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Earnings Results for FY2023

Earnings Results for FY2023 ― May 13, 2024

SoftBank Group Corp. announced on May 13, 2024 its earnings results for the fiscal year ended March 31, 2024.

Consolidated Financial Report for the fiscal year ended March 31, 2024(1.45MB/98 pages)

Webcast

Full-length (1:30:06)

8-minute highlight video is also available.

[Short Video] SoftBank Group Earnings : FY2023 by Yoshimitsu Goto, Board Director, Corporate Officer, Senior Vice President, CFO & CISO

Earnings Highlights (The fiscal year ended March 31, 2024)

1. Listing of Arm on the Nasdaq Global Select Market

  1. Arm was listed on the Nasdaq Global Select Market on September 14, 2023. In the IPO, a wholly owned subsidiary of the Company disposed of 102,500,000 American depositary shares (ADSs), representing 10% of Arm’s outstanding ordinary shares,*1 and received proceeds of $5.12 billion.
  2. No gain on the disposal is recorded in the consolidated statement of profit or loss as Arm continues to be a subsidiary of the Company after the disposal. However, in the consolidated statement of financial position, ¥674.4 billion ($4.65 billion), which represents the gain on disposal, was recorded as capital surplus.

2. Acquisition of T-Mobile 48.8 million shares for no additional consideration upon satisfaction of contingent consideration condition

The Company acquired 48.8 million shares of T-Mobile stock equivalent to $7.74 billion (¥1.1 trillion) for no additional consideration on December 28, 2023, following the satisfaction of the contingent consideration condition on December 22, 2023. This was part of the consideration the Company received for the merger between T-Mobile US and the Company’s then-U.S. subsidiary Sprint, which closed on April 1, 2020.

3. Results highlights

¥559.4 billion investment loss (¥835.1 billion loss for the previous fiscal year)

  1. ¥459.0 billion investment loss at Investment Business of Holding Companies
  • Realized and unrealized valuation losses on Alibaba shares of ¥959.9 billion exceeded an investment gain of ¥371.1 billion on T-Mobile shares.
    Note: The ¥959.9 billion realized and unrealized valuation losses on Alibaba shares were offset by a derivative gain of ¥1,517.4 billion, which arose from prepaid forward contracts using Alibaba shares and is recorded separately as “derivative gain (excluding gain or loss on investments).”
  1. ¥167.3 billion investment loss at SoftBank Vision Funds (excluding gains associated with SVF’s investments in the Company’s subsidiaries)
    Note: The SoftBank Vision Funds segment recorded ¥724.3 billion gain on investments, which included gains associated with SVF’s investments in Arm and other subsidiaries of the Company.
  • Unrealized valuation losses from decreases in the fair values of investments, notably including WeWork stocks and notes, were partially offset by the fair value increases of select companies, such as ByteDance, Coupang, and DoorDash.
  • Since inception, the gross performance was a gain of $16.7 billion for SVF1 and a loss of $19.3 billion for SVF2.*2

Note: Since Arm, SoftBank Corp., and other subsidiaries are consolidated, changes in the fair value of their shares are not recorded in the Company’s consolidated statement of profit or loss.

¥57.8 billion gain before income tax (improvement of ¥526.9 billion YoY)

reflecting the recordings of:

  1. Finance cost of ¥556.0 billion
  2. Foreign exchange loss of ¥703.1 billion due to the impact of the weaker yen. This resulted from a net excess of U.S. dollar-denominated liabilities over its U.S. dollar-denominated cash and cash equivalents and loans receivable, primarily within SBG
  3. Derivative gain (excluding gain or loss on investments) of ¥1,502.3 billion, arising from a gain relating to prepaid forward contracts using Alibaba shares following a fall in Alibaba’s share price, which offset the previously mentioned realized and unrealized valuation losses on these shares

¥227.6 billion net loss attributable to owners of the parent (improvement of ¥742.5 billion YoY)

reflecting the recordings of:

  1. Negative income tax of ¥151.4 billion (profit)
  2. Net income attributable to non-controlling interests of ¥436.9 billion

