Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 |
Investments in Associates and Joint Ventures [Abstract] | |
Investments in Associates and Joint Ventures | Investments in associates and joint ventures as of December 31, 2017 and 2018 are as follows: 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. Ltd.(*2) 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.(*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 Company(*6) 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 LLC 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 effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is 100%. However, 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) The effective percentage of ownership is more than 100%. However, 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 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. 2018 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Associates> Korea Gas Corporation(*1) Importing and wholesaling LNG KOREA 20.47 % ₩ 94,500 1,701,848 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 40,338 Cheongna Energy Co., Ltd. Generating and distributing vapor and hot/cold water KOREA 43.90 % 48,353 3,465 Gangwon Wind Power Co., Ltd.(*2) Power generation KOREA 15.00 % 5,725 13,220 Hyundai Green Power Co., Ltd. Power generation KOREA 29.00 % 88,885 127,160 Korea Power Exchange(*5) Management of power market and others KOREA 100.00 % 127,839 251,802 AMEC Partners Korea Ltd.(*3) Resources development KOREA 19.00 % 707 209 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 5,665 Taeback Guinemi Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,420 2,569 Pyeongchang Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,875 5,419 Daeryun Power Co., Ltd.(*3) Power generation KOREA 9.34 % 40,854 26,099 Changjuk Wind Power Co., Ltd. Power generation KOREA 30.00 % 3,801 8,086 KNH Solar Co., Ltd. Power generation KOREA 27.00 % 1,296 2,337 SPC Power Corporation Power generation PHILIPPINES 38.00 % 20,635 57,558 Gemeng International Energy Co., Ltd. Power generation CHINA 34.00 % 413,153 647,010 PT. Cirebon Electric Power Power generation INDONESIA 27.50 % 40,365 108,628 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 31,097 PT. Bayan Resources TBK Resources development INDONESIA 20.00 % 615,860 511,646 S-Power Power generation KOREA 49.00 % 132,300 114,566 Pioneer Gas Power Limited(*7) Power generation INDIA 38.50 % 49,831 20,395 Eurasia Energy Holdings Power generation and resources development RUSSIA 40.00 % 461 — Xe-Pian Xe-Namnoy Power generation LAOS 25.00 % 84,374 77,165 Hadong Mineral Fiber Co., Ltd.(*3) Recycling fly ashes KOREA 8.33 % 50 — Green Biomass Co., Ltd.(*10) Power generation KOREA 8.80 % 714 115 PT. Mutiara Jawa Manufacturing and operating floating coal terminal INDONESIA 29.00 % 2,978 365 Samcheok Eco Materials Co., Ltd.(*9) Recycling fly ashes KOREA 2.35 % 686 — Noeul Green Energy Co., Ltd. Power generation KOREA 29.00 % 1,740 8,015 Naepo Green Energy Co., Ltd. Power generation KOREA 41.67 % 29,200 — Goseong Green Energy Co., Ltd.(*2) Power generation KOREA 1.12 % 2,900 2,459 Gangneung Eco Power Co., Ltd.(*2) Power generation KOREA 1.61 % 2,900 2,495 Shin Pyeongtaek Power Co., Ltd. Power generation KOREA 40.00 % 72,000 67,600 Heang Bok Do Si Photovoltaic Power Co., Ltd. Power generation KOREA 28.00 % 194 202 Dongducheon Dream Power Co., Ltd.(*14) Power generation KOREA 33.61 % 148,105 76,386 Jinbhuvish Power Generation Pvt. Ltd.(*2) Power generation INDIA 5.16 % 9,000 — SE Green Energy Co., Ltd. Power generation KOREA 47.76 % 3,821 3,366 Daegu Photovoltaic Co., Ltd. Power generation KOREA 29.00 % 1,230 2,002 Jeongam Wind Power Co., Ltd. Power generation KOREA 40.00 % 5,580 4,589 Korea Power Engineering Service Co., Ltd. Construction and service KOREA 29.00 % 290 4,333 Busan Green Energy Co., Ltd. Power generation KOREA 29.00 % 5,243 12,537 Gunsan Bio Energy Co., Ltd.(*2) Power generation KOREA 18.87 % 1,000 — Korea Electric Vehicle Charging Service Electric vehicle charge service KOREA 28.00 % 2,800 1,593 Ulleungdo Natural Energy Co., Ltd. Renewable power generation KOREA 29.85 % ₩ 8,000 4,628 Korea Nuclear Partners Co., Ltd. Electric material agency KOREA 29.00 % 290 175 Tamra Offshore Wind Power Co., Ltd. Power generation KOREA 27.00 % 8,910 10,401 Korea Electric Power Corporation Fund(*11) Developing electric enterprises KOREA 98.09 % 51,500 47,189 Energy Infra Asset Management Co., Ltd.