 Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.) ₩ — — — — — — — — Korea Electric Vehicle Charging Service 1,103 1,008 — — (362 ) — — 1,749 Ulleungdo Natural Energy Co., Ltd. 6,894 — — — (524 ) — — 6,370 Korea Nuclear Partners Co., Ltd. 248 — — — 135 — — 383 Tamra Offshore Wind Power Co., Ltd. 7,015 — — — 1,545 — — 8,560 Korea Electric Power Corporation Fund 50,856 — — — (2,171 ) (711 ) — 47,974 Energy Infra Asset Management Co., Ltd. 259 — — — 217 — — 476 Daegu clean Energy Co., Ltd. 140 — — — (129 ) — — 11 YaksuESS Co., Ltd 196 — — — (2 ) — — 194 Nepal Water & Energy Development Company Private Limited 18,667 15,009 — — (677 ) (2,501 ) — 30,498 Gwangyang Green Energy Co., Ltd. — 2,000 — — (228 ) — — 1,772 PND solar., Ltd — 1,250 — — — — — 1,250 4,092,252 85,509 (9,933 ) (32,065 ) (212,629 ) (94,337 ) 8,624 3,837,421 <Joint ventures> KEPCO-Uhde Inc. 301 — — — (43 ) — — 258 Eco Biomass Energy Sdn. Bhd. — — — — — — — — Datang Chaoyang Renewable Power Co., Ltd. 28,239 — — (839 ) 840 (978 ) — 27,262 Shuweihat Asia Power Investment B.V. — — — (1,707 ) 4,275 12,457 650 15,675 Shuweihat Asia Operation & Maintenance Company 450 — — (770 ) 1,055 (172 ) 100 663 Waterbury Lake Uranium L.P. 21,314 — — — (23 ) (949 ) (561 ) 19,781 ASM-BG 21,488 — — (946 ) (150 ) 810 — 21,202 RES Technology AD 13,582 — — — 1,053 (260 ) — 14,375 KV Holdings, Inc. 2,098 — — — 61 (241 ) — 1,918 KEPCO SPC Power Corporation 245,367 — — (37,443 ) 42,359 (33,230 ) 41 217,094 Canada Korea Uranium Limited partnership — — — — — — — — Gansu Datang Yumen Wind Power Co., Ltd. 12,821 — — — (1,299 ) (682 ) — 10,840 Datang Chifeng Renewable Power Co., Ltd. 166,535 — — — 14,079 (9,559 ) — 171,055 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 10,843 — — — 837 (620 ) — 11,060 Rabigh Electricity Company 97,802 — — (18,112 ) 35,769 (15,227 ) (876 ) 99,356 Rabigh Operation & Maintenance Company Limited 4,427 — — (2,130 ) 2,236 (546 ) — 3,987 Jamaica Public Service Company Limited 249,453 — — — — (28,300 ) — 221,153 KW Nuclear Components Co., Ltd. 7,133 — — (208 ) (222 ) — — 6,703 Busan Shinho Solar Power Co., Ltd. 3,814 — — (63 ) 595 — — 4,346 GS Donghae Electric Power Co., Ltd. 205,948 — — — 14,714 — 65 220,727 Global Trade Of Power System Co., Ltd. 477 — — — 100 — — 577 Expressway Solar-light Power Generation Co., Ltd. 2,343 — — — 120 — — 2,463 KODE NOVUS I LLC ₩ — — — — — — — — KODE NOVUS II LLC — — — — — — — — Daejung Offshore Wind Power Co., Ltd. 3,015 200 — — (246 ) — — 2,969 Amman Asia Electric Power Company 153,857 — — (12,213 ) 19,957 (15,925 ) — 145,676 KAPES, Inc. 4,758 — — — 2,752 — (34 ) 7,476 Dangjin Eco Power Co., Ltd. 53,253 5,440 — — (752 ) (3 ) (10 ) 57,928 Honam Wind Power Co., Ltd. 4,451 — — (487 ) 338 — — 4,302 Chun-cheon Energy Co., Ltd. 50,592 — — — (2,474 ) — — 48,118 Yeonggwangbaeksu Wind Power Co., Ltd. 2,689 — — — 45 — — 2,734 Nghi Son 2 Power Ltd. 229 993 — — (1,039 ) — — 183 Kelar S.A — 73,040 — — (633 ) (5,175 ) 1 67,233 PT. Tanjung Power Indonesia 1,946 — — — 2,112 (2,281 ) (1 ) 1,776 Incheon New Power Co., Ltd. 563 — — — 56 — — 619 Seokmun Energy Co., Ltd. 391 14,790 — — (1,219 ) (176 ) — 13,786 Daehan Wind Power PSC 16 — — — (40 ) 22 2 — Barakah One Company 116 — — — 570 (60 ) — 626 Nawah Energy Company 290 — — — (5 ) (27 ) — 258 MOMENTUM 67 — — — 321 3 — 391 Daegu Green Power Co., Ltd. 47,528 — — — (5,133 ) — (4 ) 42,391 Yeonggwang Wind Power Co., Ltd. — 15,375 — — (25 ) (56 ) — 15,294 Chester Solar IV SpA — 1,700 — — — — — 1,700 Chester Solar V SpA — 525 — — — — — 525 Diego de Almagro Solar SpA — 2,091 — — — — — 2,091 South Jamaica Power Company Limited — 7,090 — — — — (386 ) 6,704 1,418,196 121,244 — (74,918 ) 130,941 (101,175 ) (1,013 ) 1,493,275 ₩ 5,510,448 206,753 (9,933 ) (106,983 ) (81,688 ) (195,512 ) 7,611 5,330,696 (*1) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩23,798 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2017. (*2) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩3,440 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2017. (*3) ‘Others’ include ₩41,170 million of assets held-for-sale (*4) ‘Others’ include ₩4,438 million of assets held-for-sale available-for-sale |
