Rakuten Group, Inc. · TSE:4755
Rakuten — Q2 2024 Earnings Presentation
74 slides from Rakuten's earnings presentation, Aug 9, 2024
Slide 1: FY2024 Second Quarter Consolidated Financial Results Appendix
FY2024 Second Quarter Consolidated Financial Results Appendix August 9, 2024 Rakuten Group, Inc. • Figures in this document are rounded to one decimal place, so there may be some discrepancies with the numbers in other disclosed materials. • Past figures may be retroactively adjusted due to changes
Slide 2: Executive Summary
Executive Summary Consolidated Results • Revenues increased across all segments, including Internet Services, FinTech, and Mobile, resulting in record Q2 revenue of JPY 537.3bn (+8.1% YoY) • In addition to higher revenue, Non-GAAP Operating Loss improved by JPY 27.6bn YoY to JPY 11.8bn due to higher
Slide 3: Executive Summary: Internet Services
Executive Summary Internet Services • Segment revenue: JPY 303.9bn (+3.1% YoY), Non-GAAP OI: JPY 18.9bn (+30.3% YoY), achieving increases in both revenue and profit • Domestic EC GMS: JPY 1.4tn (-4.8% YoY), due to a high YoY hurdle at Rakuten Travel on nationwide travel support that partially ended
Slide 4: Executive Summary: FinTech
Executive Summary FinTech • Segment revenue: JPY 202.7bn (+12.0% YoY), Non-GAAP OI: JPY 42.3bn (+28.1% YoY). The customer base and transaction value continued to expand in each business • Rakuten Card: Shopping GTV increased due to the expansion of card members and average customer spending. Q2/24 S
Slide 5: Executive Summary: Mobile
Executive Summary Mobile • Segment revenue: JPY 95.0bn (+18.6% YoY), Non-GAAP OI: JPY -60.6bn (+JPY 21.8bn YoY) • Rakuten Mobile, Inc. revenue: JPY 67.9bn (+29.9% YoY) due to an increase in number of subscribers and an increase in ARPU. Combined with the effects of ongoing cost reductions, Non-GAAP
Slide 6: Appendix Contents
Appendix Contents 1 Ecosystem KPIs Number of Monthly Active Users and Ratio of Users of Two or More Services Membership Value Global GTV 2 Consolidated Financial Results Consolidated Financial Results Summary Revenue and Non-GAAP Operating Income or Loss Breakdown Overview of Consolidated and Major
Slide 7: 1. Ecosystem KPIs
1. Ecosystem KPIs
Slide 8: Rakuten Ecosystem Services Line-Up (Excerpt)
Rakuten Ecosystem Services Line-Up (Excerpt) Established leading positions in many markets. Highest cross-use rate among MNO carriers* Internet Services Segment FinTech Segment Mobile Segment Internet Services Overseas Businesses Payment Insurance Securities Bank Mobile (Rakuten Ichiba) (Rakuten Rew
Slide 9: Number of Monthly Active Users and Ratio of Users of Two or More Services
Number of Monthly Active Users and Ratio of Users of Two or More Services Monthly Active User Growth in Japan Ratio of Users of Two or More Services*2 42.28 mm 76.8 % + 4.1 % YoY*1 + 1.7 % 5y-CAGR*3 Jun/19 Jun/20 Jun/21 Jun/22 Jun/23 Jun/24 Jun/19 Jun/20 Jun/21 Jun/22 Jun/23 Jun/24 *1: Comparison of
Slide 10: Membership Value
Membership Value*1 An increase in the number of Rakuten Securities and Rakuten Bank users, as well as in the number of active users and improvement in retention rate of major businesses such as Rakuten 24, contributed to the growth of membership value (JPY tn) +5.3% YoY Membership Value Target JPY 1
Slide 11: Total Global GTV
Total Global GTV*1*2 (JPY tn) +11.6%*3 YoY LTM Total Global GTV 9.7 11.0 JPY 42.3tn 8.0 Q2/22 Q2/23 Q2/24 *1: Global Gross Transaction Value = Domestic E-Commerce GMS + Credit Card GTV + Rakuten Edy GTV + Rakuten Pay GTV+ Rakuten Point Card GTV + Overseas E-Commerce GTV + Rakuten Rewards (Ebates) GT
Slide 12: 2. Consolidated Financial Results
2. Consolidated Financial Results
Slide 13: Consolidated Financial Results Summary
