SK TELECOM CO LTD — Interim / Quarterly Report 2003

Oct 30, 2003

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 OCTOBER 2003 ------------------- 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 [ ] (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-_____.) ================================================================================ [SK TELECOM LOGO] OCTOBER 28, 2003 3RD QUARTER EARNINGS FOR THE PERIOD ENDED SEPTEMBER 30, 2003 * THE INFORMATION CONTAINED HEREIN IS BASED ON KOREAN GAAP. [SK TELECOM LOGO] - -------------------------------------------------------------------------------- SEOUL, KOREA, OCTOBER 28, 2003 -- 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 THIRD QUARTER ENDED SEPTEMBER 30, 2003. - -------------------------------------------------------------------------------- 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). 2 [SK TELECOM LOGO] CONTENTS

3 [SK TELECOM LOGO] I. FINANCIAL HIGHLIGHTS o SUMMARY OF INCOME STATEMENT

(1) EBITDA = Operating income + Depreciation + R&D related depreciation included in R&D expense o OTHER MAIN ITEMS

4 [SK TELECOM LOGO] II. FINANCIAL RESULTS 1. INCOME STATEMENT A. REVENUE

1) VOICE REVENUE - Call charges decreased slightly due to more holidays in this quarter (Korea Thanksgiving day and summer vacation period) compare to the previous quarter but it had increased by 5% compare to the same period of last year despite the tariff cut at the beginning of this year. - VAS and Others sales increased 7% QoQ due to the increase in the usage of value-added services such as Color Ring. - The sales from "Free Tariff Scheme" increased by 25% QoQ to KRW 39bn. 2) WIRELESS INTERNET SALES - Due to the increase in the number of Internet-enabled and high-end handsets which generate higher wireless Internet ARPU (June, EV-DO, Color, 1X handsets), wireless Internet sales increased 11% QoQ. - Wireless Internet sales portion in total cellular revenue increased steadily to 16% from 14% in the previous quarter. 5 [SK TELECOM LOGO] B. OPERATING EXPENSES

• ------------ (1) For details, please refer to income statements in appendix 1) WAGE AND EMPLOYEE BENEFITS - Wage & Employee benefits increased due to incentive bonus payment to employees in this quarter. 2) COMMISSIONS - MARKETING COMMISSIONS: The 2% QoQ increase was due mainly to the increase in retention commissions which include commission for handset change and some promotional event cost to lock in quality subscribers. - OTHER COMMISSION: The increase was mainly due to the increase in the payment of Information Usage Fee to Content Provider as the wireless Internet revenue increased. 3) DEPRECIATION - The 5% QoQ increase was due to the increase in depreciating assets. 4) NETWORK INTERCONNECTION - M-M: The 4% QoQ decrease was due to the decrease in MOU from the previous quarter. - M-L: The 41% QoQ decrease was due to the fact that the M-L expense in the 2nd quarter included the share of KT114 directory service expenses (KRW 40.6 bn for the loss from 1998~2001). 6 [SK TELECOM LOGO] C. NON-OPERATING ITEMS

• ------------ (1) For details, please refer to income statements in appendix. 1) INTEREST INCOME - The QoQ decrease was due to the decrease in quarterly average balance of cash & marketable securities. 2) OTHER NON-OPERATION INCOME - The QoQ decrease was mainly due to the fact that there was dividend income(KRW 25.6bn) from KT shares in the previous quarter. 3) INTEREST EXPENSES - The QoQ decrease was due to the decrease in quarterly average balance of interest-bearing debt. 4) OTHERS IN NON-OPERATING EXPENSES - The QoQ increase was due to the increase in Loss on Disposal of Property and Equipment from the sale of SK Bigs, the pro basketball team, in the 3rd quarter. 2. CAPITAL EXPENDITURE

7 [SK TELECOM LOGO] 3. BALANCE SHEET

• ------------ (1) Debt/Equity Ratio = Interest-bearing Debt / Shareholders' Equity * Interest-bearing Debt = Short-term borrowings + Current portion of long-term debt + Long-term borrowings and corporate bonds. 1) CASH AND MARKETABLE SECURITIES - As of September 30, 2003, Cash and Marketable Securities was KRW 1,176 bn which include the remaining balance in the trust fund (KRW 346.6 bn) and Hanaro Telecom CP(KRW 120 bn) bought during the quarter . 2) INVESTMENT ASSETS - The increase in investment securities was due mainly to the purchase of POSCO shares. 3) CURRENT LIABILITIES - The increase was due to the funding needs from the stock buyback and the purchase of Hanaro Telecom CP. 5) DEBT/EQUITY RATIO - As of September 30, 2003, D/E ratio rose to 95% from 89% in the previous quarter due to increase in short-term borrowings during the quarter. 8 [SK TELECOM LOGO] III. OPERATING RESULT

• ------------ (1) August and September MOU are estimates. (2) Excludes others in wireless Internet sales such as financial enabler, Solution/Platform sales, etc. 9 [SK TELECOM LOGO] IV. APPENDIX - INCOME STATEMENT

10 [SK TELECOM LOGO] IV. APPENDIX - BALANCE SHEET

11 [SK TELECOM LOGO] V. IR CONTACTS

THANK YOU. 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 IR Office Date: October 29, 2003 13