I am Joong Suk Oh, Head of IR Planning at SK Telecom. Today's conference call will consist of the presentation on the earnings results for fiscal year 2020, and the future management plans and strategic direction by Poong Young Yoon, CFO and Head of Corporate Center 1, and Hyung-il Ha, Head of Corporate Center 2, followed by a Q&A session. Today, the achievements and strategic plans for M&O will be provided by Poong Young Yoon, Head of Corporate Center 1, and Hyung-il Ha, Head of Corporate Center 2, will discuss that of the new ICT business division. We also have here with us executives from the relevant business divisions to help deepen your understanding. Before we begin, I want to remind you that all forward-looking statements are subject to change depending on the macroeconomic and market situation. Let me now present our CFO. Good afternoon. This is Poong Young Yoon, CFO of SK Telecom. Let me first discuss the consolidated earnings highlights for fiscal year 2020. Consolidated revenue for fiscal year 2020 recorded KRW 18,624.7 billion, up 5% year-on-year. A well-diversified ICT portfolio built around hyperconnectivity enabled quick adaptation to the non-face-to-face business environment, thus resulting in sustained quarterly growth in all business divisions of M&O, media, security, and commerce. As a result, we recorded yet another record high revenue this year as we did last year. Consolidated operating income recorded KRW 1,349.3 billion, up 21.8% year-on-year. Thanks to M&O's operating income turnarounds and operating income improvements of media and commerce. The contribution of the new ICT businesses to earnings, including M&O, increased 10 percentage points year-on-year to 24%, which indicates that the new ICT businesses began to contribute not only to revenue but also to operating income. Income increased 16% year-on-year due to equity method income on SK hynix. Let me now discuss major achievements and strategic direction for each business division. Non-consolidated M&O revenue for 2020 recorded KRW 11, 746.6 billion, up 2.8% year-on-year. Decline in roaming revenue due to the pandemic had a negative impact, but we achieved an annual revenue turnaround based on 5G subscriber growth and data usage increase. M&O operating income grew 7.5% year-on-year to record KRW 1,0 23.1 billion. While marketing expense and depreciation and amortization costs increased, revenue growth backed by 5G expansion led to a turnaround in operating income as well. In 2020, our M&O leadership was reconfirmed as we increased 5G market share and maintained number one position through reasonable market operation and distribution innovation to cater to the non-face-to-face business environment. The 5G subscriber count stands at 5.48 million as of the end of 2020, which is expected to reach nine million by the end of 2021. We will continue to increase the subscriber base with new services and seamless innovation while maintaining the stable market trend. [Non-English content] This year, we will grow M&O business into an AI platform-based subscription service company based on FLO, Wavve, Cloud Game and V Coloring, whose subscriber bases have been expanding. We plan to introduce various subscription products and services to go beyond the boundaries of mobile lines or smartphones. These subscription products will be offered not only to SK Telecom M&O customers, but to everyone in Korea. [Non-English content] We will create an AI-based subscription service platform with easy accessibility and restructure the membership programs. We're making all the necessary preparations to implement these plans because the subscription service company is a new goal and direction of M&O business for this year. We will do our best to make this an opportunity to expand the scope of M&O business. [Non-English content] Moving on to media, SK Broadband's consolidated revenue recorded KRW 3,713.5 billion. With the t-broad merger and IPTV subscriber growth, it rose by 17.2% year-on-year. Thanks to the record high revenue, operating income increased by 59.2% year-on-year, recording KRW 330.9 billion. [Non-English content] Security business recorded KRW 1,338.6 billion in revenue. With sound growth of core business, such as CMS and information security, and new businesses such as home, parking, and contactless solutions related to COVID-19, the revenue increased by 12.2% year-on-year. Operating income recorded KRW 140.9 billion, down 8.2% year-on-year due to reasons related to new business expansion. [Non-English content] Commerce revenue recorded KRW 814.3 billion, up 12.1% year-on-year, thanks to GMV growth driven by the contactless business environment and strategic marketing drive. Operating income recorded KRW 11 billion, posting surplus for two consecutive years. 