안녕하십니까? 오늘 참석해 주신 여러분께 감사의 말씀을 드리며, 지금부터 SK텔레콤 2022년 2분기 실적발표 컨퍼런스콜을 시작하겠습니다. 오늘 컨퍼런스콜은 SK텔레콤의 발표가 있은 후 참석해 주신 여러분을 모시고 질의응답 시간을 가질 예정입니다. 질문을 하실 분은 전화기 버튼의 별표와 1번을 누르시기 바랍니다. 그럼 지금부터 SK텔레콤의 발표가 있겠습니다.[Foreign language]
Good morning and good evening. First of all, thank you all for joining this conference call. Now we will begin the conference of the fiscal year 2022 second quarter earnings results by SK Telecom. This conference will start with a presentation followed by a divisional Q&A session. If you have a question, please press star one that is star and one on your phone during the Q&A. Now we shall commence the presentation on the fiscal year 2022 second quarter earnings results by SK Telecom.
네, 안녕하십니까? SK텔레콤 IR 담당 정희준입니다. 바쁘신 와중에 오늘 SK텔레콤 실적발표 컨퍼런스콜에 참석해 주신 여러분께 진심으로 감사의 말씀을 드립니다.[Foreign language]
Good afternoon. I am Hee Joon Jung, IRO of SK Telecom. Thank you for joining SK Telecom's earnings conference call.
오늘 컨퍼런스콜은 순차통역 방식을 통해서 2022년 2분기 실적 및 향후 경영계획과 전략 방향을 말씀드린 후에 질의응답 시간을 갖는 순서로 진행될 예정입니다.[Foreign language]
We are providing consecutive interpretation for the call, which will consist of a presentation on Q2 earnings highlights, future business plans, and strategic directions, as well as the Q&A session.
오늘 이 자리에는 SK텔레콤 CFO 겸 Corporate Planning 담당이신 김진원 센터장을 비롯하여 각 사업부별 관련 임원들이 함께 참석하고 있습니다.[Foreign language]
The call is attended by our executives from relevant business divisions, including Jinwon Kim, CFO and Head of Corporate Planning Team of SK Telecom.
시작하기에 앞서서 모든 사업 전망은 시장 상황 등의 변수에 따라 달라질 수 있다는 점을 고려해 주시기 바랍니다.[Foreign language]
Before we begin, I would like to remind you that all forward-looking statements are subject to change depending on market situations.
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Let me now present our CFO.
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Good afternoon. This is Jinwon Kim, CFO of SK Telecom.
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SK Telecom signed a stock swap deal with Hana Financial Group in July to exchange shares worth over KRW 400 billion and formed a strategic partnership. The partnership is significant as it marks the beginning of hyper collaboration between SK ICT Family companies and Hana Financial Group in a wide range of areas including ICT and finance under the framework of SKT 2.0.
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We will pursue strategic cooperation with Hana Financial Group in six areas, including digital transformation of finance and development of new business models utilizing telecom and finance data. We aim to innovate value for customers through convergence among various services.
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Now let me report on the consolidated financial results for the second quarter of 2022.
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Consolidated revenue reported KRW 4.2899 trillion , up 4% year-over-year and 0.3% QoQ.
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Operating income posted KRW 459.6 billion, up 16.1% year-over-year, primarily driven by the end of the accounting recognition of marketing expenses incurred at the beginning of 5G rollout. It grew by 6.3% QoQ, mainly because of the elimination of one-off labor costs related to stock bonuses.
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Net income came in at KRW 258.1 billion, posting a 67.6% decline year-over-year, mainly due to the base effect of excluding equity method gains from SK hynix, but it grew by 17.2% QoQ.
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On a non-consolidated basis, revenue grew 3.2% year-over-year and 1.3% QoQ to post KRW 3,118.2 billion. Operating income and net income reported KRW 380.9 billion and KRW 224.5 billion respectively. Having reported on the financial highlights of the second quarter of 2022, let me now move on to major business achievements and strategic directions. As 5G became the major network in the industry with 5G penetration rate reaching 50%, we made a preemptive move of introducing five new 5G price plans on August 5th to offer more choices to customers. As of the end of Q2, our 5G subscribers stand at 11.68 million.
