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The Next Wave Annual Report 2006 >> The Next Wave www.softbank.co.jp CONTENTS Corporate Profile .................................................... 01 Consolidated Financial Highlights ............................ 02 Snapshot of the SOFTBANK Group— Growth Foundation and Strategies .......................... 04 To Our Stakeholders................................................ 06 Maintaining a High Rate of Growth while Bolstering Our Financial Position .................... 11 [To Our Stakeholders] Appendix The Next Wave—A New Stage of Growth ............ 13 Business Segments .................................................. 19 Management Organization and Operation— The Next Wave— Aiming for Sustained Growth .................................. 33 A New Stage of Growth Industry and SOFTBANK Group Data ...................... 39 • Looking Back at Our Growth Path Status of Investments .............................................. 44 • Fundamental Strategy for Further Growth Major Subsidiaries and Affiliates .............................. 46 Strategic Focus Businesses— Video and Mobile Financial Section...................................................... 51 Eleven-Year Summary.............................................. 52 Corporate Data and Stock Information .................. 107 PRECAUTIONS REGARDING FORWARD-LOOKING STATEMENTS This annual report includes information regarding medium- and long-term strategies, plans, and outlooks. All information that is not based on historical facts does not represent a guarantee regarding future operating results and contains inherent risks and uncertainties. Consequently, as there may be significant changes in the operating environment and other factors, investors are cautioned not to rely entirely on the information in this annual report with regard to the outlook for future operating results. Corporate Profile Since its foundation in 1981, the SOFTBANK Group has based its actions on its core management philosophy: “Endeavoring to benefit society and the economy and to maximize enterprise value by fostering the sharing of wisdom and knowledge gained through the IT revolution.” When it was established, the SOFTBANK Group anticipated the coming PC era and staked out a position of leadership in the distribution of packaged software for PCs. In the 1990s, before the Internet era got fully under way, we established Yahoo Japan Corporation and launched Yahoo! JAPAN, which has now become Japan’s largest Internet portal. And in 2001, we started commercial operation of the high-speed, low-cost Yahoo! BB ADSL comprehensive broadband service, thereby becoming the driving force in making Japan a leader in broadband. We also entered the fixed-line com- munications business with the acquisition of JAPAN TELECOM CO., LTD., in 2004 and the mobile communications business with the acquisition of Vodafone K.K. in 2006. With this business expansion, we have laid the foun- dation for progress toward the realization of the ubiquitous society, where people can easily communicate anytime, anywhere, and with anyone. Through the world’s most advanced IP backbone network, Yahoo! JAPAN and other platforms provided over that network, and a diverse range of high-value-added services and content deployed over those platforms, we will continue making great strides toward the realization of the dreams we have pursued since our first day in business. 01 Consolidated Financial Highlights SOFTBANK CORP. AND ITS SUBSIDIARIES Fiscal years ended March 31 FY Yen in millions except for per share data, % data, and year-end stock price 2004 2005 2006 For the Fiscal Year: Net sales ¥517,394 ¥837,018 ¥1,108,665 Operating (loss) income (54,894) (25,359) 62,299 EBITDA*1 (20,705) 44,095 149,913 (Loss) income before income taxes and minority interest (76,745) (9,549) 129,484 Net (loss) income (107,094) (59,872) 57,551 Net cash (used in) provided by operating activities (83,829) (45,989) 57,806 Net cash provided by (used in) investing activities 81,878 (242,944) 27,852 Net cash provided by (used in) financing activities 306,390 277,771 30,078 At Fiscal Year-End: Total assets ¥1,421,207 ¥1,704,854 ¥1,808,399 Total shareholders’ equity 238,081 178,017 242,768 Equity ratio (%) 16.8 10.4 13.4 Interest-bearing debt 575,541 853,918 905,293 Net interest-bearing debt*2 134,858 531,680 454,614 Debt/equity ratio (%) 241.7 479.7 372.9 Net debt/equity ratio (%)*2 56.6 298.7 187.3 Per Share Data (Yen)*3 : Net (loss) income ¥(104.91) ¥ (57.01) ¥ 54.36 Net assets 225.80 168.62 229.88 Cash dividends 2.33 2.33 2.50 ＜For reference＞ Stock Information: Year-end stock price (Yen)*4 ¥1,623 ¥ 1,473 ¥3,450 Market capitalization 1,711,497 1,553,622 3,640,549 *1 EBITDA = Operating income (loss) + depreciation, amortization, loss on disposal of fixed assets included in