2020 was a year when we achieved greater volume and higher margin despite intensified competition in the commerce market. We will make efforts to strengthen the competitiveness of commerce business based on our experience last year. [Non-English content] Hyung-il Ha, Head of Corporate Center 2 will discuss the achievements and strategic direction for the new ICT businesses. [Non-English content] Good afternoon. I am Hyung-il Ha, Head of Corporate Center 2. Allow me to discuss the achievements and plans for the new ICT business division. [Non-English content] First, the media business. Last year, the merger of SK Broadband and t-broad was completed successfully. [Non-English content] Thanks to the effect of the merger and IPTV subscriber growth, we have secured 8.59 million paid TV subscribers in 2020. Based on which, we achieved record high revenue and operating income. We will continue on with this high growth trend through media business growth and B2B business expansion in 2021. [Non-English content] [Non-English content] Next is security business. In November last year, we decided to merge ADT Caps and SK Infosec to lead the security market and accelerate growth. The merger will be completed in Q1 of 2021. We are determined to lead the integrated security service market by combining SK Telecom's 5G and AI, SK Infosec's information security platform, and ADT Caps' CMS infrastructure. [Non-English content] At the time of acquisition in 2018, the annual revenue of ADT Caps was around KRW 780 billion. After three years, we expect that the revenue of the merged entity will double to surpass KRW 1.6 trillion this year. [Non-English content] Moving on to Commerce business, it recorded a two-digit growth in GMV and achieved a positive operating income. [Non-English content] 11st saw more than 10% growth in GMV, thanks to strategic marketing, such as co-marketing with sellers and providing point benefits to consumers. SK stoa achieved GMV growth of more than 50% on the back of a virtual cycle of growing customer base and expanded product sourcing capabilities. [Non-English content] Going forward, 11st will emerge as a global retail hub platform. As was announced in November last year, we will cooperate with Amazon for e-commerce business innovation to allow customers to buy Amazon products through 11st. [Non-English content] Let me now touch upon Mobility, which has become the fifth business division of SK Telecom. Launched in December last year, TMAP Mobility will grow into an all-in-one, Mobility as a Service provider that covers a wide range of services including public transit, car rentals, car sharing, and taxi. T [Non-English content] TMAP Mobility and Uber will establish a joint venture for a taxi e-hailing service in April. Uber plans to invest more than $100 million in the JV and around $50 million in TMAP Mobility. [Non-English content] Let me move on to ONE store, which is preparing for an IPO this year. Backed by a virtual cycle of growing number of users and large game titles, GMV growth continued for 10 consecutive quarters, and the business became profitable in terms of net income last year. We will maintain the revenue growth trend this year for ONE store and proceed with the IPO process. [Non-English content] I will now hand it back to the CFO, who will discuss the guidance for 2021. Thank you. [Non-English content] Dividend for 2020 has been decided by the board at KRW 10,000, including the paid out KRW 1,000 interim dividend. The amount will be confirmed after the approval of the March AGM. [Non-English content] Let me now present to you this year's guidance according to the management plan. Annual consolidated revenue is expected to be KRW 19,500 billion, up 5% year-on-year based on the solid growth of both M&O and new ICT businesses. We will do our best to exceed our guidance. [Non-English content]. In 2020, despite the unprecedented pandemic situation, SK Telecom achieved meaningful growth results with the highest ever revenue and operating income growth. We believe that these achievements have been driven by constant innovation of services and technology based on AI, and a competitive business portfolio that allowed us to remain competitive in the non-face-to-face business environment. This year, we will further advance the business portfolio, carry out our first subsidiary IPO, and strive for constant innovation and growth based on AI and openness in order to create greater corporate value. [Non-English content] We ask for the continued interest and support from investors and analysts. Thank you. [Non-English content] Now the Q&A session will begin. Please press one and four if you have any questions. Questions will be taken according to the order