4. Continued monetization of assets and new investments

Monetization of assets

  1. Raised $4.39 billion through prepaid forward contracts using Alibaba shares
  2. Received proceeds of $5.12 billion through the disposal of 10% of Arm’s outstanding shares in its IPO
  3. Received proceeds totaling $6.33 billion from sales of investments by SVF,*3 after adjusting for the proceeds from the sale of Arm shares to another subsidiary of the Company, which were eliminated in consolidation

New investments

  1. $1.50 billion for acquisition of investments by SVF,*3 net of investments in subsidiaries of the Company that were eliminated in consolidation
  2. ¥348.8 billion primarily for strategic investments by SBG and its wholly owned subsidiaries*4

5. Refinance of bonds

Completed refinance of USD-denominated NC6 undated hybrid notes

    In April 2023, the Company issued domestic hybrid bonds totaling ¥222.0 billion, followed by a hybrid loan*5 of ¥53.1 billion in May 2023. These funds were used to refinance USD-denominated NC6 undated hybrid notes ($2.0 billion), with the first voluntary call date in July 2023. Additionally, in September 2023, the Company refinanced domestic hybrid bonds (¥15.4 billion), coinciding with their first voluntary call date in the same month.

Refinance of domestic straight bonds

    The Company redeemed domestic straight bonds of ¥399.9 billion that matured in March 2024 and issued domestic straight bonds of ¥550.0 billion to retail markets in the same month. In April 2024, the Company also issued domestic straight bonds of ¥100.0 billion to wholesale markets to partially fund the redemption of domestic straight bonds due to mature in June 2024.

  1. The calculation is based on the 1,025,234,000 company shares issued and outstanding on September 30, 2023.

  2. Gross amounts before deductions, such as third-party interests and taxes

  3. The amounts recorded in the consolidated statement of cash flows

  4. The amount comprises the investment outlay by SBG and its primary wholly owned subsidiaries (excluding investments in U.S. Treasury Bonds), as accounted for under “Acquisition of investments” in the consolidated statements of cash flows, combined with the amount paid to third-party shareholders in connection with the subsidiary acquisitions of Berkshire Grey, Inc. in July 2023 and Balyo SA in October 2023, net of cash and cash equivalents held by these companies.

  5. 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.

Materials＆News

Q1Q2Q3Q4
FY2023Aug. 8, 2023Nov. 9, 2023Feb. 8, 2024May 13, 2024
Webcast Video Video Video Video
CFO Reflections Video Video Video Video
Highlights Video Video Video Video
Presentation

  • PDF
    (6.94MB/71 pages)

  • PDF
    (5.66MB/72 pages)

  • PDF
    (6.10MB/81 pages)

  • PDF
    (6.25MB/95 pages)

Quarterly Results

  • PDF
    (1.34MB/79 pages)

  • PDF
    (1.50MB/87 pages)

  • PDF
    (1.43MB/93 pages)

  • PDF
    (1.45MB/98 pages)

Data Sheet

  • PDF
    (483KB/23 pages)

  • PDF
    (491KB/23 pages)

  • PDF
    (487KB/23 pages)

  • PDF
    (435KB/23 pages)

FY2022Aug. 8, 2022Nov. 11, 2022Feb. 7, 2023May 11, 2023
Webcast Video Video Video Video
CEO/CFO Reflections Video − − Video
Highlights Video Video Video Video
Presentation

  • PDF
    (6.47MB/50 pages)

  • PDF
    (5.32MB/78 pages)

  • PDF
    (8.44MB/81 pages)

  • PDF
    (5.43MB/86 pages)

Quarterly Results

  • PDF
    (1.40MB/85 pages)

  • PDF
    (1.49MB/95 pages)

  • PDF
    (1.49MB/98 pages)

  • PDF
    (1.97MB/99 pages)

Data Sheet

  • PDF
    (481KB/23 pages)

  • PDF
    (490KB/23 pages)

  • PDF
    (925KB/23 pages)

  • PDF
    (492KB/23 pages)

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