(*3) Asset management KOREA 9.90 % 297 665 Daegu clean Energy Co., Ltd. Renewable power generation KOREA 28.00 % 140 17 YaksuESS Co., Ltd Installing ESS related equipment KOREA 29.00 % 210 460 Nepal Water & Energy Development Company Private Limited(*13) Construction and operation of utility plant NEPAL 57.67 % 33,577 30,961 Gwangyang Green Energy Co., Ltd. Power generation KOREA 20.00 % 2,000 1,206 PND solar., Ltd Power generation KOREA 29.00 % 1,250 1,020 Hyundai Eco Energy Co., Ltd.(*2) Power generation KOREA 19.00 % 3,610 3,388 YeongGwang Yaksu Wind Electric. Co., Ltd(*2) Power generation KOREA 9.63 % 533 533 ₩ 2,338,421 4,064,820 <Joint ventures> KEPCO-Uhde Inc.(*6) Power generation KOREA 52.80 % ₩ 11,355 188 Eco Biomass Energy Sdn. Bhd.(*6) Power generation MALAYSIA 61.53 % 14,439 — Shuweihat Asia Power Investment B.V. Holding company NETHERLANDS 49.00 % 44,405 27,251 Shuweihat Asia Operation & Maintenance Company(*6) Maintenance of utility plant CAYMAN 55.00 % 30 792 Waterbury Lake Uranium L.P. Resources development CANADA 34.07 % 26,602 19,032 ASM-BG Power generation BULGARIA 50.00 % 16,101 21,379 RES Technology AD Power generation BULGARIA 50.00 % 15,595 15,209 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 % 94,579 208,306 Gansu Datang Yumen Wind Power Co., Ltd. Power generation CHINA 40.00 % 16,621 9,981 Datang Chifeng Renewable Power Co., Ltd. Power generation CHINA 40.00 % 121,928 166,162 Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation CHINA 40.00 % 10,858 39,442 Rabigh Electricity Company Power generation SAUDI ARABIA 40.00 % 109,743 105,328 Rabigh Operation & Maintenance Company Limited Maintenance of utility plant SAUDI ARABIA 40.00 % 70 5,834 Jamaica Public Service Company Limited Power generation JAMAICA 40.00 % 301,910 239,632 KW Nuclear Components Co., Ltd. Manufacturing KOREA 45.00 % 833 7,708 Busan Shinho Solar Power Co., Ltd. Power generation KOREA 25.00 % 2,100 4,761 GS Donghae Electric Power Co., Ltd. Power generation KOREA 34.00 % 204,000 240,591 Global Trade Of Power System Co., Ltd. Exporting products and technology of small or medium business by proxy KOREA 29.00 % 290 515 Expressway Solar-light Power Generation Co., Ltd. Power generation KOREA 29.00 % 1,856 2,676 Daejung Offshore Wind Power Co., Ltd. Power generation KOREA 49.90 % 5,190 2,669 Amman Asia Electric Power Company(*6) Power generation JORDAN 60.00 % 111,476 177,357 KAPES, Inc.(*6) R&D KOREA 51.00 % 5,629 9,079 Dangjin Eco Power Co., Ltd. Power generation KOREA 34.00 % 61,540 19,912 Honam Wind Power Co., Ltd. Power generation KOREA 29.00 % ₩ 3,480 4,860 Chun-cheon Energy Co., Ltd. Power generation KOREA 29.90 % 52,700 42,505 Yeonggwangbaeksu Wind Power Co., Ltd.(*3) Power generation KOREA 15.00 % 3,000 2,843 Nghi Son 2 Power LLC Power generation VIETNAM 50.00 % 2,781 — Kelar S.A(*6) Power generation CHILE 65.00 % 78,060 72,824 PT. Tanjung Power Indonesia Power generation INDONESIA 35.00 % 746 7,081 Incheon New Power Co., Ltd. Power generation KOREA 29.00 % 461 579 Seokmun Energy Co., Ltd. Power generation KOREA 29.00 % 15,370 16,751 Daehan Wind Power PSC Power generation JORDAN 50.00 % 3,191 1,632 Barakah One Company(*12) Power generation UAE 18.00 % 118 3,807 Nawah Energy Company(*12) Operation of utility plant UAE 18.00 % 296 274 MOMENTUM International thermonuclear experimental reactor construction management FRANCE 33.33 % 1 582 Daegu Green Power Co., Ltd. Power generation KOREA 29.00 % 46,225 41,110 Yeonggwang Wind Power Co., Ltd. Power generation KOREA 41.00 % 15,375 15,304 Chester Solar IV SpA(*6) Power generation CHILE 81.82 % 1,700 1,851 Chester Solar V SpA(*6) Power generation CHILE 81.82 % 525 474 Diego de Almagro Solar SpA(*6) Power generation CHILE 81.82 % 2,091 1,663 South Jamaica Power Company Limited Power generation JAMAICA 20.00 % 16,231 16,124 Daesan Green Energy Co., Ltd. Power generation KOREA 35.00 % 17,850 17,433 RE Holiday Holdings LLC Power generation USA 50.00 % 42,948 51,094 RE Pioneer Holdings LLC Power generation USA 50.00 % 27,891 38,898 RE Barren Ridge 1 Holdings LLC Power generation USA 50.00 % 28,021 41,415 RE Astoria 2 LandCo LLC Power generation USA 50.00 % 5,188 5,410 RE Barren Ridge LandCo LLC Power generation USA 50.00 % 2,187 1,898 Laurel SpA(*6) Power generation CHILE 81.82 % 1,222 921 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*3) Power generation AUSTRALIA 12.37 % 4,095 3,940 Chile Solar JV SpA Power generation CHILE 50.00 % 36,654 36,865 Taebaek Gadeoksan Wind Power Co., Ltd. Power generation KOREA 46.58 % 8,500 8,508 Cheong-Song Noraesan Wind Power Co., Ltd. Power generation KOREA 24.76 % 2,073 2,073 Chester Solar I SpA(*6) Power