SK TELECOM CO., LTD. FORM 6-K
Table of Contents

1934 Act Registration No. 1-14418

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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 MAY 2004

SK Telecom Co., Ltd.

(Translation of registrant’s name into English)

99, Seorin-dong
Jongro-gu
Seoul, Korea
(Address of principal executive offices)

     (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  o

     (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  o   No  x

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

 

Table of Contents

April 29, 2004

Results for the Quarter
ended March 31, 2004

* The information contained herein is based on Korean GAAP.

 

(SK TELECOM LOGO)

Seoul, Korea, April 29, 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 March 31, 2004.

 

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).

 

     
  (SK TELECOM LOGO)

Contents

                 
I.       1  
II.       2  
       
1.     Income Statement
        
       
2.     Capital Expenditure
        
       
3.     Balance Sheet
        
III.       6  
IV.       7  
V.       9  

 

Table of Contents

     
  (SK TELECOM LOGO)

I.   Financial Highlights
 
•   Summary of Income Statement
                                                 
(KRW bn)
   Q1. ’04
   Q1. ’03
   Change
   Q1. ’04
   Q4. ’03
   Change
Operating revenue
     2,401       2,243       7 %     2,401       2,480       -3 %
Operating expenses
     1,709       1,492       15 %     1,709       1,788       -4 %
Operating income
     691       751       -8 %     691       693       -0 %
Operating margin
     28.8 %     33.5 %     -4.7 %p      28.8 %     27.9 %     0.9 %p
Other income
     90       49       85 %     90       53       69 %
Other expenses
     111       149       -26 %     111       186       -40 %
Ordinary income
     670       650       3 %     670       560       20 %
Net income
     453       449       1 %     453       433       4 %
Net margin
     18.9 %     20.0 %     -1.2 %p     18.9 %     17.5 %     1.4 %p
EBITDA 1)
     1,063       1,094       -3 %     1,063       1,186       -10 %
EBITDA margin
     44.3 %     48.8 %     -4.5 %p     44.3 %     47.8 %     -3.6 %p

1)   EBITDA = Operating income + Depreciation (including R&D related depreciation)

•   Other Main Items
                                                 
(KRW bn)
   Q1. ’04
   Q1. ’03
   Change
   Q1. ’04
   Q4. ’03
   Change
Wireless Internet sales
     392       265       48 %     392       411       -5 %
% of Cellular revenue
     18.1 %     13.4 %     4.8 %p     18.1 %     18.5 %     -0.3 %p
Marketing expenses
     478       357       34 %     478       451       6 %
- Marketing commissions
     386       264       46 %     386       346       12 %
- Advertising
     92       93       -1 %     92       105       -13 %
% of Revenue
     19.9 %     15.9 %     4.0 %p     19.9 %     18.2 %     1.7 %p
Capital expenditure
     106       174       -39 %     106       797       -87 %
% of Revenue
     4.4 %     7.8 %     -3.4 %p     4.4 %     32.1 %     -27.7 %p
Interest-bearing debt
     4,118       5,815       -29 %     4,118       4,351       -5 %
Debt/Equity ratio
     68.2 %     117.8 %     -49.6 %p     68.2 %     73.2 %     -5.0 %p

1

Table of Contents

     
  (SK TELECOM LOGO)

II.   Financial Results
 
1.   Income Statement
 
A.   Operating revenue
                                                 
(KRW bn)
   Q1. ’04
   Q1. ’03
   Change
   Q1. ’04
   Q4. ’03
   Change
Sign-up fees
     53       45       17 %     53       44       21 %
Monthly fees
     755       718       5 %     755       734       3 %
Call charges
     877       850       3 %     877       957       -8 %
VAS & others
     84       105       -20 %     84       81       4 %
Wireless Internet sales
     392       265       48 %     392       411       -5 %
% of Cellular service
     18.1 %     13.4 %     4.8 %p     18.1 %     18.5 %     -0.3 %p
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total cellular service
     2,161       1,983       9 %     2,161       2,228       -3 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Interconnection revenue
     240       260       -8 %     240       253       -5 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
L -> M
     126       164       -23 %     126       145       -13 %
M -> M
     113       96       18 %     113       108       5 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating revenue
     2,401       2,243       7 %     2,401       2,480       -3 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  

1)   Sign-up Fees

  –   The increase was due to the increase in new subscriber addition during the 1st quarter.