Summary of financial information of associates and joint ventures | 2016 Investees Total assets Total liabilities Sales Profit (loss) for the period In millions of won <Associates> Korea Gas Corporation ₩ 39,927,836 30,541,350 21,108,116 (673,558 ) Korea Electric Power Industrial Development Co., Ltd. 144,346 73,742 304,067 17,187 YTN Co., Ltd. 304,536 126,324 130,690 2,051 Cheongna Energy Co., Ltd. 469,843 447,216 46,484 (16,127 ) Gangwon Wind Power Co., Ltd. 102,550 15,753 22,774 8,133 Hyundai Green Power Co., Ltd. 1,151,975 751,981 469,547 38,743 Korea Power Exchange 255,533 32,295 101,222 15,087 AMEC Partners Korea Ltd. 1,216 32 103 (25 ) Hyundai Energy Co., Ltd. 505,979 499,205 61,813 (45,800 ) Ecollite Co., Ltd. 2,157 336 — (105 ) Taebaek Wind Power Co., Ltd. 43,162 24,162 5,741 (2,796 ) Taeback Guinemi Wind Power Co., Ltd. 12,523 1 — (106 ) Pyeongchang Wind Power Co., Ltd. 75,440 61,909 3,997 (45 ) Daeryun Power Co., Ltd. 793,283 644,930 249,558 (32,291 ) Changjuk Wind Power Co., Ltd. 37,878 15,162 5,782 1,739 KNH Solar Co., Ltd. 25,878 18,199 4,006 638 SPC Power Corporation 191,562 42,042 73,674 42,617 Gemeng International Energy Co., Ltd. 5,822,879 3,821,905 1,233,972 66,370 PT. Cirebon Electric Power 988,975 637,491 265,813 114,653 KNOC Nigerian East Oil Co., Ltd. 272,964 358,211 — (7,051 ) KNOC Nigerian West Oil Co., Ltd. 165,396 243,713 — (6,562 ) PT Wampu Electric Power 222,004 171,595 19,260 7,550 PT. Bayan Resources TBK 945,436 845,963 593,441 402 S-Power 886,841 629,992 453,606 (14,885 ) Pioneer Gas Power Limited 345,791 276,978 14,353 396 Eurasia Energy Holdings 618 1,103 — — Xe-Pian Xe-Namnoy 772,699 543,472 — 6,458 Hadong Mineral Fiber Co., Ltd. — 20 — — Green Biomass Co., Ltd. 9,336 9,001 2,892 (972 ) PT. Mutiara Jawa 28,104 34,671 7,175 (1,361 ) Samcheok Eco Materials Co., Ltd. 24,143 254 — (1,945 ) Noeul Green Energy Co., Ltd. 115,062 110,866 203 (1,155 ) Naepo Green Energy Co., Ltd. 104,029 2,276 4,912 (5,230 ) Goseong Green Energy Co., Ltd. 356,546 110,753 — (5,489 ) Gangneung Eco Power Co., Ltd. 176,805 6,503 — (3,494 ) Shin Pyeongtaek Power Co., Ltd. 54,174 60,518 — (3,291 ) Heang Bok Do Si Photovoltaic Power Co., Ltd. 2,937 2,297 427 (47 ) DS POWER Co., Ltd. 726,699 618,793 276,324 (10,031 ) Dongducheon Dream Power Co., Ltd. 1,670,945 1,427,773 946,379 (27,936 ) KS Solar Co., Ltd. 27,213 24,035 4,152 (79 ) Jinbhuvish Power Generation Pvt. Ltd. 70,273 14,513 — (950 ) SE Green Energy Co., Ltd. 7,381 — — (103 ) Daegu Photovoltaic Co., Ltd. 18,909 13,047 3,317 739 Jeongam Wind Power Co., Ltd. ₩ 13,199 3,199 — (1,496 ) Korea Power Engineering Service Co., Ltd. 13,401 3,713 27,394 3,463 Busan Green Energy Co., Ltd. 147,843 100,247 — (2,444 ) Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.) 11,340 12,037 — (5,489 ) Korea Electric Vehicle Charging Service 10,545 6,604 5,177 (1,225 ) Ulleungdo Natural Energy Co., Ltd. 24,836 1,738 — (1,730 ) Korea Nuclear Partners Co., Ltd. 1,363 507 372 (140 ) Tamra Offshore Wind Power Co., Ltd. 127,880 101,900 983 (6,307 ) Korea Electric Power Corporation Fund 51,970 128 3 (647 ) Energy Infra Asset Management Co., Ltd. 2,779 160 32 (381 ) Daegu clean Energy Co., Ltd. 500 — — — YaksuESS Co., Ltd 6,474 5,801 — (48 ) Nepal Water & Energy Development Company Private Limited 43,788 10,477 — (703 ) <Joint ventures> KEPCO-Uhde Inc. 624 33 — (16,855 ) Eco Biomass Energy Sdn. Bhd. — — — — Datang Chaoyang Renewable Power Co., Ltd. 142,684 72,086 18,628 3,462 Shuweihat Asia Power Investment B.V. 282 4 — 12,380 Shuweihat Asia Operation & Maintenance Company 1,016 13 2,388 1,723 Waterbury Lake Uranium L.P. 56,181 47 — — ASM-BG 79,898 36,921 12,604 3,105 RES Technology AD 68,553 41,389 7,798 (139 ) KV Holdings, Inc. 5,245 1 — 1,072 KEPCO SPC Power Corporation 448,069 121,783 165,046 63,689 Canada Korea Uranium Limited Partnership 285 144 — (59 ) Gansu Datang Yumen Wind Power Co., Ltd. 89,517 57,464 4,263 (6,815 ) Datang Chifeng Renewable Power Co., Ltd. 