1934 Act Registration No. 1-14418
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF NOVEMBER 2004
-------------------
SK TELECOM CO., LTD.
(Translation of registrant's name into English)
99, Seorin-dong
Jongro-gu
Seoul, Korea
(Address of principal executive offices)
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(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F |X| Form 40-F [ ]
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes [ ] No |X|
(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b):82- .)
================================================================================
October 28, 2004
RESULTS FOR THE QUARTER
ENDED SEPTEMBER 30, 2004
* THE INFORMATION CONTAINED HEREIN IS BASED ON KOREAN GAAP.
[SK Telecom LOGO]
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SEOUL, KOREA, OCTOBER 28, 2004 - SK TELECOM CO., LTD. (KSE: 017670, NYSE: SKM)
("SKT" OR "THE COMPANY"), THE LEADING WIRELESS TELECOMMUNICATIONS COMPANY IN
KOREA, TODAY ANNOUNCED THE RESULTS OF ITS OPERATIONS FOR THE QUARTER ENDED
SEPTEMBER 30, 2004.
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This material contains forward-looking statements with respect to the financial
condition, results of operations and business of SK Telecom and plans and
objectives of the management of SK Telecom. Statements that are not historical
facts, including statements about SK Telecom's beliefs and expectations, are
forward-looking statements. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results or performance of SK Telecom to be materially different from any future
results or performance expressed or implied by such forward-looking statements.
SK Telecom does not make any representation or warranty, expressed or implied,
as to the accuracy or completeness of the information contained in this
management presentation, and nothing contained herein is, or shall be relied
upon as, a promise or representation, whether as to the past or the future.
Such forward-looking statements were based on current plans, estimates and
projections of SK Telecom and the political and economic environment in which SK
Telecom will operate in the future, and therefore you should not place undue
reliance on them. Forward-looking statements speak only as of the date they are
made, and SK Telecom understates no obligation to update publicly any of them in
light of new information or future events. Additional information concerning
these and other risk factors are contained in SK Telecom's latest annual report
on Form 20-F and in SK Telecom's other filings with The U.S. Securities and
Exchange Commission (SEC).
CONTENTS
I. FINANCIAL HIGHLIGHTS
II. FINANCIAL RESULTS
1. INCOME STATEMENT
2. CAPITAL EXPENDITURE
2
3. BALANCE SHEET
III. OPERATING RESULT
IV. APPENDIX (FINANCIAL STATEMENTS)
V. IR CONTACTS
I. FINANCIAL HIGHLIGHTS
o SUMMARY OF INCOME STATEMENT
(KRW bn) Q3.'04 Q3.'03 Change Q3.'04 Q2.'04 Change
---------- ---------- ---------- ---------- ---------- ----------
OPERATING REVENUE 2,434 2,410 1% 2,434 2,384 2%
OPERATING EXPENSES 1,823 1,590 15% 1,823 1,921 -5%
OPERATING INCOME 611 820 -25% 611 463 32%
Operating margin 25.1% 34.0% -8.9%p 25.1% 19.4% 5.7%p
OTHER INCOME 49 55 -10% 49 72 -32%
OTHER EXPENSES 107 150 -29% 107 124 -14%
ORDINARY INCOME 553 725 -24% 553 411 35%
NET INCOME 396 510 -22% 396 299 32%
Net margin 16.2% 21.2% -4.9%p 16.2% 12.5% 3.7%p
EBITDA 1) 1,038 1,218 -15% 1,038 868 20%
