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FY2020 Fourth Quarter and Full Year Consolidated Financial Results

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FY2020 Fourth Quarter and Full Year Consolidated Financial Results FY2020 Fourth Quarter and Full Year Consolidated Financial Results February 12, 2021 Rakuten, Inc. Consolidated Results 2 FY2020 Financial Highlights Consolidated Results: Strong Revenue growth +15% YoY Non-GAAP operating income fell due to aggressive upfront investments in mobile ＋15% and logistics, but OI significantly increased excluding these investments Revenue YoY Financial Strategy: Review Business / Investment Portfolio Sale of OverDrive and closure of marketplace businesses in the US and Germany Massive Expansion of the Rakuten Ecosystem Membership value exceeded JPY 8.9tn, steadily expanding towards the target of JPY 10tn 3 FY2020 Consolidated Results Summary (JPY bn) FY2019 FY2020 YoY Revenue 1,263.9 1,455.5 +15.2% Non-GAAP Operating Income 95.1 -102.7 -197.8 Non-GAAP Operating Income 108.1 +37.6% Excluding Mobile, Logistics and Investment Business 148.9 IFRS Operating Income 72.7 -93.8 -166.6 4 Q4/20 Consolidated Results Summary (JPY bn) Q4/19 Q4/20 YoY Revenue 358.2 415.3 +16.0% Non-GAAP Operating Income -32.2 -23.3 +8.9 Non-GAAP Operating Income 27.6 +60.7% Excluding Mobile, Logistics and Investment Business 44.3 IFRS Operating Income -40.2 -33.3 +6.9 5 FY2020 Non-GAAP Operating Income Breakdown Upfront investments for future growth ・Logistics-related investments, costs: -10.2bn (JPY bn) ・Rakuten Rewards (Ebates) rebranding costs: +10.6bn ・NBA broadcasting rights *1: +0.8bn Domestic EC ・Consolidation adjustment: +7.8bn , etc. 83.6 (excl. logistics related 95.1 investments, costs, etc.) -6.5 +9.0 +16.9 Others*2 (excl. Minority +12.0 Investment, 33.9 11.5 FinTech Rakuten Rewards rebranding costs, etc.) FY2019 FY2019 FY2019 FY2020 Operating Gains from Operating Income Operating Income Minority (excl. loss from (excl. upfront Loss Investment Minority Investment) investments for future -151.2 growth, Mobile, loss from Minority Investment) -102.7 5.8 FY2020 FY2020 Profit from Operating Mobile Minority Loss (excl. NBA Investment broadcasting *1 NBA broadcasting rights are included in Mobile segment due to Segment change in Q4/20 rights *1, etc.) *2 “Others” segment mainly includes overseas EC businesses 6 Q4/20 Non-GAAP Operating Income Breakdown Upfront investments for future growth ・Logistics-related investments, costs: -1.9bn ・ (JPY bn) *2 Rakuten Rewards (Ebates) rebranding costs: +2.7bn Others ・NBA broadcasting rights *1: +1.0bn (excl. Minority ・ Investment business, Consolidation adjustment: +2.1bn , etc. Rakuten Rewards rebranding costs, etc.) +3.8 +1.8 2.4 Q4/20 -9.6 +10.6 Operating Income -0.5 (excl. upfront investments for future Q4/19 FinTech Domestic EC -23.3 Operating Income growth, Mobile, loss from -32.2 (excl. logistics related Minority Investment) (excl. loss from investments, costs, etc.) -44.8 -22.6 Minority Investment) Q4/20 15.3 Operating Q4/19 Q4/19 Loss Operating Loss from Minority Mobile Q4/20 Loss Investment (excl. NBA Profit from broadcasting Minority rights *1, etc.) Investment *1 NBA broadcasting rights are included in Mobile segment due to Segment change in Q4/20 *2 “Others” segment mainly includes overseas EC businesses 7 Financial Strategy Maintain financial soundness Focusing on financial soundness as we are developing FinTech businesses. Thorough business management Hold a business portfolio committee to promote business selection and concentration, considering the role played within the Rakuten ecosystem, in addition to the performance of each business. Diversification of funding methods As well as bank loans, track record of issuing senior / hybrid corporate bonds in Japan and overseas. Fund raising at each group company. Rakuten Card has a track record of issuing domestic corporate bonds. 8 Recent Exits and Asset Financing Exit Up to Q3/20 Q4/19 (Partial) Business Selection and Rakuten Rakuten Rakuten Concentration O-net *1 *2 (Optimization) Brazil USA Germany Q4/18 Q4/19 Q2/20 Q3/20 Q3/20 Asset Financing*3 Q4/20 *1 Exit of Marketplace business (formerly Buy.com) in the United States *2 Exit of Marketplace business in Germany *3 Monetization of Lyft shares using Collar (Variable Prepaid Forward Sales) Transaction 9 Transition to New Group Structure and Company Name Change Further investment in capital intensive businesses (MNO, logistics) Background Agile delivery / development of new services, adapting rapidly to the needs of users (C2C, sharing economy) Building framework for swift decision-making Enhance the expansion of Rakuten Ecosystem leveraging IDs, Purpose points and brand To accelerate innovation Company Structure/ New Group Structure + Company Name Change Name change 10 Transition to New Group Structure and Company Name Change Company Name Change Transition to New Group Structure (After a resolution at AGM) April 1, 2019 Effective Date (planned): April 1, 2021 Rakuten, Inc. Rakuten Mobile Inc. Payment Inc. Rakuten Rakuten Group, Inc. Wallet, Inc. 11 