As more customers can enjoy 5G services with the new price plans, we believe that we can reach our goal of 13 million 5G subscribers by the end of the year. The pay TV subscribers of SK Broadband reached 9.17 million as of the end of Q2. Going forward, we expect content sales to recover as the pay TV subscriber base continues to expand and new movies are being released with the easing of COVID-19 related restrictions. Utilization rate growth is on track for the new data centers that opened in Gasan and Siksa in July last year, which is expected to bring about sustained revenue growth. Preparations to open additional data centers in areas such as the Seoul metropolitan area and Busan are well underway.
As for our cloud business, we focus on MSP services that offer specialized solutions, primarily based on our network competitiveness and capabilities on MEC, AI, and big data. The strategic partnership with Hana Financial Group is expected to accelerate mutual cooperation in areas including digital transformation of finance. A new growing AI service named A. was launched in May as an open beta version. It aims to be a daily digital mate that can have human-like conversation with customers. In addition to the media and daily information services already available, A. tv and A. game were recently launched with many more useful services to be released going forward. Especially, A. will evolve as a service that offers more valuable experiences in terms of communication, which is the killer feature of mobile and foundation of SK Telecom services. Moving on to T Universe.
Universe Pass life focused on daily benefits, and Universe Pass slim, centered on online shopping benefits, were launched in late June and July respectively. In the second half of this year, new functions such as sharing and gifting will also be added as part of our efforts to expand the subscription product lineup and customer convenience. By enhancing usage value of customers going forward, T Universe will reinforce its position as a subscription commerce platform focused on four pillars of action, namely product diversification, customer experience innovation, marketing based on AI and DT, and business model expansion.
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Celebrating the first anniversary in July, Ifland recorded 8.7 million cumulative downloads at the end of Q2. The platform is attracting millennials and Gen Z by connecting offline and metaverse exhibitions to maximize customers viewing experiences and by making various attempts like piloting innovative concert models. We are also working for gradual expansion into the global market in the second half of the year through close cooperation with leading telecom companies in major regions including Europe, North America, the Middle East and Asia.
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Finally, for shareholder return, the board determined the second quarter DPS to be the same as Q1 at KRW 830.
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We're doing our best to improve financial performance and produce results from new businesses by building diverse partnerships under the framework of SKT 2.0. We will make sure that these efforts will result in maximizing corporate value and shareholder value.
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We ask for your continued support and encouragement. Thank you.
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We will now begin the Q&A session.
지금부터 질의응답을 시작하겠습니다. 질문을 하실 분은 전화기 버튼의 별표와 1번을 눌러주시기 바랍니다. 질문을 취소하시려면 별표와 2번을 눌러주시면 됩니다.[Foreign language] Now, Q&A session will begin. Please press star one, that is star and one if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. 처음으로 질문해 주실 분은 씨티그룹의 이승현 님입니다. [Foreign language] The first question will be provided by Seung Lee from Citigroup. Please go ahead with your question.
질문 기회 감사드립니다. 두 가지 질문드리겠습니다. 첫 번째는 최근 출시된 5G 신규 요금제에 대한 질문입니다. 도입 취지와 전체 서비스 매출에 대한 영향이 궁금합니다. 두 번째 질문은 하반기 전망에 대한 내용입니다. 하반기 마케팅 경쟁 구도에 대해 어떻게 예상하시는지, 그리고 전체적인 비용 지출은 어떻게 계획하고 계시는지 말씀해 주시면 감사하겠습니다. [Foreign language]
I'm Seung Lee from Citigroup. Thank you for taking my questions. I have two questions. The first question is related to your new 5G price plans. Can you provide us with some more information about the background behind introducing these new price plans? What is your estimation of the impact of such new price plans on your revenue? The second question is about the outlook for the second half of the year. What is your understanding of the marketing landscape of the industry going forward? What is your plan for expense management? Thank you.
네, 질문에 우선 답하기에 앞서서 이 자리에는 지금 각 사업을 직접 담당하고 계신 구독, 메타버스, 그다음에 우리 MNO의 통합 마케팅 전략을 담당하는 임원들께서 나와 계시고요. 스태프 쪽에서는 SK Broadband의 CFO를 비롯한 우리 사업 CFO, 각 스태프 조직의 담당 임원들이 함께 자리하고 계십니다. 가능하다면 이분들께 답변에 동참해서 답변을 드리도록 하겠습니다. [Foreign language]
Thank you for the question. Before I address your questions, I'd like to remind you that we have executives from the relevant business divisions, including Subscription, Metaverse, MNO, and Integrated Marketing. We also have CFO of SK Broadband and other executives from the relevant divisions. If deemed necessary, I'm going to hand over to these executives for the answers.