generation CHILE 81.82 % 1,181 1,181 Solar Philippines Calatagan Corporation Power generation PHILIPPINES 38.00 % 47,903 47,903 1,647,317 1,813,525 ₩ 3,985,738 5,878,345 (*1) The effective percentage of ownership is 21.57% considering treasury stocks. (*2) The effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is 100%. However, 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) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. For this reason, 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, 2018, 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 effective percentage of ownership excluding the redeemable convertible preferred stock is 25.54%. (*10) 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. (*11) 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. (*12) 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 (*13) 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. (*14) The effective percentage of ownership is 34.01% considering redeemable convertible preferred stock. |
The fair value of associates | The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2017 and 2018 are as follows: Investees 2017 2018 In millions of won <Associates> Korea Electric Power Industrial Development Co., Ltd. ₩ 38,667 33,609 Korea Gas Corporation(*) 804,195 910,980 YTN Co., Ltd. 18,855 18,900 SPC Power Corporation 72,616 72,710 PT. Bayan Resources TBK 558,267 1,017,601 (*) The carrying amount of Korea Gas Corporation (“KOGAS”) is ₩1,701,848 million as of December 31, 2018 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 4.80%. |
Changes in investments in associates and joint ventures | Changes in investments in associates and joint ventures for the years ended December 31, 2017 and 2018 are as follows: 2017 Investees Beginning Acquisition Disposal Dividends Share of Other (loss) 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., Ltd.(*2) 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. — — — — — — — — 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 7,015 — — — 1,545 — — 8,560 Korea Electric Power Corporation Fund 50,856 — — — (2,171 ) (711 ) — 47,974 Energy Infra Asset Management 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 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 12,821 — — — (1,299 ) (682 ) — 10,840 Datang Chifeng Renewable Power 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 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 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 LLC 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 2018 Investees Beginning balance Acquisition Disposal Dividends received Share of income (loss) Other comprehensive income (loss) Others Ending balance In millions of won <Associates> Korea Gas Corporation ₩ 1,618,868 — — — 107,952 (24,843 ) (129 ) 1,701,848 Korea Electric Power Industrial Development Co., Ltd. 21,838 — — (1,872 ) 2,584 (102 ) (610 ) 21,838 YTN Co., Ltd. 40,606 — — (180 ) 545 (186 ) (447 ) 40,338 Cheongna Energy Co., Ltd. 8,337 — — — (4,872 ) — — 3,465 Gangwon Wind Power Co., Ltd. 13,855 — — (2,272 ) 1,637 — — 13,220 Hyundai Green Power Co., Ltd. 114,806 — — (8,889 ) 21,243 — — 127,160 Korea Power Exchange 237,631 — — — 16,031 — (1,860 ) 251,802 AMEC Partners Korea Ltd. 215 — — — (6 ) — — 209 Hyundai Energy Co., Ltd. — — — — — — — — Ecollite Co., Ltd. — — — — — — — — Taebaek Wind Power Co., Ltd. 5,319 — — (196 ) 542 — — 5,665 Taeback Guinemi Wind Power Co., Ltd. 3,089 — — — (520 ) — — 2,569 Pyeongchang Wind Power Co., Ltd. 4,136 — — — 1,283 — — 5,419 Daeryun Power Co., Ltd.(*5) 25,113 — — — (189 ) 184 991 26,099 Changjuk Wind Power Co., Ltd. 7,515 — — (416 ) 987 — — 8,086 KNH Solar Co., Ltd. 2,218 — — — 119 — — 2,337 SPC Power Corporation 52,283 — — (9,549 ) 4,235 10,578 11 57,558 Gemeng International Energy Co., Ltd. 649,973 — — (11,246 ) 15,156 (6,873 ) — 647,010 PT. Cirebon Electric Power 97,410 — — (4,432 ) 9,385 6,265 — 108,628 KNOC Nigerian East Oil Co., Ltd. — — — — 2,615 (471 ) (2,144 ) — KNOC Nigerian West Oil Co., Ltd. — — — — 2,342 (414 ) (1,928 ) — PT Wampu Electric Power 29,403 — — — 408 1,286 — 31,097 PT. Bayan Resources TBK 451,831 — — (33,651 ) 74,776 18,690 — 511,646 S-Power 116,945 — — — (2,326 ) — (53 ) 114,566 Pioneer Gas Power Limited 38,659 — — — (17,684 ) (580 ) — 20,395 Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy 61,779 12,893 — — (479 ) 2,972 — 77,165 Hadong Mineral Fiber Co., Ltd. — — — — — — — — Green Biomass Co., Ltd. 208 — — — (93 ) — — 115 PT. Mutiara Jawa — — — — 349 16 — 365 Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. 2,067 — — — 5,687 — 261 8,015 Naepo Green Energy Co., Ltd.(*4) 20,598 — — — (13,511 ) — (7,087 ) — Goseong Green Energy Co., Ltd. 2,597 — — — (138 ) — — 2,459 Gangneung Eco Power Co., Ltd. 2,583 — — — (88 ) — — 2,495 Shin Pyeongtaek Power Co., Ltd. 34,903 28,080 — — (2,946 ) 6,673 890 67,600 Heang Bok Do Si Photovoltaic Power Co., Ltd. 187 — — — 15 — — 202 Dongducheon Dream Power Co., Ltd. 53,233 36,971 — — (13,824 ) — 6 76,386 Jinbhuvish Power Generation Pvt. Ltd. — — — — — — — — SE Green Energy Co., Ltd. 3,476 — — — (110 ) — — 3,366 Daegu Photovoltaic Co., Ltd. 1,718 — — (128 ) 412 — — 2,002 Jeongam Wind Power Co., Ltd. 3,763 — — — 826 — — 4,589 Korea Power Engineering Service Co., Ltd. 3,659 — — (218 ) 929 — (37 ) 4,333 Busan Green Energy Co., Ltd. 7,363 — — — 5,037 — 137 12,537 Gunsan Bio Energy Co., Ltd. — — — — — — — — Korea Electric Vehicle Charging Service 1,749 196 — — (352 ) — — 1,593 Ulleungdo Natural Energy Co., Ltd. ₩ 6,370 — — — (1,749 ) — 7 4,628 Korea Nuclear Partners Co., Ltd. 383 — — — (208 ) — — 175 Tamra Offshore Wind Power Co., Ltd. 8,560 — — — 1,841 — — 10,401 Korea Electric Power Corporation Fund 47,974 — — — (505 ) (280 ) — 47,189 Energy Infra Asset Management Co., Ltd. 476 — — — 189 — — 665 Daegu clean Energy Co., Ltd. 11 — — — 6 — — 17 YaksuESS Co., Ltd 194 — — — 266 — — 460 Nepal Water & Energy Development Company Private Limited 30,498 — — — (770 ) 1,233 — 30,961 Gwangyang Green Energy Co., Ltd. 1,772 — — — (566 ) — — 1,206 PND solar., Ltd 1,250 — — — (230 ) — — 1,020 Hyundai Eco Energy Co., Ltd. — 3,610 — — (222 ) — 3,388 YeongGwang Yaksu Wind Electric. Co., Ltd — 533 — — — — — 533 3,837,421 82,283 — (73,049 ) 216,009 14,148 (11,992 ) 4,064,820 <Joint ventures> KEPCO-Uhde Inc. 258 — — — (70 ) — — 188 Eco Biomass Energy Sdn. Bhd. — — — — — — — — Datang Chaoyang Renewable Power Co., Ltd.(*3) 27,262 — — — 743 1,009 (29,014 ) — Shuweihat Asia Power Investment B.V. 15,675 — (1,632 ) (499 ) 3,075 10,632 — 27,251 Shuweihat Asia Operation & Maintenance Company 663 — — (859 ) 946 42 — 792 Waterbury Lake Uranium L.P. 19,781 — — — (3 ) (746 ) — 19,032 ASM-BG 21,202 — — (1,039 ) 2,236 (1,020 ) — 21,379 RES Technology AD 14,375 — — — 812 22 — 15,209 KV Holdings, Inc. 1,918 — — (735 ) 772 (37 ) — 1,918 KEPCO SPC Power Corporation 217,094 — — (41,601 ) 44,909 (12,092 ) (4 ) 208,306 Gansu Datang Yumen Wind Power Co., Ltd. 10,840 — — — (818 ) (41 ) — 9,981 Datang Chifeng Renewable Power Co., Ltd. 171,055 — — (18,859 ) 14,808 (842 ) — 166,162 Datang KEPCO Chaoyang Renewable Power Co., Ltd.(*3) 11,060 — — — 582 (1,214 ) 29,014 39,442 Rabigh Electricity Company 99,356 — — (29,067 ) 13,305 22,371 (637 ) 105,328 Rabigh Operation & Maintenance Company Limited 3,987 — — (1,147 ) 2,820 174 — 5,834 Jamaica Public Service Company Limited 221,153 — — (4,472 ) 13,099 9,852 — 239,632 KW Nuclear Components Co., Ltd. 6,703 — — (208 ) 1,213 — — 7,708 Busan Shinho Solar Power Co., Ltd. 4,346 — — (340 ) 755 — — 4,761 GS Donghae Electric Power Co., Ltd. 220,727 — — — 20,061 — (197 ) 240,591 Global Trade Of Power System Co., Ltd. 577 — — — (62 ) — — 515 Expressway Solar-light Power Generation Co., Ltd. 2,463 — — — 213 — — 2,676 KODE NOVUS I LLC(*1) — — — — — 1,374 (1,374 ) — KODE NOVUS II LLC(*2) — — — — — 810 (810 ) — Daejung Offshore Wind Power Co., Ltd. 2,969 — — — (300 ) — — 2,669 Amman Asia Electric Power Company ₩ 145,676 — — — 19,604 12,077 — 177,357 KAPES, Inc. 7,476 — — — 1,543 — 60 9,079 Dangjin Eco Power Co., Ltd. 57,928 — — — (38,042 ) (65 ) 91 19,912 Honam Wind Power Co., Ltd. 4,302 — — (348 ) 906 — — 4,860 Chun-cheon Energy Co., Ltd. 48,118 — — — (5,613 ) — — 42,505 Yeonggwangbaeksu Wind Power Co., Ltd. 2,734 — — — 109 — — 2,843 Nghi Son 2 Power LLC 183 — — — 2,657 (2,840 ) — — Kelar S.A 67,233 — — — 2,732 2,859 — 72,824 PT. Tanjung Power Indonesia 1,776 — — — 3,373 1,928 4 7,081 Incheon New Power Co., Ltd. 619 — — (41 ) 1 — — 579 Seokmun Energy Co., Ltd. 13,786 — — — 2,965 — — 16,751 Daehan Wind Power PSC — 2,288 — — (1,311 ) 37 618 1,632 Barakah One Company 626 — — — 2,162 1,019 — 3,807 Nawah Energy Company 258 — — — 4 12 — 274 MOMENTUM 391 — — — 195 (4 ) — 582 Daegu Green Power Co., Ltd. 42,391 — — — (1,283 ) — 2 41,110 Yeonggwang Wind Power Co., Ltd. 15,294 — — — 10 — — 15,304 Chester Solar IV SpA 1,700 — — — 301 (150 ) — 1,851 Chester Solar V SpA 525 — — — (21 ) (30 ) — 474 Diego de Almagro Solar SpA 2,091 — — — (299 ) (129 ) — 1,663 South Jamaica Power Company Limited 6,704 9,141 — — (184 ) 463 — 16,124 Daesan Green Energy Co., Ltd. — 17,850 — — (417 ) — — 