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ANNUAL REPORT 2014 Softbank Corp ANNUAL REPORT 2014 SoftBank Corp. ANNUAL REPORT 2014 JUST GETTING STARTED SoftBank acquired major U.S. mobile operator Sprint in July 2013. It was the first step on our journey to full-scale global expansion. In order to continue growing, it is vital that we leverage the knowledge and expertise we have cultivated in Japan to launch out into overseas markets and harness their growth. The U.S. market is the first gateway for us. If we can succeed there, we will look to develop even further. Our new challenge, to become a global player, has just begun. New office in Silicon Valley in the U.S. (San Carlos, California) SoftBank Corp. ANNUAL REPORT 2014 001 Contents The Fast Read P.002 Strategic Group Companies P.046 002 Corporate Philosophy/ Businesses P.021 047 Strategic Synergy Group Vision 048 Key Strategic Group Companies 003 CEO Message 004 Financial Summary Management Organization P.053 008 Group Structure 054 Directors and Audit & Supervisory 009 Fiscal 2013 Topics Board Members 010 Segment Overview 056 Interview with External Audit & Supervisory Board Member 058 Corporate Governance 070 Compliance CEO Interview P.012 072 Risk Management 073 Information Security 074 Corporate Social Responsibility (CSR) Financial Section P.077 078 Interview with Corporate Executive Interview with in Charge of Finance P.022 080 Interview with Corporate Executive Senior Executive Vice President in Charge of Accounting 082 Eleven-year Summary P.026 084 Segment Financial Data Masayoshi Son One Team, One Vision 086 Management’s Discussion and Analysis of Chairman & CEO Results of Operations and Financial Position 112 Consolidated Financial Statements Mobile Gaming Strategy P.030 120 Notes to Consolidated Financial Statements In fiscal 2013, SoftBank achieved further growth. 229 Independent Auditor’s Report Chairman and CEO Masayoshi Son talks about SoftBank’s Mobile Communications Segment Principal Operational Data 032 038 Corporate Information P.230 034 Sprint Segment 040 Japan and U.S. Mobile performance during the year, the goals behind its M&A 230 SoftBank’s History 036 Fixed-line Telecommunications Communications Market Data activities, its medium- to long-term group strategy, Segment 043 Major Subsidiaries and Associates 232 Corporate Data 037 Internet Segment 233 Stock Information and other matters. 234 Glossary Disclaimer Transition to IFRSs Regarding Trademarks • This annual report is made based on information available at the time of writing. Plans, forecasts, • The Company has prepared the consolidated financial statements in accordance with the Interna- • TM and © 2014 Apple Inc. All rights reserved. Apple, iPhone, and iPad are trademarks of strategies, and other forward-looking statements in this report are not historical facts, and include tional Financial Reporting Standards (IFRSs) from the three-month period ended June 30, 2013, the Apple Inc., registered in the U.S. and other countries. The trademark “iPhone” is used with a elements of risk and uncertainty. Actual results may therefore differ materially from these forward- first quarter of the fiscal year ended March 31, 2014. The date of transition to IFRSs is April 1, license from Aiphone K.K. App Store is a service mark of Apple Inc. looking statements due to changes in the business environment and other factors. 2012. The financial data for the year ended March 31, 2013 is also presented based on IFRSs. • Google, Google Apps for Business, Google Play, Google Play logo, and Android are trademarks or • Information in this report regarding companies other than SoftBank is quoted from public and Definition of Terms registered trademarks of Google Inc. other sources. We do not guarantee the accuracy of this information. • “Fiscal 2013” refers to our fiscal year ended March 31, 2014, and other fiscal years are referred to • Yahoo! and the Yahoo! logo are registered trademarks or trademarks of Yahoo! Inc. in the U.S. • SoftBank expressly disclaims any obligation or responsibility to update or revise or supplement any in a corresponding manner in this annual report. FYE denotes the fiscal year-end. For example, • Other names of companies, products, and services and such that appear in this annual report are forward-looking statement in any presentation material or generally to any extent. Use of or reli- FYE2013 denotes March 31, 2014, the last day of fiscal 2013. trademarks or registered trademarks of their respective companies. ance on the information in this annual report is at your own risk. Company Names • Unless specifically stated otherwise “SoftBank,” and “the Company” refer to SoftBank Corp. and its subsidiaries. SoftBank