SK TELEOCM CO., LTD
Table of Contents

 
 

UNITED STATES
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 APRIL 2005

     SK Telecom Co., Ltd.
(Translation of registrant’s name into English)

11, Euljiro2-ga Jung-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 þ     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 þ

     (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 28, 2005

Results for the year

ended March 31, 2005

* The information contained herein is based on Korean GAAP.

(SK TELECCOM LOGO)


Seoul, Korea, April 28, 2005 – 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 year ended March 31, 2005.


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        
  Financial Highlights     1  
 
           
  Financial Results     2  
 
           
  1. Income Statement        
 
           
  2. Capital Expenditure        
 
           
  3. Balance Sheet        
 
           
  Operating Result     6  
 
           
  Appendix (Financial Statements)     7  
 
           
  IR Contacts     9  

 


Table of Contents

I. Financial Highlights

• Summary of Income Statement

                                                 
(KRW bn)   Q1. ’05     Q1. ’04     Change     Q1. ’05     Q4. ’04     Change  
 
Operating revenue
    2,412       2,401       0 %     2,412       2,485       -3 %
 
Operating expenses
    1,797       1,709       5 %     1,797       1,890       -5 %
 
Operating income
    614       691       -11 %     614       594       3 %
 
Operating margin
    25.5 %     28.8 %     -3.3 %p     25.5 %     23.9 %     1.6 %p
 
Other income
    56       90       -38 %     56       47       19 %
 
Other expenses
    123       111       11 %     123       160       -23 %
 
Ordinary income
    547       670       -18 %     547       481       14 %
 
Net income
    368       453       -19 %     368       348       6 %
 
Net margin
    15.3 %     18.9 %     -3.6% %p     15.3 %     14.0 %     1.3 %p
 
EBITDA 1)
    984       1,063       -7 %     984       1,090       -10 %
EBITDA margin
    40.8 %     44.3 %     -3.5 %p     40.8 %     43.9 %     -3.1 %p
 


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

• Other Main Items

                                                 
(KRW bn)   Q1. ’05     Q1. ’04     Change     Q1. ’05     Q4. ’04     Change  
 
Wireless Internet sales
    548       392       40 %     548       544       1 %
 
% of Cellular revenue
    25.0 %     18.1 %     6.8 %p     25.0 %     23.9 %     1.0 %p
 
Marketing expenses
    436       478       -9 %     436       372       17 %
 
- Marketing commissions
    380       386       -2 %     380       291       30 %
 
- Advertising
    56       92       -39 %     56       80       -30 %
 
% of Revenue
    18.1 %     19.9 %     -1.8 %p     18.1 %     15.0 %     3.1 %p
 
 
                                               
 
Capital expenditure
    90       106       -15 %     90       726       -88 %
 
% of Revenue
    3.7 %     4.4 %     -0.7 %p     3.7 %     29.2 %     -25.5 %p
 
 
                                               
 
Interest-bearing debt
    3,787       4,118       -8 %     3,787       3,790       0 %
 
Debt/Equity ratio
    55.5 %     68.2 %     -12.7 %p     55.5 %     53.2 %     2.3 %p
 


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Table of Contents

II. Financial Results

1. Income Statement

A. Operating revenue

                                                 
(KRW bn)   Q1. ’05     Q1. ’04     Change     Q1. ’05     Q4. ’04     Change  
 
Sign-up fees
    61       53       15 %     61       46       32 %
 
Monthly fees
    667       755       -12 %     667       685       -3 %
 
Call charges
    825       877       -6 %     825       906       -9 %
 
VAS & others
    94       84       11 %     94       91       3 %
 
Wireless Internet sales
    548       392       40 %     548       544       1 %
 
% of Cellular service
    25.0 %     18.1 %     6.8%p       25.0 %     23.9 %     1.0%p  
 
Total cellular service
    2,195       2,161       2 %     2,195       2,272       -3 %
 
Interconnection revenue
    217       240       -9 %     217       212       2 %
 
L -> M
    102       126       -20 %     102       94       8 %
 
M -> M
    116       113       2 %     116       118       -2 %
 
Operating revenue
    2,412       2,401       0 %     2,412       2,485       -3 %
 

1) Sign-up fees

     - The YoY and QoQ increase was due to increase in the number of subscribers.

2) Monthly fees

     - The YoY decrease was due to the tariff cut in monthly fee implemented in September 1, 2004.

     - The QoQ decrease was due to increase in phone mail discount from increased usage, as phone mail discount is reflected in monthly fees. (Table 1)

3) Call charges

     - The YoY decrease was due to the implementation of new discount plans such as long term contract with discount and ‘Free Holiday’ tariff plans.

