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Earnings Results for Q2 FY2024

Earnings Results for Q2 FY2024（November 12, 2024）

SoftBank Group Corp. announced on November 12, 2024 its earnings results for the second quarter of the fiscal year ending March 31, 2025.

Consolidated Financial Report for the six-month period ended September 30, 2024Open PDF file(1.35MB/86 pages)

Webcast

Full-length (1:12:20)

[Short Video] SoftBank Group Earnings : Q2 FY2024 by Yoshimitsu Goto, Board Director, Corporate Officer, Senior Vice President, CFO & CISO

Earnings Highlights (Six-month period ended September 30, 2024)

1. Results highlights

¥2,651.0 billion investment gain (¥963.6 billion loss for the same period of the previous fiscal year)

  1. ¥2,116.8 billion investment gain at Investment Business of Holding Companies
  • Investment gains of ¥1,280.1 billion on Alibaba shares and ¥566.2 billion*1 on T-Mobile shares

    Investment gain of ¥1,280.1 billion on Alibaba shares was offset by a derivative loss of ¥1,405.4 billion, which arose from prepaid forward contracts using Alibaba shares (recorded separately under “derivative loss (excluding gain (loss) on investments)”).

  1. ¥599.8 billion investment gain at SoftBank Vision Funds (excluding gains associated with SVF’s investments in the Company’s subsidiaries)
  • The fair values of a portion of investments, including ByteDance and Coupang, increased.
  • Since inception, the gross performance has been a gain of $22.6 billion for SVF1 and a loss of $21.0 billion for SVF2.*2

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

¥1,461.1 billion income before income tax (improvement of ¥2,368.6 billion YoY)

reflecting the recordings of:

  1. Selling, general and administrative expenses of ¥1,433.1 billion
  2. Finance cost of ¥283.7 billion
  3. Foreign exchange gain of ¥289.0 billion. This was due to the yen’s appreciation in exchange rates used for translation at the second quarter-end compared with the previous fiscal year-end, amid a net excess of U.S. dollar-denominated liabilities over U.S. dollar-denominated cash and cash equivalents and loans receivable, primarily within SBG.
  4. Derivative loss (excluding gain (loss) on investments) of ¥1,478.0 billion. This arose from a loss relating to prepaid forward contracts using Alibaba shares following an increase in Alibaba’s share price. This loss offset the investment gain on Alibaba shares as mentioned above.
  5. Increase in third-party interests in SVF of ¥421.2 billion. This was mainly due to the recording of an investment gain of ¥896.4 billion at SVF1 (on an SVF segment basis), where the proportion of third-party interests is significant, resulting in an increase in third-party interests of ¥363.1 billion (attributable to investors entitled to performance-based distribution).

¥1,005.3 billion net income attributable to owners of the parent (improvement of ¥2,414.0 billion YoY)

reflecting the recordings of:

  1. Income taxes of ¥223.8 billion
  2. Net income attributable to non-controlling interests of ¥232.0 billion

2. Sequentially implement investments for growth

SBG and its wholly owned subsidiaries

Total investment of ¥419.5 billion*3
Examples of investments during the period:

  1. Investment in Wayve Technologies, a U.K. company developing autonomous driving platforms based on data learning using AI
  2. Acquisition of additional interests in equity method associate SBE Global, which constructs and operates solar power plants in the U.S., converting it to a subsidiary
  3. Acquisition of U.K.-based company Graphcore, a designer and developer of semiconductor chips specialized for AI and machine learning, also converting it to a subsidiary

SVF

Total investment of $1.23 billion,*4 primarily in the Enterprise and Frontier Tech sectors, net of follow-on investments in the Company’s subsidiaries that were eliminated in consolidation

3. Refinance of bonds and execution of loan financings

Domestic straight bonds

    The Company issued domestic straight bonds of ¥100.0 billion to wholesale markets in April 2024 and ¥550.0 billion to retail markets in June 2024. The Company redeemed domestic straight bonds of ¥450.0 billion upon maturity in June 2024.

Foreign currency-denominated senior notes

    In July 2024, the Company issued U.S. dollar-denominated senior notes of $900 million and euro- denominated senior notes of 900 million euros. In the same month, the Company also redeemed U.S. dollar-denominated senior notes of $767 million prior to maturity and euro-denominated senior notes of 638 million euros upon maturity.

Term loans

    The Company borrowed $2.9 billion through a term loan in September 2024.

Commitment lines

    The Company renewed its commitment line agreement in September 2024. After the renewal, the drawdown limits are $5,465 million for the U.S. dollar-denominated tranche and ¥35.6 billion for the yen-denominated tranche. As of the second quarter-end, the entire amount remained undrawn.

4. Share repurchase

Under the share repurchase program with a maximum of ¥500.0 billion authorized in August 2024, the Company purchased a cumulative total of ¥153.8 billion by the second quarter-end and a cumulative total of ¥174.8 billion by October 31, 2024.

  1. Includes derivative gains and losses on investments and effects of foreign exchange translation

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

  3. The amount comprises the investment outlay by SBG and its primary wholly owned subsidiaries (excluding investments in U.S. Treasury Bonds), recorded under “Payments for acquisition of investments,” with the addition of net outlays associated with the subsidiary conversion of SBE Global and Graphcore Limited (“Graphcore”), recorded under “Payments (net) for acquisition of control over subsidiaries,” both of which are presented within the consolidated statement of cash flows.

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

Materials＆News

Q1Q2Q3Q4
FY2024Aug. 7, 2024Nov. 12, 2024ーー
Webcast VideoWatch video VideoWatch video ー ー
CFO Reflections VideoWatch video VideoWatch video ー ー
Highlights VideoWatch video ー ー ー
Presentation

  • PDFOpen PDF file
    (6.95MB/72 pages)

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Quarterly Results

  • PDFOpen PDF file
    (1.32MB/81 pages)

  • PDFOpen PDF file
    (1.35MB/86 pages)

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Data Sheet

  • PDFOpen PDF file
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    (433KB/22 pages)

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

  • PDFOpen PDF file
    (6.94MB/71 pages)

  • PDFOpen PDF file
    (5.66MB/72 pages)

  • PDFOpen PDF file
    (6.10MB/81 pages)

  • PDFOpen PDF file
    (6.25MB/95 pages)

Quarterly Results

  • PDFOpen PDF file
    (1.34MB/79 pages)

  • PDFOpen PDF file
    (1.50MB/87 pages)

  • PDFOpen PDF file
    (1.43MB/93 pages)

  • PDFOpen PDF file
    (1.45MB/98 pages)

Data Sheet

  • PDFOpen PDF file
    (483KB/23 pages)

  • PDFOpen PDF file
    (491KB/23 pages)

  • PDFOpen PDF file
    (487KB/23 pages)

  • PDFOpen PDF file
    (435KB/23 pages)

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