2)   Monthly Fees

  –   The increase was due to the increase in number of subscribers.

3)   Call Charges

  –   The call charge increased 3% YoY due to the increase in number of subscribers and MOU.
 
  –   The QoQ decrease was due to the MOU decrease during the quarter, affected by seasonality. (less number of days in February and Lunar New Year holidays)

4)   VAS & Others

  –   VAS and Others sales have decreased YoY mainly due to the Caller ID tariff cut, however, QoQ sales have increased because of increase in VAS subscribers including Color Ring and automatic roaming service.

5)   Wireless Internet Sales

  –   The Wireless Internet sales decreased QoQ due to the extraordinary 4th quarter sales last year, resulted from higher usage of contents and phone mail at the end of the year. However, Wireless Internet sales increased YoY owing to the continuous growth in Wireless Internet usage.
 
  –   Wireless Internet sales accounted for 18% of cellular service revenue in the 1st quarter.

6)   Interconnection Revenue

  –   L-M: Decreased due to the estimated interconnection rate reduction and less traffic.
 
  –   M-M: Despite the estimated reduction in interconnection rate, M-M revenue increased due to the increase in voice and SMS usages.

*   Although this year’s interconnection rate reduction has not been finalized, 1st quarter interconnection revenue was adjusted assuming the same adjustment amount as last year applying a very conservative accounting practice.

2

Table of Contents

     
  (SK TELECOM LOGO)

B.   Operating expenses
                                                 
(KRW bn)
   Q1. ’04
   Q1. ’03
   Change
   Q1. ’04
   Q4. ’03
   Change
Labor cost
     162       124       31 %     162       105       55 %
Commissions paid
     652       525       24 %     652       663       -2 %
Marketing commissions
     386       264       46 %     386       346       12 %
Initial commissions
     85       68       26 %     85       59       45 %
Monthly commissions
     105       104       1 %     105       105       1 %
Retention commissions
     195       92       112 %     195       182       7 %
Other commissions
     266       261       2 %     266       318       -16 %
Advertising
     92       93       -1 %     92       105       -13 %
Depreciation 1)
     372       343       8 %     372       494       -25 %
Network interconnection
     168       181       -7 %     168       131       27 %
M -> M
     127       121       6 %     127       138       -8 %
M -> L
     40       61       -33 %     40       (7 )     -700 %
Leased line
     82       73       12 %     82       77       6 %
Others 2)
     182       153       19 %     182       212       -14 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating expenses
     1,709       1,492       15 %     1,709       1,788       -4 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  

1)   Includes R&D expenses related depreciation
 
2)   For details, please refer to non-consolidated statements of income in appendix

1)   Labor cost

  –   Labor cost has increased due to increase in regular wages and the incentive bonus payment based on company’s performance last year in order to enhance employees motivation.

2)   Commissions paid

  –   Marketing Commissions
Marketing commissions have increased due to increase in the subscriber addition, enhancement of handset replacement program and expansion of membership program to lock-in quality subscribers under MNP environment.
 
  –   Other Commissions
The QoQ decrease was mainly due to the decrease in the payment of Information Usage Fee to Content Providers as the Contents usage revenue decreased and the decrease in consulting fee, such as market research fee.

3)   Advertising cost

  –   The decrease in advertising cost during the 1st quarter was due to the shift in marketing focus from advertising to distribution channel management, which would have more direct impact on customer retention under the MNP environment.