Massive Expansion of the Rakuten Ecosystem Consistent growth towards target Membership Value of JPY 10tn Membership Value Target Cross JPY 10tn Use x x Unique Q4/20 Uniquex LTV Membership Value UsersUser JPY 8.9tn +66.3% YoY 12 Mobile 13 Rakuten Mobile Highlights Rakuten UN-LIMIT VI An upgraded mobile service plan with a simple fee structure that flexibly adjusts in line with customer data use Rakuten network area expansion Area expanding towards 96% population coverage in summer of 2021 70%+ 4G population coverage Acceleration of customer acquisition Pace of customer acquisition accelerated due to area expansion as well as 2.5 million successful campaigns Applications (As of end of Feb 8, 2021) ） 14 Supporting Japan through the pandemic Smartphones are essential to our everyday lives. We aim to make smartphones more accessible to everyone. For heavy users More than 20GB Unlimited data yen for 2,980 yen *2 2,980 per month Up to 20GB 3GB-20GB 50GB or 100GB or more *2 yen High-speed Data 1,980 yen! per month Unlimited 1,980 Unlimited data In the Rakuten network area Unlimited data at max 1Mbps in domestic roaming partner network area after using allocated 5GB For light users 1GB-3GB 0 yen! yen 980 per month A single plan Pay for only the 1GB or less *1 yen 0 per month data you use ● All prices exclude tax. ● Product purchases, option fees, calls, etc. will be charged separately. ● Low speed data is also counted towards the total amount of data for the plan. *1 For the first line only. For the second to fifth line, the monthly fee for data usage of between 0GB and 3GB will be 980 yen per month (excl. tax). *2 To provide a fair service, restrictions on transmission speed may be implemented. Unlimited data at 1Mbps after using the allocated 5GB for domestic roaming partner area, and at 128kbps after using allocated 2GB for overseas roaming partner area. Acceleration of Customer Acquisition Cumulative Number of Applications Exceeded 2.5 million 2.50 (As of Feb 8, 2021) (million applications) 2.01 1.43 1.00 Jun/20 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20 Dec/20 Jan/21 Feb/21 17 4G Population coverage： 74.9% (As of end of Jan 2021) 18 Base Station Build-out and CAPEX Plan Aim to build out 44,000 base stations to cover 96% of the population, in order to improve quality with high density of base stations and to respond to the expected increase in users in the future. 4G CAPEX is expected to increase by approx. 30%-40% from JPY 600bn 4G outdoor base stations New plan Density improvement As of end of Dec 2020 Initial Plan Number of sites with contract signed 44,000 16,651 27,397 Number of base stations on-air 10,984 4G population coverage 4G population coverage 70%+ 96% 19 Rakuten Mobile Results Mobile business quarterly results (Formerly Mobile Segment) (JPY mm) * Formerly Mobile segment includes Rakuten Communications, MNO business, MVNE & O businesses, Rakuten Viber, and Energy businesses. 20 The Path to the “Democratization of Mobile Networks” Market Entry with a Free calls / Free messaging* Disruptive Pricing Free calls and messaging from anywhere Unlimited Data Use in the world between Rakuten Link users Contract sign up fee 0 yen 2,980 1 YEAR FREE Free calls to Japan and messages when yen/month in the 66 countries and regions covered SIM exchange fee 0 yen by the overseas roaming partner SIM re-issuing fee 0 yen MNP transfer fee 0 yen Contract cancellation fee 0 yen * Some numbers are not applicable. Calls that do not use "Rakuten Link" will cost 30 seconds / 20 yen. 21 Rakuten Mobile: Revolution in the Telecom Industry Attractive High Quality Rakuten Data Plan Network Network Area Experience Expansion 22 Mobile Technology 23 2020 – What Rakuten Mobile has achieved Apr 2020 Sep 2020 Dec 2020 4G Full Launch 5G Launch Network Traffic Deployment per user 2M+ Applications (Dec 2020) 500MB/Day 10k+ macro base stations 70%+ population coverage Full scale commercial Cloud-Native 5G Stable network that Sites deployment launch of first cloud native network launch in supports including Macro, Small end-to-end virtualized Japan with a new large-capacity Cells, Indoor cells and mobile network mobile device communication Femtos 24 We introduced groundbreaking innovations for Telco industry Global OpenRAN Highly Advanced Efficient Leadership Edge Network Operations by Automation 25 OpenRAN 5G speed test 1.77 Gbps DOWNLOAD SPEED Taking Japan's airwaves to the Gbps Era “mmWave O-RAN 5G Performance“ 26 Hyperscale Automation through Digital Workflows Construction Auto-commissioning management team team 1. Construction 5. Check 6. Auto 7. Config 8. NW Auto 9. Cloud Auto 2. Survey 3. Shipping 4. Construction Application & Scan Design Generation Provisioning provisioning 2 3 5 7 8 9 SUBMIT SURVEY SCAN QR FOR SCAN QR TO EDGE NETWORK CLOUD REPORT DELIVERY INPUT DATA CENTRE PROVISIONING PROVISIONING CONFIRMATION INVENTORY DATA 27 RCP Existing Customers and Sales Pipeline Europe Russia & CIS RM USA Americas Rakuten Mobile + 14 3 2 Rakuten HQ 25 4 Middle East & Africa APAC Global RCP HQ in Singapore 7 20 4 No.
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