     - The QoQ call charges decreased because of shorter number of working days due to Lunar new year holiday and less number of days in February.

4) VAS & others

     - The YoY and QoQ increase was due to the increase in the number of subscribers.

5) Wireless Internet sales

     - The YoY and QoQ increase was due to the continued adoption of high-end handsets, increased monthly fee which resulted from the introduction of unlimited data tariff plan, and the launch of brand new services.

6) Interconnection revenue

     - LM: The YoY decrease was due to the interconnection rate adjustment and the decrease in call traffic. The QoQ interconnection revenue increased as some of the international interconnection rates were finalized in October 2004 resulting in retroactive adjustment of the figures.

     - MM: The YoY increase was due to the increased call traffic despite the changes in interconnection rate.

Table 1: Phone mail discount

                                                 
(KRW bn)   Q1. ’05     Q4. ’04     Q3. ’04     Q2. ’04     Q1. ’04     Q4. ’03  
 
Phone Mail Discount
    135       101       64       63       60       52  
 


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Table of Contents

B. Operating expenses

                                                 
(KRW bn)   Q1. ’05     Q1. ’04     Change     Q1. ’05     Q4. ’04     Change  
 
Labor cost
    148       162       -9 %     148       90       65 %
 
Commissions paid
    714       652       9 %     714       659       8 %
 
Marketing commissions
    380       386       -2 %     380       291       30 %
 
Initial commissions
    142       85       67 %     142       95       50 %
 
Monthly commissions
    85       105       -19 %     85       91       -7 %
 
Retention commissions
    152       195       -22 %     152       105       45 %
 
Other commissions
    334       266       26 %     334       367       -9 %
 
Advertising
    56       92       -39 %     56       80       -30 %
 
Depreciation1)
    370       372       -1 %     370       495       -25 %
 
Network interconnection
    218       168       30 %     218       245       -11 %
 
M -> M
    170       127       33 %     170       180       -6 %
 
M -> L
    48       40       20 %     48       66       -26 %
 
Leased line
    97       82       18 %     97       99       -2 %
 
Others2)
    195       182       7 %     195       222       -12 %
 
Operating expenses
    1,797       1,709       5 %     1,797       1,890       -5 %
 


1)   Includes R&D related depreciation
 
2)   For details, please refer to non-consolidated statements of income in appendix
 
1) Labor cost
 
- The QoQ increase in labor cost was due to incentive bonus payment.
 
2) Commissions paid
 
- Marketing commissions:
 
The YoY decrease was due to decrease of retention commission and decrease in the number of subscribers on which monthly commissions are being paid.
 
The QoQ increase was due to the increased number of subscribers resulting in more initial as well as retention commission.
 
- Other commissions:
 
The YoY increase was due to increase in the payment of Information Usage Fee to Content Providers as the wireless Internet usage increased and the increase in the international roaming commissions. The QoQ decrease was due to seasonality.
 
3) Advertising cost
 
- The YoY and QoQ advertising cost decreased due to decrease in advertising for promotion of different services.
 
4) Depreciation
 
- The QoQ decrease resulted from the decrease in depreciable assets.
 
5) Network interconnection cost
 
- The YoY increase was due to increase in traffic, adjustment on interconnection rate, and increase in SMS usage.
 
- The QoQ decrease was due to decrease in traffic, the interconnection rate adjustment in July 2004, and SKT’s portion of Universal Service Fund(USF) being reflected in the 4Q, making the figure for the quarter to be bigger.
 
6) Leased line
 
- Leased line expense increased YoY as more lines were leased to accommodate the increase in wireless Internet traffic, and to enhance call quality after the implementation of the number portability system.

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Table of Contents

C. Non-operating items

                                                 
(KRW bn)   Q1. ’05     Q1. ’04     Change     Q1. ’05     Q4. ’04     Change  
 
Other income
    56       90       -38 %     56       47       19 %
 
Interest income
    11       19       -41 %     11       16       -28 %
 
Equity in earnings of affiliates
    6       24       N/A       6             N/A  
 
Others 1)
    38       47       -20 %     38       31       23 %
 
Other expenses
    123       111       11 %     123       160       -23 %
 
Interest
    66       76       -13 %     66       67       -1 %
 
Equity in losses of affiliates
    20             N/A       20       4       345 %
 
R&D contribution & donations
    33       19       74 %     33       29       13 %
 
Others 1)
    23       16       48 %     23       63       -63 %


1)   For details, please refer to non-consolidated statements of income in appendix
 
1) Interest Income
 
- The QoQ decrease was due to reserved retirement pension interest which was recognized in 4Q 2004.
 
