0

Results for the YearEnded December 31, 2012

K-IFRS , Non-audited

February 5th, 2013

This material contains forward-looking statements with respect to the financial condition, results of operations and business of

SK Telecom and its subsidiaries (the “Company”) and plans and objectives of the management of the Company. Statements

that are not historical facts, including statements about the Company‟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 the Company to be materially different from any future results or performance

expressed or implied by such forward-looking statements.

The Company 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 the Company and the political and economic environment in which the Company 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 the Company undertakes 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 the Company‟s latest annual report on Form 20-F and in the Company‟s other filings with the U.S.

Securities and Exchange Commission (SEC).

1

Disclaimer

Table of Contents

2

3

7

10

Financial Results

Operating Results (Non-consolidated)

Appendix

3

Summary of Income Statement (Consolidated)

Financial Results

SK Telecom (“SKT” or the “Company”) recorded a 2.3%

YoY increase FY12 Operating revenues as the continued

growth in LTE subscribers and improved results of

subsidiary companies including SK Planet, SK Broadband,

and PS&Marketing spurred sales

Operating income, however, decreased by 23.3% YoY, as

the September 2011 tariff cut and the increased LTE

subscriber acquisition-related marketing costs reduced

earnings.

SKT‟s 4Q12 Operating revenues rose 1.7% QoQ, led by

the continued strong growth of LTE subscribers and the

rise in solution/new business-related sales.

Operating income jumped 81.1% QoQ for the same

period, as reduced market competition sharply decreased

marketing expenses.

(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ

Operating revenue 16,300 15,926 374 4,197 4,126 72

Operating expenses 14,540 13,631 909 3,653 3,825 (172)

Operating income 1,760 2,296 (535) 545 301 244

Operating margin 10.8% 14.4% -3.6%p 13.0% 7.3% 5.7%p

Net profit or loss

from non-operating items(209) (55) (154) 106 (105) 211

Income from continuing operations

before income tax 1,551 2,241 (690) 650 195 455

Consolidated net income 1,116 1,582 (466) 519 176 343

Net margin 6.8% 9.9% -3.1%p 12.4% 4.3% 8.1%p

Majority interests 1,152 1,613 (461) 523 179 344

Minoriry interests (36) (31) (5) (4) (3) (1)

EBITDA 1) 4,339 4,707 (368) 1,248 960 288

EBITDA margin 26.6% 29.6% -2.9%p 29.7% 23.3% 6.5%p

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

4

Operating Expenses (Consolidated)

Financial Highlights

Labor costs: The 9.4% YoY increase was due to increased

labor costs at subsidiary companies.

Commissions paid: Increases in LTE-related marketing

expenses and PS&Marketing‟s commission expenses for

LTE smartphone sales led to a 7.4% YoY increase in

Commissions paid. The 7.7% QoQ decrease was due to

decreased LTE marketing expenditures in 4Q.

Advertising: Increased advertising by subsidiary

companies resulted in a 6.9% YoY increase. Whereas the

48.4% QoQ increase in 4Q12 was due to SKT‟s seasonal

year-end advertising campaign.

Depreciation: The 6.9% YoY rise was mainly due to the

increased LTE Multi-carrier Capex at SKT, the amortization

of the 1.8GHz frequency spectrum, and the rise in

depreciation costs at SK Planet.

Cost of goods sold: Increased sales of LTE smartphones at

PS&Marketing contributed to the 35.2% YoY rise in Cost

of goods sold.

(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ

Labor cost 1,283 1,173 110 325 309 16

Commissions paid 6,025 5,611 414 1,470 1,593 (123)

Advertising 400 374 26 138 93 45

Depreciation 1) 2,579 2,411 167 704 659 45

Network interconnection 1,057 1,264 (207) 201 286 (85)

Leased line 265 270 (5) 63 69 (5)

Frequency usage fees 204 219 (15) 52 53 (1)

Cost of goods sold 1,297 959 338 308 419 (111)

Others 1,430 1,349 82 392 344 48

Operating expenses 14,540 13,631 909 3,653 3,825 (172)

1) Includes R&D related depreciation

5

Balance Sheet (Consolidated)

Financial Results

Assets

Current assets: Reduction in handset installment

receivables and decreased Cash & marketable securities

resulting from debt repayments resulted in a 13.5% YoY

decrease in Current assets. The disposal of POSCO

shares, accounted as Current assets in 3Q12, and the

subsequent use of proceeds to reduce debt led to the

2.7% QoQ reduction in 4Q12

Non-current assets: SKT‟s acquisition of SK Hynix resulted

in the 11.2% YoY increase in Non-current assets. While

the 1.5% QoQ decrease was due to reclassification assets

to Current assets.

