Softbank Group Corp. · TSE:9984
Softbank — Q3 FY2006 Earnings Presentation
69 slides from Softbank's earnings presentation, Feb 10, 2006
Slide 1: Earnings Results for the Third Quarter Ended December 31, 2005
Earnings Results for the Third Quarter Ended December 31, 2005 (3Q/FY2006) February 10, 2006 SOFTBANK CORP.
Slide 2: Highlights
＜Highlights＞ ¾To achieve a consolidated operating surplus on an annual basis ¾Highest level of consolidated EBITDA ever ¾To recoup investment (Return on investment totaled approx. ¥200 bil.) Increase enterprise value 2
Slide 3: 3Q/FY06 Summary of Consolidated Earning Results
3Q/FY06 Summary of Consolidated Earning Results <billions of yen> <3rd Quarter> 3Q/FY06 3Q/FY05 YOY change (Oct - Dec, 2005) (Oct - Dec, 2004) Net Sales 287.4 258.0 +29.3 EBITDA 44.7 15.8 +28.8 Operating Income 23.5 (7.5) +31.0 Ordinary Income 11.2 (8.0) +19.2 Income before income taxes and 59.6 (9.
Slide 4: 3Q/FY06 Summary of Consolidated Earning Results (YTD 9 months)
3Q/FY06 Summary of Consolidated Earning Results <billions of yen> <1Q-3Q : YTD 9 months> 3Q/FY06 3Q/FY05 YOY change (Apr - Dec, 2005) (Apr - Dec, 2004) Net Sales 810.2 561.7 +248.4 EBITDA 94.9 27.8 +67.0 Operating Income 27.9 (14.3) +42.2 Ordinary Income (2.2) (33.9) +31.6 Income before income taxes
Slide 5: Consolidated Net Sales (1Q-3Q YTD 9 months)
Consolidated Net Sales (1Q-3Q YTD 9 months) <billions of yen> 900 810.2 800 Others 700 192.1 e-Commerce Seg. 600 509.9 e-Finance * 500 113.3 Internet Culture Seg. 400 175.7 300 257.6 Fixed-line telecom 70.3 Seg. （JAPAN TELECOM ） Consolidated from 3Q/FY05 200 81.6 100 196.3 BB Infrastructure 148.2 Se
Slide 6: Consolidated Net Sales (Quarter)
Consolidated Net Sales (Quarter) 300 264.1 287.4 <billions of yen> e-Finance Seg.* 253.8 258.6 234.2 Others 250 68.4 e-Commerce Seg. 58.5 65.1 69.2 200 61.4 Internet Culture 42.0 142.9 132.8 31.5 34.4 36.7 Seg. 150 26.8 88.6 Fixed-line telecom 100 87.3 81.5 55.5 58.6 84.3 Seg. （JAPAN TELECOM ） 81.6
Slide 7: Consolidated Operating Income (Quarter)
Consolidated Operating Income (Quarter) <billions of yen> 23.5 20 7.4 16.1 10 7.5 FY03 FY04 FY05 FY06 0 Q1 Q1 Q1 Q1 3Q/FY06 ¥23.5 bil. -2.9 -3.1 (YTD 9 months: ¥27.9 bil.) -3.8 -6.6 -7.5 -10 -8.8 -10.7 -11.0 * Including the effects of the sale of the ADSL modem -15.1 -20 rental business: ¥7.4 bil. -
Slide 8: Consolidated EBITDA (Quarter)
Consolidated EBITDA (Quarter) <billions of yen> 50 44.7 40 30.7 30 20 19.5 16.2 3Q/FY06 ¥44.7 bil. 15.8 (YTD 9 months: ¥94.9 bil.) 10 6.0 5.9 1.4 0.1 0 FY03 FY04 FY05 FY06 1Q 1Q 1Q 1Q -7.0 Significantly increased -10 -8.0 (YoY approx. 3 times) -14.5 -20 -16.6 -22.2 （EBITDA： Operating Income (Loss) +
Slide 9: Consolidated EBITDA (Annual)
Consolidated EBITDA (Annual) <billions of yen> 120 4Q 88.0 80 71.9 94.9 1Q-3Q (9 months) 54.6 43.8 44.0 ¥94.9 bil. 40 28.8 21.5 0 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 Largest ever -10.0 -20.7 1Q-3Q （Annual basis） -40 -80 -69.7 9
Slide 10: Consolidated Ordinary Income (Quarter)
Consolidated Ordinary Income (Quarter) 20 <billions of yen> 11.2 10 FY04 FY05 FY06 1Q 1Q 1Q 0 -0.4 3Q/FY06 ¥11.2 bil. (YTD 9 months: ¥(2.2) bil.) -10 -8.6 -9.6 -8 -11.6 -11.3 -13 -14.2 -20 Significant recovery- -23.0 Turned positive on a -30 quarterly basis -30.6 -40 10
Slide 11: Consolidated Net Income (Quarter)