4)   Depreciation

  –   The YoY increase was due to the amortization of WCDMA frequency usage right from Dec 2003. The QoQ decrease was due to less investment in the 1st quarter compared to 4th quarter last year and SKT’s accelerated depreciation method.

5)   Network interconnection

  –   M-M: The QoQ interconnection cost decreased due to the same rate of downward interconnection rate adjustment as last year. However, the YoY cost increased due to the higher traffic volume during the quarter.
 
  –   M-L: The YoY cost decreased due to the same rate of downward interconnection rate adjustment as last year, and less Universal Service Fund (USF) contribution. However, the QoQ cost increased due to the reimbursement of KRW 45.2 billion of USF in the 4th quarter.

6)   Leased line

  –   Leased line expense increased as more lines were leased to accommodate subscriber growth and increased traffic and to enhance call quality.

3

Table of Contents

     
  (SK TELECOM LOGO)

C.   Non-operating items
                                                 
(KRW bn)
   Q1. ’04
   Q1. ’03
   Change
   Q1. ’04
   Q4. ’03
   Change
Other income
     90       49       85 %     90       53       69 %
Interest income
     19       12       63 %     19       22       -11 %
Equity in earnings of affiliates
     24       —       N/A       24       —       N/A  
Others 1)
     47       37       27 %     47       32       48 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Other expenses
     111       149       -26 %     111       186       -40 %
Interest
     76       87       -12 %     76       91       -17 %
R&D contribution & donations
     19       20       -6 %     19       29       -36 %
Others 1)
     16       43       -63 %     16       65       -76 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  

1)   For details, please refer to non-consolidated statements of income in appendix
 
1)   Interest Income

  –   The YoY increase was due to higher yield but QoQ interest income was down due to the decreased average balance.

2)   Interest

  –   The QoQ decrease was due to the decrease in average balance of interest-bearing debt, and lower cost of borrowing.

3)   Others in Non-operating Income/ Expenses

  –   The increase in non-operating income was mainly due to equity method profit from subsidiaries including SK Teletech, and dividend income from POSCO etc.
 
  –   One-off charges such as loss on disposal of property and equipment have decreased.

2.   Capital Expenditure
                                                 
(KRW bn)
   Q1. '04
   Q1. '03
   Change
   Q1. '04
   Q4. '03
   Change
Network
     63       88       -29 %     63       609       -90 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
95 A/B
     14       8       77 %     14       54       -74 %
CDMA 2000 1X
     26       65       -59 %     26       281       -91 %
1X
     24       60       -60 %     24       259       -91 %
EV-DO
     2       5       -53 %     2       21       -89 %
WCDMA
     3       —       N/A       3       114       -98 %
Backbone & others
     19       15       33 %     19       160       -88 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Non-Network
     44       86       -50 %     44       188       -77 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Wireless Internet & marketing
     24       49       -51 %     24       115       -79 %
General supporting
     19       37       -48 %     19       73       -73 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total CapEx
     106       174       -39 %     106       797       -87 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  

4

Table of Contents

     
  (SK TELECOM LOGO)

3.   Balance Sheet
                                                 
(KRW bn)
   04.3
   03. 3
   Change
   04. 3
   03.12
   Change
Total assets
     13,415       13,104       2 %     13,415       13,376       0 %
Current assets
     3,626       4,109       -12 %     3,626       3,461       5 %
Cash & marketable securities
     766       1,621       -53 %     766       988       -22 %
Investment assets
     1,898       2,352       -19 %     1,898       1,763       8 %
Property & equipment
     4,358       4,279       2 %     4,358       4,552       -4 %
Intangible assets
     3,533       2,364       49 %     3,533       3,600       -2 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total liabilities
     7,379       8,166       -10 %     7,379       7,434       -1 %
Current liabilities
     3,969       4,929       -19 %     3,969       4,232       -6 %
Short-term borrowings
     576       1,691       -66 %     576       729       -21 %
Current portion of long-term debt
     1,134       1,140       -1 %     1,134       1,364       -17 %
Long-term liabilities
     3,409       3,238       5 %     3,409       3,202       6 %
Bond payable & long-term borrowings
     2,408       2,984       -19 %     2,408       2,258       7 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total shareholders’ equity
     6,036       4,938       22 %     6,036       5,942       2 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Debt/Equity ratio 1)
     68.2 %     117.8 %     -49.6 %p     68.2 %     73.2 %     -5.0 %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 balance decreased mainly due to the debt repayment during the period.