Liabilities

Current liabilities: The 7.5% YoY decrease was due to

debt reductions at SKT and SK Broadband.

Non-current liabilities: The 32.4% YoY increase was due

to the issuance of long-term debt by SKT. The 19.8%

QoQ decrease was due to SKT‟s repayment of long-term

debt.

(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ

Total assets 25,596 24,366 1,230 25,596 26,058 (462)

Current assets 5,294 6,117 (823) 5,294 5,443 (148)

Cash & marketable securities 1,445 2,705 (1,261) 1,445 1,688 (243)

Non-current assets 20,301 18,249 2,053 20,301 20,615 (314)

Property & equipment 9,740 9,302 438 9,740 9,295 445

Intangible assets 4,434 4,746 (312) 4,434 4,479 (45)

Investment assets 5,586 2,930 2,656 5,586 5,721 (135)

Total liabilities 12,741 11,633 1,107 12,741 13,499 (758)

Current liabilities 6,175 6,674 (499) 6,175 5,312 863

Short-term borrowings 600 701 (100) 600 553 47

Current portion of

long-term debt 1) 893 1,663 (770) 893 367 526

Non-current liabilities 6,566 4,960 1,606 6,566 8,187 (1,621)

Bonds payable &

long-term borrowings5,348 3,553 1,796 5,348 6,857 (1,508)

Total shareholders' equity 12,855 12,733 122 12,855 12,559 296

Interest-bearing financial debt 2) 6,684 5,827 856 6,684 7,623 (939)

Debt/Equity ratio 3) 52.0% 45.8% 6.2%p 52.0% 60.7% -8.7%p

1) Includes current portion of long-term payables related to payment of frequency license fee

2) Interest-bearing financial debt = short-term borrowings + current portion of long-term debt + bonds payable & long-term borrowings

3) Debt/Equity ratio = interest-bearing financial debt / shareholders' equity

2,676 2,723 2,713 2,641 2,621 2,666 2,689 2,782

298 299 299

253 254 264 252

166

156 167 190

135 132 138 157

211

8.0% 8.6%9.4%

10.7% 10.9%11.5% 11.7%

13.0%

7.5%

17.5%

2,000

2,500

3,000

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Operating Revenues Interconnection New Business & Others B2B % of Oper. Revenues

3,130 3,190

(KRW bn)

6

SK Telecom Operating Revenues

3,202

3,029 3,0073,069

3,0973,159

SK Telecom’s Operating Revenues (Non-consolidated)

Financial Results

FY12 Total operating revenues decreased by 1.7% YoY

due to;

- the 18.5% YoY decreases in Interconnection revenues

resulting from the retroactive application of the new

interconnection rates established in 2012, and

- the spin-off of SK Planet in October 2011, which

reduced revenues of New business & others by 1.6%

YoY.

The 2% QoQ increase in 4Q12 Total operating revenues

was led by;

- the rise in mobile ARPU and the increased LTE

subscriber base, which increased Mobile service

revenues by 3.5% QoQ, and

- the 34.3% YoY increase in sales of B2B businesses,

including the solutions business which recorded KRW

101 bn in sales, fully offset

- the 33.9% YoY decrease in Interconnection revenues

(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ

Mobile service revenue 10,759 10,754 4 2,782 2,689 93

Interconnection revenue 936 1,149 (213) 166 252 (85)

New business & others1) 638 648 (10) 211 157 54

Total operating revenue 12,333 12,551 (219) 3,159 3,097 62

1) Revenue from leased line business, fixed-line resale, solution/hardware sales, etc.

50.1 41.4

33.8

-

20.0

40.0

60.0

LTE Smartphone Billing ARPU (Blended)

21% 48%

33.3 33.6 33.232.6 32.2

32.9 33.1 33.8

25

27

29

31

33

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Tariff Cut

(KRW „000)

7

ARPU

Operating Results (Non-consolidated)

SKT was able to restore its ARPU to pre-2011 tariff cut

levels, largely due to the growth of the higher ARPU

LTE subscriber base.