Consolidated Financial Results Summary *1 (JPY bn, rounded) Q2/23 Q2/24 YoY Consolidated Revenue 497.2 537.3 +8.1% Internet Services Segment 294.7 303.9 +3.1% FinTech Segment 181.0 202.7 +12.0% Mobile Segment 80.1 95.0 +18.6% Adjustments -58.6 -64.3 -5.7 Non-GAAP Operating Income (Loss) -39.4 -11.8
Slide 14: Revenue Breakdown
Revenue Breakdown* (JPY bn) +8.1% YoY Internet Services Segment *Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Services segment to the FinTech segment. No retrospective revisions have been made to past resul
Slide 15: Non-GAAP Operating Income or Loss Breakdown
Non-GAAP Operating Income or Loss Breakdown* (JPY bn) Internet Services Segment Other Internet Minority Services FinTech (excl. Minority Investment Investment Mobile Consolidation Q2/23 Domestic EC Business) Business Segment Segment Adjustment Q2/24 JPY +27.6bn YoY *Effective September 1, 2023, Raku
Slide 16: EBITDA Breakdown
EBITDA Breakdown*1*2 (JPY bn) +98.6% YoY Internet Services Segment *1: Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Services segment to the FinTech segment. No retrospective revisions have been made to past
Slide 17: Consolidated and Major Subsidiaries' Balance Sheets – As of June 30, 2024
Consolidated and Major Subsidiaries’ Balance Sheets – As of June 30, 2024 *1*2 Non-consolidated balance sheets include internal transactions (JPY bn) Consolidated Rakuten Group, Inc. Rakuten Mobile, Inc. *3 Total Assets Total Assets Total Assets *4 Rakuten Bank, Ltd. Rakuten Card Co., Ltd. Rakuten S
Slide 18: Consolidated and Major Subsidiaries' Balance Sheets (1)
Consolidated and Major Subsidiaries’ Balance Sheets (1) – As of June 30, 2024 (JPY bn, rounded) Q1/24 Q2/24 QoQ Rakuten Group, Inc. (Consolidated) Total Assets 23,851.1 24,828.3 +4.1% *1 Cash and Equivalents 5,369.1 5,942.2 +10.7% Financial Assets for Securities Business 4,910.2 4,857.0 -1.1% Invest
Slide 19: Consolidated and Major Subsidiaries' Balance Sheets (2)
Consolidated and Major Subsidiaries’ Balance Sheets (2) – As of June 30, 2024 *1*2 (JPY bn, rounded) Q1/24 Q2/24 QoQ Rakuten Group, Inc. (Non-consolidated) *Including internal transactions Total Assets 4,435.2 4,798.6 +8.2% Cash and Equivalents 333.3 306.2 -8.1% *3 Other Assets 4,102.0 4,492.5 +9.5%
Slide 20: 3. Segment Results and KPIs
3. Segment Results and KPIs 20
Slide 21: Rakuten Group Organizational Chart and Segment Correspondence Chart
Rakuten Group Organizational Chart and Segment Correspondence Chart Internet Services Segment FinTech Segment Mobile Segment Rakuten Group, Inc. Listed on TSE 49%*2 in Apr.2023 Other domestic Rakuten Card Co., Rakuten Securities Rakuten Mobile, Inc. Rakuten Bank, Ltd. and overseas Ltd. Holdings, Inc
Slide 22: Segment Management System
Segment Management System*1 Internet Services FinTech Mobile Segment Leader Segment Leader Segment Leader *3 Hiroshi Mikitani Masayuki Hosaka Kentaro Hyakuno Kazuhiro Suzuki Representative Director, President of FinTech COO Representative Director and Chairman, President and Group Company President
Slide 23: Internet Services Segment Structure
Internet Services Segment Structure * Internet Services Segment Domestic EC ◼ Rakuten Ichiba Core Businesses ◼ Rakuten Travel ◼ Rakuten Rebates ◼ Rakuten BIC From September 1, 2023, Rakuten Pay (online ◼ Rakuten GORA etc. payment) business and Rakuten Points (online) business transferred to FinTech
Slide 24: FinTech Segment Structure
FinTech Segment Structure FinTech Segment Rakuten Card ◼ Rakuten Card Rakuten Bank ◼ Rakuten Bank Rakuten ◼ Rakuten Securities and Overseas Subsidiaries Securities ◼ Rakuten Life Insurance Insurance ◼ Rakuten General Insurance Business ◼ Rakuten Insurance Planning etc. ◼ Rakuten Pay Rakuten ◼ Rakute
Slide 25: Mobile Segment Structure
Mobile Segment Structure Mobile Segment Rakuten ◼ Rakuten Mobile Mobile Rakuten ◼ Rakuten Symphony Symphony Rakuten ◼ Rakuten Electricity Energy ◼ Rakuten Gas etc. Others ◼ Rakuten Communications etc.