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Regarding the new 5G price plans, on August 5th, we launched five new 5G price plans that include two Untact plans.
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Whenever we have new network rollout, as the number of subscribers increase, it is very natural that we offer more diverse price plans.
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As I mentioned in the beginning of my presentation, the 5G market is becoming more mature, with 5G subscribers taking up more than 50% of the total handset subscribers. As a result, we concluded that there should be more diverse price plans that can cater to different data usages and customer preferences. As a result, we introduced diverse price plans, including low, medium and high-end price plans and online-only plans in order to offer more choices for our customers. Now, I would like to hand over to Mr. Kim Ji-hyung, Head of Integrated Marketing Strategy Office, who will discuss the details and expected benefits.
Hello, I am Kim Ji-hyung, Head of Integrated Marketing Strategy Office.
First of all, as for the regular 5G plans, we have 49 price plan that offers 8 GB of data and 59 price plan that offers 24 GB of data and 99 price plan that offers daily essential service benefits and unlimited data. As a result, we have a 5G price plan lineup that covers the price range of KRW 40,000 all the way to KRW 100,000 with the interval of KRW 10,000. The two new online-only Untact price plans include Untact 34 that offers 8 GB of data and Untact 42 that offers 24 GB of data. With these new 5G price plans, we expect that now customers can enjoy more diverse and economical plan choices in terms of price, data and benefits.
As a result, we expect that the 5G subscriber base will continue to grow. I understand that there was a question about the potential impact of price plans on ARPU. Can you elaborate more on that? As you can see, we now have more price plans for low and medium end compared to before. As a consequence, some customers may downgrade their price plans depending on their data usage, and other customers may upgrade their price plans depending on the increased trend of data usage. What is even more important is that we expect 5G migration to be accelerated, as now LTE users can choose more price plans.
As for their impact on our revenue trend, because all five price plans were launched all at once, we believe that we can share with you more details after we get more data from actual customer feedback and usage patterns. Based on the new 5G price plans that offer more choices for our customers, we will continue to expand our 5G network and improve our services and offer more convenient and useful services. As a result, we will continue to make sure that 5G becomes mainstream and sustain our MNO growth.
Now moving on to the second question regarding our marketing expenses in the overall landscape. For the second quarter, marketing expenses grew slightly quarter-over-quarter due to the increase in ad expenses.
As we previously communicated with respect to the MNO market operation, the MNO related marketing fees have been declining since the third quarter of last year. Moving on to the second half of this year, we will continue to maintain the trend of market stabilization and cost reduction. As for the second half of this year, we will continue the trend of market stabilization and cost reduction, and we will reinforce the downward trend of marketing expenses through efficient market operation focused on profitability. Now regarding the overall industry market landscape, Mr. Kim Ji-hyung, Head of Integrated Marketing Strategy Office will provide more details.
Let me comment on the overall marketing landscape. Recently, the market landscape has been pretty stable. In addition, the total number of 5G subscribers has reached 24 million in Korea, and the 5G market is becoming more mature.
As a result, we see that there's very low likelihood of competition heating up again to attract 5G subscribers. Earlier this year, there was a flagship handset launch and the market was quite stable. Along the same line there is another flagship handset launch expected or scheduled in mid-August, and we do not expect the market to heat up once again. Recently, SK Telecom has been focusing on strengthening the competitiveness of our products and services that cater to our customers' needs. One example is launching these new 5G price plans and likewise we will continue to maintain our position and lead the 5G market.
The following question will be presented by Joonsop Kim from KB Securities. Please go ahead with your question.
I'm Kim Joonsop from KB Securities. I have two questions.
The first question is related to monetization of Ifland, and the second question is related to your partnership with Hana Financial Group. Regarding the first question, in June, SK Telecom communicated with the market-specific monetization models for Ifland. I wonder if there has been any change in terms of the priorities of such monetization models and if you are planning to work on any new monetization models or business models. The second question is regarding your partnership with Hana Financial Group. In the presentation, CFO mentioned that there are six particular areas where the two parties will cooperate, so I'd like to learn more about the specific plans for cooperation that will help me better understand this partnership. Thank you.
