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Net Asset Value per Share

This page shows the most recently disclosed per-share NAV (Net Asset Value). Based on data as of June 30, 2021 unless otherwise stated.

As of July 1, 2021, 8:00am (JST)


  • NAV (Net Asset Value)*1

    15,450
    yen/share

  • Equity value of holdings*2

    18,436
    yen/share


  • Net debt*3

    2,986
    yen/share

(Reference)
Share price 7,775yen
LTV (Loan to value)*416.2 %
 

Details:

Equity value of holdings*2
Alibaba7,229 yen/share
SBKK1,333 yen/share
SVF13,611 yen/share
SVF21,664 yen/share
Latin America Fund448 yen/share
T-Mobile1,095 yen/share
Arm1,588 yen/share
SB Northstar857 yen/share
Other611 yen/share
Total number of shares issued (excl. treasury stock)1,713 million shares
USD/JPY110.58
 
 
  1. NAV (Net Asset Value)
    • NAV = Equity value of holdings - Net debt
    • NAV per share = NAV / Total number of shares issued (excluding treasury stock)
  2. Equity value of holdings (after deducting asset-backed financing)
    • Alibaba: calculated by multiplying the number of Alibaba ADSs (equivalent of the number of Alibaba shares held by SBG) as of March 31, 2021, by the ADS price, less (a) to (c) below.
      (a) the sum of the amount to be settled at maturity (calculated by using the share price of Alibaba) of the prepaid forward contracts using Alibaba shares, such as floor contracts, collar contracts, and call spread.
      (b) the amount equivalent to the outstanding margin loan using Alibaba shares borrowed by SB Northstar in October 2020.
      (c) the amount equivalent to the outstanding margin loan using Alibaba shares borrowed by March and June 2021.
    • SBKK: calculated by multiplying the number of SBKK shares held by SBG by the share price of SBKK, less (d) below.
      (d) the amount equivalent to the outstanding margin loan using SBKK shares.
    • SVF1: value equivalent to SBG's portion of the value held by SVF1, plus performance fees accrued, etc.
    • SVF2: value equivalent to the value held by SVF2, plus performance fees accrued
    • Latin America Fund: value equivalent to the value held by Latin America Fund, plus performance fees accrued
    • T-Mobile: the sum of (e) to (g), less (h) and (i) below
      (e) value calculated by multiplying the number of T-Mobile shares held by SBG (including the number of shares subject to call options (101,491,623 shares) received by Deutsche Telekom AG) by the share price of T-Mobile.
      (f) fair value of SBG’s right to acquire T-Mobile shares (48,751,557 shares) for no additional consideration under certain conditions.
      (g) fair value of the right of a subsidiary of SBG to receive T-Mobile shares under certain conditions, in connection with the transaction in which T-Mobile sold T-Mobile shares to Trust that offered its Cash Mandatory Exchangeable Trust Securities.
      (h) the amount of derivative financial liabilities relating to the call options received by Deutsche Telekom AG.
      (i) the loan amount that is considered as asset-backed financing non-recourse to SBG, which is a portion of the total borrowing amount through a margin loan using T-Mobile shares pledged as collateral. (Because SBG has, as an exception, guaranteed a portion of the $4.38bn margin loan, $2.39bn, the amount after deducting the $1.99bn cap on the guaranteed obligations, is considered as a borrowing amount under non-recourse asset-backed financing. As a precondition for SBG to fulfill its guarantee obligations, the lenders are obligated to first recover the amount to the maximum extent possible from Alibaba shares that have been pledged as collateral for the margin loan.)
    • Arm: calculated based on the acquisition cost of SBG, excluding the number of shares held by SVF1.
    • SB Northstar: value equivalent to SBG's portion of SB Northstar's NAV, etc. plus (j) and (k) below
      (j) the value calculated by multiplying the number of NVIDIA shares held by SBG by the share price of NVIDIA
      (k) the amount equivalent to the outstanding margin loan using Alibaba shares borrowed by SB Northstar in October 2020.
    • Other: the sum of (l) and (m) below
      (l) listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed share.
      (m) unlisted shares: calculated based on the fair value of unlisted shares, etc. held by SBG.
  3. Net debt (after deducting asset-backed financing)
    • Net debt = SBG net interest-bearing debt
    • SBG net interest-bearing debt = SBG gross debt - SBG cash position, etc.
    • SBG gross debt = SBG gross interest-bearing debt = Consolidated gross debt - gross debt of subsidiaries (non-recourse) - gross debt of SB Northstar
    • SBG gross debt: adjusting (n) to (u) below
      (n) JPY Hybrid Bonds issued in September 2016: deducting 50% from interest-bearing debt (to treat it as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
      (o) USD Hybrid Notes issued in July 2017: adding 50% to interest-bearing debt (to treat it a liability), as the entire amount is recorded as equity in the consolidated financial statements.
      (p) JPY Hybrid Loan borrowed in November 2017: deducting 50% from interest-bearing debt (to treat it as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
      (q) JPY Hybrid Bonds issued in February and June 2021: deducting 50% from interest-bearing debt (to treat it as equity), as the entire amount is recorded as a liability in the consolidated financial statements.
      (r) deducting the amount equivalent to the outstanding margin loan using Alibaba shares borrowed in March and June 2021.
      (s) deducting the financial liabilities relating to prepaid forward contracts using Alibaba shares, such as floor contracts and collar contracts.
      (t) deducting the amount equivalent to the outstanding margin loan using SBKK shares.
      (u) deducting the loan amount that is considered as asset-backed financing non-recourse to SBG, which is a portion of the margin loan using T-Mobile shares pledged as collateral (refer to (i) above under 2).
    • SBG cash position, etc. = Consolidated cash position, etc. - cash position, etc. of subsidiaries (non-recourse) - cash position, etc. of SB Northstar.
    • Cash position etc. of subsidiaries (non-recourse): the sum of cash position, etc. of SBKK, SVF1, SVF2, Latin America Fund, Arm, etc.
    • Consolidated gross debt = Consolidated gross interest-bearing debt, excluding deposits for banking business of PayPay Bank.
    • Gross debt of subsidiaries (non-recourse) = Gross interest-bearing debt of subsidiaries (non-recourse): the sum of gross interest-bearing debt of SBKK, SVF1, SVF2, Latin America Fund, Arm, etc.
  4. LTV (Loan to value)
    • LTV (Loan to value) = Net debt / Equity value of holdings
  • SBG = SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SBKK = SoftBank Corp., SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, Latin America Fund = SoftBank Latin America Fund, T-Mobile = T-Mobile US, Inc., Arm = Arm Limited, SBIA = SB Investment Advisers (UK) Limited
  • Before considering tax unless otherwise stated
  • The information herein is based on assumptions made by the Company and is not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions.