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Annual Report 2007 Always with you Yahoo! JAPAN http://www.yahoo.co.jp/ Y ahoo Japan Corporation Yahoo Japan Corporation Annual Report 2007 Yahoo Japan Corporation Year ended March 31, 2007 Roppongi Hills Mori Tower, 6-10-1, Roppongi, Minato-ku, Tokyo 106-6182, Japan Printed in Japan Profile and History Yahoo Japan Corporation and its consolidated subsidiaries and affiliates (the Group) have been a key driving force behind the rapid growth of Japan’s Internet market. Offering Internet users a wide range of services, including search, information listing, community, and e-commerce, our site is the overwhelming leader in Japan in the number of users and page views. We are constantly improving our “life engine” services designed to enrich the content and enhance the convenience of daily life. While continuing to focus on Internet advertising, members services, and e-commerce businesses, the Group’s core revenue sources, we are also diversifying our earnings by incorporating user-generated content and developing our streaming content and mobile Internet businesses. Effective April 1, 2006, the Group's former seven business segments, namely, (1) listing, (2) auction, (3) Yahoo! BB, (4) media, (5) shopping, (6) business solutions (BS), and (7) corporate common, were reorganized into three business segments, namely, (1) advertising, (2) business services, and (3) personal services, summarized below. Because this new business segmentation more accurately reflects the Group's actual operations as it continuously enhances and tailors services to meet changing demands in the rapidly expanding Internet market, it will enable greater transparency and consistency in the presentation of business results. At the same time, the Group implemented a divisional restructuring in an effort to more efficiently provide services. The Advertising segment comprises Internet-based advertising-related services. Main sources of revenue for this segment include sales of banner and text advertisements on the Yahoo! JAPAN Web site, the Sponsor Site paid search service, and advertisement planning and production services. The Business Services segment includes non-advertising-related services for corporations. This segment derives revenue from fees and commissions for various information listing services, tenant fees and sales commissions from stores listed on the Yahoo! Auctions and Yahoo! Shopping sites, incentive fees for acquiring new subscribers to the Yahoo! BB broadband service, and fees for other information services. The Personal Services segment consists of services to individual Internet users. Main revenue sources for this segment include Yahoo! Auctions system-use fees, Yahoo! Premium membership fees, Internet service provider (ISP) fees from Yahoo! BB subscribers, and sales of various kinds of content. 4/2001–3/2002 ● Introduced Yahoo! Auctions personal identification system (currently Yahoo! Premium membership) ● Started comprehensive broadband service Yahoo! BB ● Made e-Shopping! Books CORP. (currently Seven and Y Corp.) a subsidiary 4/1999–3/2000 ● Started online shopping service Yahoo! Shopping and online auction service Yahoo! Auctions 4/1997–3/1998 ● Listed on the JASDAQ market 4/1996–3/1997 ● Started Yahoo! JAPAN services 1/1996 ● Establishment of Yahoo Japan Corporation 19961997 1998 1999 2000 2001 2002 Important Considerations Regarding This Annual Report 1. Beginning with the fiscal year ended March 31, 2004 (fiscal 2003), Yahoo Japan Corporation (the Company) altered its method of booking sales. Figures in this annual report for fiscal years preceding fiscal 2003 have been revised to reflect this change in accounting method. 2. This annual report contains forward-looking statements. Readers are cautioned that a number of important factors could cause actual results to differ materially from those predicted. 3. For a detailed account of the factors that could affect performance, please see the section entitled Risk Factors. Readers should be aware that performance-affecting factors include, but are not limited to, those mentioned in the Risk Factors section. 4. The unauthorized use of the information or the data in this document is not permitted. Net Sales Breakdown, by Business Segment (Billions of yen) 250 4/2006–3/2007 ■ Advertising Note: ● Invested in SOFTBANK’s mobile communications business and started ■ Business Services The Other segment consists chiefly of Yahoo! Keitai mobile Internet services for SOFTBANK mobile subscribers the revenues of former consolidated ■ Personal Services ● Established business and capital alliance with SMBC Group and ■ Other started Yahoo! NetBanking service subsidiary Seven and Y Corp., which ● Made Interscope Inc. a subsidiary became an affiliate accounted for by ● Made a dual listing of the Company’s shares on Jasdaq Securities Exchange the equity method in February 2006. 