Softbank Group Corp. · TSE:9984
Softbank — Q1 FY2018 Earnings Presentation
103 slides from Softbank's earnings presentation, Aug 6, 2018
Slide 1: Earnings Results for the 3-month Period ended June 30, 2018
Earnings Results for the 3-month Period ended June 30, 2018 August 6, 2018
Slide 2: Important Information
IMPORTANT INFORMATION This presentation (this “Presentation”) is furnished to you for informational purposes regarding SoftBank Group Corp. and is not, and may not be relied on in any manner as, legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer t
Slide 3: Disclaimer
Disclaimer This material was prepared based on information available and views held at the time it was made. Statements in this material that are not historical facts, including, without limitation, plans, forecasts and strategies are “forward-looking statements”. Forward-looking statements are by t
Slide 4: Singularity
SINGULARITY 2
Slide 5: Singularity = AI
SINGULARITY = AI 3
Slide 6: Biggest revolution in human history
AI Biggest revolution in human history 4
Slide 7: All industries will be re-defined
AI All industries will be re-defined 5
Slide 8: Winners in AI will be winners in the future
Winners in AI will be winners in the future 6
Slide 9: Cluster of No.1 AI Strategy
Cluster of No.1 AI Strategy 7
Slide 10: Consolidated Results
Consolidated — softBank Results
Slide 11: Consolidated Results
Consolidated Results (JPY bn) FY17 Q1 FY18 Q1 Change YoY Net sales 2,186.1 2,272.8 +86.7 +4% Adjusted EBITDA 700.1 721.8 +21.7 +3% EBIT 479.3 715.0 +235.7 +49% Net income 5.5 313.7 +308.2 56x New standards (FY18 Q1): after applications of IFRS 9 and IFRS 15 Net income: net income to attributable to
Slide 12: Net Sales
Net Sales (JPY bn) 2,272.8 2,186.1 910.4 883.2 Sprint Up 4% Yahoo Japan 226.1 209.4 SoftBank Segment Increase in consumer sales / distribution 880.5 841.9 Others 224.4 283.0 New standards (FY18 Q1): after applications of IFRS 9 and IFRS 15 FY17 Q1 FY18 Q1 Previous standards (FY17 Q1): before applica
Slide 13: Adjusted EBITDA
Adjusted EBITDA 700.1 721.8 (JPY bn) Up 3% 2003 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 (FY) FY18 Q1 is calculated by new standards after applications of IFRS No. 9 and No.15 *FY2013-14: excluding impact of GungHo & Supercell 11
Slide 14: Adjusted EBITDA
Adjusted EBITDA (JPY bn) 721.8 700.1 321.9 360.2 Sprint Up 3% Mainly cost reduction effort 55.6 51.2 Yahoo Japan 333.5 334.0 SoftBank Segment Others New standards (FY18 Q1): after applications of IFRS 9 and IFRS 15 Previous standards (FY17 Q1): before applications of standards above FY17 Q1 FY18 Q1
Slide 15: EBIT
EBIT 715.0 (JPY bn) 479.3 Up 49% 2003 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 (FY) FY18 Q1 includes new standards after applications of No. 9 and No.15 of IFRS *FY2013-14: excluding impact of GungHo & Supercell13
Slide 16: EBIT
EBIT 715.0 Others Mainly one-time gain from Arm China JV 116.4 establishment (JPY bn) 479.3 SVF Segment 105.2 534 Gain on spectrum license exchange 239.9 Valuation gain (Mainly from Flipkart / WeWork) Sprint Up 49% 78.6 98.1 50.9 38.8 Yahoo Japan SoftBank Segment 220.3 221.8 (Previous standards) (Ne
Slide 17: Financial Status