Consolidated Net Income (Quarter) <billions of yen> 22.0 20 11.8 10 6.9 1Q 1Q 1Q 0 FY04 FY05 FY06 3Q/FY06 ¥22.0 bil. -10 (YTD 9 months: ¥17.8 bil.) -11.1 -13.4 -20 -16.3 -17.8 -30 -26.5 -27.2 -34.7 -40 -42.6 -50 11
Slide 12: Key Driver for Achieving Consolidated Operating Surplus
Key Driver for Achieving Consolidated Operating Surplus (Quarterly Operating Income by Segment） 30 1Q/FY03 1Q/FY04 1Q/FY05 1Q/FY06 <billions of yen> Consolidated Operating 20 Internet Culture Income (Yahoo! JAPAN) 10 BB Business 0 -10 -20 Fixed-line telecom （JAPAN TELECOM） -30 -40 12
Slide 13: Operating Income/EBITDA by Segment: BB Infrastructure
Operating Income/EBITDA by Segment (Quarterly) BB Infrastructure business <billions of yen> 30 Operating Income EBITDA 20 16.3 FY06/3Q Operating Income ：¥9.3 bil. 11.4 EBITDA ：¥16.3 bil. 9.3 10 3 3.4 0.8 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2005 FY2006 Number of ADSL lines: -4.4 -10 -5.8 -6.5 Exceeded 5 mil. li
Slide 14: Operating Income/EBITDA by Segment: Internet Culture
Operating Income/EBITDA by segment (Quarterly) Internet culture business <billions of yen> 30 Operating Income FY06/3Q EBITDA 21.2 20 17.9 18.8 Operating Income ：¥19.2 bil. 14.0 16.5 19.2 EBITDA ：¥21.2 bil. 12.0 12.1 16.4 17.1 15.0 12.8 10 11.1 11.0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY 2005 FY2006 -10 -20 14
Slide 15: Operating Income/EBITDA by Segment: Fixed-line Telecom
Operating Income/EBITDA by segment (Quarterly) Fixed-line telecom (JAPAN TELECOM) <billions of yen> 30 Operating FY06 3Q 20 Income EBITDA Operating Income ：¥ (1.7) bil. EBITDA ：¥9.1 bil. 9.1 10 FY2005 FY2006 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 Operating Income -0.3 -1.8 -1.7 improved significantly- -10 -6.2 EB
Slide 16: Sales of ADSL Modem Rental Business (1)
Sales of ADSL modem rental business① Corporate Split BB TECHNOLOGY Corp. SOFTBANK BB Corp. （e-Commerce business, BB （ADSL business） business other than ADSL） Corporate Split BB Modem Rental Inc. (Modem Rental Sold proceeds： ¥ 85.0 bil. Business) 16
Slide 17: Sales of ADSL Modem Rental Business (2)
Sales of ADSL modem rental business② Cash Proceeds Profit recognization ¥ 85.0 bil. Reflected continuity of service Advanced payment for future royalties:¥ 40.0 bil. Profit from this transaction to (Operating CF) be recognized in future periods Sales proceeds:¥ 45.0 bil. according to the number of (
Slide 18: Consolidated Operating CF (Quarterly)
Consolidated operating CF (Quarterly) 61.9 <billions of yen> 60 50 40 FY06 3Q/¥61.9 bil. 30 20 Royalty payment in advance from sales of modem rental 10 6.6 business 0 0.2 ：¥ 40.0 bil. 1Q 1Q 1Q 2004 2005 2006 -10 -11.3 -11.9 -20 -15.8 -15.2 -18.7 -18.2 -30 -25.4 -40 -37.8 18
Slide 19: Return on Investment - Sales of Investment Securities
Return on Investment --- Sales of Investment Securities <billions of yen> ＜1Q-3Q Sales of Investment Securities＞ Sales Gain on Shares Proceeds Sales SB IT Fund #1 & #2 50.5 9.8 Morningstar,Inc. 9.4 5.9 Advanced Media 9.2 9.1 BroadBand Tower 8.6 8.5 TaoBao 41.7 40.7 Yahoo! 58.8 52.3 U.K./Germany/Fran
Slide 20: Consolidated Net Income (YTD 9 months)
Consolidated Net Income (YTD 9 months) <billions of yen> ¥ 17.8 bil. Major breakdown 3Q/FY06 3Q/FY05 (3Q/FY06) Ordinary Income (2.2) (33.9) Special Income 157.7 67.1 Special Loss (69.9) (29.1) Income before income taxes and minority interest 85.5 4.0 Income taxes-current (29.5) (22.2) Mostly Yahoo!