4/2005–3/2006 200 ● Established business alliance with SOFTBANK CORP. for mobile communications business ● Made Seven and Y Corp., a former subsidiary, an affiliate accounted for by the equity method % ● 35 Made INFO PLANT CO., LTD., a subsidiary of total sales 4/2004–3/2005 ● Started Yahoo! Rikunabi Personal Services ● Made Firstserver, Inc., a subsidiary 150 +23.2% year on year ● Took over ALPS MAPPING K.K. business 4/2003–3/2004 ● Listed on the First Section of the Tokyo Stock Exchange 4/2002–3/2003 23% ● Introduced listing and transaction fees for of total sales Yahoo! Auctions 100 ● Made Netrust, Ltd., a subsidiary Business Services ● Started a paid search service, Sponsor Site +36.4% year on year ● Started Yahoo! Payment (currently Yahoo! ezPay) 42% 50 of total sales Advertising +30.5% year on year 2003 2004 2005 2006 2007 (For the years ended March 31) Contents Financial Highlights 2 Corporate Social Responsibility and Corporate Governance 26 To Our Shareholders 4 Financial Section 29 Special Feature 12 Risk Factors 60 Business Segment Review 14 Investor Information 79 Business Unit Review 20 Corporate Information 80 Yahoo Japan Corporation 1 Profile and History Financial Highlights Yahoo Japan Corporation and Consolidated Subsidiaries Years Ended March 31, 2007, 2006 and 2005 Thousands of Millions of yen U.S. dollars 2007 2006 2005 2007 Years ended March 31: Net sales ¥212,553 ¥173,696 ¥117,779 $1,800,531 Operating income 106,233 82,133 60,187 899,898 Net income 57,963 47,091 36,521 491,004 Net income per share (Yen and U.S. dollars) 959 777 602 8.12 Dividends (Yen and U.S. dollars) 96 78 60.5 0.81 EBITDA 115,743 89,787 64,980 980,460 As of March 31: Total assets 318,428 190,975 130,244 2,697,401 Equity 192,385 142,455 96,060 1,629,692 Number of employees 3,042 2,534 1,713 Cash flows (22,659) 29,043 29,349 (191,947) Operating activities 72,710 59,604 46,084 615,927 Investing activities (160,402) (27,533) (17,119) (1,358,772) Financing activities 65,033 (3,028) 384 550,898 Ratios: Operating margin (%) 50.0 47.3 51.1 Net income to net sales ratio (%) 27.3 27.1 31.0 ROA (%) 22.8 29.3 34.3 ROE (%) 34.8 39.5 46.9 Equity / Total assets ratio (%) 59.9 74.6 73.8 Notes: ･ Yen amounts for the year ended March 31, 2007 have been translated into U.S. dollar amounts, solely for the convenience of the reader, at the rate of ¥118.05=U.S.$1, the effective rate of exchange at March 31, 2007. ･ Net income per share and dividends for the years preceding the year ended March 31, 2007 have been retroactively adjusted to reflect stock splits. ･ Equity as of March 31, 2007 is presented in accordance with the new accounting standard for presentation of equity, while the previous accounting standard has been applied for prior years. The change of accounting standard for presentation of equity is discussed in Note 2.o of the Notes to Consolidated Financial Statements. Yahoo Japan Corporation 2 Financial Highlights Net Sales Operating Income / Operating Margin (Millions of yen) (Millions of yen) (%) 250,000 120,000 60 54.4 51.6 106,233 212,553 51.1 47.3 50.0 200,000 90,000 173,696 82,133 40 150,000 60,187 117,779 60,000 35.0 100,000 41,212 75,776 20 46,693 30,000 24,073 50,000 29,759 10,407 0 0 0 02 03 04 05 06 07 02 03 04 05 06 07 (For the years ended March 31) (For the years ended March 31) Operating income Operating margin Net Income / Net Income per Share Total Assets / Equity (Millions of yen) (Yen) (Millions of yen) 60,000 57,963 1,500 350,000 318,428 300,000 50,000 47,091 250,000 40,000 1,000 36,521 959 200,000 190,975 192,385 30,000 777 24,827 142,455 602 150,000 130,244 20,000 500 96,060 410 100,000 82,410 12,096 59,807 10,000 47,774 200 50,000 5,868 29,218 30,483 97 20,227 0 0 0 02 03 04 05 06 07 02 03 04 05 06 07 (For the years ended March 31) (At March 31) Net income Net income per share Total assets Equity Cash Flows ROE 65,033 (Millions of yen) 72,710 (%) 80,000 60 55.0 59,604 60,000 47.7 46.9 384 46,084 45 39.5 40,000 1,194 34.8 26,147 19,667 20,000 30 11 30.2 6,139 0 -4,675 -3,779 15 -51 -10,913 -20,000 -17,119 -27,533 -160,402 -40,000 -3,028 0 02 03 04 05 06 07 02 03 04 05 06 07 (For the years ended March 31) (For the years ended March 31) Operating activities Investing activities Financing activities Yahoo Japan Corporation 3 Financial Highlights To Our Shareholders Masahiro Inoue President & CEO Yahoo Japan Corporation Introduction range of services and content customizable to suit the preferences More than a decade has passed since Yahoo Japan Corporation and needs of each individual user, the Internet is quickly becom- and its consolidated subsidiaries and affiliates (the Group) first ing the preferred media choice for a growing portion of the popu- began providing Internet services in the Japanese market.
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