2)   Intangible Assets

  –   The YoY increase was due to the WCDMA frequency usage right from the merger with SK IMT

3)   Total Liabilities

  –   Liabilities decreased due to debt repayment using internal cash because of reduced economic uncertainties.
 
  –   Debt to Equity ratio fell to 68%.

4)   Total Shareholders’ Equity

  –   Increased due to the increase in retained earnings

5

Table of Contents

     
  (SK TELECOM LOGO)

III.   Operating Result
                                                 
    Q1. ’04
   Q1. ’03
   Change
   Q1. ’04
   Q4. ’03
   Change
Subscribers (’000)
     18,439       17,628       5 %     18,439       18,313       1 %
Net adds
     126       408       -69 %     126       294       -57 %
Activations
     1,210       945       28 %     1,210       935       29 %
Deactivations
     1,085       537       102 %     1,085       641       69 %
Monthly churn rate
     2.0 %     1.0 %     1.0 %p     2.0 %     1.2 %     0.8 %p
Average subscribers(’000)
     18,343       17,428       5 %     18,343       18,135       1 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
ARPU (KRW)
     43,623       42,895       2 %     43,623       45,590       -4 %
Sign-up fee
     968       868       12 %     968       812       19 %
Monthly fee & call charge
     29,655       29,981       -1 %     29,655       31,089       -5 %
VAS & others
     1,529       2,011       -24 %     1,529       1,488       3 %
Wireless Internet
     7,116       5,068       40 %     7,116       7,558       -6 %
Interconnection
     4,355       4,968       -12 %     4,355       4,643       -6 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
MOU (Minutes)
                                                
Outgoing
     195 1)     186       5 %     195 1)     205       -5 %
Incoming
     111 1)     112       -1 %     111 1)     115       -4 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Subscribers by handset feature (’000)
                                                
1x (Including EV-DO)
     15,452       11,173       38 %     15,452       14,424       7 %
EV-DO (Including June)
     4,684       608       671 %     4,684       3,562       31 %
June
     2,319       393       491 %     2,319       1,678       38 %
Color
     12,098       6,211       95 %     12,098       10,570       14 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Data ARPU by handset (KRW) 2)
                                                
2G
     1,461       1,419       3 %     1,461       1,357       8 %
1X(Including EV-DO)
     7,710       6,356       21 %     7,710       8,270       -7 %
Color
     9,441       9,329       1 %     9,441       10,587       -11 %
 
    
 		      
 		      
 		      
 		      
 		      
 		  

1)   February, March 2004 MOU is estimate.
 
2)   Excludes others in wireless internet sales such as financial enabler, Solution/Platform sales, etc.

6

Table of Contents

     
  (SK TELECOM LOGO)

