Rakuten Group, Inc. · TSE:4755
Rakuten — Q1 2024 Earnings Presentation
72 slides from Rakuten's earnings presentation, May 14, 2024
Slide 1: FY2024 First Quarter Consolidated Financial Results Appendix
FY2024 First Quarter Consolidated Financial Results Appendix May 14, 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 in a
Slide 2: Executive Summary
Executive Summary Consolidated Results • Revenue increased in all segments: Internet Services, FinTech, and Mobile. Q1/24 revenue reached a record high of JPY 513.6bn (+8.0% YoY) • Non-GAAP OI improved by JPY 43.5bn YoY to JPY -25.4bn due to increased revenue, improved profitability in Domestic EC g
Slide 3: Executive Summary
Executive Summary Internet Services • Segment revenue: JPY 285.7bn (+5.4% YoY), Non-GAAP OI: JPY 13.6bn (+14.8% YoY). Non-GAAP OI excluding gains and losses from minority investment business: JPY 15.3bn (+63.3% YoY) • Domestic EC GMS: JPY 1.3tn (-4.7% YoY) due to a high YoY hurdle on nationwide trav
Slide 4: Executive Summary
Executive Summary Mobile • Segment revenue: JPY 99.8bn (+3.6% YoY), Non-GAAP OI JPY -71.9bn (+JPY 30.7bn YoY) • Rakuten Mobile revenue: JPY 62.0bn (+7.1% YoY) due to an increase in the number of subscribers and the effect of cost reduction, Non-GAAP OI*1: JPY -73.0bn (JPY +25.9bn YoY), and EBITDA*2:
Slide 5: 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 Consolidate
Slide 6: 1. Ecosystem KPIs
1. Ecosystem KPIs 6
Slide 7: 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 Overseas Internet Services Payment Insurance Securities Bank Mobile Businesses (Rakuten Ichiba) (Rakuten Rew
Slide 8: 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 41.46 mm 76.6 % + 1.8 % 5y-CAGR*3 + 3.5 % YoY *1 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24 *1: Comparison o
Slide 9: 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) +11.8% YoY Membership Value Target JPY
Slide 10: Total Global GTV
Total Global GTV*1*2 (JPY tn) +10.2% *3 YoY LTM Total Global GTV 7.3 9.1 10.1 JPY 41.0tn Q1/22 Q1/23 Q1/24 *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) G
Slide 11: 2. Consolidated Financial Results
2. Consolidated Financial Results 11
Slide 12: Consolidated Financial Results Summary
Consolidated Financial Results Summary*1 ( JPY bn, rounded ) Q1/23 Q1/24 YoY Consolidated Revenue 475.6 513.6 +8.0% Internet Services Segment 271.1 285.7 +5.4% FinTech Segment 168.0 193.5 +15.1% Mobile Segment 96.3 99.8 +3.6% Adjustments -59.9 -65.4 -5.5 Non-GAAP Operating Income (Loss) -69.0 -25.4
Slide 13: Revenue Breakdown
Revenue Breakdown* (JPY bn) +8.0% YoY s Internet Services Segment *Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Service segment to the FinTech segment. No retrospective revisions have been made to past resu
Slide 14: Non-GAAP Operating Income or Loss Breakdown
Non-GAAP Operating Income or Loss Breakdown* (JPY bn) Internet Services Segment Other Internet Services (excl. Minority Minority Investment Investment FinTech Mobile Consolidation Q1/23 Domestic EC Business) Business Segment Segment Adjustment Q1/24 JPY +43.5 bn YoY *Effective September 1, 2023, Rak
Slide 15: EBITDA Breakdown
EBITDA Breakdown*1*2 (JPY bn) JPY +49.3 bn YoY s Internet Services Segment *1: Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Service segment to the FinTech segment. No retrospective revisions have been made
Slide 16: Consolidated and Major Subsidiaries' Balance Sheets – As of Mar 31, 2024