operating expenses. *2 Net interest-bearing debt and the net debt/equity ratio are calculated by deducting cash and deposits and marketable securities (current assets) and others from interest- bearing debt. *3 Net (loss) income per share is calculated based on the weighted-average number of shares outstanding during each fiscal year, and net assets per share are calcu- lated based on the number of shares outstanding as of each fiscal year-end. *4 Year-end stock prices have been retroactively adjusted for the 3:1 stock split carried out on January 5, 2006. Net Sales / Operating (Loss) Income EBITDA (Yen in billions) (Yen in billions) (Yen in billions) 149 1,200 1,108 100 150 837 62 100 600 517 50 405 406 50 44 0 0 0 –23 –25 – 10 – 20 –50 –54 –50 – 69 –91 –100 –100 FY 02 03 04 05 06 FY 02 03 04 05 06 Net sales (left ) Operating (loss) income (right) 02 2005 2006 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q ¥147,312 ¥ 156,395 ¥258,087 ¥275,224 ¥258,638 ¥264,149 ¥287,471 ¥298,407 (3,819) (2,971) (7,536) (11,033) (3,190) 7,590 23,512 34,387 6,031 5,985 15,875 16,204 19,505 30,740 44,713 54,955 (4,271) 17,925 (9,641) (13,562) 761 25,141 59,687 43,895 (17,876) 11,830 (26,560) (27,266) (11,153) 6,971 22,002 39,731 (11,937) 6,644 (25,416) (15,280) (18,214) 233 61,949 13,838 (23,301) (136,910) (17,353) (65,380) (28,703) (45,593) 86,627 15,521 98,753 20,469 34,503 124,046 12,925 (11,082) (46,729) 74,964 ¥1,667,304 ¥2,080,361 ¥2,090,044 ¥1,704,854 ¥1,620,883 ¥1,578,924 ¥1,748,605 ¥1,808,399 230,645 231,847 204,685 178,017 167,346 170,342 219,111 242,768 13.8 11.1 9.8 10.4 10.3 10.8 12.5 13.4 620,004 814,646 829,771 853,918 876,145 850,744 810,776 905,293 112,191 411,676 429,368 531,680 586,241 615,688 469,138 454,614 268.8 351.4 405.4 479.7 523.6 499.4 370.0 372.9 48.6 177.6 209.8 298.7 350.3 361.4 214.1 187.3 ¥ (16.96) ¥ (5.73) ¥ (30.93) ¥ (57.01) ¥ (10.58) ¥ (3.97) ¥ 16.90 ¥ 54.36 218.79 219.93 194.13 168.62 158.72 161.56 207.77 229.88 0.00 0.00 0.00 2.33 0.00 0.00 0.00 2.50 ¥1,600¥1,703 ¥ 1,663 ¥ 1,473 ¥1,450¥2,100 ¥ 4,980 ¥ 3,450 1,686,897 1,795,842 1,753,961 1,553,622 1,529,017 2,214,468 5,252,480 3,640,549 Interest-Bearing Debt / Net Interest-Bearing Debt / Total Shareholders’ Equity / Equity Ratio Liquidity on-Hand* (Yen in billions) (%) (Yen in billions) 500 50 465 1,000 905 853 40.0 400 40 800 300 30 600 575 27.2 531 238 242 257 440 454 450 200 178 20 16.8 400 365 340 322 13.4 232 100 10 200 188 10.4 133 152 134 0 0 0 FY 02 03 04 05 06 FY 02 03 04 05 06 Total shareholders’ equity (left) Equity ratio (right) Interest-bearing debt Net interest-bearing debt Liquidity on-hand * Cash and deposits and marketable securities (current assets) and others 03 Snapshot of the SOFTBANK Group—Growth Foundation and Strategies The Sky’s the Limit—We will continue to target unlimited growth. 1 A Dominant Operational Base Industry Position 3S’s Theory: Speed + (Scale + Quality) = Strongest ● No. 1 in broadband infrastructure ● Dominant customer reach as No. 1 in Internet portals ● Use of portals and platforms to provide diverse, high-value-added services and content, with an emphasis on scale and speed ■ Industry No. 1, Five Million Lines in Little More Than ■ Customer Reach Is the Biggest Competitive Advantage Four Years—Yahoo! BB ADSL in Advertising, Services, and Content—Yahoo! JAPAN Monthly Average Revenue Per User (ARPU) Doubled Growth in ADSL Lines and ARPU No. 1 Internet Site (Thousand lines) (Yen) No. of unique users 6,000 6,000 (Thousand users) No. of ADSL 30,000 yahoo.co.jp lines (left) 5,000 5,000 msn.co.jp ARPU (right) infoseek.co.jp 4,000 4,000 20,000 goo.ne.jp 3:37:00 0:29:41 google.co.jp 3,000 3,000 0:33:39 10,000 2,000 2,000 0:53:04 0:14:26 Monthly page views 1,000 1,000 per user 0 200 400 600 800 0 0 02/3Q 06/4Q Note: For comparison purposes, fiscal 2006 ARPU includes revenues from the Note: The size of the circle shows usage time per person. modem rental business and the wireless LAN business. Source: Video Research Interactive Web Report, March 2006 data 3 Expanding in All Dimensions Growth Strategies Stepping Forward Extending Horizontally ■ Expanding Customer Base ■ Broader Base for Provision of Differentiated Services and Content From Broadband to Fixed-Line and Mobile Markets with Huge Potential Number of Group Lines Japan: 79 million (Million lines) From Japan 30 to overseas*1 Overseas: 761 million 25.59 Fixed-line: 23 million lines From fixed-line to mobile*2 20 Mobile: 82 million lines SOFTBANK: 5 million customers From our own 10.91 customers to all Other companies: 18 million users 10 broadband users*3 4.00 1 * Source: Ministry of Internal Affairs and Communications (MIC), International Telecommunication Union (ITU); Number of Internet users 0 —Japan: as of the end of March 2005; Overseas: as of the end of December 2004.
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