Slide 21: Consolidated Special Income/Special Loss
Consolidated Special Income/Special Loss (YTD 9 months) <billions of yen> Special Income Special Loss 180 （1Q-3Q)¥157.7bil. (1Q-3Q) ¥ 69.9 bil. 180 160 others 160 others 140 Dilution gain from 140 Refinance arrangement fee 120 changes in equity interest 120 gain on sale of Penalty for unfulfilled co
Slide 22: Bond Redemption Schedule
Bond Redemption Schedule (non-consolidated basis, SB and CB) <billions of yen> 46.0 (Investment in Partnerships) 2,534.1 61.5 (Private Equity Holdings) 2,500 Highly liquid source for 2,000 redemption Listed Shares* ¥ 2.5 trillion 1,500 2,192.4 Coverage Ratio x 6.8 1,000 Outstanding Bonds (as of the
Slide 23: SOFTBANK Stock and CB Conversion Price
SOFTBANK Stock and CB conversion price <Outline of CBs> (yen) Maturity Conversion Principal Exercisable date 6,000 Price of put option Softbank 2013 ¥2,164.50 ¥ 50 bil. 2007/3/31 Stock price 2014 ¥1,984.30 ¥ 50 bil. 2008/3/31 5,000 ¥4,050 2015 ¥1,828.10 ¥ 50 bil. 2009/3/31 (as of Feb 9) 4,000 3,000
Slide 24: Cash Position
Cash Position <billions of yen> 600 Unused portion of credit line facility Cash and Cash Equivalents 500 100.0 161.0 400 30.0 300 30.0 30.0 440.6 200 75.0 31.0 341.6 30.0 289.9 322.2 235.0 100 170.4 133.6 152.5 0 M ar/01 M ar/02 M ar/03 M ar/04 M ar/05 Jun/05 Sep/05 Dec/05 24
Slide 25: Net Interest-bearing Debt
Net interest-bearing debt <billions of yen> 750 CBs outstanding Net Debt (excluding outstanding CBs) 615.6 586.2 550 531.6 469.1 150.0 350 243.0 232.0 188.2 134.8 319.1 150 -50 M ar/01 M ar/02 mar/03 M ar/04 M ar/05 Jun/05 Sep/05 Dec/05 25
Slide 26: Lifestyle Company in the 21st century
Lifestyle Company in the 21st century 26
Slide 27: Lifestyle Company in the 21st century
Lifestyle Company in the 21st century Amusement：broadcast, sports, game Housework：Auction, Online shopping Travel： Business： Hotel, Airport Mobile office Finance： Online trading Healthcare： Home healthcare School：Online education Broadband available to all living people everywhere 27
Slide 28: Broadband Provides a Social Infrastructure
Broadband Provides a Social Infrastructure Personal use/Mobile ・Whenever, wherever Entertainment revolution ・P2P Sports Broadcast ・Community Game Healthcare Broadband Distribution revolution Auction Business revolution Commerce Solution Finance Work style Publishing Education Uniform Value Entertain
Slide 29: Broadband changes the way we live
Broadband changes the way we live Personalized Access to all types of information Formation of Communities Whenever, wherever Entertainment revolution Sports Broadcast Game Healthcare Distribution revolution Broadband Auction Business revolution Commerce Finance Solution Publishing Work style Educat