Consolidated and Major Subsidiaries’ Balance Sheets – As of Mar 31, 2024*1*2 ※Non-consolidated balance sheets include internal transactions (JPY bn) Consolidated Rakuten Group, Inc. Rakuten Mobile, Inc. *3 Including cash and cash equivalents for banking business, etc. Total Assets Total Assets Total
Slide 17: Consolidated and Major Subsidiaries' Balance Sheets (1)
Consolidated and Major Subsidiaries’ Balance Sheets (1) – As of March 31, 2024*1 ( JPY bn, rounded ) Q4/23 Q1/24 QoQ Rakuten Group, Inc. (Consolidated) Total Assets 22,625.6 23,851.1 +5.4% *2 Cash and Equivalents 5,127.7 5,369.1 +4.7% Financial Assets for Securities Business 4,128.2 4,910.2 +18.9% I
Slide 18: Consolidated and Major Subsidiaries' Balance Sheets (2)
Consolidated and Major Subsidiaries’ Balance Sheets (2) – As of March 31, 2024*1*2 ( JPY bn, rounded ) Q4/23 Q1/24 QoQ Rakuten Group, Inc. (Non-consolidated) *Including internal transactions Total Assets 4,313.1 4,435.2 +2.8% Cash and Equivalents 206.9 333.3 +61.1% Other Assets 4,106.2 4,102.0 -0.1%
Slide 19: 3. Segment Results and KPIs
3. Segment Results and KPIs 19
Slide 20: 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 Rakuten Other domestic Rakuten Mobile, Rakuten Card Rakuten Bank, Securities and overseas Inc. Co., Ltd. Ltd. Holdings,
Slide 21: 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 Group COO Representative Director Chairman, President and CEO Company President
Slide 22: Internet Services Segment Structure
Internet Services Segment Structure* Internet Services Segment Domestic EC ◼ Rakuten Ichiba Core Business ◼ Rakuten Travel ◼ Rakuten Rebates ◼ Rakuten BIC From September 1, 2023, Rakuten Pay (online payment) ◼ Rakuten GORA etc. business and Rakuten Points (online) business transferred to FinTech Gro
Slide 23: 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 24: 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. 24
Slide 25: Internet Services Segment
Internet Services Segment 25
Slide 26: Internet Services Segment Financial Results
Internet Services Segment Financial Results*1 Non-GAAP Q1/24 (JPY bn) Revenue YoY YoY Operating Income Domestic EC 211.4 +3.1% 21.5 +2.7% Core Businesses 182.4 +1.8% 30.6 -2.6% Growth Investment Businesses 29.0 +12.1% -9.2 +1.4 Other Internet Services 74.4 +12.3% -7.9 +1.2 *2 Rakuten Rewards 28.6 +1
Slide 27: Internet Services Segment Revenue Breakdown
Internet Services Segment Revenue Breakdown* (JPY bn) +5.4% 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 Service segment to the FinTech segment. No retrospective rev
Slide 28: Internet Services Segment Non-GAAP Operating Income Breakdown
Internet Services Segment Non-GAAP Operating Income Breakdown*1 (JPY bn) +14.8% YoY *2 *2 Domestic EC Other Internet Services *1: Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Service segment to the FinTech
Slide 29: 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 changes and 0/5 rule revisions in Dec 2023, and the nationwide travel campaign impacting Rakuten Travel, the GMS growth rate improved by +1.5 pts QoQ Domestic EC (JPY bn)
Slide 30: Domestic E-Commerce Revenue
Internet Services Segment Domestic EC Other Internet Services Domestic E-Commerce Revenue * Core Businesses growth slowed YoY due to hurdles such as the SPU changes and 0/5 rule revisions in Dec 2023, and the nationwide travel campaign impacting Rakuten Travel Growth Investment Businesses saw increa
Slide 31: Domestic E-Commerce Operating Income