EBITDA margin 42.7% 50.6% -7.9%p 42.7% 36.4% 6.2%p
----------------
1) EBITDA = Operating income + Depreciation (including R&D related depreciation)
o OTHER MAIN ITEMS
(KRW bn) Q3.'04 Q3.'03 Change Q3.'04 Q2.'04 Change
---------- ---------- ---------- ---------- ---------- ----------
WIRELESS INTERNET SALES 470 338 39% 470 417 13%
% of Cellular revenue 21.2% 15.7% 5.5%p 21.2% 19.0% 2.2%p
MARKETING EXPENSES 436 379 15% 436 575 -24%
- Marketing commissions 366 307 19% 366 488 -25%
3
(KRW bn) Q3. '04 Q3. '03 Change Q3. '04 Q2. '04 Change
---------- ---------- ---------- ---------- ---------- ----------
- Advertising 69 72 -3% 69 87 -20%
% of Revenue 17.9% 15.7% 2.2%p 17.9% 24.1% -6.2%p
CAPITAL EXPENDITURE 416 395 5% 416 358 16%
% of Revenue 17.1% 16.4% 0.7%p 17.1% 15.0% 2.1%p
INTEREST-BEARING DEBT 4,216 5,252 -20% 4,216 4,299 -2%
Debt/Equity ratio 62.5% 95.0% -32.5%p 62.5% 67.8% -5.3%p
II. FINANCIAL RESULTS
1. INCOME STATEMENT
A. OPERATING REVENUE
(KRW bn) Q3. '04 Q3. '03 Change Q3. '04 Q2. '04 Change
---------- ---------- ---------- ---------- ---------- ----------
SIGN-UP FEES 42 43 -2% 42 57 -26%
MONTHLY FEES 744 731 2% 744 756 -2%
CALL CHARGES 870 921 -5% 870 875 -1%
VAS & OTHERS 91 123 -26% 91 89 2%
WIRELESS INTERNET SALES 470 338 39% 470 417 13%
% of Cellular service 21.2% 15.7% 5.5%p 21.2% 19.0% 2.2%p
TOTAL CELLULAR SERVICE 2,218 2,156 3% 2,218 2,194 1%
INTERCONNECTION REVENUE 216 254 -15% 216 190 14%
L -> M 110 152 -28% 110 101 9%
M -> M 106 102 4% 106 89 19%
OPERATING REVENUE 2,434 2,410 1% 2,434 2,384 2%
1) SIGN-UP FEES
- In the 3rd quarter of 2004, sign-up fees decreased 26% QoQ due to a
decrease in the number of new subscribers caused by 40 days of new
subscriber acquisition ban period from August 20 to September 28.
2) MONTHLY FEES
- The QoQ decrease in monthly fees was due to a cut in monthly fee
implemented from September 1st.
4
- Despite a cut in monthly fee, the monthly fees increased YoY due to an
increase in the number of total subscribers.
3) CALL CHARGES
- Decrease in call charges due to seasonal effects such as summer holidays
and Chuseok (Korean Thanksgiving holidays) was partly offset by an increase
in the number of subscribers, resulting in slight decrease in call charges
QoQ basis.
- The YoY reduction in call charges was due to such things as the contract
based discount plan.
4) VAS & OTHERS
- The QoQ increase in VAS and other sales was due to an increase in demand
for value added services and automatic roaming service.
- The VAS and other sales have declined YoY primarily due to the Caller ID
tariff cut in October of 2003.
5) WIRELESS INTERNET SALES
- Our QoQ and YoY revenue growth from Wireless Internet sales were driven by
the higher Wireless Internet usage primarily due to the continued adoption
of high-end handsets and offering of a variety of multimedia services. The
increase in Wireless internet revenue was also driven by increase in
monthly flat fees from the introduction of unlimited data usage tariff
plan.
- Consequently, Wireless Internet sales accounted for 21.2% of cellular
service revenue in the 3rd quarter.
6) INTERCONNECTION REVENUE
- The interconnection revenue increased QoQ because the 2nd quarter
interconnection revenue was lower due to the retroactive adjustment of new
interconnection rate of the 1st quarter interconnection revenue in the 2nd
quarter.
- The interconnection revenue decreased YoY due to the new interconnection
rate.