Slide 30: Business strategy - to stay ahead of the changing times
Business strategy － to stay ahead of the changing times Entertainment revolution Healthcare Broadband Education Distribution revolution Business revolution Goal is to hold the No.1 position while continuing to cultivate the market 30
Slide 31: No.1 in Services
Established position as the market leader ～No.1 in Services～ 31
Slide 32: Internet Revolution 1: Yahoo! BB
Internet Revolution① Yahoo! BB Triggered expansion of broadband/Creation of new market (Unit: million households) 30 Launch of Service Yahoo! BB * No.1 Broadband 20 ADSL : 5.00 mil. No. of Lines: 21.41 mil. IP telephony : 4.77 mil. Household penetration rate: 42.95％ Wireless ＬＡＮ :1.26 mil. (as of Se
Slide 33: Internet Revolution 2: Yahoo! JAPAN
Internet Revolution ② Yahoo! JAPAN Facilitate access to all types of information （billions of PV） （millions of browsers） 35 120 Monthly page views Unique browsers 30 25 100 Portal No.1 80 Able to pull in many customers 20 60 1.2 bil. page views per day ※１ 15 40 mil. unique users per month ※2 40 10 *
Slide 34: Distribution Revolution 1: Yahoo! AUCTIONS
Distribution Revolution① Yahoo! AUCTIONS （million） Creation of consumer-led market 10 9 Average number of 8 items listed 7 Auction No.1 6 No. of items listed*： 8.94 mil. 5 4 3 2 1 * Average number of items listed per month as of December 2005 0 02/6 05/12 34
Slide 35: Distribution Revolution 2: Taobao.com
Distribution Revolution ② Taobao.com (Unit: mil.) Creation of consumer-led market 14 【No. of subscribers*】 Taobao.com 12 Yahoo! JAPAN 10 No.1 Auction company in China 8 Became a major auction site, exceeding Yahoo! JAPAN, 6 in just two years from the beginning of its service 4 2 * Figures are at the
Slide 36: Distribution Revolution 2: Taobao.com
Distribution Revolution ② Taobao.com Creation of consumer-led market (Unit: mil.) 【No. of items listed on auction】 16 Taobao.com 14 Yahoo! JAPAN 12 No.1 Auction company in China 10 No.1 company in Asia 8 in terms of No. of listed items 6 4 2 * Figures are at the end of each month * Yahoo!JAPAN: The
Slide 37: Distribution Revolution 3: Alibaba.com
Distribution Revolution ③ Alibaba.com Provide marketplace for buyers and suppliers all over the world (Unit: mil.) 【No. of subscribers】 11 10 Alibaba.com 9 8 No.1 B2B e-commerce 7 company in China 6 Approx. 10 million subscribers 5 from more than 200 countries and regions 4 3 2 1 0 02/5 05/12 37
Slide 38: Distribution Revolution 4: E*TRADE
Distribution Revolution ④ E*TRADE From real-world transactions to internet-based transactions – Activation of financial trading (millions of account) (billions of yen) 1.2 【trends in the number of accounts 600 and daily trading volume】 No. of accounts 1.0 Daily trading volum e 500 Online trading No.