Internet Services Segment Domestic EC Other Internet Services Domestic E-Commerce Operating Income * Excluding Payment Online transfer, SPU and 0/5 rule change, and the end of nationwide travel campaign, operating income is estimated to have been over 20% YoY 20.9 (JPY bn) 20.3 21.5 Domestic EC 31.5
Slide 32: 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 33: List of Logistics Centers
Internet Services Segment Domestic EC Other Internet Services List of Logistics Centers JP Rakuten Logistics Rakuten Seiyu Netsuper Logistics Centers Yao Opened in 2023 RSL* Kawanishi Opened in 2012 Rakuten 24 Hirakata Opened in 2019 RSL* Nanko Narashino Ibaraki Opened in 2016 Fukuoka Opened in 2020
Slide 34: Rakuten Seiyu Netsuper: Promoting initiatives to turn profitable
Internet Services Segment Domestic EC Other Internet Services Rakuten Seiyu Netsuper: Promoting initiatives to turn profitable After becoming a wholly-owned subsidiary, introduced initiatives to become profitable and various KPIs performed well Main initiatives to achieve profitability Q1/24 • Acqui
Slide 35: Rakuten STAY: Overview
Internet Services Segment Domestic EC Other Internet Services Rakuten STAY: Overview Scheme Strengths ① Rakuten STAY is the tenant and Rakuten Group, Inc. is the investor ② Rakuten STAY supervises the interior design of each 1 Rakuten Group data facility, manages construction, and operates each faci
Slide 36: Rakuten STAY: Portfolio and Performance (as of end of Mar 2024)
Internet Services Segment Domestic EC Other Internet Services Rakuten STAY: Portfolio and Performance (as of end of Mar 2024) Accommodations Source of Value Creation Performance Accommodations: 47 (1,013 rooms) 「New Accommodation Experience」 × Equity IRR: 37.3%* Popular locations driven by - Estimat
Slide 37: Other Internet Services Revenue
Internet Services Segment Domestic EC Other Internet Services Other Internet Services Revenue ◼ Rakuten Rewards saw double-digit growth in local currency terms ◼ Increased subscription revenues at Kobo and Viki, and increase in ad and telecom revenues at Viber contributed (JPY bn) 106.3 78.0 76.3 54
Slide 38: Other Internet Services Operating Income
Internet Services Segment Domestic EC Other Internet Services Other Internet Services Operating Income* ◼ Rakuten Rewards achieved profit growth in local currency terms ◼ Improvements in Viber, Kobo, Viki, and other international businesses drove overall results (JPY bn) 1.3 1.4 -9.1 Rakuten Rewards
Slide 39: Rakuten Rewards
Internet Services Segment Domestic EC Other Internet Services Rakuten Rewards* Achieved positive revenue growth YoY due to lower item return ratio Operating income improved due to ongoing cost control efforts (USD mm) GMS・Take Rate Revenue Non-GAAP Operating Income 9.5% 8.0% 7.8% 8.1% 7.1% 29 2,538
Slide 40: Global Customer Base
Internet Services Segment Domestic EC Other Internet Services Global Customer Base The global customer base of Rakuten services, which operate businesses around the world, are steadily expanding (Rakuten Rewards) GMS Total Users* Registered Users Registered Users Registered Users Q1/24 (As of the en
Slide 41: Rakuten Capital Investment Performance
Internet Services Segment Domestic EC Other Internet Services Rakuten Capital*1 Investment Performance As of March 31, 2024*2 294.5 (JPY bn) Gain +142.9 83.7 Remaining ROI +107% (Unrealized) IRR +17% 151.6 210.9 Exit Amount (Realized) Initial Inv. Remaining Fair Value (2012~2024 Q1) + Exited *1: Inv
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 46 41 2 Investments*3: 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 43