17,433 RE Holiday Holdings LLC — 42,948 — (112 ) 8,055 203 — 51,094 RE Pioneer Holdings LLC — 27,891 — (979 ) 11,585 401 — 38,898 RE Barren Ridge 1 Holdings LLC — 28,021 — (1,114 ) 13,994 514 — 41,415 RE Astoria 2 LandCo LLC — 5,188 — (504 ) 866 (140 ) — 5,410 RE Barren Ridge LandCo LLC — 2,187 — (202 ) (25 ) (62 ) — 1,898 Laurel SpA — 1,222 — — (309 ) 8 — 921 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd — 4,095 — — (23 ) (132 ) — 3,940 Chile Solar JV SpA — 36,654 — — 4,453 (5,278 ) 1,036 36,865 Taebaek Gadeoksan Wind Power Co., Ltd. — 8,500 — — 8 — — 8,508 Cheong-Song Noraesan Wind Power Co., Ltd. — 2,073 — — — — — 2,073 Chester Solar I SpA — 1,181 — — — — — 1,181 Solar Philippines Calatagan Corporation — 47,903 — — — — — 47,903 1,493,275 237,142 (1,632 ) (102,126 ) 147,092 40,985 (1,211 ) 1,813,525 ₩ 5,330,696 319,425 (1,632 ) (175,175 ) 363,101 55,133 (13,203 ) 5,878,345 (*1) The Company reclassified its shares of KODE NOVUS I LLC to financial assets at FVOCI during the year ended December 31, 2018 due to non-participation (*2) The Company sold all of its shares of KODE NOVUS II LLC during the year ended December 31, 2018. (*3) Datang Chaoyang Renewable Power Co., Ltd. was merged with Datang KEPCO Chaoyang Renewable Power Co., Ltd. during the year ended December 31, 2018. (*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 ₩7,087 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2018. (*5) 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 ₩820 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2018. |
Summary of financial information of associates and joint ventures | Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2017 and 2018 are as follows: 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. 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 LLC 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 ) 2018 Investees Total assets Total liabilities Sales Profit (loss) for the period In millions of won <Associates> Korea Gas Corporation(*1) ₩ 39,689,692 31,186,488 26,185,038 523,480 Korea Electric Power Industrial Development Co., Ltd. 144,425 69,123 325,694 9,987 YTN Co., Ltd. 286,964 98,682 132,382 1,587 Cheongna Energy Co., Ltd. 431,234 428,921 64,594 (11,110 ) Gangwon Wind Power Co., Ltd. 89,614 1,805 25,407 10,926 Hyundai Green Power Co., Ltd. 1,127,220 688,738 501,798 66,925 Korea Power Exchange 304,318 52,516 108,571 16,031 AMEC Partners Korea Ltd. 1,113 14 — (26 ) Hyundai Energy Co., Ltd. 470,818 527,590 101,998 (33,947 ) Ecollite Co., Ltd. 1,944 312 — (68 ) Taebaek Wind Power Co., Ltd. 36,986 14,325 8,233 2,170 Taeback Guinemi Wind Power Co., Ltd. 10,929 653 — (2,082 ) Pyeongchang Wind Power Co., Ltd. 82,038 60,362 12,615 4,249 Daeryun Power Co., Ltd. 798,569 510,358 62,252 (4,958 ) Changjuk Wind Power Co., Ltd. 33,148 6,194 7,929 3,291 KNH Solar Co., Ltd. 22,598 13,942 3,586 439 SPC Power Corporation 225,599 16,819 50,317 37,355 Gemeng International Energy Co., Ltd. 7,155,937 4,420,561 1,921,367 120,558 PT. Cirebon Electric Power 876,069 481,061 274,962 33,144 KNOC Nigerian East Oil Co., Ltd. 78,841 152,017 — (398 ) KNOC Nigerian West Oil Co., Ltd. 70,437 137,663 — (400 ) PT Wampu Electric Power 223,009 155,406 13,463 4,624 PT. Bayan Resources TBK 1,388,199 566,890 1,707,387 521,666 S-Power 825,354 588,022 551,378 (6,185 ) Pioneer Gas Power Limited 311,742 316,810 — (45,934 ) Eurasia Energy Holdings 572 1,020 — — Xe-Pian Xe-Namnoy ₩ 1,015,013 702,187 — (1,214 ) Hadong Mineral Fiber Co., Ltd. 203 231 — — Green Biomass Co., Ltd. 4,411 3,107 909 (1,057 ) PT. Mutiara Jawa 24,022 22,763 14,393 3,917 Samcheok Eco Materials Co., Ltd. 24,391 2,921 4,135 (1,836 ) Noeul Green Energy Co., Ltd. 147,886 120,249 58,686 19,453 Naepo Green Energy Co., Ltd. 93,194 76,190 6,459 (6,623 ) Goseong Green Energy Co., Ltd. 1,891,662 1,659,415 — (7,323 ) Gangneung Eco Power Co., Ltd. 813,938 651,621 — (4,194 ) Shin Pyeongtaek Power Co., Ltd. 674,100 511,582 — 682 Heang Bok Do Si Photovoltaic Power Co., Ltd. 2,630 1,915 455 52 Dongducheon Dream Power Co., Ltd. 1,512,510 1,244,178 828,430 (22,864 ) Jinbhuvish Power Generation Pvt. Ltd. 63,163 13,044 — — SE Green Energy Co., Ltd. 7,048 — — (230 ) Daegu Photovoltaic Co., Ltd. 16,828 9,923 3,695 1,645 Jeongam Wind Power Co., Ltd. 93,444 81,971 1,559 2,154 Korea Power Engineering Service Co., Ltd. 18,609 3,666 20,809 3,207 Busan Green Energy Co., Ltd. 195,227 151,995 77,011 17,370 Gunsan Bio Energy Co., Ltd. 8,990 20,660 — (4,420 ) Korea Electric Vehicle Charging Service 15,019 9,328 8,615 (1,056 ) Ulleungdo Natural