The Company‟s high LTE ARPU has led to 3 consecutive

quarters of ARPU growth, with 4Q12 Total and Billing

ARPUs showing QoQ increases of 2.3% and 1.9%,

respectively.

The LTE ARPU is showing stability at a relatively high

level. The 4Q12 LTE ARPU was 21% higher than the

smartphone ARPU and 48% higher than the Billing

ARPU.

Billing ARPU

ARPU

Comparison

for 4Q12

(KRW „000)

ARPU1)

(KRW) 2012 2011 YoY Q4 '12 Q3 '12 QoQ

Total ARPU2) 40,128 40,338 (210) 41,171 40,265 906

Billing ARPU3) 33,016 33,178 (161) 33,761 33,135 626

1) Includes SK Planet's earnings / based on SKT subscribers only

2) Former total ARPU numbers were recalculated to reflect current accounting standards

3) The billing ARPU excludes sign-up fee from mobile service revenues

14.8 11.6 9.8

6.9 5.0

8.2 12.7 15.919.0

14.5

0.6 7.5

-

10.0

20.0

'08 '09 '10 '11 '12

CDMA WCDMA LTE

23.0 24.3 25.726.6 27.0

(m)

0.5 3.9

11.1

16.0

1.9%15.2%

41.7%59.3%

0.0%

50.0%

100.0%

150.0%

200.0%

0.0

3.0

6.0

9.0

12.0

15.0

18.0

'09 '10 '11 '12

Subscribers % of Total Subscriber Base

8

Smartphone

Subscribers

Subscriber

by Network

Subscriber Numbers

Operating Results (Non-consolidated)

SKT finished 2012 with 7.53m LTE subscribers,

surpassing its original target and solidifying its

foundation for long-term growth.

The Company expects the proportion of LTE subscribers

will continue to rise from 28% of total subscribers at

the end of 2012 to c. 50% by year-end 2013.

The number of smartphone subscribers, which stood at

16m at the end of 2012, accounting for 59.3% of the

entire subscriber base.

(m)

2012 2011 YoY Q4 '12 Q3 '12 QoQ

Subscribers ('000) 26,961 26,553 408 26,961 26,778 183

Net adds 409 848 (439) 183 119 64

Activations 8,644 9,468 (824) 2,138 2,500 (362)

Deactivations 8,235 8,619 (384) 1,955 2,381 (426)

Monthly churn rate (%) 2.6% 2.7% -0.1%p 2.4% 3.0% -0.6%p

Average subscribers ('000) 26,680 26,199 481 26,856 26,704 152

Smartphone Subscribers ('000) 15,979 11,085 4,894 15,979 15,071 908

LTE Subscribers ('000) 7,530 634 6,896 7,530 5,666 1,864

243

472 419

708

424 555

708 867

57

87 134

158

58

61

80

105

-

100

200

300

400

500

600

700

800

900

1,000

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Network Non-Network

758 819 781

851 725

960 1,035

754

25.1% 25.7% 24.4%28.1%

24.1%31.3% 33.4% 23.9%

0.0%

50.0%

100.0%

150.0%

200.0%

-100 200 300 400 500 600 700 800 900

1,000 1,100

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Marketing Expenses % of Revenue

9

Marketing Expenses & Capex

Marketing expenses rose 7.4% YoY as LTE market

competition intensified during FY12. But recorded a

sharp 27.1% QoQ drop as the market cooled in 4Q12.

Capex increased 25.5% YoY in FY12 and 23.4% QoQ in

4Q12 as SKT continued to enhance its LTE network with

the Multi carrier solution and strengthen overall LTE

network quality.

Operating Results (Non-consolidated)

Marketing

Expenses

Capex

(KRW bn)

(KRW bn)

(KRW bn) 2012 2011 YoY Q4 '12 Q3 '12 QoQ

Marketing expenses1) 3,474 3,236 239 754 1,035 (281)

% of revenue 28.2% 25.8% 2.4%p 23.9% 33.4% -9.5%p

Capital expenditure 2,858 2,277 581 972 788 184

% of revenue 23.2% 18.1% 5.0%p 30.8% 25.4% 5.3%p

1) Marketing expenses = marketing related commission + advertising expense

10

Consolidated Income Statement

Appendix

(KRW bn) Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12

Operating revenue 3,897.0 4,025.8 4,045.4 3,958.3 3,969.7 4,007.9 4,125.5 4,197.4