Slide 26: Internet Services Segment
Internet Services Segment 26
Slide 27: Internet Services Segment Financial Results
Internet Services Segment Financial Results*1 Non-GAAP Q2/24 (JPY bn) Revenue YoY YoY Operating Income Domestic EC 217.8 +0.5% 21.3 +3.8% Core Businesses 186.2 -0.7% 30.0 -4.2% Growth Investment Businesses 31.5 +8.4% -8.7 +2.1 Other Internet Services 86.1 +10.5% -2.5 +3.6 *2 Rakuten Rewards 30.6 +6.
Slide 28: Internet Services Segment Revenue Breakdown
Internet Services Segment Revenue Breakdown* (JPY bn) +3.1% YoY Domestic EC Other Internet Services *Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Services segment to the FinTech segment. No retrospective re
Slide 29: Internet Services Segment Non-GAAP Operating Income Breakdown
Internet Services Segment Non-GAAP Operating Income Breakdown*1 (JPY bn) +30.3% YoY *2 Q2/23 Core Businesses Growth Logistic Rakuten Minority Others Q2/24 *2 Investment Business Rewards Investment Businesses Business (excl. Logistic Business) Domestic EC Other Internet Services *1: Effective Septemb
Slide 30: Domestic E-Commerce GMS
Internet Services Segment Domestic EC Other Internet Services Domestic E-Commerce GMS *1*2*3 Despite YoY hurdles such as the SPU change and 0/5 rule revisions (Dec 2023), and the nationwide travel support (Jul 2023) impacting Rakuten Travel, and the payment online transfer (Sep 2023) resulting in ne
Slide 31: Domestic E-Commerce Revenue
Internet Services Segment Domestic EC Other Internet Services Domestic E-Commerce Revenue * Core Businesses growth slowed YoY due to the impact of SPU changes and 0/5 rule revisions, and the nationwide travel support impacting Rakuten Travel Growth Investment Businesses profitability improved due to
Slide 32: Domestic E-Commerce Operating Income
Internet Services Segment Domestic EC Other Internet Services Domestic E-Commerce Operating Income * Excluding one-off factors such as payment online transfer, SPU changes and 0/5 rule revisions, and the termination of the nationwide travel assistance, operating income is estimated to be approximate
Slide 33: Domestic EC: Adjustment Items in FY2024
Internet Services Segment Domestic EC Other Internet Services Domestic EC: Adjustment Items in FY2024 In FY2024, our goal is to continue growing operating income even though the growth rate of Domestic EC GMS is expected to moderate compared to FY2023, considering the following factors We aim to acc
Slide 34: Logistics Business: Progress Towards Achieving Profitability
Internet Services Segment Domestic EC Other Internet Services Logistics Business: Progress Towards Achieving Profitability Operational improvements and “right-pricing” accelerated loss improvements, leading to increased revenues and reduced operating loss Steady increase in merchants contracting wit
Slide 35: List of Logistics Centers
Internet Services Segment Domestic EC Other Internet Services List of Logistics Centers JP Rakuten Logistics Rakuten Seiyu Netsuper*2 Logistics Centers Yao Opened in 2023 RSL*1 Kawanishi Opened in 2012 Rakuten 24 Hirakata Opened in 2019 RSL*1 Nanko Opened in 2016 Narashino Ibaraki Fukuoka Rakuten 24
Slide 36: Other Internet Services Revenue
Internet Services Segment Domestic EC Other Internet Services Other Internet Services Revenue ◼ Rakuten Viber Contents* sales improved significantly, and Telco* revenues etc., also contributed ◼ Rakuten Kobo saw strong sales of new color devices launched in Apr and subscription users grew, driving r
Slide 37: Rakuten Viber: Continues Strong Recovery, Growth in FY2024
Internet Services Segment Domestic EC Other Internet Services Rakuten Viber: Continues Strong Recovery, Growth in FY2024 Healthy growth in Telco, strong recovery in Contents (mainly business messages and ads) Focus on priority countries (SEA, CEE regions) to further drive growth in FY2024 Viber Reve