Financial Status SoftBank Segment Other Businesses <Equity Holdings> (incl. Sprint acquisition) etc. Net interest- Net interest- JPY bearing debt JPY 3.0t bearing debt 7.0t Adjusted JPY 1.2t 2.5x Equity value of JPY 29.8% EBITDA holdings 23.5t *3 Net interest-bearing debt as of June. 30, 2018. Exclu
Slide 18: SoftBank Segment
em OOftBank x softBank Segment
Slide 19: Beyond Carrier
Beyond Carrier Expand Generate customer base new businesses 17
Slide 20: Domestic Telco EBIT
Domestic Telco EBIT (JPY bn) 221.8 201.8 (New standards) Up 10% (New standards) *1 (FY) '17 '18 *1 Number after application of the new standards for FY17 SoftBank Segment is referential information with an adjustment for internal management purpose, and it is non-audited. Q1 Q1 The increase in profi
Slide 21: Domestic Telco Adjusted Free Cash Flow
Domestic Telco Adjusted Free Cash Flow (JPY bn) 154.0 Steady increase 69.1 (FY) '17 '18 * Free Cash Flow = operating cash flow + investing cash flow Q1 Q1 (Including the impact of proceeds from securitization of installment receivables and their repayment) *Excluding intercompany transactions with S
Slide 22: Net Additions (smartphone)
Net Additions (smartphone) EBIT 580k 450k Steady growth 270k 150k ’15 ’16 ’17 ’18 (FY) Q1 Q1 Q1 Q1 *Net Additions = net additions of cumulative smartphone subscribers (including upgrades) 20
Slide 23: Cumulative Subs (smartphone)
Cumulative Subs (smartphone) Steady expansion for three brands (FY) 21
Slide 24: Cumulative Subs (broadband subscribers)
Cumulative Subs (broadband subscribers) 7.22m Others (Yahoo! BB hikari with FLET’S, Yahoo! BB ADSL) 5.26m Steady growth ’15 ’16 ’17 ’18 (FY) Q1 Q1 Q1 Q1 *SoftBank Hikari includes the data of SoftBank Air 22
Slide 25: Establishment of JV with Yahoo Japan (PayPay)
Establishment of JV with Yahoo Japan SoftBank Vision Fund Invest- ment 50% 50% Provision of tech- nologies Collaboration to provide smartphone payment service *PayPay is an equity method associate of SoftBank Corp. and Yahoo Japan Corporation, and also a consolidated subsidiary of SoftBank Group Cor
Slide 26: Tender offer for Yahoo Japan Corporation shares
Tender offer by SoftBank Corp. for Yahoo Japan Corporation shares / acquisition by Yahoo Japan Corporation of its own shares by self-tender offer Strengthen the alliance between SoftBank Corp. and YJ Improve EPS of YJ / Achieve efficient rebalancing of capital structure Termination of JVA between SB
Slide 27: Collaboration with SoftBank Vision Fund
Generate New Businesses Collaboration with SoftBank Vision Fund There is no guarantee that any collaboration will be consummated on the terms expressed herein or at all, or that the joint venture will be successful. 25
Slide 28: WeWork Japan
WeWork Japan Memberships 5,200 (Source) WeWork Japan (Photo credits) WeWork Accelerate business in Japan *Past performance is not indicative of future results.There can be no assurances that historical trends will continue throughout the life of the Fund. 26 Nothing herein should be construed as a r
Slide 29: Collaboration with Other Portfolio Companies
Generate New Business Collaboration with Other Portfolio Companies There is no guarantee that any collaboration will be consummated on the terms expressed herein or at all, or that the joint venture will be successful. 27
Slide 30: DiDi Mobility Japan Corp.
