Impact on the Consolidated Earnings Results of SOFTBANK CORP. by Supporting the Revitalization of WILLCOM, IncMarch 12, 2010
SOFTBANK CORP. (hereafter “the Company”), WILLCOM, Inc (hereafter “WILLCOM”), a fund which service is provided by Advantage Partners, LLP (hereafter “Advantage Partners”), and Enterprise Turnaround Initiative Corporation of Japan have signed a framework agreement on the revitalization of WILLCOM today. Please refer to the press release disclosed today titled “Execution of Framework Agreement on the Revitalization of WILLCOM, Inc” for the details.
Impact on the consolidated earnings results of the Company by supporting the revitalization of WILLCOM is as follows.
Impact on the consolidated earnings results for the fiscal year 2009 (April 1, 2009 to March 31, 2010) of the Company will be minor. In addition, there will be no change to the published earnings forecasts for operating income and free cash flow for fiscal year 2009.
SOFTBANK Group (hereafter “the Group”), Advantage Partners and others will establish a new company.
This new company will be a transferee of base station sites and the XGP business, which will enable quicker deployment of the Company' s base stations and cost reduction.
The Group aims to 1) generate more than JPY 1 trillion of accumulated free cash flow in 3 years (fiscal year 2009 to fiscal year 2011), and 2) halve net-interest bearing debt in 3 years from this fiscal year and bring it down to zero in 6 years (fiscal year 2009 to fiscal year 2014). These targets also remain the same.
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