Energy Co., Ltd. 17,134 1,625 — (5,855 ) Korea Nuclear Partners Co., Ltd. 615 12 80 (707 ) Tamra Offshore Wind Power Co., Ltd. 170,238 131,717 21,701 4,077 Korea Electric Power Corporation Fund 48,280 176 1,315 (649 ) Energy Infra Asset Management Co., Ltd. 7,225 507 5,757 2,193 Daegu clean Energy Co., Ltd. 389 328 — (190 ) YaksuESS Co., Ltd 7,525 5,944 2,094 1,259 Nepal Water & Energy Development Company Private Limited 55,453 4,249 — (984 ) Gwangyang Green Energy Co., Ltd. 29,234 23,293 — (2,831 ) PND solar., Ltd 42,283 39,297 1,094 (795 ) Hyundai Eco Energy Co., Ltd. 165,555 148,852 — (2,193 ) YeongGwang Yaksu Wind Electric. Co., Ltd 46,027 43,606 7,604 (493 ) <Joint ventures> KEPCO-Uhde Inc. 403 34 18 (139 ) Eco Biomass Energy Sdn. Bhd. — — — — Shuweihat Asia Power Investment B.V. 55,614 — — (187 ) Shuweihat Asia Operation & Maintenance Company 1,472 31 2,391 1,719 Waterbury Lake Uranium L.P. 55,933 64 — — ASM-BG 84,924 42,166 12,745 4,406 RES Technology AD 69,609 39,192 7,879 1,567 KV Holdings, Inc. 4,795 — 8 1,257 KEPCO SPC Power Corporation 312,093 35,091 184,046 59,543 Gansu Datang Yumen Wind Power Co., Ltd. 79,354 54,402 8,323 (2,046 ) Datang Chifeng Renewable Power Co., Ltd. 751,551 336,024 117,270 37,159 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 190,951 92,347 18,824 2,557 Rabigh Electricity Company 2,448,690 2,003,050 274,184 38,789 Rabigh Operation & Maintenance Company Limited ₩ 26,172 11,587 26,387 7,173 Jamaica Public Service Company Limited 1,396,421 827,837 992,677 32,507 KW Nuclear Components Co., Ltd. 24,598 7,077 6,031 2,543 Busan Shinho Solar Power Co., Ltd. 45,538 26,494 7,901 3,018 GS Donghae Electric Power Co., Ltd. 2,259,129 1,551,509 787,425 58,976 Global Trade Of Power System Co., Ltd. 2,039 263 1,368 (134 ) Expressway Solar-light Power Generation Co., Ltd. 18,443 9,215 2,986 692 Daejung Offshore Wind Power Co., Ltd. 6,440 1,091 — (590 ) Amman Asia Electric Power Company 792,532 496,791 23,676 32,674 KAPES, Inc. 82,494 64,691 57,047 4,710 Dangjin Eco Power Co., Ltd. 51,125 260 — (111,789 ) Honam Wind Power Co., Ltd. 43,713 27,066 7,700 3,122 Chun-cheon Energy Co., Ltd. 666,050 523,904 320,950 (19,133 ) Yeonggwangbaeksu Wind Power Co., Ltd. 99,368 80,450 11,366 734 Nghi Son 2 Power LLC 477,947 561,266 144,381 8,979 Kelar S.A 626,206 518,135 87,507 8,587 PT. Tanjung Power Indonesia 505,551 485,321 109,029 9,717 Incheon New Power Co., Ltd. 6,559 4,563 2,687 3 Seokmun Energy Co., Ltd. 253,544 195,782 50,052 10,224 Daehan Wind Power PSC 33,081 29,817 — (1,799 ) Barakah One Company 21,480,187 21,459,035 — (3,062 ) Nawah Energy Company 70,386 68,864 — — MOMENTUM 7,476 5,730 16,933 520 Daegu Green Power Co., Ltd. 591,263 523,972 291,734 (4,424 ) Yeonggwang Wind Power Co., Ltd. 255,777 219,013 — (145 ) Chester Solar IV SpA 15,307 13,114 1,415 609 Chester Solar V SpA 4,759 4,324 298 (19 ) Diego de Almagro Solar SpA 21,317 19,399 78 (340 ) South Jamaica Power Company Limited 294,341 213,723 — (932 ) Daesan Green Energy Co., Ltd. 52,582 2,774 — (1,192 ) RE Holiday Holdings LLC 334,742 232,553 9,451 1,319 RE Pioneer Holdings LLC 252,512 174,717 12,364 6,544 RE Barren Ridge 1 Holdings LLC 221,304 138,473 10,567 8,625 RE Astoria 2 Land Co LLC 11,030 210 619 583 RE Barren Ridge Land Co LLC 3,881 84 248 230 Laurel SpA 5,475 4,572 — (369 ) KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 31,958 173 — (222 ) Chile Solar JV SpA 73,740 10 73 8,906 Taebaek Gadeoksan Wind Power Co., Ltd. 18,766 499 — 18 Cheong-Song Noraesan Wind Power Co., Ltd. 8,221 24 — — Chester Solar I SpA 1,712 562 — (81 ) Solar Philippines Calatagan Corporation 121,650 51,219 16,689 8,732 (*1) The profit for the year ended December 31, 2018 is net of net income attributable to non-controlling |
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, 2017 and 2018 are as follows: 2017 Investees Net Percentage of ownership(*) Share in net 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. (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 LLC 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. 