Slide 38: Other Internet Services Operating Income
Internet Services Segment Domestic EC Other Internet Services Other Internet Services Operating Income * ◼ In addition to significant improvements in Viber, Kobo, Viki, and other overseas businesses, Sports Businesses performance drove profit growth Rakuten Rewards (JPY bn) 1.3 -11.2% YoY 1.4 -11.8
Slide 39: Rakuten Rewards
Internet Services Segment Domestic EC Other Internet Services Rakuten Rewards * Top-line continues to grow steadily Profits decline due to change in cost allocations for overseas businesses, but cost reductions continue to progress (USD mm) GMS Take Rate Revenue Non-GAAP Operating Income 9.5% 8.0% 7
Slide 40: Global Customer Base
Internet Services Segment Domestic EC Other Internet Services Global Customer Base The global customer base of Rakuten services are steadily expanding (Rakuten Rewards) GMS Total Users* Registered Users Registered Users Registered Users Q2/24 (As of the end of Jun/24) (As of the end of Jun/24) (As o
Slide 41: Rakuten Capital Investment Performance
Internet Services Segment Rakuten Capital Investment Performance *1 Domestic EC Other Internet Services As of June 30, 2024*2 (JPY bn) 298.2 Gain +140.8 87.4 Remaining ROI +105% (Unrealized) IRR +17% 157.4 210.9 Exit Amount (Realized) Int’l Inv. Remaining Fair Value (2012~2024 Q2) + Exited *1: Inves
Slide 42: Minority Investment Portfolio
Internet Services Segment Domestic EC Other Internet Services Minority Investment Portfolio Remaining Exited*1 Non R-Capital*2 Number of Investments*3: 48 42 2 Internet Ride Sharing Healthcare DI/DX (Partial) (Affiliated Company) Sustainability Mobile / AI Other *1: Exit since 2015. Exit number does
Slide 43: FinTech Segment
FinTech Segment
Slide 44: FinTech Segment Financial Results
FinTech Segment Financial Results*1*2*3*4 Non-GAAP Q2/24 (JPY bn) Revenue YoY Operating Income YoY Rakuten Card 83.0 +5.2% 15.8 +18.4% Rakuten Bank 39.5 +25.7% 16.5 +37.2% Rakuten Securities 33.1 +12.0% 9.5 -3.3% Insurance Business 20.5 -2.9% -0.1 -2.1 Rakuten Payment 22.5 +23.5% 1.2 +3.9 Others 4.1
Slide 45: FinTech Segment Revenue Breakdown
FinTech Segment Revenue Breakdown* (JPY bn) +12.0% YoY *Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Services segment (Domestic EC) to the FinTech segment. Retrospective revisions were made to Rakuten Payme
Slide 46: FinTech Segment Non-GAAP Operating Income Breakdown
FinTech Segment Non-GAAP Operating Income Breakdown* (JPY bn) +28.1% YoY *Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Services segment (Domestic EC) to the FinTech segment. Retrospective revisions were mad
Slide 47: Rakuten Card Financial Results
FinTech Segment Card Bank Securities Insurance Payment Rakuten Card Financial Results Revenue grew due to increased fee income from expanded shopping transaction value Profit increased significantly due to top-line growth, increased operating leverage from optimized marketing, and maintaining low le
Slide 48: Rakuten Card KPIs
FinTech Segment Card Bank Securities Insurance Payment Rakuten Card KPIs Steady growth due to an increase in shopping, installments GTV accompanying an expansion in the membership base and average customer spending Shopping GTV Target: JPY 30 tn GTV Share* Target: 30% (JPY tn) 21.1 24.1% 18.2 Q2/24
Slide 49: Rakuten Bank Financial Results and KPIs
FinTech Segment Card Bank Securities Insurance Payment Rakuten Bank Financial Results and KPIs Ongoing success in acquiring new accounts through group synergistic effects. As main account and daily living usage rates increased, deposit balance also largely increased Steady accumulation of managed as
Slide 50: Rakuten Securities Financial Results and KPIs