813,804 397,344 99,795 19,042 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 62,600 35,493 8,742 2,505 Rabigh Electricity Company 2,691,654 2,258,772 278,431 37,791 Rabigh Operation & Maintenance Company Limited 25,032 13,965 25,607 4,870 Jamaica Public Service Company Limited 1,291,008 659,296 827,298 25,324 KW Nuclear Components Co., Ltd. 26,417 11,990 26,481 9,452 Busan Shinho Solar Power Co., Ltd. 47,789 32,533 6,770 1,247 GS Donghae Electric Power Co., Ltd. 1,952,297 1,346,568 19,851 16,396 Global Trade Of Power System Co., Ltd. 1,661 18 2,667 205 Expressway Solar-light Power Generation Co., Ltd. 20,790 12,710 3,395 960 KODE NOVUS I LLC 14,286 104,252 2,362 (50,151 ) KODE NOVUS II LLC 3,236 50,267 810 (22,582 ) Daejung Offshore Wind Power Co., Ltd. 6,076 34 — (675 ) Amman Asia Electric Power Company 881,164 624,590 13,631 29,684 KAPES, Inc. 145,576 136,247 31,852 456 Dangjin Eco Power Co., Ltd. 149,926 1,001 — (2,023 ) Honam Wind Power Co., Ltd. ₩ 41,614 26,375 6,776 2,171 Chun-cheon Energy Co., Ltd. 548,306 379,113 — (3,684 ) Yeonggwangbaeksu Wind Power Co., Ltd. 99,773 81,881 11,208 (26 ) Nghi Son 2 Power Ltd. 757 302 — (1,481 ) Kelar S.A 617,803 712,124 — (4,109 ) PT. Tanjung Power Indonesia 203,051 197,491 122,583 3,821 Incheon New Power Co., Ltd. 7,902 5,961 2,985 168 Seokmun Energy Co., Ltd. 235,905 234,556 — (543 ) Daehan Wind Power PSC 750 714 — (523 ) Barakah One Company 17,117,338 17,116,680 — — Nawah Energy Company 1,645 — — — MOMENTUM 2,749 2,547 2,886 194 Daegu Green Power Co., Ltd. 636,438 547,017 265,621 (3,981 ) 2017 Investees Total assets Total liabilities Sales Profit (loss) for the period In millions of won <Associates> Korea Gas Corporation ₩ 37,139,439 28,999,025 22,172,305 (1,205,110 ) Korea Electric Power Industrial Development Co., Ltd. 155,033 79,730 334,547 16,126 YTN Co., Ltd. 298,122 108,554 131,080 3,638 Cheongna Energy Co., Ltd. 461,958 448,535 56,533 (9,203 ) Gangwon Wind Power Co., Ltd. 94,281 2,243 25,963 11,121 Hyundai Green Power Co., Ltd. 1,150,729 754,846 477,373 26,543 Korea Power Exchange 263,499 25,868 105,107 8,831 AMEC Partners Korea Ltd. 1,135 4 1 (53 ) Hyundai Energy Co., Ltd. 474,939 511,486 92,992 (43,317 ) Ecollite Co., Ltd. 2,052 352 — (121 ) Taebaek Wind Power Co., Ltd. 39,227 17,953 7,056 2,312 Taeback Guinemi Wind Power Co., Ltd. 12,369 12 — (140 ) Pyeongchang Wind Power Co., Ltd. 77,152 60,606 11,907 3,038 Daeryun Power Co., Ltd. 779,258 655,377 156,508 (23,978 ) Changjuk Wind Power Co., Ltd. 35,794 10,745 6,981 2,317 KNH Solar Co., Ltd. 24,432 16,215 3,947 628 SPC Power Corporation 137,586 — 68,149 37,395 Gemeng International Energy Co., Ltd. 6,496,294 4,584,608 1,334,833 21,769 PT. Cirebon Electric Power 903,429 549,212 280,452 38,448 KNOC Nigerian East Oil Co., Ltd. 241,808 329,639 — (10,754 ) KNOC Nigerian West Oil Co., Ltd. 147,185 227,588 — (9,768 ) PT Wampu Electric Power 212,095 148,177 779 8,114 PT. Bayan Resources TBK 908,106 556,881 811,515 243,621 S-Power 859,633 617,224 489,042 (14,470 ) Pioneer Gas Power Limited 339,271 296,898 8,215 (27,796 ) Eurasia Energy Holdings 548 978 — — Xe-Pian Xe-Namnoy 858,789 607,462 — (16,677 ) Hadong Mineral Fiber Co., Ltd. 203 231 — (260 ) Green Biomass Co., Ltd. 6,379 4,018 2,337 (956 ) PT. Mutiara Jawa ₩ 27,098 29,670 13,574 3,455 Samcheok Eco Materials Co., Ltd. 23,729 270 15 (541 ) Noeul Green Energy Co., Ltd. 127,980 120,852 43,099 2,932 Naepo Green Energy Co., Ltd. 121,375 71,945 5,696 (5,603 ) Goseong Green Energy Co., Ltd. 1,081,238 841,330 — (5,811 ) Gangneung Eco Power Co., Ltd. 186,765 20,344 — (3,407 ) Shin Pyeongtaek Power Co., Ltd. 175,870 90,662 — (4,585 ) Heang Bok Do Si Photovoltaic Power Co., Ltd. 2,782 2,120 451 22 Dongducheon Dream Power Co., Ltd. 1,575,175 1,365,845 813,440 (33,740 ) Jinbhuvish Power Generation Pvt. Ltd. 66,047 13,640 — — SE Green Energy Co., Ltd. 7,278 — — (103 ) Daegu Photovoltaic Co., Ltd. 17,262 11,339 3,714 1,263 Jeongam Wind Power Co., Ltd. 67,427 58,019 — (580 ) Korea Power Engineering Service Co., Ltd. 15,738 3,121 22,283 3,783 Busan Green Energy Co., Ltd. 193,253 167,864 34,280 9,946 Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.) 9,648 16,462 — (6,109 ) Korea Electric Vehicle Charging Service 14,650 8,404 8,399 (1,295 ) Ulleungdo Natural Energy Co., Ltd. 25,842 4,501 — (1,758 ) Korea Nuclear Partners Co., Ltd. 2,033 711 1,345 465 Tamra Offshore Wind Power Co., Ltd. 163,740 132,036 4,392 (191 ) Korea Electric Power Corporation Fund 49,170 265 666 (2,213 ) Energy Infra Asset Management Co., Ltd. 5,240 431 5,807 2,203 Daegu clean Energy Co., Ltd. 252 212 — (460 ) YaksuESS Co., Ltd 7,105 6,437 381 (6 ) Nepal Water & Energy Development Company Private Limited 58,121 11,670 — (968 ) Gwangyang Green Energy Co., Ltd. 20,165 11,393 — (1,139 ) PND solar., Ltd 10,508 6,729 — (406 ) <Joint ventures> KEPCO-Uhde Inc. 515 7 — (86 ) Eco Biomass Energy Sdn. Bhd. — — — — Datang Chaoyang Renewable Power Co., Ltd. 138,463 70,309 17,776 2,149 Shuweihat Asia Power Investment B.V. 32,001 10 — (170 ) Shuweihat Asia Operation & Maintenance Company 1,220 14 2,580 1,918 Waterbury Lake Uranium L.P. 55,563 250 — — ASM-BG 87,110 44,706 12,611 (262 ) RES Technology AD 71,595 42,845 7,793 2,164 KV Holdings, Inc. 4,795 — 671 677 KEPCO SPC Power Corporation 318,911 30,222 186,725 57,364 Gansu Datang Yumen Wind Power Co., Ltd. 81,960 54,859 6,938 (3,253 ) Datang Chifeng Renewable Power Co., Ltd. 762,605 334,843 113,329 35,294 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 60,913 33,264 8,442 2,094 Rabigh Electricity Company 2,364,522 1,936,403 287,105 78,948 Rabigh Operation & Maintenance Company Limited 19,992 10,025 22,668 5,668 Jamaica Public Service Company Limited ₩ 1,276,279 752,617 946,365 24,601 KW Nuclear Components Co., Ltd. 25,693 10,221 6,486 1,493 Busan Shinho Solar Power Co., Ltd. 47,959 30,573 7,984 2,383 GS Donghae Electric Power Co., Ltd. 2,179,465 1,530,266 351,814 43,180 Global Trade Of Power System Co., Ltd. 3,576 1,586 4,079 365 Expressway Solar-light Power Generation Co., Ltd. 19,143 10,651 3,018 643 KODE NOVUS I LLC 755 108,132 14 (8,117 ) KODE NOVUS II LLC 292 47,683 — (6,018 ) Daejung Offshore Wind Power Co., Ltd. 6,193 243 — (493 ) Amman Asia Electric Power Company 759,114 516,174 18,034 33,514 KAPES, Inc. 70,679 56,021 129,962 5,397 Dangjin Eco Power Co., Ltd. 163,197 521 — (2,182 ) Honam Wind Power Co., Ltd. 39,675 24,951 5,961 1,166 Chun-cheon Energy Co., Ltd. 699,652 538,733 164,294 (8,145 ) Yeonggwangbaeksu Wind Power Co., Ltd. 94,810 76,621 11,124 297 Nghi Son 2 Power Ltd. 741 376 — (2,068 ) Kelar S.A 613,293 513,101 90,435 17,590 PT. Tanjung Power Indonesia 374,702 369,627 209,923 6,219 Incheon New Power Co., Ltd. 7,194 5,059 2,972 184 Seokmun Energy Co., Ltd. 247,735 200,197 35,135 (3,939 ) Daehan Wind Power PSC 928 1,752 — (904 ) Barakah One Company 17,574,885 17,571,409 — (1,358 ) Nawah Energy Company 1,459 23 — (11 ) MOMENTUM 5,028 3,854 11,555 939 Daegu Green Power Co., Ltd. 602,809 531,103 256,359 (17,700 ) Yeonggwang Wind Power Co., Ltd. 212,802 176,062 — (62 ) Chester Solar IV SpA 11,660 9,626 331 151 Chester Solar V SpA 2,081 1,569 — (49 ) Diego de Almagro Solar SpA 8,266 5,830 — (103 ) South Jamaica Power Company Limited 153,958 120,436 — (755 ) |
Financial information of associates and joint ventures in consolidated financial statements | Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2016 and 2017 are as follows: 2016 Investees Net assets Percentage of Share in net assets Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 9,386,486 21.57 % 2,024,665 — — (90,788 ) 1,933,877 Korea Electric Power Industrial Development Co., Ltd. 70,604 29.00 % 20,475 — — — 20,475 YTN Co., Ltd. 178,212 21.43 % 38,191 — (30 ) (5 ) 38,156 Cheongna Energy Co., Ltd. 22,627 43.90 % 9,933 2,584 (144 ) — 12,373 Gangwon Wind Power Co., Ltd. 86,797 15.00 % 13,020 — — 49 13,069 Hyundai Green Power Co., Ltd. 399,994 29.00 % 115,998 — — — 115,998 Korea Power Exchange 223,238 100.00 % 223,238 — — — 223,238 AMEC Partners Korea Ltd. 1,184 19.00 % 225 — — — 225 Hyundai Energy Co., Ltd. 6,774 46.30 % 3,136 — (1,079 ) (1,026 ) 1,031 Ecollite