Regarding your first question about Ifland, I'd like to hand over to Mr. Yang Maeng-seok, Head of Metaverse CO, for answers and then I'm going to cover the second question.
Hello, I am Yang Maeng-seok, Head of Metaverse CO. Up to this point, our priority for Ifland has been expanding the user base. Now we will soon enter the stage of monetization by utilizing the user base. In some B2B areas, we have been generating income by holding corporate events and creating avatars and spaces. Going forward, we're going to plan for monetization through various functions, including the function of sponsoring creators that host meetings, the function of trading avatars and space creations, and in-service advertising. One example, in the third quarter of this year we're going to offer points to sponsors and participants as bonuses, and these points can later be used for Ifland services.
In addition, we're going to add more elements of the Ifland economic system. In order to link virtual goods inside Ifland with real world value, we are planning to introduce a crypto economic system in connection with SK coin, and we will provide support so that Ifland can become an important service that helps to develop the ecosystem of SK coin. This crypto economic system will be one element of many parts of the Ifland economic system, and we are going to continue to closely monitor the market because we want to launch the crypto economic system at the optimal time, when the effect of introducing Ifland crypto system can be maximized. Thank you.
Now I would like to discuss the background behind establishing a strategic partnership with Hana Financial Group and our future plans.
SK Telecom has been co-collaborating with Hana Financial Group in many areas, starting with the Hana Card joint venture in 2010 and including various partnership cards and business developments or business models, we were able to produce good results. At the same time, as you may know very well, the telecommunications industry and the financial industry has been going through many changes. In particular, as for the telecommunications market, we have new players, including Kakao and Naver, that are competing with us. In the financial sector, there's an urgent need and challenge for digital transformation. Against this background, there was a common recognition between SK Telecom and Hana Financial Group for a need to form a new partnership.
In that sense, this strategic partnership is very meaningful, it goes beyond the scope of cooperating just for credit card business, but rather to create a framework that allows us to cooperate in a wide range of areas, that enables comprehensive cooperation between SK ICT Family companies and Hana Financial Group. We see that there are many areas for cooperation. First of all, we can build financial services based on AI and cloud to accelerate digital transformation of finance. Secondly, we can develop new business models by combining telecom and finance data. As you may know, data, is becoming more important, and there are many data-driven services, so this is an area that we can cooperate. In addition, we can integrate products and services tailored for customers of SK Telecom at Hana Financial Group and utilize the infrastructure jointly.
We can conduct joint marketing based on digital technology, and we can also pursue cooperation for ESG management. We will not just remain as strategic partners on paper. We're going to strengthen mutual engagement to produce tangible results. For that, we are going to form and operate a synergy consultative body that is attended by key executives from the two parties, and we are going to come up with concrete plans for cooperation.
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On our part, SK Telecom will actively utilize this strategic partnership with Hana Financial Group so that we can strengthen the growth momentum of the five business groups that we have defined earlier this year. Thank you.
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The following question will be presented by Kim Hoi-jae from Daishin Securities. Please go ahead with your question.
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I am Kim Hoe-jae from Daishin Securities. I would like to ask two questions. The first question is related to your T Universe business, and I'd like to get some more updates. When I look at the presentation material, it only gives us numbers about MAU and GMV. Can you share with us your revenue projection and the current revenue trend? The second question is related to your dividend payout. Your DPS has been set at KRW 831 for the first quarter as well as the second quarter. This is the same level as last year, and this is what we consider the minimum guaranteed dividend that we'd expect from SK Telecom.
As we see this upside potential for your earnings, and also if you take into account the dividend income coming from Hana Financial Group, I believe that there is an upside potential for dividend payout. Can you give us the overall guidance for the annual dividend payout? Thank you.
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Thank you for the questions. The first question regarding the T Universe will be addressed by Mr. Yoon Jae-woong , Head of Subscription Service Marketing Office, and then I will cover the second question.[Foreign language]
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Hello, I am Yoon Jae-woong, Head of Subscription Service Marketing Office.
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The T Universe was launched in August 2021, and in just 10 months at the end of second quarter, our T Universe users reached 1.2 million.
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As you can see, the user base growth of T Universe is the highest among all the non-telecom services that SK Telecom has launched so far. We expect significant growth going forward by enhancing usage value for customers.
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As for our product offerings, last month, we introduced Universe Pass Life focused on daily benefits and Universe Pass Slim, which is focused on online shopping.
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In the second half of this year, we plan to add more convenient features such as sharing and gifting, which are expected to bring about more significant growth in the future by creating more value for customers.
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Moving on to the size of the business, the subscription business has been producing meaningful results since its launch with the GMV surpassing KRW 260 billion in the first half of the year.
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As for the sales revenue, we see a 1.5-fold track of growth. This does not include not just one-off sales, but it includes mostly recurring sales. It is quite significant.
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Moving on to the distribution channel. The subscription through online channels such as Contact Center, T World, T Membership, and 11Street account for about 42%.
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Customers in their twenties all the way to the forties continue to account for more than 65%. These figures show that young customers have been signing up for T Universe mainly through online channels. As for T Universe partnerships, the number of partners has been surpassing 60, and we've been expanding the scope and breadth of benefits. Among the partners, there is very strong demand and preferences for benefits related to daily life and the media benefits. Thank you.
Now, I'd like to comment about the question regarding using dividend gains from Hana Financial Group as part of SK Telecom's dividend payout.
I discussed the significance of strategic partnership with Hana Financial Group, and when we take a look at the financial impact of this deal, I can see that we used to hold shares of Hana Card that does not pay dividends, but now these were exchanged with the shares of Hana Financial Group Holding , they pay dividends. Currently, the stock swap deal is underway, so I cannot give you the exact amount. Last year, the DPS for Hana Financial Group was KRW 3,100 per share. Given that as a reference point, we can expect about KRW 20 billion of dividend gains from Hana Financial Group. Of course, with the increase in dividend income coming from Hana Financial Group, it's going to be helpful for our cash flow generation. This means that we will be capable of increasing shareholder return.
As for a direct impact on our shareholder dividend payout, I cannot give you any detail at this point in time. I hope that you will consider this as a very important means to enhance and maximize shareholder value. Going forward, we're going to consider the market situations and our financial structure before we finally decide on the annual dividend size.
Kyohan?
There is one person with a question.
The last question will be followed by Seung Woong Lee from eBEST Investment & Securities. Please go ahead with your question.
I'm Seung Woong Lee from eBEST Investment & Securities. I would like to ask two questions. The first question is about your CapEx trend. In the first half of this year, your CapEx size was KRW 850 billion. I wonder if it's going to be similar in the second half of the year on a year-over-year basis. You're engaged in building joint 5G networks together with the other telecom companies to increase the 5G coverage. I understand that this will continue until the end of the first half of 2024.
Up to that point, what is going to be your CapEx trend for next year and the year after? As for the second question, it is about your pay TV business. I can see that there has been a slowdown in the net adds of pay TV subscribers, and your pay IPTV subscriber growth rate has been in high single digits on a year-over-year basis. I'd like to know if this trend can be sustained.
네, 유료방송 사업 관련된 질문에 대해서는 저희 SK Broadband CFO께서 먼저 답변을 주시고, 이어서 제가 CapEx에 대한 질문에 대한 답변을 드리도록 하겠습니다. [Foreign language]
Regarding your question about Pay TV business, I'd like to hand over to Mr. Park Jong-seok, CFO of SK Broadband, and then I will cover your question regarding CapEx.
네, 안녕하십니까? SK Broadband CFO Park Jong-seok입니다. [Foreign language]
Hello, I am Park Jong-seok, CFO of SK Broadband.
유료방송 시장은 IPTV 시장을 중심으로 가입자 성장세를 지속하여 지난 2021년에도 70만 명의 가입자가 증가하는 등 유료방송 시장 전체로 3,600만 고객에 육박하고 있습니다. [Foreign language]
The pay TV market in Korea has been enjoying a rapid subscriber growth, driven by the IPTV market growth. In 2021 alone, 700,000 subscribers were added to the subscriber base. In total, we have 36 million customers in the pay TV market.