Establishment of JV with DiDi DiDi Mobility Japan Corp. Launch trial operations in autumn * Investments in DiDi are held by SB Delta Fund (Jersey) L.P. and other subsidiaries of SoftBank Group Corp. outside SoftBank Vision Fund. Nothing herein should be construed as a recommendation of any investmen
Slide 31: Collaboration with Boston Dynamics
Collaboration with Boston Dynamics Construction site Monitoring (use mounted camera) Remote monitoring Display zoom Started trial experiment for potential usage at construction site (Note) This page is based on the press release announced on June 25, 2018. * Investment in Boston Dynamics is not an S
Slide 32: Developing in Japanese market
Expansion of New Business Domains For DiDi logo: *DiDi Mobility Japan Corp. For WeWork logo: *WeWork Japan GK FinTech Robotics Sharing economy Security JV Collabo- ration JV JV JV Collabo- ration Investment Subsidiary (smartphone-based securities trading market) JV Collabo- TBCASoft Investment Inves
Slide 33: Potential Growth Opportunities
Potential Growth Opportunities + Ping An HealthKonnect Certain "SoftBankVision Fund" investments described herein are subject to pending regulatory approvals. The future operating plans described above are based on the beliefs of SoftBank Corp. at this time and nothing contained herein should be rel
Slide 34: Internal AI / RPA Projects
Internal AI / RPA Projects (Robotic Process Automation) Over 2,000 For more efficient management 32
Slide 35: FY2018 Forecast
FY2018 Forecast 1 Increase in revenue / profit *1 2 Generate stable FCF (over JPY 500bn) Excl. impact of YJ shares acquisition *2 3 Promote “Beyond Carrier” strategy & enhance collaboration with SVF 4 Preparation for IPO *1 Comparison based on new standards (IFRS 9 and 15). Number after application
Slide 36: Sprint
Sprint »
Slide 37: Cumulative Subs (Postpaid phone)
Cumulative Subs (Postpaid phone) Steady increase 20m (FY) 35
Slide 38: Adjusted EBITDA
Adjusted EBITDA USGAAP (USD bn) 3.3 * More than doubled 1.4 in 5 years 2013 ’14 ’15 ’16 '17 ’18 (FY) Q1 Q1 Q1 Q1 Q1 Q1 FY18 Q1 is calculated by new standards after applications of IFRS 9 and IFRS 15 * USD 192m of positive impact of the new revenue standards 36
Slide 39: Operating Income
Operating Income USGAAP (USD bn) 1.2 Positive for Gain on spectrum license exchange, etc. 0.8 * 0.8 5 consecutive years 2013 ’14 ’15 ’16 ’17 ’18 (FY) Q1 Q1 Q1 Q1 Q1 Q1 FY18 Q1 is calculated by new standards after applications of IFRS 9 and IFRS 15 * USD 192m of positive impact of the new revenue sta
Slide 40: National Average Download Speed
National Average Download Speed 38Mbps Improved 21Mbps by 87% (CY) 2017 2018 * Based on PCMag’s 2018 Fastest Mobile Networks 38
Slide 41: FY2018 Forecast
FY2018 Forecast 1 Adjusted EBITDA: USD 12.0-12.5bn 2 Cash CAPEX: USD 5.0-6.0bn * *Excluding leased devices 39
Slide 42: Yahoo Japan
YAHOO! JAPAN
Slide 43: Advertising Revenue
Advertising Revenue (JPY bn) 76.4 70.4 35.7 36.9 Display ads Up 8 (up 14% in search ads) 39.5 34.7 Search ads (FY) (FY) 2014 ’15 ’16 ’17 ’18 Q1 Q1 Q1 Q1 Q1 41
Slide 44: Yahoo! Premium Member IDs
Yahoo! Premium Member IDs 20.43m 16.92m Up 21 2014 ’15 ’16 ’17 ’18 (FY) Q1 Q1 Q1 Q1 Q1 *Yahoo! Premium includes SoftBank members and Y!mobile members, etc. who are eligible for Yahoo! Premium privileges excluding overlaps in IDs. 42
Slide 45: Shopping Transaction Value
Shopping Transaction Value ショッピング (JPY bn) 175.2 ＜赤＞ ＜グレー＞ PANTONE 185 PANTONE Cool Gray 11 DIC 156 DIC 541 M91%+Y76% BL80% R255・G0・B51 #545454 Gray ●2行ロゴ リンク用ロゴなどスペースが狭い場合に使用できます。 139.8 Up 25 ショッピング ショッピング ●その他色指定 白抜き利用の場合（背景色は任意） ※紫ロゴは原則使用しないでください ＜紫＞ ショッピング PANTONE 259 DIC 227 C65%+M100%+K15% R12
Slide 46: Arm
arm
Slide 47: Arm-based Chips Shipped
ased Chips Shipped 5.5bn 4.7bn Up 17% 1990 ’93 ’96 ’99 ’02 ’05 ’08 ’11 ’14 '18 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 (CY) 45
Slide 48: Arm-based Chips Shipped (cumulative)
based Chips Shipped (cumulative) 1t 100bn 50bn 1991 2013 2017 2030 (CY) *Cumulative number of Arm-based chips The graph was created based on Arm's recent performance. 46
Slide 49: Announced New CPU / GPU
Announced New CPU / GPU M rm o m 76 76 C r a A a i-G x- rte al 35% *1 30% *2 more performance more performance density First processors designed for laptops *1 Compared to Cortex-A75 *2 Compared to Mali-G72 47
Slide 50: Acquisition of Treasure Data