Co., Ltd. 1,821 36.10 % 657 — — (657 ) — Taebaek Wind Power Co., Ltd. 19,000 25.00 % 4,750 — — — 4,750 Taeback Guinemi Wind Power Co., Ltd. 12,522 25.00 % 3,131 — — — 3,131 Pyeongchang Wind Power Co., Ltd. ₩ 13,531 25.00 % 3,383 — — — 3,383 Daeryun Power Co., Ltd. 148,353 19.45 % 28,855 1,014 — 4 29,873 Changjuk Wind Power Co., Ltd. 22,716 30.00 % 6,815 — — 115 6,930 KNH Solar Co., Ltd. 7,679 27.00 % 2,073 — — — 2,073 SPC Power Corporation 149,520 38.00 % 56,818 — — — 56,818 Gemeng International Energy Co., Ltd. 2,000,974 34.00 % 680,331 — — (266 ) 680,065 PT. Cirebon Electric Power 351,484 27.50 % 96,658 — — — 96,658 KNOC Nigerian East Oil Co., Ltd. (85,247 ) 14.63 % (12,472 ) — — 12,472 — KNOC Nigerian West Oil Co., Ltd. (78,317 ) 14.63 % (11,458 ) — — 11,458 — PT Wampu Electric Power 50,409 46.00 % 23,188 — — — 23,188 PT. Bayan Resources TBK 99,473 20.00 % 19,895 482,109 — (99,337 ) 402,667 S-Power 256,849 49.00 % 125,856 — (1,944 ) — 123,912 Pioneer Gas Power Limited 68,813 40.00 % 27,525 23,147 — 68 50,740 Eurasia Energy Holdings (485 ) 40.00 % (194 ) — — 194 — Xe-Pian Xe-Namnoy 229,227 25.00 % 57,307 (4,802 ) (672 ) (289 ) 51,544 Hadong Mineral Fiber Co., Ltd. (20 ) 25.00 % (5 ) — — 5 — Green Biomass Co., Ltd. 335 14.00 % 47 — — — 47 PT. Mutiara Jawa (6,567 ) 29.00 % (1,904 ) 70 — 1,834 — Samcheok Eco Materials Co., Ltd. 23,889 2.35 % 561 — — (561 ) — Noeul Green Energy Co., Ltd. 4,196 29.00 % 1,217 — — — 1,217 Naepo Green Energy Co., Ltd. 101,753 25.00 % 25,438 — — — 25,438 Goseong Green Energy Co., Ltd. 245,793 1.12 % 2,742 — (79 ) — 2,663 Gangneung Eco Power Co., Ltd. 170,302 1.61 % 2,744 — (98 ) — 2,646 Shin Pyeongtaek Power Co., Ltd. (6,344 ) 40.00 % (2,538 ) — (3,380 ) 5,918 — Heang Bok Do Si Photovoltaic Power Co., Ltd. 640 28.00 % 179 — — 2 181 DS POWER Co., Ltd. 107,906 14.44 % 15,582 — (7,302 ) (1,090 ) 7,190 Dongducheon Dream Power Co., Ltd. 243,172 33.61 % 81,730 — (4,768 ) (30,086 ) 46,876 KS Solar Co., Ltd. 3,178 19.00 % 604 — — — 604 Jinbhuvish Power Generation Pvt. Ltd. 55,760 5.16 % 2,877 — — (2,877 ) — SE Green Energy Co., Ltd. 7,381 47.76 % 3,525 — — — 3,525 Daegu Photovoltaic Co., Ltd. 5,862 29.00 % 1,700 — — — 1,700 Jeongam Wind Power Co., Ltd. 10,000 40.00 % 4,000 — — — 4,000 Korea Power Engineering Service Co., Ltd. 9,688 29.00 % 2,810 — — — 2,810 Busan Green Energy Co., Ltd. 47,596 29.00 % 13,803 — — — 13,803 Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.) (697 ) 18.87 % (132 ) — — 132 — Korea Electric Vehicle Charging Service 3,941 28.00 % 1,103 — — — 1,103 Ulleungdo Natural Energy Co., Ltd. 23,098 29.85 % 6,895 — — (1 ) 6,894 Korea Nuclear Partners Co., Ltd. 856 29.00 % 248 — — — 248 Tamra Offshore Wind Power Co., Ltd. 25,980 27.00 % 7,015 — — — 7,015 Korea Electric Power Corporation Fund 51,842 98.09 % 50,852 — — 4 50,856 Energy Infra Asset Management Co., Ltd. 2,619 9.90 % 259 — — — 259 Daegu clean Energy Co., Ltd. 500 28.00 % 140 — — — 140 YaksuESS Co., Ltd 673 29.00 % 195 — — 1 196 Nepal Water & Energy Development Company Private Limited 33,311 52.77 % 17,578 972 — 117 18,667 <Joint ventures> KEPCO-Uhde Inc. 591 50.85 % 301 — — — 301 Eco Biomass Energy Sdn. Bhd. — 61.53 % — — — — — Datang Chaoyang Renewable Power Co., Ltd. 70,598 40.00 % 28,239 — — — 28,239 Shuweihat Asia Power Investment B.V. 278 49.00 % 136 — — (136 ) — Shuweihat Asia Operation & Maintenance Company 1,003 55.00 % 552 — — (102 ) 450 Waterbury Lake Uranium L.P. 56,134 36.97 % 20,753 — — 561 21,314 ASM-BG 42,977 50.00 % 21,489 — — (1 ) 21,488 RES Technology AD 27,164 50.00 % 13,582 — — — 13,582 KV Holdings, Inc. 5,244 40.00 % 2,098 — — — 2,098 KEPCO SPC Power Corporation 326,286 75.20 % 245,367 — — — 245,367 Canada Korea Uranium Limited Partnership 141 12.50 % 18 — — (18 ) — Gansu Datang Yumen Wind Power Co., Ltd. ₩ 32,053 40.00 % 12,821 — — — 12,821 Datang Chifeng Renewable Power Co., Ltd. 416,460 40.00 % 166,584 — — (49 ) 166,535 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 27,107 40.00 % 10,843 — — — 10,843 Rabigh Electricity Company 432,882 40.00 % 173,153 — (75,311 ) (40 ) 97,802 