Slide 39: New Challenge - Internet II era
New Challenge ～Internet II era～ 39
Slide 40: Entertainment Revolution 1: Yahoo! Streaming/TV Bank
Entertainment Revolution① Yahoo! Streaming/TV Bank Diversification of video content / Niche market ＊4 Satellite TV ＊3 100,000 CATV ＊2 185 (infinite) Number Terrestrial TV ＊1 41 of Channels 7 Note: The number of channels are picked up from the major operators in Japan ＊1 as of January 2006, Number of
Slide 41: Yahoo! Streaming/TV Bank: Change in reception style
Entertainment Revolution① Yahoo! Streaming/TV Bank Change in reception style～Personalized 【Household】 【Individual】 Watch Watchprovided providedcontent content Broadcast/VOD＝Rich Broadcast/VOD＝Richcontent content One-way Search＝Active Search＝Activeselection One-wayreception reception Video selection
Slide 42: Yahoo! Streaming/TV Bank: Video Search
Entertainment Revolution① Yahoo! Streaming/TV Bank Change in reception style～Video Search Web Search Search within a site Search from a large number of video sites, not just a specific site Shift from passive viewing style to user-driven viewing style 42
Slide 43: Yahoo! Streaming/TV Bank: Keyword channel
Entertainment Revolution① Yahoo! Streaming/TV Bank Change in reception style～Keyword channel Automatically edit my channel by keywords Search results continue to be played automatically. Enter Keywords 43
Slide 44: Yahoo! Streaming/TV Bank: Posting
Entertainment Revolution① Yahoo! Streaming/TV Bank Change in reception style～Posting “Video Contest” is open from 1st Feb 【Travel report】 【Pet Performance】 Rating Comments Posting Comments Interactive/participatory communication 44
Slide 45: Entertainment Revolution 2: Online Game
Entertainment Revolution ② Online Game (Unit: billions Growth of the Online Game Market of yen) 【Online game market forecast in Korea, Japan & China】 220 200 180 China High growth rate in Korea & China Japan 160 Korea 140 120 Online Game Market in Japan 100 80 Lead to full-scale growth 60 *Source Ko
Slide 46: Entertainment Revolution 2: GungHo Online Entertainment
Entertainment Revolution ② GungHo Online Entertainment SOFTBANK Group’s first to market advantage （10 thousand） 【Trends in the number of Gunho members】 120 No. of members: over 1.2 mil.* 100 Paid service from GungHo with December 1st, 2002 80 Japan’s largest online game title 60 Fantasy Online RPG 4
Slide 47: Entertainment Revolution 2: 4Gamer.net
Entertainment Revolution ② 4Gamer.net （Unit: mil. SOFTBANK Group’s advantage in drawing customers PV/month） 50 【Page View Trend】 45 40 Game users No.1 continue to increase 35 Online Game Info. Site 30 Monthly PV：48 mil. * 25 20 15 10 5 *as of January 2006 0 04/1 06/1 47
Slide 48: Entertainment Revolution 2: MOVIDA INVESTMENT
Entertainment Revolution ② MOVIDA INVESTMENT SB ownership ratio: 49％ MOVIDA HOLDINGS’ ownership ratio: 100％ Know-how Online game Know-how Production/ Operation/ to support venture Development companies “Online Game Revolution Fund Vol. 1” Capital: ¥10 billion Judgment Business corporation Advisory b
Slide 49: Entertainment Revolution 3: MOVIDA ENTERTAINMENT
Entertainment Revolution② MOVIDA ENTERTAINMENT Highly interactive news community site Joint venture with AFP and Creative link News community site “AFP BB News” Launch of blog site “Actiblog” ・Provide world-wide topical news with pictures ・Able to transmit information provided by readers (message bo
Slide 50: Entertainment Revolution 4: Horse Racing
Entertainment Revolution④ Horse Racing Launch of Horse Racing Portal “Odds Park” service planned Dec. 2005 2006 Spring (planned) Acquisition of Internet sales of Horse racing portal “Odds Park” betting slips “D-net” ・Live broadcast on Yahoo! Streaming on more than 10 channels ・Able to deliver more t
Slide 51: Entertainment Revolution 5: Fukuoka Softbank HAWKS
Entertainment Revolution⑤ Fukuoka Softbank HAWKS New reception style driven by IT technology Baseball Broadband TV K-chan! HAWKS Multi-angle broadcasting with 30 cameras Online Archive & Live Broadcast Old style TV watching 51
Slide 52: Business Revolution 1: ICT Platform
Business Revolution① ICT* Platform IT Networks are now synonymous with traditional utilities ICT Platform Electricity (21 st century revolution) （20 century revolution） th Authentification/ E-commerce billing Groupware CRM Accounting Knowledge From the power outlet, On the network, Power supply is a
Slide 53: Business Revolution 1: ICT Platform - ULTINA
Business Revolution① ICT Platform ~ ULTINA “Wherever, whenever” “when needed, as much as needed” Conference Groupware CRM/ERP Security Software as a service E-commerce Service/ E-learning Authentification/ Knowledge Vertical interaction Content billing Business Portal Consumer Service Service Networ
