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Annual Report 2017 SoftBank Group Corp. ANNUAL REPORT 2017 Disclaimers Definition of Terms • This annual report is made based on information available at the time of • “Fiscal 2016” refers to the fiscal year ended March 31, 2017, and other writing. Plans, forecasts, strategies, and other forward-looking statements fiscal years are referred to in a corresponding manner in this annual in this report are not historical facts, and include elements of risk and report. FYE denotes the fiscal year-end. For example, FYE2016 denotes uncertainty. Actual results may therefore differ materially from these for- March 31, 2017, the last day of fiscal 2016. ward-looking statements due to changes in the business environment and other factors. Company Names • Information in this report regarding companies other than the Company • Unless specifically stated otherwise ”SBG” refers to SoftBank Group Corp. is quoted from public and other sources. We do not guarantee the accu- and “the Company” refers to SoftBank Group Corp. and its subsidiaries. racy of this information. Please refer to page 90 for the abbreviation of subsidiaries’ and associates’ • The Company expressly disclaims any obligation or responsibility to update, company names. revise or supplement any forwardlooking statements in any presentation material or generally to any extent. Use of or reliance on the information Regarding Trademarks in this annual report is at your own risk. • TM and © 2017 Apple Inc. All rights reserved. Apple and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. The Adoption of IFRSs trademark “iPhone” is used with a license from Aiphone K.K. App Store is a service mark of Apple Inc. • The Company has prepared the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRSs) • Other names of companies, products, and services and such that appear from the three month period ended June 30, 2013, the first quarter of in this annual report are trademarks or registered trademarks of their the fiscal year ended March 31, 2014. The date of transition to IFRSs is respective companies. April 1, 2012. The financial data for the year ended March 31, 2013 is also presented based on IFRSs. SoftBank Group Corp. ANNUAL REPORT 2017 001 Our Philosophy Information Revolution — Happiness for everyone Our Vision To be the corporate group needed most by people around the world SoftBank Group Corp. ANNUAL REPORT 2017 002 Our vision is consistent. Our strategy will evolve to maximize the opportunities we will have. SoftBank Group Corp. ANNUAL REPORT 2017 003 Revolution I Pioneering software distribution in the PC era 1981 SoftBank Corp. Japan was founded as a software distribution and publishing company. We built a nationwide PC software distribu- tion network in Japan, based on a strong belief that the computer industry would drive the Information Revolution. We also made a series of investments in the U.S., including acquisition of the events division of Ziff Communications Company and Ziff-Davis Publishing Company. These investments led to an acquaintance with Yahoo! Inc. The SoftBank Group published a large number of magazines dedicated to individual PC models, which were a novelty at the time. Examples include Oh! PC for the NEC PC series and Oh! MZ for the SHARP MZ series, both launched in 1982. SoftBank Group Corp. ANNUAL REPORT 2017 004 Revolution II Net income Creating new (Billions of yen) 136.6 industries with the Internet '98/3 '17/3 1996 Established Yahoo Japan Corporation as JGAAP IFRSs a joint venture with Yahoo! Inc. Note: Net income attributable to owners of Yahoo! JAPAN later became the unrivalled No. 1 the parent web portal in Japan. In addition to leading the Information Revolution within Japan’s nascent Internet industry, its services such as C2C e-commerce and advertising also demonstrated how the Internet can create completely new Net sales / Net income 2,564.0 (U.S. GAAP, Billions of yen) forms of industry. 2000’s Made strategic investments in Internet 937.5 companies globally. Investees included Alibaba.com Corporation (currently Alibaba Group Holding Limited), '11/3 '17/3 Net sales Net income which played a leading role in the huge Note: Created by the Company based on expansion of Chinese e-commerce and disclosure by Alibaba CNY/JPY = ¥16.20 continues to grow rapidly. Net income is non-GAAP based. SoftBank Group Corp. ANNUAL REPORT 2017 005 Domestic Telecommunications segment income (Billions of yen) 719.6 Revolution III 2006 2016 FY JGAAP IFRSs Note: Fiscal 2006–2011 represent the total segment income of Mobile Communications, Transforming content and communications Broadband Infrastructure, and Fixed-line Telecommunications. From fiscal 2012–2013: Mobile Communications segment income through telecom and broadband services From fiscal 2014: Domestic Telecommunications segment income 2001 Launched Yahoo! BB broadband services. We led the way to faster, more affordable telecom services. in Japan, dramatically increasing broadband users. Yahoo! BB also paved the way for the rapid rise of Internet content including video and games. 