Rabigh Operation & Maintenance Company Limited 11,067 40.00 % 4,427 — — — 4,427 Jamaica Public Service Company Limited 631,712 40.00 % 252,685 (80,161 ) — 76,929 249,453 KW Nuclear Components Co., Ltd. 14,427 45.00 % 6,492 90 — 551 7,133 Busan Shinho Solar Power Co., Ltd. 15,256 25.00 % 3,814 — — — 3,814 GS Donghae Electric Power Co., Ltd. 605,729 34.00 % 205,948 — — — 205,948 Global Trade Of Power System Co., Ltd. 1,643 29.00 % 476 — — 1 477 Expressway Solar-light Power Generation Co., Ltd. 8,080 29.00 % 2,343 — — — 2,343 KODE NOVUS I LLC (89,966 ) 50.00 % (44,983 ) 4,732 — 40,251 — KODE NOVUS II LLC (47,031 ) 50.00 % (23,516 ) — — 23,516 — Daejung Offshore Wind Power Co., Ltd. 6,042 49.90 % 3,015 — — — 3,015 Amman Asia Electric Power Company 256,574 60.00 % 153,944 — — (87 ) 153,857 KAPES, Inc. 9,329 51.00 % 4,758 — — — 4,758 Dangjin Eco Power Co., Ltd. 148,925 34.00 % 50,635 2,618 — — 53,253 Honam Wind Power Co., Ltd. 15,239 29.00 % 4,419 32 — — 4,451 Chun-cheon Energy Co., Ltd. 169,193 29.90 % 50,589 3 — — 50,592 Yeonggwangbaeksu Wind Power Co., Ltd. 17,892 15.00 % 2,684 5 — — 2,689 Nghi Son 2 Power Ltd. 455 50.00 % 228 — — 1 229 Kelar S.A (94,321 ) 65.00 % (61,309 ) 2,424 — 58,885 — PT. Tanjung Power Indonesia 5,560 35.00 % 1,946 — — — 1,946 Incheon New Power Co., Ltd. 1,941 29.00 % 563 — — — 563 Seokmun Energy Co., Ltd. 1,349 29.00 % 391 — — — 391 Daehan Wind Power PSC 36 50.00 % 18 — — (2 ) 16 Barakah One Company 658 18.00 % 118 — — (2 ) 116 Nawah Energy Company 1,645 18.00 % 296 — — (6 ) 290 MOMENTUM 202 33.33 % 67 — — — 67 Daegu Green Power Co., Ltd. 89,421 29.00 % 25,932 84 — 21,512 47,528 (*) The percentage of ownership shown above is after considering the treasury stocks and others. 2017 Investees Net assets Percentage of Share in net assets Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 8,140,414 21.57 % 1,755,887 — — (137,019 ) 1,618,868 Korea Electric Power Industrial Development Co., Ltd. 75,303 29.00 % 21,838 — — — 21,838 YTN Co., Ltd. 189,568 21.43 % 40,624 — (18 ) — 40,606 Cheongna Energy Co., Ltd. 13,423 43.90 % 5,893 2,584 (140 ) — 8,337 Gangwon Wind Power Co., Ltd. 92,038 15.00 % 13,806 — — 49 13,855 Hyundai Green Power Co., Ltd. 395,883 29.00 % 114,806 — — — 114,806 Korea Power Exchange 237,631 100.00 % 237,631 — — — 237,631 AMEC Partners Korea Ltd. 1,131 19.00 % 215 — — — 215 Hyundai Energy Co., Ltd. (36,547 ) 46.30 % (16,921 ) — (1,037 ) 17,958 — Ecollite Co., Ltd. 1,700 36.10 % 614 — — (614 ) — Taebaek Wind Power Co., Ltd. 21,274 25.00 % 5,319 — — — 5,319 Taeback Guinemi Wind Power Co., Ltd. 12,357 25.00 % 3,089 — — — 3,089 Pyeongchang Wind Power Co., Ltd. 16,546 25.00 % 4,136 — — — 4,136 Daeryun Power Co., Ltd. 123,881 19.45 % 24,095 1,014 — 4 25,113 Changjuk Wind Power Co., Ltd. 25,049 30.00 % 7,515 — — — 7,515 KNH Solar Co., Ltd. 8,217 27.00 % 2,218 — — — 2,218 SPC Power Corporation 137,586 38.00 % 52,283 — — — 52,283 Gemeng International Energy Co., Ltd. 1,911,686 34.00 % 649,973 — — — 649,973 PT. Cirebon Electric Power 354,217 27.50 % 97,410 — — — 97,410 KNOC Nigerian East Oil Co., Ltd. ₩ (87,831 ) 14.63 % (12,850 ) — — 12,850 — KNOC Nigerian West Oil Co., Ltd. (80,403 ) 14.63 % (11,763 ) — — 11,763 — PT Wampu Electric Power 63,918 46.00 % 29,403 — — — 29,403 PT. Bayan Resources TBK 351,225 20.00 % 70,245 482,109 — (100,523 ) 451,831 S-Power 242,409 49.00 % 118,780 — (1,835 ) — 116,945 Pioneer Gas Power Limited 42,373 38.50 % 16,314 22,278 — 67 38,659 Eurasia Energy Holdings (430 ) 40.00 % (172 ) — — 172 — Xe-Pian Xe-Namnoy 251,327 25.00 % 62,832 74 (838 ) (289 ) 61,779 Hadong Mineral Fiber Co., Ltd. (28 ) 8.33 % (2 ) — — 2 — Green Biomass Co., Ltd. 2,361 8.80 % 208 — — — 208 PT. Mutiara Jawa (2,572 ) 29.00 % (746 ) — — 746 — Samcheok Eco Materials Co., Ltd. 23,459 2.35 % 551 — — (551 ) — Noeul Green Energy Co., Ltd. 7,128 29.00 % 2,067 — — — 2,067 Naepo Green Energy Co., Ltd. 49,430 41.67 % 20,598 — — — 20,598 Goseong Green Energy Co., Ltd. 239,908 1.12 % 2,676 — (79 ) — 2,597 Gangneung Eco Power Co., Ltd. 166,421 1.61 % 2,681 — (98 ) — 2,583 Shin Pyeongtaek Power