KOREA ELECTRIC POWER CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data KOREA ELECTRIC POWER CORP files with the SEC in its annual reports.

In KRW millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	58,581,727	59,763,087	59,335,889	60,033,062	58,568,082	57,926,634	60,012,375	70,546,024	87,476,410	92,578,265
Cost of revenue	41,348,917	41,237,372	48,454,036	58,207,721	57,779,835	51,804,179	63,644,290	100,903,594	89,699,527	81,964,160
Gross profit	13,123,998	14,213,534	7,237,034	1,825,341	788,247	6,122,455	-3,631,915	-30,357,570	-2,223,117	10,614,105
Research and development	611,220	705,504	721,437	723,888	735,715	700,642	689,397	727,810	717,561	773,931
Selling, general and administrative	2,153,261	2,639,232	2,762,855	2,627,890	2,669,576	2,678,443	2,875,796	3,009,422	3,061,582	3,070,026
Operating income	20,280,876	12,296,360	5,319,869	-685,109	-1,707,527	4,097,834	-5,722,991	-32,240,531	-4,245,016	8,461,260
Interest expense	3,015,457	2,437,087	3,127,952	2,470,743	2,782,156	2,896,443	3,245,777	4,746,791	5,347,018	7,535,228
Interest income	241,585	241,778	206,143	223,767	268,118	242,586	1,402,614	1,833,312	1,425,031	3,448,177
Pre-tax income	18,655,786	10,513,468	3,614,218	-2,000,819	-3,265,838	2,992,747	-7,071,570	-33,843,619	-7,553,977	5,256,529
Income tax	5,239,413	3,365,141	2,172,824	-826,321	-1,002,303	899,064	-1,855,989	-9,414,511	-2,837,833	1,634,561
Net income to minority interests	127,246	99,746	142,674	140,069	81,982	101,606	88,941	37,745	106,405	130,270
Net income	13,289,127	7,048,581	1,298,720	-1,314,567	-2,345,517	1,992,077	-5,304,522	-24,466,853	-4,822,549	3,491,698
EBITDA	28,622,260	21,257,348	15,093,580	9,339,685	9,421,213	15,645,853	6,219,501	-19,779,119	8,787,247	22,458,615
EPS, basic	20,701.00	10,980.00	2,023.00	-2,048.00	-3,654.00	3,102.00	-8,263.00	-38,112.00	-7,512.00	5,439.00
EPS, diluted	20,701.00	10,980.00	2,023.00	-2,048.00	-3,654.00	3,102.00	-8,263.00	-38,112.00	-7,512.00	5,439.00

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	3,783,065	3,051,353	2,369,739	1,358,345	1,810,129	2,029,584	2,635,238	3,234,780	4,342,887	2,382,979
Receivables		7,788,876	7,928,972	7,793,592	7,701,452	7,918,470	8,122,415	10,461,822	11,985,735	12,216,216
Inventory		5,479,443	6,002,086	7,188,253	7,050,700	6,742,909	7,608,182	9,930,732	8,875,615	9,769,236
Total current assets		19,708,526	19,141,707	19,745,068	19,483,001	20,561,941	22,050,845	29,750,545	29,536,215	29,255,205
Property, plant and equipment		145,743,056	150,882,414	152,743,194	164,701,827	168,709,387	173,134,638	177,865,308	179,875,535	182,982,763
Goodwill		2,582	2,582	2,582	97,977	98,166	105,647	100,093	99,156	99,179
Intangible assets		980,821	1,187,121	1,225,942	1,069,976	1,055,730	1,044,077	956,664	1,033,984	1,046,918
Total assets		177,837,042	181,788,915	185,249,061	197,597,792	203,142,111	211,123,727	234,804,994	239,714,965	246,807,795
Accounts payable		5,585,411	5,999,521	6,405,395	6,649,402	6,256,521	8,153,426	11,983,549	9,089,973	9,411,315
Short-term debt		805,523	1,038,328	860,602	1,098,555	1,436,922	2,920,563	8,820,425	10,667,335	9,122,792
Total current liabilities		24,739,226	23,424,281	21,841,533	24,231,656	25,881,222	31,732,220	44,518,577	61,248,421	63,968,789
Lease liabilities				226,606	4,434,784	4,044,431	3,826,945	3,549,106	3,195,115	3,095,964
Total liabilities		104,786,497	108,824,274	114,156,299	128,708,143	132,475,265	145,797,021	192,804,738	202,450,215	205,444,962
Total debt		2,916,250	3,622,608	4,453,611	4,727,186	5,133,802	80,529,513	120,605,365	133,631,830	132,533,400
Paid-in capital		843,758	843,758	843,758	843,758	843,758	843,758	843,758	843,758	843,758
Retained earnings	48,187,241	53,173,871	53,370,558	51,519,119	49,202,133	51,133,601	45,258,244	21,431,300	16,338,262	20,128,247
Shareholders' equity		71,723,693	71,681,445	69,743,925	67,496,318	69,296,680	63,780,272	40,545,396	35,845,043	39,915,236
Minority interests		1,326,852	1,283,196	1,348,837	1,393,331	1,370,166	1,546,434	1,454,860	1,419,707	1,447,597
Total equity	67,942,475	73,050,545	72,964,641	71,092,762	68,889,649	70,668,059	65,326,706	42,000,256	37,264,750	41,362,833
Total liabilities and equity		177,837,042	181,788,915	185,249,061	197,597,792	203,142,111	211,123,727	234,804,994	239,714,965	246,807,795