2006 Entered into the mobile business by acquiring Vodafone K.K.* Adjusted EBITDA This new direction presaged the shift in the Internet’s core user environment from PC to mobile. We (U.S. GAAP, Billions of dollars) 9.9 enhanced its network infrastructure to accommodate large-volume data. As the first iPhone provider in Japan, we also boosted smartphone penetration in the domestic market. 2013 Entered the U.S. telecom market by acquiring Sprint Corporation. In doing so, we fully leveraged know-how cultivated in Japan. *Currently SoftBank Corp. 2010 2016 FY SoftBank Group Corp. ANNUAL REPORT 2017 006 Revolution IV Singularity: the next paradigm shift Computers are becoming smarter, and within the next few decades Artificial Intelligence will exceed human intelligence. When this intelligence is combined with the sensors and controllers in the Internet of Things,* every kind of industry will be redefined, and we will have further acceler- ated the Information Revolution. *The Internet of Things (IoT): A concept in which “things” such as products and equipment in everyday life are connected to the Internet SoftBank Group Corp. ANNUAL REPORT 2017 007 September 2016 December 2016 Acquired Arm Holdings plc in the U.K. Announced investment in OneWeb in the U.S. Changing the world with IoT Reshaping telecommunications Arm, a company with world-leading core technologies in semiconductor design, with LEO satellites is set to be a key player in the IoT era. OneWeb seeks to provide Internet services With its distinctive secure and energy- with industry-leading speed, performance, efficient technologies, Arm processors are and low latency around the globe. The already in every smartphone on the planet, company plans to achieve this by building and are expected to play a leading role in a satellite constellation* composed of low powering the IoT era, where every “thing” earth orbit (LEO) satellites. will be connected to the Internet. We aim to realize globally seamless access to high-speed connectivity anytime, anywhere. *A group of artificial satellites working in concert SoftBank Group Corp. ANNUAL REPORT 2017 008 Autonomous Accident Monitoring driving prevention and security The Internet of Things will transform our daily Smart Demand Consumer lives and redefine agriculture forecasting services all industries. Preventative Health Smart medicine monitoring houses SoftBank Group Corp. ANNUAL REPORT 2017 009 2017 The SoftBank Vision Fund started operations Up to $100 billion will be inveseted in technology companies worldwide. The SoftBank Vision Fund aims to invest in promising technology companies around the world. The fund completed its first major closing in May 2017, with committed capital of over $93 billion. The fund will make large-scale, long-term investments in companies and platform businesses that have the potential to spark the next generation of innovations. We will utilize our abundant insight and business networks to support the growth of the fund’s portfolio companies. In doing so, we aim to further accelerate the Information Revolution. SoftBank Group Corp. ANNUAL REPORT 2017 010 We continue to accelerate the Information Revolution. SoftBank Group Corp. ANNUAL REPORT 2017 011 Contents Essential P.024 Information 025 Group Structure 026 Graphs 029 Eleven-year Summary 031 Summary of Segment Information 032 Major Subsidiaries and Associates Management P.035 Organization 036 Message from an External Director 037 Directors and Audit & Supervisory Ken Miyauchi Simon Segars Board Members Representative director, president & COO, Director, SoftBank Group Corp. 041 Compliance On our journey SoftBank Group Corp.; President & CEO, SoftBank Corp. CEO, Arm Holdings plc 043 Risk Management to make the world 044 Information Security a better place. 045 Corporate Social Responsibility (CSR) Financial Section P.046 047 Financial Strategy 049 Management’s Discussion and Analysis of Results of Operations and Financial Position 079 Consolidated Financial Statements 087 Notes to Consolidated Financial Statements 180 Independent Auditor’s Report Corporate P.181 Information Masayoshi Son Marcelo Claure Yoshimitsu Goto 182 Corporate Data Director, SoftBank Group Corp. Senior executive corporate officer, Chairman & CEO, SoftBank Group Corp. 183 Stock Information President and CEO, Sprint Corporation head of Finance Unit, SoftBank Group Corp. 184 Glossary SoftBank Group Corp. ANNUAL REPORT
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