you have pressed the number one and four. Please press one and five if you want to cancel your questions. The first question will be provided by Ahn Jaemin from NH Investment & Securities. Please go ahead, sir. [Non-English content] Thank you for this opportunity to ask you questions. I have two questions. The first question is, in recent months, you can see that there have been a lot of talks about possible corporate governance structure change, and there have been some legislative changes as well. What is the likelihood of any meaningful corporate governance change within this year? Can you provide us with some color on this topic? The second question is about price plans. Recently, three telcos in Korea have been launching lower-end 5G price plans in a competitive manner. What is the impact of this lower-end price plan on your earnings? [Non-English content] Mr. Ahn, thank you for your question. [Non-English content] Let me address your question regarding the possible corporate governance change according to the legislative change. [Non-English content] Based on the ultimate goal of maximizing shareholder value by having not only our M&O business, but also new businesses being recognized in their value in the financial market, we have been open to all possibilities, and we have been exchanging opinions with various stakeholders, including shareholders. [Non-English content] We have not made any specific decisions regarding corporate governance change, including various options of taking off some of the businesses. We have to mention that the basic assumption will be to maximize the corporate value, and we will opt for options that will be in line with the interest of shareholders. [Non-English content] As soon as we have some specific decisions, we will communicate them with the market. [Non-English content] Let me now move on to your question regarding the potential impact of the new price plan on our earnings. [Non-English content] In January this year, as the first case of reporting and announcing new price plan under the new regime, we have announced the new online lower-end plan. [Non-English content] This new price plan is an online-only price plan, which is about 30% lower than the existing tariff scheme. As we have seen the increase in non-face-to-face consumption trends, there has been a lot of interest in this price plan. Compared to the existing tariff scheme and the selective discount option, the ARPU is likely to go down slightly. With more reasonable pricing available in the market, we expect the new subscriber growth and revenue growth as well. Thank you. Next question will be presented by [Kim Heije] from Daishin Securities. Please go ahead, sir. Thank you for this opportunity. I have two questions. First question is related to your dividend plan. You communicated to us that starting from the year 2021, the interim dividend will be linked to the dividend situation of SK hynix and the subsidiaries. What will be the overall DPS range going forward? As for the year-end dividend, it is linked to the performance of your M&O business. Currently, you said that you will maintain the level of KRW 9,000. In order for this to be maintained or to enjoy some dividend upside, what will be the level of M&O performance that we will expect? Any guidelines for that? The second question is regarding the market competition landscape. Before the Galaxy 21 was launched, there were some talks about potential increase of subsidy for this new device. After the iPhone's launch in December last year, what is the current marketing situation and what is your outlook for marketing situation going forward? Thank you, Mr. Kim, for your questions. Let me first give you comments on our dividend policy for 2021. Last year, we announced our dividend policy direction. We mentioned that our dividend policy will be maintained in a stable manner by linking it to M&O performance. We will also be more flexible in our dividends, especially for interim dividends, by linking it to hynix and other subsidiary performances. This basic stance will be maintained. We do understand that there are market expectations about interim dividend upside, as the dividend from SK hynix has been increased slightly. In consideration of these factors, we will make discussions at the board. Once the decision is made, we will communicate this with the market. The year-end dividend for fiscal year 2020, as was announced, has been decided at KRW 9,000. We will do our best to increase our dividend payout capability by accelerating revenue growth of various businesses, including operational efficiency improvement and strengthening of competitiveness of our M&O business. In addition to that, we have been spending a lot of time considering various