Acquisition of Treasure Data Enabling Ingest Integrate Store Prepare Discover data sharing Analyze Act Data Management Services Utilize IoT Data Treasure Data Partners Provide IoT and enterprise data platform 48
Slide 51: Provide IoT and enterprise data platform
IoT Data (IoT Platform) Data Management (Treasure Data) Device Management (Mbed cloud) Connectivity Management (Stream) Provide IoT and enterprise data platform 49
Slide 52: Signed first license designed for AI technology
Signed first license designed for AI technology (Source) Arm 50
Slide 53: Project Trillium
Project Trillium (Machine Learning and Object Detection Processors) (ML) (OD) Ground-up design for high performance and efficiency Massive uplift from CPUs, GPUs, DSPs and accelerators Enabled by open-source software First-generation ML processor targets mobile market (Source) Arm 51
Slide 54: Edge Devices
Edge Devices 52
Slide 55: Edge AI
Edge A I 53
Slide 56: Edge AI Utilization (Energy industry)
Edge A I Utilization (Energy industry) Factory Home School Leisure Hospital Transportation Office Predict electricity Optimization of power consumption by edge AI generation by AI Optimize the power generation plan 54
Slide 57: Edge AI Utilization (Supply chain)
Edge A I Utilization (Supply chain) Manufacturing Stock optimization Warehouse Pick up Demand efficiency prediction Sales Route optimization Logistics Maximizing profit through A I 55
Slide 58: Edge AI Cloud AI
Edge A I Cloud A I Data linkage Enhancement of models 56
Slide 59: Edge AI Cloud AI
Edge A I Cloud A I Data linkage Enhancement of models 57
Slide 60: FY2018 Forecast
FY2018 Forecast 1 Create new IoT opportunities 2 Gain more share in long-term growth markets 3 Accelerate investment in new technology 58
Slide 61: Case studies disclaimer
Case studies presented herein are for informational purposes only and are intended to illustrate sourcing experience of SoftBank Investment Advisers (“SBIA”) and the profile and types of investments previously pursued by SBIA. It should not be assumed that investments made in the future will be comp
Slide 62: Ping An HealthKonnect
(Ping An Good Doctor) Ping An HealthKonnect Truck *The investments presented herein are solely for illustrative purposes and have been selected to showcase the variety of investments. 60 They do not purport to be a complete list thereof and are not indicative of future investments. No assumption sho
Slide 63: Space as a service community
Space as a service community 61
Slide 64: WeWork Memberships
Memberships (k) 220k CAGR 200 112% 0 (CY) *Past performance is not indicative of future results.There can be no assurances that historical trends will continue throughout the life of the Fund. Nothing herein should be construed as a recommendation of any investment or security. *Figures are as of th
Slide 65: Enterprise Member Ratio
Enterprise Member Ratio (%) 24% 25 3x in 2 years 14% 8% 0 (CY) * Represents the percentage of total desks that were occupied by enterprise members as of the first day of the last month of each respective quarter *Past performance is not indicative of future results.There can be no assurances that hi
Slide 66: Utilizing AI for Demand Prediction
Utilizing AI for Demand Prediction Space optimization & Conference Layout recommendations rooms Revenue optimization & recommendations Technology Construction optimization & automations Utilization Offices Member experiences & rate content recommendations AI analysis Input Output The information con
Slide 67: Number of Rooms (OYO India)
Number of Rooms (OYO India) *1 (k) 101k 96x 100 in 2 years 0 1k (CY) *1 Number of rooms: fully-franchised and sellable branded OYO hotels rooms in India. *Past performance is not indicative of future results.There can be no assurances that historical trends will continue throughout the life of the F
Slide 68: Number of Rooms
Number of Rooms (OYO India)* 101k (as of end of June, 2018) 7x 15k (as of March, 2018) larger than No.2 Hotel Chain (as of March, 2018) 5k 0 100 (k) Source: Data as per Mar-2018 filing for Taj and Lemon Tree; India numbers only The comparables provided herein were selected by the Manager for illustr
Slide 69: Number of Rooms (OYO China)
Number of Rooms (OYO China) * 55k over 50k rooms Number of rooms has increased over 25k in 1 month 24k rooms 11k rooms Launched 0 42 *1 *1 Low growth due to Chinese New Year *Past performance is not indicative of future results.There can be no assurances that historical trends will continue througho