Corp. ANNUAL REPORT 2014 002 The Fast Read Corporate Philosophy/ Vision Corporate Philosophy Information Revolution – Happiness for everyone Vision The corporate group needed most by people around the world SoftBank Corp. ANNUAL REPORT 2014 003 The Fast Read CEO Message CEO Message We Can Change the World Thirty-three years have passed since SoftBank was founded in 1981. In that time, we have helped to change Japan through the Information Revolution. From our 34th year onward, I hope to begin the second stage of our journey; I want us to spread our wings and change the whole world through the Information Revolution. First, we will focus on the U.S., which has the world’s largest GDP, and a growing population. Having acquired Sprint last year, we will now infuse it with our expertise, experience, technologies, and passion to provide the U.S. with the world’s No. 1 mobile Internet service. As we confirmed in our “Next 30-Year Vision,” which we created in 2010, our ultimate goal is to alleviate sadness and increase everyone’s happiness to the greatest extent possible through the Information Revolution. That’s why we are trying to change the world—because we want to make everyone happy. July 2014 Masayoshi Son Chairman & CEO SoftBank Corp. ANNUAL REPORT 2014 004 The Fast Read Financial Summary Financial Summary For an eleven-year summary please refer to page 82. SoftBank Corp. and its subsidiaries Fiscal years ended March 31 JGAAP IFRSs Thousands of Operating Income Millions of yen U.S. dollars FY 2009 2010 2011 2012 2013 YoY change 2013 Net sales . ¥2,763,406 ¥3,004,640 ¥3,202,436 ¥3,202,536 ¥ 6,666,651 ¥ 3,464,115 $ 64,775,078 ¥1,085.4 EBITDA . 787,631 930,730 1,013,716 1,152,741 1,786,810 634,069 17,361,154 billion Operating income . 465,871 629,163 675,283 799,399 1,085,362 285,963 10,545,686 （Up 35.8% YoY） Net income / net income attributable to owners In addition to solid performance in the Mobile of the parent . 96,716 189,713 313,753 372,481 527,035 154,554 5,120,822 Communications segment, a temporary gain of ¥253.9 billion was recorded in conjunction with Total assets . 4,462,875 4,655,725 4,899,705 7,218,172 16,684,997 9,466,825 162,116,178 the consolidation of GungHo and WILLCOM. Total shareholders’ equity / total equity attributable to owners of the parent . 470,532 619,253 936,695 1,612,756 1,955,374 342,618 18,998,970 Interest-bearing debt . 2,195,471 2,075,801 1,568,126 3,707,853 9,170,053 5,462,200 89,098,844 Cash Flows from Investing Activities Net interest-bearing debt . 1,501,074 1,209,636 547,299 2,257,806 7,059,286 4,801,480 68,590,032 Net cash provided by (used in) operating activities . 668,050 825,837 740,227 813,025 860,245 47,220 8,358,385 –¥2,718.2 Net cash (used in) provided by investing activities . (277,162) (264,448) (375,656) (874,144) (2,718,188) (1,844,044) (26,410,688) billion Free cash flow . 390,888 561,389 364,571 (61,119) (1,857,943) (1,796,824) (18,052,303) （Previous fiscal year: –¥874.1 billion） Capital expenditure (acceptance basis) . 222,915 420,591 516,375 753,161 1,245,250 492,089 12,099,203 Expenditure increased due to the acquisition of Depreciation and amortization* . 243,944 224,937 275,826 355,120 899,904 544,784 8,743,723 shares of Sprint, Supercell and others, as well as capital expenditure at Sprint. Major Indicators EBITDA margin ������������������������������������������������������� 28.5% 31.0% 31.7% 36.0% 26.8% Operating margin . 16.9% 20.9% 21.1% 25.0% 16.3% EBITDA Margin ROA . 2.2% 4.2% 6.6% 6.0% 4.4% ROE . 22.9% 34.8% 40.3% 29.7% 29.5% Equity ratio / ratio of equity attributable to owners 26.8% of the parent to total assets . 10.5% 13.3% 19.1% 22.3% 11.7% Operating Margin Debt / equity ratio . 4.7 times 3.4 times 1.7 times 2.3 times 4.7 times Per Share Data Yen U.S. dollars % Net income / earnings per share attributable to 16.3 The operating margin declined, mainly due to owners of the parent – basic . ¥ 89.39 ¥175.28 ¥285.78 ¥ 332.51 ¥ 442.64 ¥110.13 $ 4.30 the impact of consolidating Sprint. Shareholders’ equity / equity attributable to owners of the parent . 434.74 572.14 852.69 1,353.55 1,645.31 291.76 15.99 Cash dividends . 5.00 5.00 40.00 40.00 40.00 – 0.39 * Not including amortization of goodwill under JGAAP. (Note) The Company adopted the International Financial Reporting Standards (IFRSs) from fiscal 2013. Figures for fiscal 2012 have also been presented in accordance with IFRSs. Items where terminology differs between JGAAP and IFRSs are presented together in the style “JGAAP / IFRSs.” The translations of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of ¥102.92 to US$1, the approximate rate of exchange at March 31, 2014.
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