options and measures to make our shareholder return policy more effective and efficient in order to maximize shareholder value. Once we have some specific plans, we will communicate them with the market. Let me now answer your question regarding the intensifying competition in the market in terms of marketing. It is quite a natural phenomenon that subsidies go up temporarily whenever new devices are launched. However, overall, the stable market trend is continuing, and we expect this stable market trend to continue for the rest of the year. Going forward, SK Telecom will continue to lead healthy competition based on differentiated services rather than price or cost competition. Thank you. The next question will be presented by [Isun Ha] from Hanwha Investment & Securities. Please go ahead, sir. Thank you for this opportunity. I would like to ask you two questions. The first question is that in your presentation, you mentioned that you're planning to transform your M&O business into an AI-based subscription service company, and this is quite new to us, so can you elaborate more on that, especially in terms of your expected subscriber increase or revenue target? If there are any specific targets, please share them with us. The second question is related to your mobility business. In December last year, TMAP Mobility was launched, and you mentioned that you will grow this into an all-in-one Mobility as a Service company. So what's the current situation after this entity was launched, and what is your expectation for this company? Thank you for your questions. Regarding your question on M&O business, I'm going to cover this, and then I will hand it over to Mr. Ha for the mobility-related question. In 2021, we would like to create a new growth story by transforming our M&O business into an AI platform-based subscription service company. We would like to go beyond the limits of M&O business to collaborate with various players in the areas of F&B, education, rentals, and travel, so that we can offer subscription products and services that will have huge impact on our customers. In order to carry out this subscription service company related marketing, we are currently in the process of building a new infrastructure, and we're also preparing to revamp our membership program that has been used as a very strong marketing tool as a telecom company. Based on these plans, we target 20 million subscription service users by the year 2023, and the revenue target of KRW 600 billion. I am Hyung-il Ha from Corporate Center 2. Let me answer your question regarding the performance of TMAP Mobility after the split off and the strategy. As you mentioned, in December last year, the mobility business division of SK Telecom became TMAP Mobility. In terms of financial investment raising and service preparation, we're smooth sailing right now, and we expect a joint venture established with Uber for taxi services and official service launch to be happening in April. We're also planning to launch various services, including designated driver service and Mobility as a Service in a gradual manner. TMAP Mobility is planning to grow its five core areas by utilizing Korea's largest mobility platform, T Map, and the corporate value target by 2025 is KRW 4.5 trillion. [Non-English content] The first of such core areas is a TMAP Life platform, which is for B2C customers. They include advertising, usage-based insurance, parking, and other existing businesses which will be expanded, and we will also launch new types of subscription membership services. [Non-English content] For B2B business its going to be centered around TMAP Auto which is about growing the embedded TMAP business for car OEMs and we are planning to expand the mobile ecosystem to the vehicles by offering navigation as well as infotainment services. Mobility on demand 영역에서는 대리운전을 포함해 이동을 중개하는 디지털 플랫폼 사업을 추진할 계획입니다. For mobility on demand area, we are planning to launch digital platform business, including designated driver service and many other mobility services that we will mediate. [Non-English content] For taxi service, we are going to offer differentiated services in collaboration with Uber for joint venture. [Non-English content] Finally, we're preparing for Mobility as a Service where various transportation means can be utilized and bundled in one service. [Non-English content] Thank you. [Non-English content] The next question will be presented by Kim Jun-seop from KB Securities. Please go ahead, sir. 예, 질문 주셔서 감사합니다. KB증권 김준섭입니다. 미디어와 커머스 관련 두 가지 질문을 여쭤보고자 하는데요. 최근 디즈니플러스 제휴 진행 관련한 뉴스가 많은데, 저희 Wavve와 같은 OTT 서비스에 대한 전략을 어떻게 갖고 계신지 궁금합니다. 그리고 두 번째는 커머스인데요. 지난 11월, 11번가 아마존 협력 추진 상황에 대해서 공유해 주시면 좋겠습니다. 글로벌 유통 플랫폼으로 11번가를 성장시킬 계획임을 말씀하셨는데요. 