Slide 70: Net Additions (Rooms in 3 months cumulative)
Net Additions (Rooms in 3 months cumulative) India China (34K) (47K) (InterContinental) Exceeds world top 3 The comparables provided herein were selected by the Manager for illustrative purposes because the Manager believes that they present the most direct comparables in the industry within the rel
Slide 71: Utilizing AI for Dynamic Pricing
Utilizing A I for Dynamic Pricing Price 43m micro optimizations per day Demand prediction 0:00 7:00 17:00 22:00 Heat map The information contained herein is provided for illustrative purposes only. The information presented herein was provided by OYO. None of SBG, the Fund, the general partner of th
Slide 72: Trucker MAU (Full Truck Alliance)
Trucker MAU (Monthly Active Users) *1 (Full Truck Alliance) 3.1m +36% China’s No.1 freight-truck *2 growth in past year matching platform 2.2m *1 Trucker MAU: Number of registered and further certified truckers that logged in the services at least once a month *Past performance is not indicative of
Slide 73: Utilizing AI for Demand Prediction (Full Truck Alliance)
Utilizing AI for Demand Prediction (Full Truck Alliance) Matching leadtime Vehicle Freight info optimization info Empty load rate optimazation Traffic Dynamic pricing Weather Credit Transaction risk management AI analysis Input Output The information contained herein is provided for illustrative pur
Slide 74: No.1 used car marketplace in Europe
No.1 used car marketplace in Europe (k) Cars sold 256k (k) Dealers 52k 250 50 0 0 *Past performance is not indicative of future results.There can be no assurances that historical trends will continue throughout the life of the Fund. Nothing herein should be construed as a recommendation of any inves
Slide 75: Utilizing AI for Profit Maximization
Utilizing AI for Profit Maximization Residual value Automobile Inventory forecast brand Image recognition assessment Market price Supply / demand control Driving Car mileage condition Appointment prioritization AI analysis Input Output The information contained herein is provided for illustrative pu
Slide 76: Compass Transaction Value
Transaction Value 12 (USD bn) CAGR Real estate 128% technology platform 0 (CY) *Past performance is not indicative of future results.There can be no assurances that historical trends will continue throughout the life of the Fund. Nothing herein should be construed as a recommendation of any investme
Slide 77: Utilizing AI for Efficient Real Estate Sales
Utilizing AI for Efficient Real Estate Sales Contract Predict desirability Search data information Improving valuation estimates Real estate information Optimization of marketing Supply Mortgage and demand and financing Enhance data data transaction rate AI analysis Input Output The information cont
Slide 78: India's largest digital insurance marketplace
AI Big data Chatbot Insurers Mobile apps Customers India’s largest digital insurance marketplace * Annual premium equivalent: used to denote normalized premiums (into the equivalent of regular annual payments). *Nothing herein should be construed as a recommendation of any investment or security. *B
Slide 79: Annual Insurance Transactions
Annual Insurance Transactions * 2 (m) CAGR 108% 0 Past performance is not indicative of future results.There can be no assurances that historical trends will continue throughout the life of the Fund. *Number of policies sold (Source) policybazaar.com 77 Nothing herein should be construed as a recomm
Slide 80: Utilizing AI for Car Inspection
Utilizing AI for Car Inspection before Insurance Subscription Dents Wheel Real-time conditions analysis Car light conditions Car model Reduced inspection time from These videos linked herein are provided for illustrative purposes only and are 3 days to 3 hours The information contained herein is pro
Slide 81: World's cutting-edge computational imaging platform
World’s cutting-edge computational imaging platform 79
Slide 82: Various Applications
Various Applications Autonomous cars Smartphone Robotics Security camera The information presented herein was provided by Light Labs. None of SBG, the Fund, the general partner of the Fund or SBIA make any representation regarding the accuracy or completeness of the information and are under no obli