Operating expenses 3,248.1 3,335.7 3,484.6 3,562.4 3,470.4 3,592.3 3,824.8 3,652.8

Labor cost 313.6 253.4 292.6 313.7 355.5 292.9 309.4 325.5

Commissions paid 1,350.7 1,417.4 1,404.8 1,438.5 1,414.5 1,548.2 1,592.9 1,469.5

Advertising 55.3 85.3 117.1 116.6 69.9 99.7 92.8 137.7

Depreciation1) 592.2 611.8 636.7 570.8 608.3 607.5 659.1 703.7

Network interconnection 318.7 323.5 322.3 299.5 296.2 273.5 286.2 201.4

Leased line 65.9 66.2 65.6 72.1 67.5 65.4 68.5 63.2

Frequency usage fees 55.7 50.9 62.2 49.9 51.4 47.4 53.2 52.1

Cost of goods sold 186.5 217.1 244.7 311.0 271.4 299.3 418.5 307.9

Others 309.5 310.1 338.7 390.3 335.7 358.5 344.1 391.8

Operating income 648.9 690.1 560.7 395.9 499.3 415.6 300.7 544.6

EBITDA 1,241.1 1,301.9 1,197.4 966.7 1,107.6 1,023.1 959.8 1,248.3

EBITDA margin 31.8% 32.3% 29.6% 24.4% 27.9% 25.5% 23.3% 29.7%

Net profit or loss from non-operating items 134.1 (28.8) (44.3) (115.8) (104.4) (105.1) (105.4) 105.6

Interest income 48.6 41.9 42.4 35.2 32.4 24.9 22.2 20.5

Interest expenses 80.9 71.0 73.0 72.2 97.0 102.4 102.9 110.0

Profit or loss in other non-operating items 166.4 0.3 (13.8) (78.8) (39.8) (27.5) (24.7) 195.1

Income from

continuing operations before tax 783.0 661.2 516.4 280.1 394.9 310.5 195.3 650.2

Income(Loss) from discontinued

operations2) (11.6) (11.3) (9.7) (17.1) (9.9) (123.8) 0.1 (5.7)

Consolidated net income 537.3 465.4 383.9 195.5 300.4 120.6 175.6 519.1

Majority interests 542.5 467.8 386.2 216.4 306.4 143.4 178.9 523.0

Minority interests (5.3) (2.4) (2.3) (20.9) (6.0) (22.8) (3.2) (3.9)

1) Includes R&D related depreciation

2) Loss from discontinued operations: loss on discontinuation of satellite DMB business

11

Appendix

Consolidated Balance Sheet

(KRW bn) Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12

Total assets 22,937.2 22,612.3 23,145.8 24,366.0 26,550.4 25,773.4 26,057.9 25,595.6

Current assets 6,978.3 6,098.2 6,791.5 6,117.5 5,559.2 4,754.4 5,442.5 5,294.4

Cash and marketable securities 1) 2,076.6 1,785.1 2,758.7 2,705.4 2,456.9 1,698.6 1,687.6 1,444.5

Accounts receivable 4,033.0 3,794.1 3,284.1 2,732.0 2,485.8 2,455.7 2,494.4 2,537.0

Short-term loans 110.4 101.9 99.6 100.4 96.8 86.4 91.6 84.9

Inventories 154.9 170.3 176.4 219.6 184.1 226.4 238.6 242.1

Other current assets 603.5 246.8 472.6 360.1 335.7 287.3 930.4 985.8

Non-current assets 15,958.9 16,514.2 16,354.3 18,248.6 20,991.2 21,018.9 20,615.3 20,301.1

Property & equipment 8,227.4 8,794.6 8,481.0 9,302.1 8,961.5 9,035.8 9,295.3 9,740.2

Intangible assets 3,532.1 3,450.2 3,753.1 4,745.7 4,681.1 4,574.3 4,479.4 4,434.1

Investment assets 3,152.8 3,049.9 2,814.4 2,930.2 6,160.2 6,150.2 5,721.3 5,586.3

Other non-current assets 1,046.6 1,219.4 1,305.8 1,270.6 1,188.3 1,258.6 1,119.3 540.5

Total liabilities 10,650.2 10,007.2 10,572.0 11,633.3 14,158.4 13,272.7 13,498.9 12,740.8

Current liabilities 6,819.6 6,201.4 6,668.2 6,673.6 6,586.1 5,322.3 5,311.7 6,174.9

