Earnings Results for Q1 FY2023
Earnings Results for Q1 FY2023 ― August 8, 2023
SoftBank Group Corp. announced on August 8, 2023 its earnings results for the first quarter of the fiscal year ending March 31, 2024.
Webcast
Full-length (1:26:31)
5-minute highlight video is also available.
[Short Video] SoftBank Group Earnings : Q1 FY2023 by Yoshimitsu Goto, Board Director, Corporate Officer, Senior Vice President, CFO & CISO
Earnings Highlights
1．Results highlights
| ¥699.0 billion investment loss (¥2,834.4 billion loss for the same period of the previous fiscal year) |
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| Loss before income tax of ¥176.2 billion (improvement of ¥3,116.3 billion yoy) |
reflecting the recordings of:
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| Net loss attributable to owners of the parent of ¥477.6 billion (improvement of ¥2,685.1 billion yoy) |
reflecting the recordings of:
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2. Balancing defense and offense
| LTV*2 improved from the previous fiscal year-end as a result of continued monetization |
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| Expanded investments |
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3. SVF
Gross performance since inception was $12.4 billion in gain for SVF1 and $18.6 billion in loss for SVF2.*4
4. Completed replacement of USD-denominated NC6 undated hybrid notes
The Company issued domestic hybrid bonds of ¥222.0 billion in April 2023. Together with funds procured through the hybrid loan*5 of ¥53.1 billion in May 2023, the Company completed the replacement of USD-denominated NC6 undated hybrid notes ($2.0 billion) with the first voluntary call date in July 2023. The Company also plans to replace JPY-denominated hybrid bonds (¥15.4 billion) in September 2023 with the first voluntary call date in the same month.
5．Confidential submission of draft registration statement on Form F-1 by Arm
Arm announced in April 2023 that it had confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission relating to the proposed initial public offering of American depositary shares representing Arm’s ordinary shares. The Company intends that Arm will continue to be a consolidated subsidiary following the completion of the proposed initial public offering. The Company does not expect that any such offering would have a material effect on its consolidated results or financial position.
Public portfolio companies are shares traded on stock exchanges or over-the-counter markets. Private portfolio companies are those that do not fall under the category of public portfolio companies. The same applies hereinafter.
Loan-to-Value; the ratio of liabilities to holding assets, calculated as adjusted net interest-bearing debt divided by the equity value of holdings. Equity value of holdings and adjusted net interest-bearing debt each exclude amounts to be settled at maturity or borrowings that are part of asset-backed finance. The calculation of adjusted net interest-bearing debt excludes interest-bearing debt and cash and cash equivalents, etc., attributable to entities managed on a self-financing basis, such as SoftBank Corp. (including its subsidiaries such as Z Holdings Corporation and PayPay Corporation), SVF1, SVF2, LatAm Funds, and Arm. Also excludes a part of SB Northstar’s interest-bearing debt and short-term investments included in its cash position.
Includes disposals as a result of restructuring of portfolio companies.
Gross amounts before deductions, such as third-party interests and taxes
The hybrid loan is eligible for 50% equity treatment for the drawn down amount by Japan Credit Rating Agency, Ltd. and S&P Global Ratings Japan Inc.
Refer to “ Consolidated Financial Report for the three-month period ended June 30, 2023” to find more details and definition of each company name and abbreviation.
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The latest Net Asset Value per Share is available here.
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