이 중 IPTV 시장은 최근 5년간 연평균 100만 명 이상의 가입자가 증가하여 현재는 전체 유료방송 시장의 60%를 점유할 정도로 고속 성장하였습니다. [Foreign language]
In particular, the IPTV market has seen subscriber growth of more than 1 million each year for the past five years, and the IPTV market accounts for more than 60% of the total Pay TV market.
이러한 IPTV의 성장 기조는 1인 가구, 세컨 TV 수요 등을 중심으로 해서 성장률은 다소 둔화되더라도 가입자 증가 추세는 지속될 것으로 기대하고 있습니다. 당사의 경우 지난 상반기 가입자 순증 19만 명을 확보하면서 시장 내 마켓셰어 1위를 지속하고 있습니다. [Foreign language]
The IPTV growth rate may slow down, but there is a continued demand coming from single person households and demand for second TV. As a result, we expect that the IPTV subscriber growth trend will continue. As for SK Telecom, in the first half of this year, we have added more than 190,000 people to our IPTV subscriber base, and we have maintained number one in terms of net add market share.
또한 이러한 가입자의 양적 확대를 기반으로 광고와 콘텐츠 등의 플랫폼 경쟁력 강화 노력을 병행함으로써 유료방송 사업 전체의 ARPU 성장도 지속 추진해 가고 있습니다. 감사합니다. [Foreign language]
Based on the continued growth of the subscriber base of the Pay TV business, we continue to strengthen the platform competitiveness in terms of advertising and content to pursue ARPU growth of the entire Pay TV business. Thank you.
네, 이어서 CapEx에 대한 질문 답변드리도록 하겠습니다. [Foreign language]
I would now like to address your question regarding CapEx.
CapEx에 대해서는, 저희가 연초에 연간 실적 발표, 그리고 1분기 때도 비슷한 답변을 드렸던 걸로 기억이 되는데요. 금년도에 저희 CapEx의 기본적인 목표는 효율적 관리를 통해서 전년과 유사한 수준에 집행할 계획을 갖고 있습니다.[Foreign language]
As for our CapEx plan, as we communicated at the annual earnings conference call, as well as for the first quarter conference call, we are planning to maintain the CapEx level to be similar to that of last year through efficient management.
현재 5G망을 전국망으로 계속 깔고 있는 상황인데요. 그런 5G 시장에서의 마켓 리더십을 확보하기 위한 네트워크 품질 그리고 경쟁력 유지를 위해서는 네트워크 투자가 계속 지속되어야 되는 필요성이 분명히 있고요. 그런 와중에 이제 공동망 구축을 통해서 CapEx를 좀 효율적으로 집행하겠다라는 것이 저희들의 현재 계획입니다.[Foreign language]
Our activities for nationwide 5G rollout continue, and we need to continue to invest in network in order to improve 5G network competitiveness and quality so that we can maintain 5G market leadership. At the same time, we're going to pursue an efficient execution of CapEx, mainly by utilizing the joint network.
또한, 성장 사업에 대한 투자도 게을리할 수 없어서, 5G 네트워크 투자와 균형을 고려해서 적절한 범위 내에서 효율적으로 이루어질 수 있도록 하겠습니다.[Foreign language]
At the same time, we need to continue to invest in growth businesses. We're going to make these investments efficiently in connection with and in consideration of 5G network investments.
중장기 CapEx 수준에 대해서도 동일한데요. 전국망 구축이 완료되는 시점까지는 꾸준한 네트워크 투자와 함께 성장 사업에 대한 투자를 병행하면서 효율적인 집행과 관리를 통해서 중장기적으로는 전체적인 CapEx 규모가 안정화될 수 있는 수준에서 저희가 유지할 계획입니다.[Foreign language]
As for our CapEx, trend and outlook in the medium term, our position is the same. Until the nationwide 5G network is completed, we will have to continue to invest in network expansion. At the same time, we're going to invest in growth businesses. Through efficient execution and management, we'll be able to stabilize the CapEx trend in the medium term.
네, 이상입니다.[Foreign language]
Thank you.
네, 감사합니다. 오늘 참석해 주신 분들께 다시 한번 감사의 말씀드리고요. 이상으로 2022년 2분기 실적에 대한 컨퍼런스 콜을 모두 마치도록 하겠습니다. 감사합니다. [Foreign language]
Thank you for joining us for SK Telecom second quarter conference call. Thank you.