2) Others in Non-Operating Income
 
- The YoY decrease was largely due to 8.8 billion(KRW) surplus from the refund of Yankee Bond in 1Q 2004.
 
3) Interest
 
- Interest expense decreased due to fall in average balance of debts.
 
4) Equity in losses of affiliates
 
- The YoY increase was largely due to performance of affiliates such as SK Teletech and TU Media Corp.

2. Capital Expenditure

                                                 
(KRW bn)   Q1. ’05     Q1. ’04     Change     Q1. ’05     Q4. ’04     Change  
 
Network
    45       63       -29 %     45       483       -91 %
 
95 A/B
    0       14       -100 %     0       29       -100 %
 
CDMA 2000 1X
    4       26       -85 %     4       208       -98 %
 
1X
    4       24       -84 %     4       202       -98 %
 
EV-DO
          2       N/A             6       N/A  
 
WCDMA
    37       3       1355 %     37       157       -76 %
 
Backbone & others
    3       19       -83 %     3       89       -96 %
 
Non-Network
    46       44       5 %     46       243       -81 %
 
Wireless Internet & marketing
    34       24       40 %     34       77       -56 %
 
General supporting
    12       19       -39 %     12       166       -93 %
 
Total CapEx
    90       106       -15 %     90       726       -88 %
 

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Table of Contents

3. Balance Sheet

                                                 
(KRW bn)   2005. 3     2004. 3     Change     2005. 3     2004. 12     Change  
 
Total assets
    14,108       13,415       5 %     14,108       14,021       1 %
 
Current assets
    4,101       3,626       13 %     4,101       3,854       6 %
 
Cash & marketable securities
    1,016       766       33 %     1,016       761       34 %
 
Investment assets
    2,112       1,898       11 %     2,112       2,112       0 %
 
Property & equipment
    4,408       4,358       1 %     4,408       4,605       -4 %
 
Intangible assets
    3,487       3,533       -1 %     3,487       3,449       1 %
 
Total liabilities
    7,282       7,379       -1 %     7,282       6,894       6 %
 
Current liabilities
    2,998       3,969       -24 %     2,998       2,860       5 %
 
Short-term borrowings
    200       576       -65 %     200       400       -50 %
 
Current portion of long-term debt
    499       1,134       -56 %     499       498       0 %
 
Long-term liabilities
    4,284       3,409       26 %     4,284       4,034       6 %
 
Bond payable & long-term borrowings
    3,087       2,408       28 %     3,087       2,892       7 %
 
Total shareholders’ equity
    6,826       6,036       13 %     6,826       7,127       -4 %
 
Debt/Equity ratio 1)
    55.5 %     68.2 %     -12.7 %p     55.5 %     53.2 %     2.3 %p
 


1)   Debt/Equity Ratio = Interest-bearing debt / Shareholders’ equity

* Interest-bearing debt = Short-term borrowings + Current portion of long-term debt + Corporate bonds
 
1) Cash & marketable securities

- YoY and QoQ cash and marketable securities were up temporarily because of dividend payment due in April.
 
2) Investment assets

- The YoY increase was due to the increase in valuation gain.
 
3) Total liabilities

- Debt to equity ratio increased QoQ due to increase in dividends liabilities and decrease in equity.
 
4) Total Shareholder’s equity

- Total shareholder’s equity decreased QoQ due to the higher dividend pay-out.

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Table of Contents

III. Operating Result

                                                 
    Q1. ’05     Q1. ’04     Change     Q1. ’05     Q4. ’04     Change  
 
Subscribers (‘000)
    19,007       18,439       3 %     19,007       18,783       1 %
Net adds
    224       126       78 %     224       180       24 %
Activations
    1,323       1,210       9 %     1,323       1,018       30 %
Deactivations
    1,099       1,085       1 %     1,099       837       31 %
Monthly churn rate
    1.9 %     2.0 %     0.0 %p     1.9 %     1.5 %     0.4 %p
Average subscribers(‘000)
    18,892       18,343       3 %     18,892       18,682       1 %
 
 
                                               
 
ARPU (KRW)
    42,557       43,623       -2 %     42,557       44,336       -4 %
Sign-up fee
    1,082       968       12 %     1,082       827       31 %
Monthly fee & call charge
    26,325       29,655       -11 %     26,325       28,388       -7 %
VAS & others
    1,651       1,529       8 %     1,651       1,620       2 %
Wireless Internet
    9,664       7,116       36 %     9,664       9,710       0 %
Interconnection
    3,835       4,355       -12 %     3,835       3,791       1 %
 
 
                                               
 
MOU (Minutes)
                                               