FinTech Segment Card Bank Securities Insurance Payment Rakuten Securities Financial Results and KPIs Record high revenue due to continued expansion of customer base and strong performance in various transactions Profit increased in 1H/24 overall as Q2 profits exceeded Q1, which already saw increased
Slide 51: Insurance Business Financial Results
FinTech Segment Card Bank Securities Insurance Payment Insurance Business Financial Results In Life Insurance, although revenue grew due to an increase in insurance premium per policy and investment income, profits declined due to a temporary write-off of debt last year In General Insurance, althoug
Slide 52: Rakuten Payment Financial Results
FinTech Segment Card Bank Securities Insurance Payment Rakuten Payment Financial Results * Revenue increase on GTV expansion, especially through Rakuten Pay and Rakuten Cash Operating profit expanded through continuous revenue growth while maintaining lean operational structure. Expecting sustained
Slide 53: Mobile Segment
Mobile Segment 53
Slide 54: Mobile Segment Financial Results
Mobile Segment Financial Results Non-GAAP Q2/24 (JPY bn) Revenue QoQ QoQ Operating Income *1 Rakuten Mobile 67.9 +9.5% -59.5 +13.5 MNO 40.1 +11.0% *2 MVNO 2.0 -15.7% Device Revenue 12.9 -4.4% Other Revenue 12.8 +29.2% (including Rakuten Hikari, etc.) Rakuten Symphony 11.8 -28.1% Rakuten Energy 9.5 -
Slide 55: Mobile Segment Revenue Breakdown
Mobile Segment Revenue Breakdown (JPY bn) -4.9% QoQ Seasonality: Compared to Q1, when revenue tends to increase due to winter demand, Q2 revenue declined due to lower demand caused by rising temperatures, etc.
Slide 56: Mobile Segment Non-GAAP Operating Income/Loss Breakdown
Mobile Segment Non-GAAP Operating Income/Loss Breakdown (JPY bn) Q2/23 Q3/23 Q4/23 Q1/24 Rakuten Mobile Others Q2/24 Rakuten Energy: Profits fell QoQ due to a decrease in revenue caused by a seasonal drop in demand. However, profits increased significantly YoY due to cost control JPY +11.3 bn QoQ
Slide 57: Rakuten Mobile, Inc. Quarterly Financial Results
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile, Inc. Quarterly Financial Results Revenue*1 Non-GAAP Operating Income EBITDA*2 (JPY bn) (JPY bn) (JPY bn) 68 Q1/22 Q1/23 Q1/24 Q2/24 Q1/22 Q1/23 Q1/24 Q2/24 62 58 59 13 56 -20 53 52 10 9 -29 -26 10 46 46 46 8 9 13 -43 -40 9 -60 -55 14 -68
Slide 58: Rakuten Mobile, Inc. Operating Cost and Capital Expenditure
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile, Inc. Operating Cost and Capital Expenditure Maintaining operating expenses (excluding depreciation and amortization) at optimized levels through the completion of network capex. Going forward, continuing to work on cost optimization Netw
Slide 59: Rakuten Mobile MNO Subscribers (B2C+B2B)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Subscribers (B2C+B2B) * Net adds expanded due to positive acquisition trends of subscribers via the ecosystem and referral campaign (mm lines) 6.88 6.33 5.90 5.10 4.91 4.76 4.77 4.53 4.46 4.56 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23
Slide 60: Rakuten Mobile MNO Churn (B2C+B2B)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Churn (B2C+B2B) * Churn should decline further as network quality and a MNP ratio improves Launch of Rakuten UN-LIMIT VII 5.4% 4.6% 3.8% Launch of 3.1% Rakuten SAIKYO Plan 2.5% 2.4% 2.1% 1.7% 1.5% 1.5% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2
Slide 61: ARPU (MNO)
Mobile Segment Rakuten Mobile Rakuten Symphony ARPU (MNO ) *1 B2C and B2B ARPU both increased QoQ. June monthly ARPU was 2,031 yen Growth in proportion of B2C subscribers led to an increase in Data ARPU. Other ARPU increased due to successful efforts in ads sales (JPY) 2,016 2,056 2,007 2,021 2,031
Slide 62: Towards ARPU Improvement