Slide 44: FinTech Segment Financial Results
FinTech Segment Financial Results *1*2*3*4 Non-GAAP Q1/24 (JPY bn) Revenue YoY YoY Operating Income Rakuten Card 80.0 +6.9% 15.3 +22.7% Rakuten Bank 35.6 +18.4% 13.9 +29.9% Rakuten Securities 31.3 +25.9% 7.4 +20.9% Insurance Business 22.4 +7.3% 2.2 +12.4% Rakuten Payment 20.1 +27.8% 0.8 +4.0 Others
Slide 45: FinTech Segment Revenue Breakdown
FinTech Segment Revenue Breakdown* (JPY bn) +15.1% YoY *Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Service segment (Domestic EC) to the FinTech segment. Retrospective revisions were made to Rakuten Paymen
Slide 46: FinTech Segment Non-GAAP Operating Income Breakdown
FinTech Segment Non-GAAP Operating Income Breakdown* (JPY bn) +47.4% YoY *Effective September 1, 2023, Rakuten Pay (online payment) business and Rakuten Points (online) business were transferred from the Internet Service segment (Domestic EC) to the FinTech segment. Retrospective revisions were made
Slide 47: Rakuten Card Financial Results
FinTech Segment Card Bank Securities Insurance Payment Rakuten Card Financial Results Revenue increased due to growth in shopping GTV and cash advances. Continued high growth in installment payments Achieved significant increase in OI, with a higher OI margin, thanks to maintaining low levels of bad
Slide 48: Rakuten Card KPIs
FinTech Segment Card Bank Securities Insurance Payment Rakuten Card KPIs Achieved 30 mm of card issued as defined in “Triple 3”. Hereafter, focus will be on expansion of increasing shopping GTV and GTV share * Shopping GTV Target: JPY 30 bn GTV Share Target: 30% 23.6% 21.1 18.2 +12.5% YoY 4.9 5.6 De
Slide 49: Rakuten Bank Financial Results and KPIs
FinTech Segment Card Bank Securities Insurance Payment Rakuten Bank Financial Results and KPIs From Jan 2024, new NISA tailwinds drove strong growth in account openings via Rakuten Securities. Increase in number of accounts and deposit balances, alongside steady growth in AUM, led to significant inc
Slide 50: Rakuten Securities Financial Results and KPIs
FinTech Segment Card Bank Securities Insurance Payment Rakuten Securities Financial Results and KPIs Number of general accounts and trading volume continued to expand due to the elimination of domestic stock transaction fees and the launch of new NISA With expansion of the customer base and the resu
Slide 51: Insurance Business Financial Results
FinTech Segment Card Bank Securities Insurance Payment Insurance Business Financial Results In Life Insurance, revenue and profit grew due to an increase in insurance premium per policy and investment income In General Insurance, steady growth of “Drive Assist (personal auto insurance)” and increase
Slide 52: Rakuten Payment Financial Results
FinTech Segment Card Bank Securities Insurance Payment Rakuten Payment Financial Results * Rakuten Pay (app payments) saw a significant increase in revenue due to successful measures since 2022 to expand member stores and users Rakuten Payment achieved quarterly profitability. Expecting continued gr
Slide 53: Mobile Segment
Mobile Segment 53
Slide 54: Mobile Segment Financial Results
Mobile Segment Financial Results Non-GAAP Q1/24 (JPY bn) Revenue QoQ QoQ Operating Income *1 Rakuten Mobile 62.0 +4.8% -73.0 -5.0 MNO 36.2 +9.0% *2 MVNO 2.4 -9.5% Device Revenue 13.5 -3.4% Other Revenue (including Rakuten Hikari, 9.9 +6.3% etc.) Rakuten Symphony 16.4 -23.5% Rakuten Energy 14.7 +19.7
Slide 55: Mobile Segment Revenue Breakdown