Outgoing
    186  1      195       -5 %     186  1      195       -5 %
Incoming
    111  1      111       0 %     111  1      114       -3 %
 
 
                                               
 
Subscribers by handset feature (‘000)
                                               
1x (Including EV-DO)
    17,580       15,452       14 %     17,580       17,048       3 %
EV-DO (Including June)
    7,022       4,684       50 %     7,022       6,484       8 %
June
    4,055       2,319       75 %     4,055       3,622       12 %
Color
    15,671       12,098       30 %     15,671       14,843       6 %
 
 
                                               
 
Data ARPU by handset (KRW) 2)
                                               
2G
    2,074       1,461       42 %     2,074       1,975       5 %
1X(Including EV-DO)
    9,730       7,710       26 %     9,730       9,184       6 %
Color
    10,764       9,441       14 %     10,764       10,314       4 %
 


1)   MOU for February and March of 2005 is an estimate.

2)   Excludes others in wireless internet sales such as financial enabler, Solution/Platform sales, etc.


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Table of Contents

IV. Appendix (Non-Consolidated Statements of Income)

                                                 
(KRW mn)   Q1. ’05     Q1. ’04     Change     Q1. ’05     Q4. ’04     Change  
 
Operating revenue
    2,411,935       2,400,568       11,367       2,411,935       2,484,849       (72,914 )
 
Operating expenses
    1,797,473       1,709,397       88,076       1,797,473       1,890,469       (92,996 )
 
Labor cost 1)
    147,865       162,392       (14,527 )     147,865       89,600       58,265  
Commissions paid
    713,836       651,940       61,896       713,836       658,594       55,242  
Advertising
    56,319       91,645       (35,326 )     56,319       80,266       (23,947 )
Depreciation 2)
    369,582       371,791       (2,209 )     369,582       495,434       (125,852 )
Network interconnection
    217,907       167,568       50,338       217,907       245,278       (27,371 )
Leased line
    96,867       82,001       14,866       96,867       98,847       (1,980 )
Rent
    43,736       39,132       4,605       43,736       44,620       (883 )
Frequency usage fees
    38,919       33,940       4,979       38,919       37,836       1,084  
Bad debt
    14,867             14,867       14,867       3,227       11,640  
Others
    97,575       108,988       (11,414 )     97,575       136,768       (39,193 )
 
Operating income
    614,463       691,171       (76,709 )     614,463       594,381       20,082  
 
Other income
    55,577       89,939       (34,362 )     55,577       46,575       9,002  
 
Interest income
    11,341       19,209       (7,869 )     11,341       15,729       (4,389 )
Equity in earnings of affiliates
    6,446       23,765       (17,319 )     6,446             6,446  
Dividend income
    16,204       17,529       (1,325 )     16,204       1,139       15,065  
Foreign exchange & translation gains
    391       9,479       (9,089 )     391       1,634       (1,243 )
Others
    21,196       19,957       1,239       21,196       28,073       (6,877 )
 
Other expenses
    122,835       110,839       11,996       122,835       159,600       (36,766 )
 
Interest
    66,309       76,044       (9,735 )     66,309       67,014       (705 )
R&D contribution & donations
    33,032       18,954       14,078       33,032       29,277       3,755  
Equity in losses of affiliates
    19,644             19,644       19,644       4,414       15,230  
Foreign exchange & translation losses
    678       1,900       (1,223 )     678       4,401       (3,724 )
Loss on impairment of investment securities
                            19,293       (19,293 )
Loss on disposal of investment assets, & property/equipment
    1,936       7,477       (5,541 )     1,936       9,408       (7,472 )
Others
    1,236       6,463       (5,227 )     1,236       25,792       (24,556 )
 
Ordinary income
    547,205       670,272       (123,067 )     547,205       481,355       65,849  
 
Income before income taxes
    547,205       670,272       (123,067 )     547,205       481,355       65,849  
 
Income taxes
    178,787       217,757       (38,970 )     178,787       133,283       45,504  
 
Net income
    368,418       452,515       (84,097 )     368,418       348,072       20,346  
 


1)   Includes salary, severance pay and other benefits

2)   Includes R&D related depreciation


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Table of Contents

IV. Appendix (Non-Consolidated Balance Sheets)

                                                 
(KRW mn)   2005. 3     2004. 4     Change     2005. 3     2004. 12     Change  
 
Total assets
    14,108,485       13,414,555       693,930       14,108,485       14,020,705       87,780  
 
Current assets
    4,100,798       3,626,023       474,775       4,100,798       3,854,345       246,453  
 