Mobile Segment Rakuten Mobile Rakuten Symphony Towards ARPU Improvement Data ARPU in B2C is the biggest driver of future ARPU growth In B2B, aim to add more value by expanding solution services Higher Nurturing existing users Increased data usage due to Increase in main users (Data usage tends to in
Slide 63: Providing Solutions to Various Corporate Issues
Mobile Segment Rakuten Mobile Rakuten Symphony Providing Solutions to Various Corporate Issues Supporting true DX transformation and productivity improvements at optimal prices Communication MDM Security Cloud business support Groupware powered by LANSCOPE Cloud PBX Surveying, inspection, Marketing
Slide 64: Rakuten Mobile MNO Average Data Volume (B2C)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Average Data Volume (B2C) The data usage in B2C is steadily increasing. Factors such as capturing the younger generation who consume a lot of data, the rising proportion of applications through MNP (Mobile Number Portability), and sea
Slide 65: Rakuten Mobile Ecosystem Contribution
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile Ecosystem Contribution *1 *1 *2 MNO Subscribers (B2C) MNO Subscribers (B2C) MNO Subscribers (B2C) Ecosystem Q2/24 Group profit Average increase B2C ARPU uplift*3 uplift*4 in service usage JPY in two years JPY + 1,016 + 10.4bn +3.21 Compar
Slide 66: Ecosystem Contribution Value
Mobile Segment Rakuten Mobile Rakuten Symphony Ecosystem Contribution Value ARPU uplift for each service Transaction-based businesses Other financial services Difference in purchase Difference in active usage amount (GTV) between Take rate for between MNO and non-MNO Average ARPU MNO and non-MNO sub
Slide 67: Rakuten Mobile Owned and Roaming Frequency Bands
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile Owned and Roaming Frequency Bands Spectrum Status Bandwidth 40MHz 1.7GHz Allocated Up: 1,730 – 1,750MHz Down: 1,825 - 1,845MHz Allocated in October 2023 6MHz Radio wave testing started in April 2024 700MHz Up: 715 - 718MHz 4G Scheduled to
Slide 68: Rakuten Symphony Revenue
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Symphony Revenue ◼ Deliveries continued to progress for existing global customers but with more focus on anchor clients ◼ Revenue tends to be volatile due to timing of deliveries to clients etc. (USD mm) 231 Started full-fledged 161 delivery for
Slide 69: Ad Business
Ad Business 69
Slide 70: Ad Business Financial Results
Ad Business*1 Financial Results Revenue*2 (JPY bn) Ad Business Growth Analysis Revenue Ad Business Scale Revenue Ratio to Consolidated Revenue Largest 1. Internal Advertisers Internal Inventory … +0.6% YoY Growth driven by ad placements for Rakuten Ichiba stores 10.0% 10.1% and hotels in Rakuten Tra
Slide 71: 4. Finance
4. Finance 71
Slide 72: Diversifying Financing Sources including Equity, Asset Financing and Bonds
Diversifying Financing Sources including Equity, Asset Financing and Bonds 2019 2020 2021 2022 2023 2024 Strengthening of Strategic Third-party Strategic Transaction Rakuten Public offering and Overseas Secondary Offering Transaction involving allotments Involving Rakuten Securities Bank’s IPO Third
Slide 73: Rakuten Mobile Funding Flow
Rakuten Mobile Funding Flow (FY2023: JPY 65.7 bn) FinTech Companies Dividends, management fees, etc. • Independently regulated Rakuten Group, Inc. and funded • FCF from Rakuten Mobile, Inc. Internet Services Equity/Loan • Lease financing, Other Subsidiaries Dividends, • Equity-related financing secu
Slide 74: Forward-looking statements disclaimer
This presentation includes forward-looking statements that reflect management’s current assumptions and expectations of future events, and accordingly, they are inherently susceptible to uncertainties and changes in circumstances and are not guarantees of future performance. Actual results may diffe