Mobile Segment Revenue Breakdown (JPY bn) +0.4% QoQ Compared to Q4/23, sales increased in Q1/24 due to lower temperatures and increased demand. Q1/23 Q2/23 Q3/23 Q4/23 Rakuten Mobile Rakuten Rakuten Others Q1/24 Symphony Energy 55
Slide 56: Mobile Segment Non-GAAP Operating Income/Loss Breakdown
Mobile Segment Non-GAAP Operating Income/Loss Breakdown (JPY bn) Q1/23 Q2/23 Q3/23 Q4/23 Rakuten Mobile Others Q1/24 Rakuten Energy, Inc. An increase in revenue and a stable electricity trading market that lead to a decrease in costs, resulted in an increase in profits. JPY -0.7 bn QoQ 56
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) Q1/22 Q1/23 Q1/24 Q1/22 Q1/23 Q1/24 62 58 59 56 -29 -26 53 52 10 -40 9 -43 10 9 46 46 46 8 -68 -66 -55 -7 9 -79 -77 14 -71 8 7 8 14
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)* Subscribers increased driven by the marketing efforts during the March peak sales season etc. (mm lines) 6.33 5.90 5.10 4.91 4.77 4.76 4.53 4.46 4.56 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 *Only M
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 improves Launch of Rakuten UN-LIMIT VII 5.4% 4.6% Launch of Rakuten SAIKYO Plan 3.8% 3.1% 2.5% 2.4% 2.1% 1.7% 1.5% Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24
Slide 61: ARPU (MNO)
Mobile Segment Rakuten Mobile Rakuten Symphony ARPU (MNO*1) ARPU for both B2C and B2B rose QoQ, but the concentration of B2C and B2B contract acquisitions in the last month of Q1/24 was a temporary negative factor. Monthly ARPU in March was 2,024 yen 2,500 (JPY) ■ Others*4 2,017 2,056 2,007 2,024 ■
Slide 62: Rakuten Mobile MNO Average Data Volume (B2C)
Mobile Segment Rakuten Mobile Rakuten Symphony Rakuten Mobile MNO Average Data Volume (B2C) Data usage in B2C is steadily increasing QoQ Averaged data consumption volume per day (GB) Rakuten SAIKYO Plan Rakuten UN-LIMIT VII start start 0.79 0.80 0.77 0.78 0.78 0.78 0.76 0.75 0.70 0.65 0.61 0.61 0.56
Slide 63: 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 Q1/24 Group profit Average increase in B2C ARPU uplift*3 uplift*4 service usage in one year JPY+ 1,055 JPY+ 9.8bn +2.55 Post MNO (
Slide 64: 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 amount (GTV) between Take rate for usage between MNO and Average ARPU MNO and non-MNO each servic
Slide 65: 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
Slide 66: 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. ◼ On December 8, 2023, 1&1 and Rakuten launched Eu
Slide 67: Ad Business
Ad Business 67
Slide 68: Ad Business Financial Results
Ad Business*1 Financial Results Revenue*2 (JPY bn) Revenue Ad Business Growth Analysis Ad Business Scale Revenue Ratio to Largest Consolidated Revenue 1. Internal Advertisers × Internal Inventory … +10.5% YoY Growth driven by ad placements for Rakuten Ichiba stores and 10.2% 10.1% hotels in Rakuten
Slide 69: 4. Finance
4. Finance 69
Slide 70: 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 ●Overseas Secondary ●Third-party ●Strategic Transaction ●Rakuten ●Public offering and Transaction involving Offering of Shares of allotments Involving Rakuten Securiti
Slide 71: Rakuten Mobile Funding Flow
Rakuten Mobile Funding Flow (FY2023: JPY 65.7 bn) Dividends, FinTech Companies management fees, etc. • Independently regulated and funded Rakuten Group, Inc. • FCF from Internet Rakuten Mobile, Inc. Services Equity/Loan • Lease financing, Dividends, • Equity-related financing securitization, etc. Ot
Slide 72: 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