Cash and marketable securities1)
    1,016,188       765,743       250,445       1,016,188       761,055       255,133  
Accounts receivable — trade
    1,538,968       1,422,464       116,504       1,538,968       1,562,774       (23,806 )
Accounts receivable — other
    1,329,551       1,212,653       116,898       1,329,551       1,365,226       (35,675 )
Short-term loans
    70,953       60,271       10,682       70,953       55,613       15,340  
Inventories
    10,603       8,308       2,295       10,603       10,961       (358 )
Other
    134,534       156,583       (22,049 )     134,534       98,716       35,819  
 
Investment assets
    2,112,131       1,897,839       214,292       2,112,131       2,112,488       (357 )
 
Investment securities 2)
    1,876,472       1,552,525       323,946       1,876,472       1,749,783       126,689  
Long-term loans
    21,051       39,081       (18,030 )     21,051       28,284       (7,233 )
Guarantee deposits
    132,086       248,558       (116,472 )     132,086       242,387       (110,301 )
Other
    82,522       57,674       24,848       82,522       92,033       (9,511 )
 
Property & equipment
    4,408,101       4,358,192       49,909       4,408,101       4,605,253       (197,152 )
 
Land
    464,488       444,791       19,697       464,488       463,656       832  
Building & fixture
    1,152,884       824,225       328,659       1,152,884       1,163,070       (10,186 )
Machinery
    2,341,547       2,411,195       (69,648 )     2,341,547       2,585,118       (243,570 )
Vehicles & others
    262,627       253,354       9,273       262,627       255,407       7,220  
Construction in progress
    186,554       424,626       (238,072 )     186,554       138,002       48,552  
 
Intangible assets
    3,487,455       3,532,501       (45,046 )     3,487,455       3,448,619       38,835  
 
Total liabilities
    7,282,202       7,378,512       (96,310 )     7,282,202       6,893,613       388,589  
 
Current liabilities
    2,997,989       3,969,179       (971,190 )     2,997,989       2,859,711       138,278  
 
Short-term borrowings
    200,000       575,676       (375,676 )     200,000       400,000       (200,000 )
Accounts payable
    626,417       773,744       (147,327 )     626,417       1,070,588       (444,172 )
Income taxes payable
    320,105       405,869       (85,764 )     320,105       267,797       52,308  
Accrued expenses
    361,998       366,703       (4,705 )     361,998       378,303       (16,305 )
Current portion of long-term debt
    499,400       1,134,013       (634,612 )     499,400       498,278       1,123  
Other
    990,068       713,174       276,894       990,068       244,745       745,323  
 
Long-term liabilities
    4,284,213       3,409,332       874,881       4,284,213       4,033,902       250,311  
 
Bond payable & long-term borrowings
    3,087,500       2,407,921       679,579       3,087,500       2,891,843       195,657  
Facility deposits
    30,073       41,238       (11,165 )     30,073       31,440       (1,367 )
Accrued severance indemnities
    85,972       73,867       12,105       85,972       75,409       10,562  
Others
    1,080,669       886,307       194,362       1,080,669       1,035,210       45,458  
 
Total shareholders’ equity
    6,826,283       6,036,044       790,239       6,826,283       7,127,091       (300,809 )
 
Capital stock
    44,639       44,639             44,639       44,639        
Capital surplus
    2,964,664       2,915,964       48,701       2,964,664       2,983,166       (18,502 )
Retained earnings
    5,840,513       5,187,985       652,528       5,840,513       6,156,708       (316,195 )
Capital adjustments
    (2,023,534 )     (2,112,544 )     89,011       (2,023,534 )     (2,057,422 )     33,888  
Treasury stock
    (2,047,105 )     (2,047,105 )           (2,047,105 )     (2,047,105 )      
Unrealized gain(loss) on valuation of investment securities
    18,558       (69,464 )     88,022       18,558       (15,150 )     33,708  
Stock options
    5,013       4,024       989       5,013       4,833       180  
 


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


8

 


Table of Contents

V. IR Contacts

             
IR Office   Title   Telephone   Email
Tae-Jin Park
  Head of IR Team   02)6100-1631   tjpark@sktelecom.com
 
           
Tae-Geon Park
  Manager   02)6100-1632   parktg@sktelecom.com
 
           
Hee Jun Chung
  Manager   02)6100-1634   junny73@sktelecom.com
 
           
Hosook Hwang
  Assistant Manager   02)6100-1636   hhwang@sktelecom.com
 
           
Paul Kim
  Assistant Manager   02)6100-1630   paulkim@sktelecom.com


 


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/ Hyun Jong Song
   
 
  Name: Hyun Jong Song
  Title: Vice President

Date: April 28, 2005