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	13,416,373	7,148,327	1,441,394	-1,174,498	-2,263,535	2,093,683	-5,215,581	-24,429,108	-4,716,144	3,621,968
Depreciation and amortization	8,341,384	8,960,988	9,773,711	10,024,794	11,128,740	11,548,019	11,942,492	12,461,412	13,032,263	13,997,355
Change in payables	38,223	-8,379	-214,704	-292,912	192,506	-363,260
Cash from operations	19,881,773	21,609,516	15,250,677	8,820,917	10,313,112	15,519,840	4,491,378	-23,477,500	1,522,162	15,876,116
Capital expenditures	-14,049,887	-12,028,789	-12,535,958	-12,266,870	-14,000,359	-13,281,294	-12,686,726	-12,346,878	-13,908,373	-14,216,037
Acquisitions					-154,311	-10,000
Cash from investing	-9,773,970	-9,645,870	-12,606,699	-13,014,301	-13,499,358	-14,831,812	-12,372,520	-14,953,753	-13,073,757	-14,093,107
Debt issued	4,178,454	2,302,060	10,098,067	14,251,586	13,221,407	10,170,107		36,737,757	18,402,589	20,476,245
Debt repaid								-9,440,260	-10,116,048	-24,687,409
Dividends paid	-409,884	-2,088,429	-1,340,387	-599,391	-99,356	-81,298	-812,159	-42,348	-45,323	-126,903
Cash from financing	-5,206,619	-7,637,476	745,594	5,301,678	5,775,407	1,880,824	8,435,077	38,997,899	12,661,882	-3,849,301
Exchange rate effect	24,249	31,082	-70,403	21,097	-37,693	-38,031	51,719	32,896	-2,180	106,384
Net change in cash	1,986,765	-731,712	-681,614	-1,011,394	451,784	219,455	605,654	599,542	1,108,107	-1,959,908
Free cash flow	5,831,886	9,580,727	2,714,719	-3,445,953	-3,687,247	2,238,546	-8,195,348	-35,824,378	-12,386,211	1,660,079
Interest paid	2,176,040	2,041,379	1,886,303	1,895,898	2,027,850	2,081,663	1,928,160	2,517,694	4,245,838	4,697,442
Income taxes paid	935,068	3,298,757	2,298,296	450,290	282,211	452,203	736,757	448,857	566,415	792,313

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	11.5%	Gross profit / revenue.
Operating margin	9.1%	Operating income / revenue.
EBITDA margin	24.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.7%	Pre-tax income / revenue.
Net margin	3.8%	Net income / revenue.
FCF margin	1.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.1%	Cash from operations / revenue.
Effective tax rate	31.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	9.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.4%	Net income / average total assets.
Return on invested capital (ROIC)	3.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.8%	Research and development expense / revenue.
SG&A / revenue	3.3%	Selling, general and administrative expense / revenue.
Capex / revenue	15.4%	Capital expenditures / revenue.
D&A / revenue	15.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 5y	68.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	155.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	53.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	19.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	943.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	52.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-10.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.46x	Current assets / current liabilities.
Quick ratio	0.23x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	3.32x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	53.7%	Total debt / total assets.
Liabilities / assets	83.2%	Total liabilities / total assets.
Net debt	₩130.15T	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.80x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.12x	Operating income / interest expense.
Working capital	-₩34.71T	Current assets - current liabilities.
Goodwill and intangibles / assets	0.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	₩38.77T	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	0.51x	Revenue / average property, plant and equipment.
Inventory turnover	8.79x	Cost of revenue / average inventory.
Days inventory	42 days	365 x average inventory / cost of revenue.
Receivables turnover	7.65x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	48 days	Days inventory + days sales outstanding - days payables.
FCF conversion	47.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	89.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	₩5,439.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	₩5,439.00	Net income per basic share, as reported (split-adjusted).
Payout ratio	3.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	7.6%	Dividends paid / free cash flow, when free cash flow is positive.

What was KOREA ELECTRIC POWER CORP's revenue in fiscal 2024?

KOREA ELECTRIC POWER CORP reported revenue of ₩92.58T for fiscal 2024, 5.8% higher than the year before.

Was KOREA ELECTRIC POWER CORP profitable in fiscal 2024?

Yes. Net income was ₩3.49T, a net margin of 3.8%.

How much free cash flow did KOREA ELECTRIC POWER CORP generate in fiscal 2024?

Cash from operations of ₩15.88T minus capital expenditures of ₩14.22T left free cash flow of ₩1.66T.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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