IV.   Appendix (Non-Consolidated Statements of Income)
                                                 
(KRW mn)
   Q1. ’04
   Q1. ’03
   Change
   Q1. ’04
   Q4. ’03
   Change
Operating revenue
     2,400,568       2,242,746       157,823       2,400,568       2,480,397       (79,829 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating expenses
     1,709,397       1,491,808       217,590       1,709,397       1,787,640       (78,243 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Labor cost
     162,392       123,926       38,466       162,392       104,753       57,639  
Commissions paid
     651,940       525,085       126,855       651,940       663,493       (11,554 )
Advertising
     91,645       92,696       (1,051 )     91,645       105,485       (13,840 )
Depreciation 1)
     371,791       343,331       28,459       371,791       493,687       (121,896 )
Network interconnection
     167,568       181,112       (13,544 )     167,568       131,496       36,073  
Leased line
     82,001       72,894       9,107       82,001       77,027       4,975  
Rent
     39,132       30,644       8,488       39,132       39,190       (58 )
Frequency usage fees
     33,940       31,569       2,371       33,940       32,146       1,794  
Bad debt
     —       3,731       (3,731 )     —       8,287       (8,287 )
Others
     108,988       86,820       22,169       108,988       132,076       (23,088 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
     691,171       750,938       (59,767 )     691,171       692,757       (1,586 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Other income
     89,939       48,695       41,244       89,939       53,285       36,654  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Interest income
     19,209       11,813       7,397       19,209       21,545       (2,335 )
Equity in earnings of affiliates
     23,765       —       23,765       23,765       —       23,765  
Dividend income
     17,529       85       17,443       17,529       0       17,529  
Foreign exchange & translation gains
     9,479       2,453       7,026       9,479       (9,512 )     18,991  
Others
     19,957       34,344       (14,388 )     19,957       41,252       (21,295 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Other expenses
     110,839       149,479       (38,641 )     110,839       185,979       (75,140 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Interest
     76,044       86,734       (10,690 )     76,044       91,369       (15,324 )
R&D contribution & donations
     18,954       20,102       (1,148 )     18,954       29,464       (10,510 )
Equity in losses of affiliates
     —       11,405       (11,405 )     —       12,473       (12,473 )
Foreign exchange & translation losses
     1,900       11,796       (9,896 )     1,900       (1,596 )     3,496  
Loss on impairment of investment securities
     —       16,417       (16,417 )     —       1,626       (1,626 )
Loss on disposal of investment assets, & property/equipment
     7,477       2,271       5,206       7,477       46,997       (39,519 )
Others
     6,463       753       5,709       6,463       5,646       817  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Ordinary income
     670,272       650,154       20,118       670,272       560,063       110,208  
Income before income taxes
     670,272       650,154       20,118       670,272       560,063       110,208  
Income taxes
     217,757       201,480       16,277       217,757       126,833       90,924  
Net income
     452,515       448,674       3,841       452,515       433,230       19,284  
 
    
 		      
 		      
 		      
 		      
 		      
 		  

1)   Includes R&D expenses related depreciation

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  (SK TELECOM LOGO)