Slide 83: Utilizing AI for 3D Spatial Perception
Utilizing AI for 3D Spatial Perception Intelligent algorithms Light camera Enhance spatial perception technology *Nothing herein should be construed as a recommendation of any investment or security. (Source) Light Labs 81
Slide 84: SoftBank Group Corp.'s ride-sharing portfolio
SoftBank Group Corp.’s ride-sharing portfolio The information presented in this section regarding SBG’s past investments is provided solely for informational purposes only and is intended to illustrate SBG’s sourcing experience and the profile and types of investments previously pursued by SoftBank,
Slide 85: Utilizing AI for Dynamic Pricing
Utilizing AI for Dynamic Pricing Price Change based on demand AI demand prediction + Intelligent dispatching Time 0:00 7:00 17:00 22:00 24:00 Dispatch algorithm Dynamic pricing * Investments in DiDi are held by SB Delta Fund (Jersey) L.P. and other subsidiaries of SoftBank Group Corp. outside SoftBa
Slide 86: Utilizing AI for Demand Prediction
Utilizing AI for Demand Prediction The information contained herein is provided for illustrative purposes only. The information presented herein was prepared by DiDi. None of SBG, the Fund, the general partner of the Fund or SBIA make any representation regarding the accuracy or completeness of the
Slide 87: We believe AI will drive more safely and efficiently than humans
We believe AI will drive more safely and efficiently than humans The information presented in this section is provided for informational purposes only and should not be construed as a recommendation of any particular investment or security. 85
Slide 88: Test Drive in Chinatown
Test Drive in Chinatown These videos linked herein are provided for illustrative purposes only and are not meant to be advertisements for the sale of GM Cruise or as a recommendation for an investment in securities of GM Cruise. None of SBG, SBIA or the Fund are responsible for the content of these
Slide 89: Test Drive in Construction Zone
Test Drive in Construction Zone These videos linked herein are provided for illustrative purposes only and are not meant to be advertisements for the sale of GM Cruise or as a recommendation for an investment in securities of GM Cruise. None of SBG, SBIA or the Fund are responsible for the content o
Slide 90: Test Drive at Broken Street Light
Test Drive at Broken Street Light These videos linked herein are provided for illustrative purposes only and are not meant to be advertisements for the sale of GM Cruise or as a recommendation for an investment in securities of GM Cruise. None of SBG, SBIA or the Fund are responsible for the content
Slide 91: Growth Strategy of SoftBank
Growth Strategy of SoftBank 89
Slide 92: Evolve as trend changes
PC Internet Broadband Smartphone Evolve as trend changes 90
Slide 93: Mainstream of Information Revolution is shifting to AI
PC Internet Broadband Smartphone AI Mainstream of Information Revolution is shifting to AI 91
Slide 94: Growth strategy for AI era
wa OOftBank Growth strategy for Al era
Slide 95: Four Stages of Information Industry Evolution
Four Stages of Information Industry Evolution Presentation material for our extraordinary shareholders meeting (February 10, 1999) Analog Analog Digital Digital technologies services technologies services Broadcasters Television manufacturers Hardware vendors Printing equipments Newspapers Software
Slide 96: Six Stages of Information Industry Evolution
Six Stages of Information Industry Evolution Analog Analog Digital Digital AI AI technologies services technologies services technologies services Television Broadcasters manufacturers Printing equipments Newspapers Hardware vendors Software vendors SoftBank Film companies SoftBank Vision Fund 94
Slide 97: All industries will be re-defined
AI All industries will be re-defined 95
Slide 98: Biggest revolution in human history
AI Biggest revolution in human history 96
Slide 99: Winners in AI will be winners in the future
Winners in AI will be winners in the future 97
Slide 100: Cluster of No.1 AI Strategy
Cluster of No.1 AI Strategy 98
Slide 101: Cluster of No.1 AI strategy
Cluster of No.1 AI strategy No.1 No.1 No.1 No.1 No.1 No.1 No.1 No.1 No.1 99
Slide 102: Organization that keeps growing for 300 years
Organization that keeps growing for 300 years 100
Slide 103: SoftBank
SoftBank