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Net Asset Value per Share

This page shows the most recently disclosed per-share NAV (Net Asset Value).

as of April 1, 2021, 8:00am (JST)


  • NAV (Net Asset Value)*1

    15,015
    yen/share

  • Equity value of holdings*2

    17,149
    yen/share


  • Net debt*3

    2,134
    yen/share

(Reference)
Share price 9,330yen
LTV (Loan to value)*412.4 %
 

Details:

Equity value of holdings*2
Alibaba7,334 yen/share
SBKK1,298 yen/share
SVF13,568 yen/share
SVF2751 yen/share
T-Mobile867 yen/share
Arm1,566 yen/share
Investments in listed stocks957 yen/share
Other808 yen/share
Total number of shares issued (excl. treasury stock)1,739 million shares
USD/JPY110.71
 
 
  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 December 31, 2020, 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 collar contracts and call spread.
      (b) the amount equivalent to the outstanding margin loan backed by Alibaba shares borrowed by asset management subsidiaries in October 2020.
      (c) the amount equivalent to the outstanding margin loan backed by Alibaba shares borrowed by March 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 backed by SBKK shares
    • SVF1: value equivalent to SBG's portion of SVF1's holding value, plus performance fees accrued, etc.
    • SVF2: value equivalent to SVF2's holding value, 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, $2.36bn, the amount after deducting the $2.02bn 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.
    • Investments in listed stocks: value equivalent to SBG's portion of asset management subsidiaries' NAV, etc. plus (j) below
      (j) the amount equivalent to the outstanding margin loan backed by Alibaba shares borrowed by asset management subsidiaries in October 2020.
    • Other: the sum of (k) and (l) below
      (k) listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed share.
      (l) 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 asset management subsidiaries
    • SBG gross debt: adjusting (m) to (t) below
      (m) 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.
      (n) 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.
      (o) 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.
      (p) JPY Hybrid Bonds issued in February 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.
      (q) deducting the financial liabilities relating to prepaid forward contracts using Alibaba shares, such as collar contracts.
      (r) deducting the amount equivalent to the outstanding margin loan backed by SBKK shares.
      (s) 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).
      (t) deducting the amount equivalent to the outstanding margin loan backed by Alibaba shares borrowed in March 2021.
    • SBG cash position, etc. = Consolidated cash position, etc. - cash position, etc. of subsidiaries (non-recourse) - cash position, etc. of asset management subsidiaries
    • Cash position etc. of subsidiaries (non-recourse): the sum of cash position, etc. of SBKK, SVF1, SVF2, Arm, etc.
    • Consolidated gross debt = Consolidated gross interest-bearing debt, excluding deposits for banking business of The Japan Net Bank (currently 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, Arm, etc.
  4. LTV (Loan to value)
    • LTV (Loan to value) = Net debt / Equity value of holdings
  • SVF1 and SVF2: valuation of fair value
    • SBIA is responsible for determining fair values of the investments in SVF1 and SVF2 (together, the “Funds”) on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with a high level of knowledge and experience as needed, in determining the fair value of equity investments and certain complex financial instruments. In parallel, the Investor Advisory Board of SVF1 has appointed certain external firms as Independent Valuers to perform semi-annual independent valuation for SVF1’s investments. Valuation results, as determined by the SBIA Portfolio Valuations team, are reviewed and approved by the SBIA Valuation and Financial Risk Committee (“VFRC”), with due consideration of the Independent Valuer’s reports where applicable. The VFRC comprises the SBIA CEO, CFO, CRO, General Counsel, Deputy CFO and senior investment professionals. Once approved by the VFRC, valuation results are subject to a financial statement audit by the Funds’ independent auditors (Deloitte). The SBIA UK Board gives final approval of the valuation results.
    • Valuation methodology: The applicable reporting framework of the Funds is IFRS (the “Standards”). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. The Funds are also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment to measure fair value. For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks and available market prices. The income approach, otherwise known as the Discounted Cash Flow method, derives the value of a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of new outside investors, the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which the Funds invest, i.e., senior shares are valued more highly than junior-ranking shares.
  • SBG = SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SBKK = SoftBank Corp., SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, T-Mobile = T-Mobile US, Inc., Arm = Arm Limited, SBIA = SB Investment Advisers (UK) Limited
  • Before considering tax unless otherwise stated
  • Based on data as of March 31, 2021 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.