Co., Ltd. 85,208 40.00 % 34,083 7,808 (6,988 ) — 34,903 Heang Bok Do Si Photovoltaic Power Co., Ltd. 662 28.00 % 185 — — 2 187 Dongducheon Dream Power Co., Ltd. 209,330 33.61 % 70,356 — (4,409 ) (12,714 ) 53,233 Jinbhuvish Power Generation Pvt. Ltd. 52,407 5.16 % 2,704 — — (2,704 ) — SE Green Energy Co., Ltd. 7,278 47.76 % 3,476 — — — 3,476 Daegu Photovoltaic Co., Ltd. 5,923 29.00 % 1,718 — — — 1,718 Jeongam Wind Power Co., Ltd. 9,408 40.00 % 3,763 — — — 3,763 Korea Power Engineering Service Co., Ltd. 12,617 29.00 % 3,659 — — — 3,659 Busan Green Energy Co., Ltd. 25,389 29.00 % 7,363 — — — 7,363 Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.) (6,814 ) 18.87 % (1,286 ) — — 1,286 — Korea Electric Vehicle Charging Service 6,246 28.00 % 1,749 — — — 1,749 Ulleungdo Natural Energy Co., Ltd. 21,341 29.85 % 6,370 — — — 6,370 Korea Nuclear Partners Co., Ltd. 1,322 29.00 % 383 — — — 383 Tamra Offshore Wind Power Co., Ltd. 31,704 27.00 % 8,560 — — — 8,560 Korea Electric Power Corporation Fund 48,905 98.09 % 47,971 — — 3 47,974 Energy Infra Asset Management Co., Ltd. 4,809 9.90 % 476 — — — 476 Daegu clean Energy Co., Ltd. 40 28.00 % 11 — — — 11 YaksuESS Co., Ltd 668 29.00 % 193 — — 1 194 Nepal Water & Energy Development Company Private Limited 46,451 62.13 % 28,860 972 — 666 30,498 Gwangyang Green Energy Co., Ltd. 8,772 20.00 % 1,754 18 — — 1,772 PND solar., Ltd 3,779 29.00 % 1,096 154 — — 1,250 <Joint ventures> KEPCO-Uhde Inc. 508 50.85 % 258 — — — 258 Eco Biomass Energy Sdn. Bhd. — 61.53 % — — — — — Datang Chaoyang Renewable Power Co., Ltd. 68,154 40.00 % 27,262 — — — 27,262 Shuweihat Asia Power Investment B.V. 31,991 49.00 % 15,675 — — — 15,675 Shuweihat Asia Operation & Maintenance Company 1,206 55.00 % 663 — — — 663 Waterbury Lake Uranium L.P. 55,313 35.76 % 19,780 — — 1 19,781 ASM-BG 42,404 50.00 % 21,202 — — — 21,202 RES Technology AD 28,750 50.00 % 14,375 — — — 14,375 KV Holdings, Inc. 4,795 40.00 % 1,918 — — — 1,918 KEPCO SPC Power Corporation 288,689 75.20 % 217,094 — — — 217,094 Gansu Datang Yumen Wind Power Co., Ltd. 27,101 40.00 % 10,840 — — — 10,840 Datang Chifeng Renewable Power Co., Ltd. 427,762 40.00 % 171,105 — — (50 ) 171,055 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 27,649 40.00 % 11,060 — — — 11,060 Rabigh Electricity Company 428,119 40.00 % 171,248 — (70,978 ) (914 ) 99,356 Rabigh Operation & Maintenance Company Limited ₩ 9,967 40.00 % 3,987 — — — 3,987 Jamaica Public Service Company Limited 523,662 40.00 % 209,464 (80,161 ) — 91,850 221,153 KW Nuclear Components Co., Ltd. 15,472 45.00 % 6,962 — — (259 ) 6,703 Busan Shinho Solar Power Co., Ltd. 17,386 25.00 % 4,346 — — — 4,346 GS Donghae Electric Power Co., Ltd. 649,199 34.00 % 220,727 — — — 220,727 Global Trade Of Power System Co., Ltd. 1,990 29.00 % 577 — — — 577 Expressway Solar-light Power Generation Co., Ltd. 8,492 29.00 % 2,463 — — — 2,463 KODE NOVUS I LLC (107,377 ) 50.00 % (53,689 ) — — 53,689 — KODE NOVUS II LLC (47,391 ) 50.00 % (23,696 ) — — 23,696 — Daejung Offshore Wind Power Co., Ltd. 5,950 49.90 % 2,969 — — — 2,969 Amman Asia Electric Power Company 242,940 60.00 % 145,764 — — (88 ) 145,676 KAPES, Inc. 14,658 51.00 % 7,476 — — — 7,476 Dangjin Eco Power Co., Ltd. 162,676 34.00 % 55,310 2,618 — — 57,928 Honam Wind Power Co., Ltd. 14,724 29.00 % 4,270 32 — — 4,302 Chun-cheon Energy Co., Ltd. 160,919 29.90 % 48,115 3 — — 48,118 Yeonggwangbaeksu Wind Power Co., Ltd. 18,189 15.00 % 2,728 6 — — 2,734 Nghi Son 2 Power Ltd. 365 50.00 % 183 — — — 183 Kelar S.A 100,192 65.00 % 65,125 2,424 — (316 ) 67,233 PT. Tanjung Power Indonesia 5,075 35.00 % 1,776 — — — 1,776 Incheon New Power Co., Ltd. 2,135 29.00 % 619 — — — 619 Seokmun Energy Co., Ltd. 47,538 29.00 % 13,786 — — — 13,786 Daehan Wind Power PSC (824 ) 50.00 % (412 ) — — 412 — Barakah One Company 3,476 18.00 % 626 — — — 626 Nawah Energy Company 1,436 18.00 % 258 — — — 258 MOMENTUM 1,174 33.33 % 391 — — — 391 Daegu Green Power Co., Ltd. 71,706 29.00 % 20,795 — 84 21,512 42,391 Yeonggwang Wind Power Co., Ltd. 36,740 41.00 % 15,063 231 — — 15,294 Chester Solar IV SpA 2,034 81.82 % 1,664 — — 36 1,700 Chester Solar V SpA 512 81.82 % 419 — — 106 525 Diego de Almagro Solar SpA 2,436 81.82 % 1,993 — — 98 2,091 South Jamaica Power Company Limited 33,522 20.00 % 6,704 — — — 6,704 (*) The percentage of ownership shown above is after considering the treasury stocks and others. |
Unrecognized equity interest in investments in associates and joint ventures | 2016 2017 Unrecognized Accumulated unrecognized Unrecognized Accumulated unrecognized In millions of won Shin Pyeongtaek Power Co., Ltd. ₩ 1,211 2,537 (2,537 ) — Seokmun Energy Co., Ltd. (205 ) — — — Kelar S.A 43,920 61,309 (61,309 ) — Hadong Mineral Fiber Co., Ltd. — 5 (3 ) 2 PT. Mutiara Jawa 554 1,905 (1,159 ) 746 Eurasia Energy Holdings 6 194 (22 ) 172 KODE NOVUS I LLC 22,194 44,983 8,706 53,689 KODE NOVUS II LLC 12,340 23,515 181 23,696 Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.) 132 132 1,154 1,286 Daehan Wind Power PSC — — 412 412 |
Shareholders’ agreements on investments in associates and joint ventures | (i) Gemeng International Energy Co., Ltd. Gemeng International Energy Co., Ltd., issued put options on 8% of its shares to its financial investors, KEPCO Woori Sprott PEF (NPS Co-Pa (ii) Hyundai Energy Co., Ltd. The Company had placed guarantees for a fixed return on the investment to NH Power II Co., Ltd. and National Agricultural Cooperative Federation (“NACF”) and had obtained the rights to acquire the investment securities in return preferentially. In addition, NH Power II Co., Ltd. and NACF have a right, which can be exercised for 30 days starting from 2 months to 1 month prior to 17 years after the termination date of the contract to sell their shares to the Company. (iii) Taebaek Wind Power Co., Ltd. In case non-controlling (iv) Pyeongchang Wind Power Co., Ltd. In case non-controlling (v) Jeongam Wind Power Co., Ltd. In case non-controlling (vi) Daejung Offshore Wind Power Co., Ltd. In case Samsung Heavy Industries Co., Ltd., a co-participant (vii) Samcheok Eco Materials Co., Ltd. The Company has the rights to purchase the stocks should preferred stockholders elect to sell their stocks on the expected sell date (3 years from preferred stock payment date) and is required to guarantee the promised yield when preferred stockholders sell their stocks. (viii) Hyundai Green Power Co., Ltd. As of December 31, 2017, Hyundai Green Power Co., Ltd., an associate of the Company, which engages in the byproduct gas power generating business, entered into a project financing agreement with a limit of ₩919.2 billion with Korea Development Bank and others. At a certain period in the future, the Company has an appraisal right against the financial investors (Korea Development Bank and others) and also has an obligation to sell its shares when claimed by the financial investors. At a certain period in the future, the Company has an appraisal right against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, “Hyundai Steel Company”), the operating investor of Hyundai Green Power Co., Ltd., according to the conditions of the agreement and also has an obligation to sell its shares when claimed by Hyundai Steel Company. |
Significant restrictions on its abilities to associates or joint ventures | Company Nature and extent of any significant restrictions Daeryun Power Co., Ltd. Principals on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Changjuk Wind Power Co., Ltd. Principals on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Taebaek Wind Power Co., Ltd. Financial institutions can reject or defer an approval with regard to the request for fund executions on subordinated loans of shareholders in order to pay senior loans based on the loan agreement. Pyeongchang Wind Power Co., Ltd. Principals on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Daegu Green Power Co., Ltd. Principals on subordinated loans or 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 is obtained. KNH Solar Co., Ltd. Principal and interest, dividends to shareholders cannot be paid without written consent of financial institutions. |