Short-term borrowings 681.0 506.5 1,175.8 700.7 1,139.6 784.5 552.8 600.2

Accounts payable 2,231.7 1,602.0 1,515.5 1,996.7 1,724.1 1,671.3 1,726.1 2,124.9

Current portion of long-term debt 1,589.4 1,744.9 1,641.5 1,662.8 606.9 366.8 366.9 892.9

Other current liabilities 2,317.5 2,348.0 2,335.4 2,313.3 3,115.5 2,499.7 2,665.9 2,556.9

Non-current liabilities 3,830.6 3,805.9 3,903.8 4,959.7 7,572.3 7,950.5 8,187.2 6,565.9

Bonds payable &

long-term borrowings 3,230.1 2,978.2 3,075.9 3,552.9 6,315.4 6,682.5 6,856.8 5,348.5

Long-term payables - other 37.4 234.8 235.7 847.5 710.3 710.7 713.6 715.5

Post-employment benefit obligation 83.0 96.5 103.7 85.9 93.1 102.3 117.2 86.5

Other non-current liabilities 480.0 496.4 488.4 473.4 453.4 454.9 499.6 415.4

Total shareholders' equity 12,287.0 12,605.1 12,573.9 12,732.7 12,392.0 12,500.6 12,558.9 12,854.8

Capital stock 44.6 44.6 44.6 44.6 44.6 44.6 44.6 44.6

Capital surplus 2,925.4 2,925.0 2,925.0 2,922.0 2,924.7 2,924.7 2,924.7 2,924.7

Retained earnings 10,662.4 11,126.3 11,442.3 11,642.5 11,359.3 11,501.0 11,610.8 12,124.7

Capital adjustments (2,997.9) (2,997.9) (3,206.1) (3,207.4) (3,215.4) (3,215.4) (3,215.4) (3,213.6)

Other comprehensive income/loss 2) 582.6 442.9 284.6 260.1 229.4 216.9 175.8 (25.6)

Minoriry interests 1,069.9 1,064.2 1,083.5 1,070.8 1,049.3 1,028.8 1,018.4 1,000.0

1) Cash & marketable securities includes cash & cash equivalent, marketable securities & short-term financial instruments

2) Other comprehensive income/loss include gains or losses on valuation of investment securities and derivatives

12

Appendix

SK Telecom Non-consolidated Income Statement

(KRW bn) Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12

Operating revenue 3,130.0 3,189.6 3,202.3 3,029.4 3,007.4 3,068.6 3,097.5 3,159.2

Operating expenses 2,511.2 2,540.3 2,678.0 2,637.2 2,524.8 2,675.3 2,847.9 2,609.3

Labor cost 182.5 114.4 141.3 113.9 174.8 123.6 118.6 115.0

Commissions paid 1,234.9 1,278.4 1,294.3 1,394.9 1,266.3 1,444.7 1,559.2 1,282.8

Marketing commissions 750.0 759.3 701.9 783.3 689.0 898.7 986.5 690.3

Other commissions 484.9 519.1 592.4 611.7 577.3 546.0 572.7 592.5

Advertising 35.4 59.3 79.0 67.6 36.2 61.7 48.3 63.6

Depreciation 1) 448.2 467.6 491.3 386.8 427.1 427.4 467.4 513.2

Network interconnection 242.5 249.3 247.3 228.0 225.8 206.7 216.2 147.9

Leased line 50.4 52.6 54.2 56.2 56.5 55.5 57.2 58.2

Frequency usage fees 55.2 50.5 61.7 49.4 51.0 47.9 53.2 52.1

Others 262.1 268.3 308.9 340.5 287.2 307.8 327.8 376.6

Operating income 618.8 649.3 524.3 392.2 482.7 393.3 249.5 549.9

EBITDA 1,066.9 1,116.9 1,015.6 779.0 909.8 820.7 716.9 1,063.1

EBITDA margin 34.1% 35.0% 31.7% 25.7% 30.3% 26.7% 23.1% 33.7%

Net profit or loss from non-operating items 170.3 0.0 (25.9) (54.5) (48.8) (97.6) (87.6) 105.4

Interest income 43.0 35.3 35.2 24.3 21.0 12.8 9.8 8.9

Interest expenses 55.1 44.8 48.5 47.0 71.0 79.6 80.7 86.9

Net profit or loss from other non-operating items 182.4 9.5 (12.6) (31.8) 1.2 (30.8) (16.7) 183.4