B. OPERATING COSTS
(KRW bn) Q3. '04 Q3. '03 Change Q3. '04 Q2. '04 Change
---------- ---------- ---------- ---------- ---------- ----------
LABOR COST 100 95 5% 100 96 4%
COMMISSIONS PAID 697 578 20% 697 820 -15%
MARKETING COMMISSIONS 366 307 19% 366 488 -25%
Initial commissions 112 54 106% 112 145 -23%
Monthly commissions 94 106 -11% 94 107 -12%
Retention commissions 160 147 9% 160 236 -32%
OTHER COMMISSIONS 331 271 22% 331 332 0%
ADVERTISING 69 72 -3% 69 87 -20%
DEPRECIATION 1) 427 398 7% 427 405 5%
NETWORK INTERCONNECTION 214 190 13% 214 232 -8%
M -> M 162 131 24% 162 175 -7%
M -> L 52 59 -12% 52 57 -9%
5
(KRW bn) Q3. '04 Q3. '03 Change Q3. '04 Q2. '04 Change
---------- ---------- ---------- ---------- ---------- ----------
LEASED LINE 94 76 24% 94 90 5%
OTHERS 2) 221 181 22% 221 191 16%
OPERATING EXPENSES 1,823 1,590 15% 1,823 1,921 -5%
-------------
1) Includes R&D expenses related depreciation
2) For details, please refer to non-consolidated statements of income in
appendix
1) COMMISSIONS PAID
- Marketing commissions
Initial commissions decreased QoQ due to the new subscriber acquisition ban
during the 3rd quarter of 2004.
Retention commissions decreased QoQ due to decrease in the cost related to
handset upgrade and membership program because of stabilized market
environment compared to the 2nd quarter. Initial commissions increased YoY
due to an increase in the acquisition cost per subscriber under Mobile
Number Portability("MNP") environment in 2004.
- Other commissions The YoY
increase in other commissions was mainly due to an increase in the cost
paid to Content Providers as information usage revenue from Wireless
Internet service increased.
2) ADVERTISING
- Advertising cost decreased QoQ and YoY because SKT placed its resources
more on marketing activities directly related to subscriber acquisition
under MNP environment.
3) DEPRECIATION
- The QoQ increase resulted from the increase in depreciable assets. The YoY
increase was due to the amortization of WCDMA frequency usage right (KRW
23.9bn/quarter) from December, 2003.
4) NETWORK INTERCONNECTION
- The QoQ decrease was due to higher interconnection expenses in the 2nd
quarter as the 1st quarter's adjustment amount was also reflected in the
2nd quarter interconnection expenses as a result of new interconnection
rate adjustment.
- The YoY increase was mainly due to the interconnection rate adjustment.
5) LEASED LINE
- Leased line expense increased QoQ and YoY as more lines were leased to
accommodate subscriber growth, increase in Wireless Internet traffic, and
to enhance call quality.
6) OTHERS
- The number of involuntary deactivation increased due to tight control of
delinquent subscribers under the subscriber quality enhancement policy,
resulting in increased bad debt provision.
C. NON-OPERATING ITEMS
(KRW bn) Q3. '04 Q3. '03 Change Q3. '04 Q2. '04 Change
---------- ---------- ---------- ---------- ---------- ----------
OTHER INCOME 49 55 -10% 49 72 -32%
Interest income 15 15 0% 15 18 -19%
Equity in earnings of affiliates 14 - N/A 14 20 -28%
6
(KRW bn) Q3.'04 Q3.'03 Change Q3.'04 Q2.'04 Change
---------- ---------- ---------- ---------- ---------- ----------
Others 1) 20 40 -49% 20 34 -40%
OTHER EXPENSES 107 150 -29% 107 124 -14%
Interest 79 97 -19% 79 81 -2%
R&D contribution & donations 20 20 -2% 20 21 -4%
Others 1) 9 33 -73% 9 23 -61%
-------------
1) For details, please refer to non-consolidated statements of income in
appendix
1) INTEREST INCOME
- The QoQ decline in interest income was due to decrease in average balance.
2) EQUITY METHOD PROFIT
- The increase in equity method profit YoY was due to profit improvement in
subsidiaries such as SK Communications.
3) INTEREST
- Interest expense decreased QoQ and YoY due to lower cost of borrowing and
decrease in average balance of interest-bearing debt.
4) OTHERS IN NON-OPERATING INCOME/EXPENSES
- The decline in non-operating income(others) QoQ was mainly because of a
gain on foreign currency transaction from the repayment of Yankee Bond in
the 2nd quarter, resulting in higher number reported in the quarter.
- Non-operating expenses(others) decreased QoQ because there was an
impairment loss in long-term investment securities caused by Enterprise
Networks' application of court receivership in the 2nd quarter, resulting
in higher number reported in the quarter.