2018 Investees Net assets Percentage of Share in net assets Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 8,503,204 21.57 % 1,834,141 — — (132,293 ) 1,701,848 Korea Electric Power Industrial Development Co., Ltd. 75,302 29.00 % 21,838 — — — 21,838 YTN Co., Ltd. 188,282 21.43 % 40,346 — (6 ) (2 ) 40,338 Cheongna Energy Co., Ltd. 2,313 43.90 % 1,015 2,584 (134 ) — 3,465 Gangwon Wind Power Co., Ltd. 87,809 15.00 % 13,171 — — 49 13,220 Hyundai Green Power Co., Ltd. 438,482 29.00 % 127,160 — — — 127,160 Korea Power Exchange 251,802 100.00 % 251,802 — — — 251,802 AMEC Partners Korea Ltd. 1,099 19.00 % 209 — — — 209 Hyundai Energy Co., Ltd. (56,772 ) 46.30 % (26,285 ) — (996 ) 27,281 — Ecollite Co., Ltd. 1,632 36.10 % 589 — — (589 ) — Taebaek Wind Power Co., Ltd. 22,661 25.00 % 5,665 — — — 5,665 Taeback Guinemi Wind Power Co., Ltd. 10,276 25.00 % 2,569 — — — 2,569 Pyeongchang Wind Power Co., Ltd. 21,676 25.00 % 5,419 — — — 5,419 Daeryun Power Co., Ltd. 288,211 9.34 % 26,919 — — (820 ) 26,099 Changjuk Wind Power Co., Ltd. 26,954 30.00 % 8,086 — — — 8,086 KNH Solar Co., Ltd. 8,656 27.00 % 2,337 — — — 2,337 SPC Power Corporation 208,780 38.00 % 79,336 — — (21,778 ) 57,558 Gemeng International Energy Co., Ltd. 2,735,376 34.00 % 930,028 — — (283,018 ) 647,010 PT. Cirebon Electric Power 395,008 27.50 % 108,628 — — — 108,628 KNOC Nigerian East Oil Co., Ltd. (73,176 ) 14.63 % (10,706 ) — — 10,706 — KNOC Nigerian West Oil Co., Ltd. (67,226 ) 14.63 % (9,835 ) — — 9,835 — PT Wampu Electric Power 67,603 46.00 % 31,097 — — — 31,097 PT. Bayan Resources TBK 821,309 20.00 % 164,262 423,763 — (76,379 ) 511,646 S-Power 237,332 49.00 % 116,293 — (1,727 ) — 114,566 Pioneer Gas Power Limited (5,068 ) 38.50 % (1,951 ) 22,278 — 68 20,395 Eurasia Energy Holdings (448 ) 40.00 % (179 ) — — 179 — Xe-Pian Xe-Namnoy 312,826 25.00 % 78,207 253 (1,006 ) (289 ) 77,165 Hadong Mineral Fiber Co., Ltd. (28 ) 8.33 % (2 ) — — 2 — Green Biomass Co., Ltd. 1,304 8.80 % 115 — — — 115 PT. Mutiara Jawa 1,259 29.00 % 365 — — — 365 Samcheok Eco Materials Co., Ltd. 21,470 2.35 % 505 — — (505 ) — Noeul Green Energy Co., Ltd. 27,637 29.00 % 8,015 — — — 8,015 Naepo Green Energy Co., Ltd. 17,004 41.67 % 7,085 — — (7,085 ) — Goseong Green Energy Co., Ltd. 232,247 1.12 % 2,590 — (131 ) — 2,459 Gangneung Eco Power Co., Ltd. 162,317 1.61 % 2,615 — (120 ) — 2,495 Shin Pyeongtaek Power Co., Ltd. 162,518 40.00 % 65,007 12,800 (10,207 ) — 67,600 Heang Bok Do Si Photovoltaic Power Co., Ltd. 715 28.00 % 200 — — 2 202 Dongducheon Dream Power Co., Ltd. 268,332 34.01 % 91,260 1,757 (4,049 ) (12,582 ) 76,386 Jinbhuvish Power Generation Pvt. Ltd. 50,119 5.16 % 2,586 — — (2,586 ) — SE Green Energy Co., Ltd. 7,048 47.76 % 3,366 — — — 3,366 Daegu Photovoltaic Co., Ltd. 6,905 29.00 % 2,002 — — — 2,002 Jeongam Wind Power Co., Ltd. 11,473 40.00 % 4,589 — — — 4,589 Korea Power Engineering Service Co., Ltd. 14,943 29.00 % 4,333 — — — 4,333 Busan Green Energy Co., Ltd. 43,232 29.00 % 12,537 — — — 12,537 Gunsan Bio Energy Co., Ltd. (11,670 ) 18.87 % (2,202 ) — — 2,202 — Korea Electric Vehicle Charging Service 5,691 28.00 % 1,593 — — — 1,593 Ulleungdo Natural Energy Co., Ltd. 15,509 29.85 % 4,629 — — (1 ) 4,628 Korea Nuclear Partners Co., Ltd. 603 29.00 % 175 — — — 175 Tamra Offshore Wind Power Co., Ltd. 38,521 27.00 % 10,401 — — — 10,401 Korea Electric Power Corporation Fund 48,104 98.09 % 47,185 — — 4 47,189 Energy Infra Asset Management Co., Ltd. 6,718 9.90 % 665 — — — 665 Daegu clean Energy Co., Ltd. 61 28.00 % 17 — — — 17 YaksuESS Co., Ltd 1,581 29.00 % 458 — — 2 460 Nepal Water & Energy Development Company Private Limited 51,204 57.67 % 29,529 972 — 460 30,961 Gwangyang Green Energy Co., Ltd. 5,941 20.00 % 1,188 18 — — 1,206 PND solar., Ltd 2,986 29.00 % 866 154 — — 1,020 Hyundai Eco Energy Co., Ltd. 16,703 19.00 % 3,174 214 — — 3,388 YeongGwang Yaksu Wind Electric. Co., Ltd 2,421 9.63 % 233 300 — — 533 <Joint ventures> KEPCO-Uhde Inc. ₩ 369 50.85 % 188 — — — 188 Eco Biomass Energy Sdn. Bhd. — 61.53 % — — — — — Shuweihat Asia Power Investment B.V. 55,614 49.00 % 27,251 — — — 27,251 Shuweihat Asia Operation & Maintenance Company 1,441 55.00 % 793 — — (1 ) 792 Waterbury Lake Uranium L.P. 55,869 34.07 % 19,032 — — — 19,032 ASM-BG 42,758 50.00 % 21,379 — — — 21,379 RES Technology AD 30,417 50.00 % 15,209 — — — 15,209 KV Holdings, Inc. 4,795 40.00 % 1,918 — — — 1,918 KEPCO SPC Power Corporation 277,002 75.20 % 208,306 — — — 208,306 Gansu Datang Yumen Wind Power Co., Ltd. 24,952 40.00 % 9,981 — — — 9,981 Datang Chifeng Renewable Power Co., Ltd. 415,527 40.00 % 166,211 — — (49 ) 166,162 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 98,604 40.00 % 39,442 — — — 39,442 Rabigh Electricity Company 445,640 40.00 % 178,256 — (70,977 ) (1,951 ) 105,328 Rabigh Operation & Maintenance Company Limited 14,585 40.00 % 5,834 — — — 5,834 Jamaica Public Service Company Limited 568,584 40.00 % 227,434 (80,161 ) — 92,359 239,632 KW Nuclear Components Co., Ltd. 17,521 45.00 % 7,884 — — (176 ) 7,708 Busan Shinho Solar Power Co., Ltd. 19,044 25.00 % 4,761 — — — 4,761 GS Donghae Electric Power Co., Ltd. 707,620 34.00 % 240,591 — — — 240,591 Global Trade Of Power System Co., Ltd. 1,776 29.00 % 515 — — — 515 Expressway Solar-light Power Generation Co., Ltd. 9,228 29.00 % 2,676 — — — 2,676 Daejung Offshore Wind Power Co., Ltd. 5,349 49.90 % 2,669 — — — 2,669 Amman Asia Electric Power Company 295,741 60.00 % 177,445 — — (88 ) 177,357 KAPES, Inc. 17,803 51.00 % 9,079 — — — 9,079 Dangjin Eco Power Co., Ltd. 50,865 34.00 % 17,294 2,618 — — 19,912 Honam Wind Power Co., Ltd. 16,647 29.00 % 4,828 32 — — 4,860 Chun-cheon Energy Co., Ltd. 142,146 29.90 % 42,502 3 — — 42,505 Yeonggwangbaeksu Wind Power Co., Ltd. 18,918 15.00 % 2,837 6 — — 2,843 Nghi Son 2 Power LLC (83,319 ) 50.00 % (41,660 ) — — 41,660 — Kelar S.A 108,071 65.00 % 70,246 2,470 — 108 72,824 PT. Tanjung Power Indonesia 20,230 35.00 % 7,081 — — — 7,081 Incheon New Power Co., Ltd. 1,996 29.00 % 579 — — — 579 Seokmun Energy Co., Ltd. 57,762 29.00 % 16,751 — — — 16,751 Daehan Wind Power PSC 3,264 50.00 % 1,632 — — — 1,632 Barakah One Company 21,152 18.00 % 3,807 — — — 3,807 Nawah Energy Company 1,522 18.00 % 274 — — — 274 MOMENTUM 1,746 33.33 % 582 — — — 582 Daegu Green Power Co., Ltd. 67,291 29.00 % 19,514 84 — 21,512 41,110 Yeonggwang Wind Power Co., Ltd. 36,764 41.00 % 15,074 230 — — 15,304 Chester Solar IV SpA 2,193 81.82 % 1,794 57 — — 1,851 Chester Solar V SpA 435 81.82 % 356 118 — — 474 Diego de Almagro Solar SpA 1,918 81.82 % 1,569 94 — — 1,663 South Jamaica Power Company Limited 80,618 20.00 % 16,124 — — — 16,124 Daesan Green Energy Co., Ltd. 49,808 35.00 % 17,433 — — — 17,433 RE Holiday Holdings LLC 102,189 50.00 % 51,094 — — — 51,094 RE Pioneer Holdings LLC 77,795 50.00 % 38,898 — — — 38,898 RE Barren Ridge 1 Holdings LLC 82,831 50.00 % 41,415 — — — 41,415 RE Astoria 2 LandCo LLC 10,820 50.00 % 5,410 — — — 5,410 RE Barren Ridge LandCo LLC 3,797 50.00 % 1,898 — — — 1,898 Laurel SpA 903 81.82 % 739 182 — — 921 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 31,785 12.37 % 3,931 9 — — 3,940 Chile Solar JV SpA 73,730 50.00 % 36,865 — — — 36,865 Taebaek Gadeoksan Wind Power Co., Ltd. 18,267 46.58 % 8,508 — — — 8,508 Cheong-Song Noraesan Wind Power Co., Ltd. 8,197 24.76 % 2,029 44 — — 2,073 Chester Solar I SpA 1,150 81.82 % 940 241 — — 1,181 Solar Philippines Calatagan Corporation 70,431 38.00 % 26,764 21,139 — — 47,903 (*) The percentage of ownership shown above is after considering the treasury stocks and others. |
Unrecognized equity interest in investments in associates and joint ventures | As of December 31, 2017 and 2018, unrecognized equity interest in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows: 2017 2018 Unrecognized Accumulated unrecognized Unrecognized Accumulated unrecognized In millions of won Shin Pyeongtaek Power Co., Ltd. ₩ (2,537 ) — — — Kelar S.A (61,309 ) — — — Hadong Mineral Fiber Co., Ltd. (3 ) 2 — 2 PT. Mutiara Jawa (1,159 ) 746 (746 ) — Eurasia Energy Holdings (22 ) 172 7 179 KODE NOVUS I LLC 8,706 53,689 — — KODE NOVUS II LLC 181 23,696 — — Gunsan Bio Energy Co., Ltd. 1,154 1,286 916 2,202 Daehan Wind Power PSC 412 412 (412 ) — Hyundai Energy Co., Ltd. — — 25,841 25,841 Nghi Son 2 Power LLC — — 41,659 41,659 Samcheok Eco Materials Co., Ltd. — — 1,285 1,285 |
Shareholders' agreements on investments in associates and joint ventures | As of December 31, 2018, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows: (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) Hyundai Green Power Co., Ltd. As of December 31, 2018, 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 ₩852.1 billion with Korea Development Bank and others. At a certain period in the future, the Company has call option against the financial investors (Korea Development Bank and others) and also has an obligation to purchase its shares when claimed by the financial investors. At a certain period in the future, the Company has put option 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 upon request from Hyundai Steel Company. (viii) YeongGwang Yaksu Wind Electric. Co., Ltd As of December 31, 2018, YeongGwang Yaksu Wind Electric. Co., Ltd, an associate of the Company, which engages in the wind power generating business, entered into a project financing agreement with a limit of ₩46.8 billion with Hanwha Life Insurance Co., Ltd. and others. |
Significant restrictions on its abilities to associates or joint ventures | Significant restrictions on the Company’s abilities on associates or joint ventures are as follows: 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. |