IV.   Appendix (Non-Consolidated Balance Sheets)
                                                 
(KRW mn)
   04.3
   03.3
   Change
   04.3
   03.12
   Change
Total assets
     13,414,555       13,104,257       310,298       13,414,555       13,375,959       38,596  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Current assets
     3,626,023       4,108,732       (482,708 )     3,626,023       3,460,706       165,317  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Cash and marketable securities 1)
     765,743       1,620,876       (855,132 )     765,743       987,646       (221,902 )
Accounts receivable — trade
     1,422,464       1,253,421       169,043       1,422,464       1,438,836       (16,372 )
Accounts receivable — other
     1,212,653       1,103,879       108,774       1,212,653       811,496       401,157  
Short-term loans
     60,271       27,640       32,631       60,271       51,102       9,169  
Inventories
     8,308       9,872       (1,564 )     8,308       8,024       285  
Other
     156,583       93,045       63,538       156,583       163,602       (7,019 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Investment assets
     1,897,839       2,352,419       (454,580 )     1,897,839       1,763,359       134,480  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Investment securities 2)
     1,552,525       2,010,099       (457,574 )     1,552,525       1,418,734       133,791  
Long-term loans
     39,081       54,215       (15,133 )     39,081       41,591       (2,510 )
Guarantee deposits
     248,558       240,170       8,388       248,558       246,004       2,554  
Other
     57,674       47,935       9,739       57,674       57,030       644  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Property & equipment
     4,358,192       4,279,040       79,152       4,358,192       4,551,626       (193,434 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Land
     444,791       439,270       5,521       444,791       446,574       (1,783 )
Building & fixture
     824,225       775,553       48,673       824,225       840,237       (16,012 )
Machinery
     2,411,195       2,499,356       (88,161 )     2,411,195       2,625,307       (214,112 )
Vehicles & others
     253,354       330,904       (77,549 )     253,354       329,945       (76,591 )
Construction in progress
     424,626       233,958       190,668       424,626       309,564       115,063  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Intangible assets
     3,532,501       2,364,066       1,168,435       3,532,501       3,600,268       (67,767 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total liabilities
     7,378,512       8,166,462       (787,951 )     7,378,512       7,434,121       (55,609 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Current liabilities
     3,969,179       4,928,846       (959,667 )     3,969,179       4,231,974       (262,795 )
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Short-term borrowings
     575,676       1,691,326       (1,115,651 )     575,676       728,669       (152,994 )
Accounts payable
     773,744       903,446       (129,702 )     773,744       1,117,835       (344,091 )
Income taxes payable
     405,869       411,083       (5,214 )     405,869       399,852       6,017  
Accrued expenses
     366,703       359,974       6,729       366,703       401,245       (34,542 )
Current portion of long-term debt
     1,134,013       1,139,794       (5,781 )     1,134,013       1,364,264       (230,252 )
Other
     713,174       423,223       289,952       713,174       220,109       493,066  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Long-term liabilities
     3,409,332       3,237,617       171,716       3,409,332       3,202,147       207,186  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Bond payable & long-term borrowings
     2,407,921       2,984,162       (576,241 )     2,407,921       2,258,276       149,645  
Facility deposits
     41,238       45,249       (4,011 )     41,238       44,197       (2,958 )
Accrued severance indemnities
     78,798       55,448       23,350       78,798       63,663       15,135  
Others
     881,375       152,758       728,618       881,375       836,011       45,364  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Total shareholders’ equity
     6,036,044       4,937,794       1,098,249       6,036,044       5,941,838       94,205  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Capital stock
     44,639       44,576       63       44,639       44,639       —  
Capital surplus
     2,915,964       2,884,355       31,608       2,915,964       2,915,964       —  
Retained earnings
     5,187,985       4,184,402       1,003,583       5,187,985       5,140,349       47,636  
Capital adjustments
     (2,112,544 )     (2,175,539 )     62,995       (2,112,544 )     (2,159,114 )     46,569  
Treasury stock
     (2,047,105 )     (2,047,087 )     (18 )     (2,047,105 )     (2,047,103 )     (2 )
Unrealized gain(loss) on valuation of investment securities
     (69,464 )     (131,322 )     61,858       (69,464 )     (115,752 )     46,288  
Stock options
     4,024       2,870       1,154       4,024       3,741       284  
 
    
 		      
 		      
 		      
 		      
 		      
 		  

1)   Cash & marketable securities : Cash & cash equivalent, marketable securities & short-term financial instruments are included
 
2)   Investment securities : Investments in affiliates with more than 20% interest, listed companies & non-listed companies are included

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  (SK TELECOM LOGO)

V.   IR Contacts
             
IR Office
   Title
   Telephone
   Email
Tae-Jin Park
  Head of IR Team   02)2121-4212   tjpark@sktelecom.com
Jeong-Hwan Choi
  Senior Manager   02)2121-4213   choi72@sktelecom.com
Uk Jang
  Manager   02)2121-4215   ujang@sktelecom.com
JS Oh
  Assistant Manager   02)2121-4210   jsoh@sktelecom.com
Hannah Kim
  Assistant Manager   02)2121-4542   hannah@sktelecom.com

Thank you.

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Table of Contents

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: May 3, 2004