2. CAPITAL EXPENDITURE
(KRW bn) Q3.'04 Q3.'03 Change Q3.'04 Q2.'04 Change
---------- ---------- ---------- ---------- ---------- ----------
NETWORK 336 319 5% 336 270 24%
95 A/B 16 15 6% 16 35 -55%
CDMA 2000 1X 197 150 31% 197 204 -3%
1X 191 147 30% 191 173 10%
EV-DO 5 3 87% 5 30 -83%
WCDMA 57 89 -36% 57 2 2,493%
Backbone & others 67 66 2% 67 30 123%
NON-NETWORK 80 76 5% 80 87 -9%
Wireless Internet & marketing 26 54 -51% 26 54 -51%
General supporting 53 22 141% 53 34 58%
TOTAL CAPEX 416 395 5% 416 358 16%
7
3. BALANCE SHEET
(KRW bn) 04.9 03.9 Change 04.9 04.6 Change
---------- ---------- ---------- ---------- ---------- ----------
TOTAL ASSETS 13,887 13,463 3% 13,887 13,490 3%
Current assets 3,982 3,698 8% 3,982 3,648 9%
Cash & marketable securities 635 1,176 -46% 635 736 -14%
Investment assets 2,068 1,910 8% 2,068 1,997 4%
Property & equipment 4,398 4,288 3% 4,398 4,351 1%
Intangible assets 3,438 3,566 -4% 3,438 3,493 -2%
TOTAL LIABILITIES 7,138 7,933 -10% 7,138 7,147 0%
Current liabilities 3,288 4,578 -28% 3,288 3,384 -3%
Short-term borrowings 490 1,459 -66% 490 180 172%
Current portion of
long-term debt 998 1,288 -22% 998 1,398 -29%
Long-term liabilities 3,849 3,355 15% 3,849 3,763 2%
Bond payable & long-term
borrowings 2,728 2,505 9% 2,728 2,722 0%
TOTAL SHAREHOLDERS' EQUITY 6,749 5,530 22% 6,749 6,343 6%
DEBT/EQUITY RATIO 1) 62.5% 95.0% -32.5%P 62.5% 67.8% -5.3%P
1) Debt/Equity Ratio = Interest-bearing debt/Shareholders' equity
* Interest-bearing debt = Short-term borrowings + Current portion of long-term
debt + Long-term borrowings & corporate bonds
1) CURRENT ASSETS
- Cash & Marketable Securities for September 2003 included a trust fund (KRW
346.6 bn) and Hanaro Telecom CP (KRW 120 bn). The trust fund was cancelled
in December 2003, and Hanaro CP was also redeemed in December 2003.
2) INVESTMENT ASSETS
- 4% increase in investment assets QoQ basis was due to share price increase
in share holdings such as POSCO, and new equity investments such as
additional acquisition of SK Communications shares.
3) TOTAL LIABILITIES
- The operating cash inflow was delayed due to the Chuseok holidays
(9/27~9/29) resulting in increase of short-term borrowings to meet the
short term liquidity needs at the end of September.
4) TOTAL SHAREHOLDERS' EQUITY
8
- Increase in shareholders' equity was due to increase in net income as of
September 2004.
III. OPERATING RESULT
(KRW bn) Q3.'04 Q3.'03 Change Q3.'04 Q2.'04 Change
---------- ---------- ---------- ---------- ---------- ----------
Subscribers ('000) 18,603 18,019 3% 18,603 18,595 0%
Net adds 8 162 -95% 8 157 -95%
Activations 902 898 0% 902 1,277 -29%
Deactivations 895 736 22% 895 1,120 -20%
Monthly churn rate 1.6% 1.4 0.2%p 1.6% 2.0% -0.4%p
Average subscribers('000) 18,721 17,932 4% 18,721 18,540 1%
ARPU (KRW) 43,343 44,804 -3% 43,343 42,861 1%
Sign-up fee 748 799 -6% 748 1,022 -27%
Monthly fee & call charge 28,747 30,705 -6% 28,747 29,316 -2%
VAS & others 1,625 2,291 -29% 1,625 1,601 1%
Wireless Internet 8,375 6,288 33% 8,375 7,501 12%
Interconnection 3,849 4,721 -18% 3,849 3,421 13%
MOU (Minutes)
Outgoing 188(1) 197 -5% 188(1) 194 -4%
Incoming 114(1) 112 2% 114(1) 113 0%
Subscribers by handset feature
('000)
1X (Including EV-DO) 16,672 13,476 24% 16,672 16,210 3%
EV-DO (Including June) 5,962 2,528 136% 5,962 5,398 10%
June 3,160 1,243 154% 3,160 2,777 14%
Color 14,193 9,218 54% 14,193 13,329 6%
Data ARPU by handset (KRW) 2)
2G 1,750 1,301 34% 1,750 1,604 9%
1X(Including EV-DO) 8,340 7,289 14% 8,340 7,644 9%
Color 9,571 9,653 -1% 9,571 9,016 6%
9
-------------
1) MOU for August and September of 2004 is an estimate.