Slide 54: Business Revolution 1: On-demand Platform (Key Plat)
Business Revolution ① On-demand Platform (Key Plat) Launched Real-time resource on-demand service Zero initial cost, monthly fee only Internet Internet Firewall Load sharing system Web server Application server Database server Software license Storage Operational support Datacenter Facility Launched
Slide 55: Business Revolution 1: VPN Solution
Business Revolution ① VPN Solution Numerous access networks enhanced with SOFTBANK BB’s nationwide Giga-bit backbone. Customers: approx. 5,000 large enterprises including ANA, Nissan, SAPPORO BREWERIES Broadband Ether Access Dedicated Access ATM ADSL (NTT Ether) Line Ether Access Urban Ether Broadba
Slide 56: Business Revolution 1: Table-top Service
Business Revolution ① Table-top Service “SAPURIBA” (Supplement Variety) Save time and resources for order operation and entertainment content Improves operational efficiency Increases sales (Improved price per customer / seat-turnover rate) Usage Image Display Image Acquired orders of 20,000 units
Slide 57: Business Revolution 2: Work Style Reform
Business Revolution② Work Style Reform Freed from physical restrictions and system constraints, and transformed into a collaborative-type work style Professional & Collaborative 【hierarchical organization】 【Project-type organization】 Project A Project C Project B Office/wherever HR corporate Sales T
Slide 58: Mobile connects all revolutionary services
“Mobile” connects all revolutionary services Access broadband content anytime, anywhere, with no interruption and unbound mobility. Content Portal On On aa trip trip Cafe Cafe Infrastructure HOME HOME OFFICE OFFICE 58
Slide 59: SOFTBANK's Goal
music Broad- casting game SOFTBANK’s Goal sports publishing Platform/portal Infrastructure commerce finance business 59
Slide 60: Old Time Machine Business Model (Internet I)
Old Time Machine Business Model (InternetⅠ) SOFTBANK deployed many business models from “a country of Future (U.S.A.)”, in “countries of legacy (e.g. Japan) ” . Many ventures were successful. U.S.A. Japan Incubation all over the world 60
Slide 61: New Time Machine Business Model (Internet II)
New Time Machine Business Model (InternetⅡ) Japan is now “a country of the future” SOFTBANK is prepared to spread successful business models to the rest of the world. World＝potential market 61
Slide 62: Compliance/Governance
Compliance/Governance 62
Slide 63: Organizational chart of corporate governance structure
Organizational chart illustrating the structure of corporate governance Shareholder Shareholdermeeting meeting Board Boardof ofauditors auditors Board BoardMeeting Meeting 8 (2 external directors) 4 (3 external auditors) President President&&CEO CEO Manages and coordinates the Group in a cross-secto
Slide 64: SOFTBANK Group Representative Oath System
SOFTBANK Group Representative Oath System Carried out from Feb. 2005 Conducting and reporting periodic self-assessments covering more than 100 items related to verify the appropriateness of financial statements and internal controls. Board Meeting Internal Audit Department President & CEO Group Mana
Slide 65: SOFTBANK Group Charter
SOFTBANK Group Charter Enactment: April 2001 Revision: Dec. 2005 SOFTBANK Group Charter Governance Compliance Guidelines Group Compliance Officer Concerning ‘Public & Investor Relations’ Concerning ‘Information of Group + Companies’ Compliance Code Concerning ‘Information Security’ Concerning ‘SOFTB
Slide 66: Organization Chart of Compliance System
Organization Chart of Compliance System Report on execution status Board BoardMeeting Meeting President President&&CEO CEO GCO GCO Support and advice （Group･Compliance･Officer） （Group･Compliance･Officer） Head HeadOffice OfficeofofGroup GroupCompliance Compliance Report Compliance System of the Group
Slide 67: Lifestyle Company in the 21st century
Lifestyle Company in the 21st century Amusement：broadcast, sports, game Housework：Auction, Online shopping Travel： Business： Hotel, Airport Mobile office Finance： Online trading Healthcare： Home healthcare School：Online education Broadband available to all living people everywhere 67
Slide 68: SOFTBANK's Fundamental Management Policy
SOFTBANK’s Fundamental Management Policy Endeavoring to benefit society and the economy and maximize enterprise value by fostering the sharing of wisdom and knowledge gained through the IT revolution. 68
Slide 69: http://www.softbank.co.jp
http://www.softbank.co.jp This presentation contains forward-looking statements including statements regarding future events, future strategies or future performance of SOFTBANK CORP. that involves risks or uncertainties. In evaluating these statements, a recipient thereof should specifically consid