Income from continuing operations before tax 789.0 649.3 498.4 337.7 433.8 295.7 161.9 655.3

Net income 560.7 474.4 388.7 270.6 345.0 231.4 148.0 518.4

1) Includes R&D related depreciation

13

SK Telecom Non-consolidated Balance Sheet

Appendix

IR Contacts : Unjong Lee (82-2-6100-1624, unjong@sk.com)

Won Tuh Chung (82-2-6100-1550, wt.chung@sk.com)

(KRW bn) Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12

Total assets 19,567.3 19,030.3 19,400.1 20,520.5 23,106.7 22,271.9 22,526.5 22,249.5

Current assets 5,419.5 4,509.5 5,050.4 3,948.1 3,615.3 2,590.2 3,187.6 2,589.7

Cash and marketable securities 1) 1,478.8 1,242.9 2,171.8 1,598.1 1,488.7 546.4 544.0 445.9

Accounts receivable 3,440.0 3,036.0 2,628.0 2,056.5 1,814.8 1,755.8 1,769.9 1,790.3

Short-term loans 97.7 92.5 88.8 88.2 85.8 75.4 81.5 75.4

Inventories 13.9 14.3 15.9 8.4 3.2 14.4 13.8 16.0

Other current assets 389.1 123.8 146.0 196.9 222.8 198.2 778.5 262.1

Non-current assets 14,147.8 14,520.7 14,349.7 16,572.4 19,491.4 19,681.7 19,338.9 19,659.8

Property & equipment 5,468.0 6,024.8 5,713.4 6,290.9 6,057.2 6,280.6 6,550.3 7,119.1

Intangible assets 2,668.1 2,596.9 2,919.5 3,671.0 3,641.2 3,591.3 3,532.1 3,494.1

Investment assets 5,353.5 5,261.4 5,030.9 5,967.5 9,230.4 9,200.1 8,781.0 8,649.5

Other non-current assets 658.1 637.6 685.8 643.0 562.5 609.6 475.5 397.1

Total liabilities 8,073.6 7,191.6 7,673.8 8,554.2 11,411.6 10,366.2 10,542.4 9,872.5

Current liabilities 4,630.0 3,830.1 4,656.9 4,467.0 5,087.3 3,667.2 3,600.9 4,343.1

Short-term borrowings - - 500.0 - 500.0 200.0 - 330.0

Accounts payable 1,887.2 1,195.2 1,230.8 1,634.6 1,455.9 1,230.4 1,169.8 1,557.3

Current portion of long-term debt 822.2 709.0 1,007.6 1,044.5 568.1 331.2 333.9 713.1

Other current liabilities 1,920.7 1,926.0 1,918.6 1,787.9 2,563.3 1,905.6 2,097.2 1,742.7

Non-current liabilities 3,443.5 3,361.5 3,016.9 4,087.2 6,324.3 6,699.0 6,941.5 5,529.4

Bonds payable &

long-term borrowings 2,896.3 2,620.1 2,268.5 2,706.0 5,086.7 5,447.8 5,632.2 4,340.4

Long-term payables 33.3 230.6 231.7 841.0 705.5 702.8 705.6 705.6

Post-employment benefit obligation 31.4 36.9 45.9 26.7 32.7 40.2 46.9 35.0

Other non-current liabilities 482.6 473.9 470.7 513.5 499.5 508.2 556.8 448.4

Total shareholders' equity 11,493.7 11,838.7 11,726.3 11,966.3 11,695.1 11,905.7 11,984.1 12,377.0

Capital stock 44.6 44.6 44.6 44.6 44.6 44.6 44.6 44.6

Capital surplus 2,920.9 2,920.9 2,920.9 2,920.9 2,920.9 2,920.9 2,920.9 2,920.9

Retained earnings 10,783.8 11,256.6 11,574.0 11,837.2 11,592.0 11,822.2 11,901.5 12,414.0

Capital adjustments (2,945.5) (2,945.5) (3,153.9) (3,156.9) (3,156.9) (3,157.1) (3,157.1) (3,157.1)

Other comprehensive income/loss 2) 690.0 562.1 340.7 320.5 294.5 275.0 274.1 154.6

1) Cash & marketable securities includes cash & cash equivalent, marketable securities and short-term financial instruments

2) Other comprehensive income/loss includes gains or losses on valuation of investment securities and derivatives