2) Excludes others in Wireless Internet sales such as financial enabler,
Solution/Platform sales, etc.
IV. APPENDIX (NON-CONSOLIDATED STATEMENTS OF INCOME)
(KRW bn) Q3.'04 Q3.'03 Change Q3.'04 Q2.'04 Change
---------- ---------- ---------- ---------- ---------- ----------
Operating revenue 2,434,269 2,410,249 24,020 2,434,269 2,383,994 50,275
Operating expenses 1,822,931 1,590,123 232,807 1,822,931 1,921,303 (98,373)
Labor cost 1) 99,758 95,038 4,720 99,758 96,349 3,408
Commissions paid 696,906 578,433 118,473 696,906 819,720 (122,814)
Advertising 69,392 71,652 (2,260) 69,392 87,248 (17,856)
Depreciation 2) 427,045 398,283 28,762 427,045 405,262 21,783
Network interconnection 214,005 189,682 24,323 214,005 231,903 (17,898)
Leased line 94,406 75,983 18,423 94,406 90,190 4,216
Rent 42,784 36,152 6,632 42,784 41,136 1,648
Frequency usage fees 37,872 33,136 4,736 37,872 33,400 4,472
Bad debt 19,317 5,426 13,891 19,317 - 19,317
Others 121,447 106,338 15,109 121,447 116,095 5,351
Operating income 611,338 820,126 (208,787) 611,338 462,691 148,647
Other income 49,398 54,663 (5,265) 49,398 72,307 (22,909)
Interest income 14,906 14,859 48 14,906 18,474 (3,568)
Equity in earnings of affiliates 14,386 - 14,386 14,386 20,089 (5,703)
Dividend income 3,912 117 3,795 3,912 1,263 2,649
Foreign exchange & translation
gains 187 9,277 (9,090) 187 9,458 (9,271)
Others 16,007 30,411 (14,403) 16,007 23,023 (7,016)
Other expenses 107,267 150,184 (42,917) 107,267 124,316 (17,049)
Interest 78,742 96,859 (18,117) 78,742 80,691 (1,949)
R&D contribution & donations 19,608 20,071 (463) 19,608 20,505 (897)
Equity in losses of affiliates - 1,881 (1,881) - - -
10
(KRW bn) Q3.'04 Q3.'03 Change Q3.'04 Q2.'04 Change
---------- ---------- ---------- ---------- ---------- ----------
Foreign exchange & translation
losses 324 1,885 (1,561) 324 9,483 (9,158)
Loss on impairment of
investment securities 1,000 - 1,000 1,000 11,782 (10,782)
Loss on disposal of investment
assets, & property/equipment 869 7,883 (7,014) 869 1,400 (532)
Others 6,725 21,606 (14,881) 6,725 456 6,269
Ordinary income 553,469 724,605 (171,135) 553,469 410,682 142,787
Income before income taxes 553,469 724,605 - 553,469 410,682 142,787
Income taxes 157,934 214,333 (56,399) 157,934 111,953 45,981
Net income 395,536 510,272 (114,736) 395,536 298,729 96,806
---------------
1) Includes salary, severance pay and other benefits
2) Includes R&D expenses related depreciation
IV. APPENDIX (NON-CONSOLIDATED BALANCE SHEETS)
(KRW bn) 04.9 03.9 Change 04.9 04.9 Change
---------- ---------- ---------- ---------- ---------- ----------
TOTAL ASSETS 13,886,526 13,462,839 423,687 13,886,526 13,489,680 396,846
Current assets 3,982,333 3,698,425 283,908 3,982,333 3,648,439 333,894
Cash and marketable
securities 1) 635,140 1,175,663 (540,522) 635,140 736,004 (100,863)
Accounts receivable - trade 1,359,706 1,390,129 (30,423) 1,359,706 1,392,475 (32,769)
Accounts receivable - other 1,785,905 913,105 872,800 1,785,905 1,306,186 479,719