11번가가 글로벌 유통 플랫폼이 안정화되었을 경우를 가정하여, 유저 비즈니스나 GMV, 아니면 상품 구색과 같은 사업 방향성에 대해서도 힌트를 좀 주시면 좋겠습니다. 감사합니다. Thank you for this opportunity. I would like to ask two questions. One is regarding media, and the other one is regarding commerce. You mentioned that there is a lot of interest in OTT services, and for your Wavve business, are there any strategies related to collaborating with Disney and other companies? The second question is regarding commerce. Can you update us on your partnership with Amazon since November? You mentioned that you are planning to grow 11st as a global retail hub platform. If this happens in the near future, what is your specific user target or GMV target? What is your overall strategy for this part of the business? [Non-English content] Thank you, Mr. Kim for your questions. [Non-English content] First, let me comment on your question regarding Wavve strategy to maintain competitiveness in the market. [Non-English content] SK Telecom in terms of media business for IPTV and OTT, we are open to various options for hyper collaboration. Please do understand that we cannot disclose any specific names for potential partnerships. [Non-English content] In the fourth quarter of 2020, there was original content lineup expansion, including Delayed Justice and Cheat on Me If You Can on the Wavve platform, as well as the popularity of drama series Penthouse, which was broadcast in a territorial TV network. As a result, we were able to reach the annual paid TV subscriber number of 2 million in 2020, and the subscriber growth rate has been continuing. We're smooth sailing in achieving our target of 5 million paid TV subscribers by 2023. [Non-English content] Currently, Wavve is considering various options to improve the competitiveness through original content investment expansion and global partnerships. [Non-English content] Let me move on to your question regarding 11st and cooperation with Amazon. [Non-English content] Currently, 11st is making preparations in collaboration with Amazon, so that 11st customers can purchase Amazon products at the 11st. Together with Amazon, we expect to offer unique shopping experiences for domestic customers. [Non-English content] Based on smooth cooperation with Amazon, we are now in the process of making preparations so that we can offer differentiated benefits and services to our customers as soon as possible. [Non-English content] When customers purchase Amazon products at 11st, this will lead to an increase in traffic for direct cross-border buying cases. This will not only increase the volume of cross-border purchase, but also the increase of the scale of domestic shopping. [Non-English content] This collaboration between 11st and Amazon is expected to increase the size of domestic cross-border purchase, which is currently around KRW 4 trillion in volume. We will also work hard to allow domestic sellers to sell their products overseas. [Non-English content] SK Telecom also expects to continue to collaborate with Amazon so that it's not only commerce area, but also in other ICT areas we will create synergies. [Non-English content] Because of the constraints regarding the contract with Amazon, we are not able to provide with any further details. Please do understand. When time is right, we will communicate more details with the market. [Non-English content] Thank you. [Non-English content] [Non-English content] [Non-English content] [Non-English content] Our last question will be presented by Yoo Jae- Hyuk from Merrill Lynch. Please go ahead, sir. [Non-English content] Need to ask questions. I have two questions. The first question is that you mentioned in your presentation the overall guidance for 2021 in terms of revenue. Can you provide us with some breakdowns of your outlook on M&O revenue? The second question is related to CapEx. In 2020, the executed CapEx had declined quite substantially. What is your outlook for the deployment of CapEx for 2021? [Non-English content] Mr. Yoo, thank you very much for your question. 첫 번째 질[Non-English content] First, let me answer your question regarding the M&O subscriber and revenue outlook. [Non-English content] Of course, we have to see the pace of subscriber growth going forward, but we expect that the mobile side wireless revenue for 2021 is going to increase by 3%-4% year-on-year. [Non-English content] Regarding your question on the CapEx outlook, it's going to be similar to the level of 2020. We will make sure to manage our CapEx efficiently. [Non-English content] Thank you. [Non-English content] Thank you very much for joining us for this conference call. If you have any further questions, please contact the IR team. Thank you. [Non-English content] This is the end of conference call for fiscal year 2020 for SK Telecom. Thank you.