Short-term loans 55,694 27,813 27,882 55,694 57,896 (2,201)
Inventories 13,779 6,062 7,718 13,779 9,444 4,335
Other 132,108 185,654 (53,546) 132,108 146,434 (14,326)
Investment assets 2,067,979 1,909,838 158,141 2,067,979 1,997,190 70,789
Investment securities 2) 1,711,738 1,524,573 187,164 1,711,738 1,573,213 138,524
Long-term loans 26,169 44,554 (18,385) 26,169 33,099 (6,930)
Guarantee deposits 245,078 239,707 5,371 245,078 249,131 (4,053)
Other 84,994 101,003 (16,010) 84,994 141,746 (56,752)
Property & equipment 4,397,871 4,288,124 109,747 4,397,871 4,351,219 46,652
Land 446,095 441,744 4,351 446,095 446,147 (51)
Building & fixture 808,415 790,199 18,216 808,415 815,295 (6,880)
11
(KRW bn) Q3/04 Q3/03 Change Q3/04 Q2/04 Change
---------- ---------- ---------- ---------- ---------- ----------
Machinery 2,266,293 2,295,792 (29,498) 2,266,293 2,390,498 (124,205)
Vehicles & others 364,769 441,981 (77,212) 364,769 263,392 101,377
Construction in progress 512,299 318,408 193,891 512,299 435,888 76,411
Intangible assets 3,438,343 3,566,451 (128,108) 3,438,343 3,492,833 (54,490)
TOTAL LIABILITIES 7,137,759 7,933,160 (795,400) 7,137,759 7,147,101 (9,342)
Current liabilities 3,288,332 4,577,949 (1,289,618) 3,288,332 3,384,399 (96,067)
Short-term borrowings 490,000 1,458,669 (968,669) 490,000 180,000 310,000
Accounts payables 1,011,729 713,179 298,550 1,011,729 823,824 187,905
Income taxes payable 120,097 386,013 (265,916) 120,097 293,608 (173,511)
Accrued expenses 402,091 473,269 (71,179) 402,091 424,927 (22,836)
Current portion of long-term
debt 998,347 1,287,749 (289,402) 998,347 1,397,807 (399,460)
Other 266,069 259,070 - 266,069 264,233 1,836
Long-term liabilities 3,849,428 3,355,210 494,217 3,849,428 3,762,703 86,725
Bond payable & long-term
borrowings 2,727,513 2,505,427 222,086 2,727,513 2,721,504 6,009
Facility deposits 33,316 45,605 (12,289) 33,316 37,391 (4,075)
Accrued severance indemnities 96,390 73,975 22,415 96,390 89,046 7,344
Others 992,209 730,203 262,006 992,209 914,762 77,447
TOTAL SHAREHOLDERS' EQUITY 6,748,767 5,529,679 1,219,088 6,748,767 6,342,579 406,188
Capital stock 44,639 44,639 - 44,639 44,639 -
Capital surplus 2,983,166 2,916,150 67,016 2,983,166 2,983,166 -
Retained earnings 5,808,636 4,706,334 1,102,301 5,808,636 5,486,714 321,921
Capital adjustments (2,087,675) (2,137,445) 49,770 (2,087,675) (2,171,941) 84,266
Treasury stock (2,047,105) (2,047,103) (2) (2,047,105) (2,047,105) -
Unrealized gain(loss) on
valuation of investment
securities (45,135) (93,792) 48,657 (45,135) (129,131) 83,996
Stock options 4,565 3,450 1,115 4,565 4,295 271
---------------
1) Cash & marketable securities : Cash & cash equivalent, marketable securities
& short-term financial instruments are included
2) Investment securities : Long-term investment securities and investment
securities that have applied the equity method.
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SK TELECOM CO., LTD.
By: /s/ Sung Hae Cho
---------------------
Name: Sung Hae Cho
Title: Vice President
Date: November 1, 2004
13