Softbank Group Corp. · TSE:9984
Softbank — FY2021 Earnings Presentation
90 slides from Softbank's earnings presentation, May 12, 2022
Slide 1: Earnings Results for the Fiscal Year ended March 31, 2022
Earnings Results for the Fiscal Year ended March 31, 2022 May 12, 2022
Slide 2: Disclaimers
Disclaimers This presentation provides relevant information about SoftBank Group Corp. (“SBG”) and its subsidiaries (including Arm Limited, together with SBG, the “Company”) and its affiliates (together with the Company, the “Group”) and does not constitute or form any solicitation of investment inc
Slide 3: Defense
Defense 2
Slide 4: Defense: Stricter Investment Criteria, Continued Monetization
Defense Stricter Continued Investment Monetization Criteria 3
Slide 5: The World in Chaos
The World in Chaos Russian COVID-19 Invasion of Ukraine 4
Slide 6: Global Pandemic
Cumulative COVID-19 Cases (Global) 500mm Global Pandemic 2020 2021 2022 As of May 11, 2022 (Source) World Health Organization 5
Slide 7: Crude Oil Prices
Crude Oil Prices (Index with Dec. 31, 2021 as 100) 160 Up 38% 150 140 138 130 133 120 110 100 90 Dec. 31 Mar. 31 May 11 2021 2022 2022 Crude oil prices: WTI at New York Mercantile Exchange (Source) S&P Capital IQ 6
Slide 8: Natural Gas Prices
Natural Gas Prices (Index with Dec. 31, 2021 as 100) 260 240 220 217 Up 117% 200 180 159 160 140 120 100 80 Dec. 31 Mar. 31 May 11 2021 2022 2022 Natural gas prices: Henry Hub at New York Mercantile Exchange (Source) S&P Capital IQ 7
Slide 9: Wheat Prices
Wheat Prices (Index with Dec. 31, 2021 as 100) 170 160 150 144 Up 44% 140 130 131 120 110 100 90 Dec. 31 Mar. 31 May 11 2021 2022 2022 Wheat prices: Chicago Board of Trade (Source) S&P Capital IQ 8
Slide 10: Consumer Price Index
Consumer Price Index (Index with Jan. 2020 as 100) 115 112 110 Up 12% 105 100 95 Jan. Apr. Consumer price index: Consumer Price Index for All Urban Consumers 2020 2022 (U.S. city average, all items, not seasonally adjusted) (Source) U.S. Bureau of Labor Statistics 9
Slide 11: Long-term Interest Rates
Long-term Interest Rates 3.5% 3.0% 2.9% Higher 2.5% 2.3% 2.0% 1.5% 1.5% 1.0% Dec. 31 Mar. 31 May 11 2021 2022 2022 Long-term interest rates: U.S. 10-year Treasury yield (Source) S&P Capital IQ 10
Slide 12: Exchange Rate (USD/JPY)
Exchange Rate (USD/JPY) 135 130.2 JPY Weaker Yen 130 125 120 121.4 JPY 115.1 JPY 115 110 Dec. 31 Mar. 31 May 11 2021 2022 2022 (Source) S&P Capital IQ 11
Slide 13: NASDAQ Composite Index
NASDAQ Composite Index (Index with Dec. 31, 2021 as 100) 105 Down 27% 100 95 90 91 85 80 75 73 70 Dec. 31 Mar. 31 May 11 2021 2022 2022 (Source) S&P Capital IQ 12
Slide 14: Concerns about SoftBank?
Concerns about SoftBank? Decline in equity holding value? Too much debt? Tight cash position? 13
Slide 15: Facts (Mar. 2022)
Facts (Mar. 2022) NAV (Net Asset Value) JPY 18.5tr (USD 151bn) LTV (Loan to Value) 20.4% Cash position JPY 2.9tr (USD 23bn) As of Mar. 31, 2022 USD 1 = JPY 122.39 (Mar. 31, 2022 TTM) LTV = Net debt / Equity value of holdings NAV, LTV: For details, see Appendix “Definition and Calculation Method of S
Slide 16: Consolidated Results
Consolidated Results 15
Slide 17: Net Income
Net Income JPY 5.0tr (USD -15.1bn) JPY -1.0tr (Founded) JPY -1.7tr 1981 ’83 ’85 ’87 ’89 ’91 ’93 ’95 ’97 ’99 ’01 ’03 ’05 ’07 ’09 ’11 ’13 ’15 ’17 ’19 ’21 (FY) USD 1 = JPY 112.86 (average rate during Apr. 2021-Mar. 2022) Prior to FY2012: JGAAP. Since FY2012: IFRS, net income attributable to owners of t
Slide 18: Gain and Loss on Investments of Vision Fund etc. (Cumulative)
Gain and Loss on Investments of Vision Fund etc. (Cumulative) * (JPY bn) 367.0 147.6 506.7 477.3 6,040.6 284.4 341.3 521.8 421.4 3,047.3 Vision Fund etc.: SVF1, SVF2, and LatAm Funds Vision Fund 1: SVF1 Vision Fund 2: SVF2 6,220.9 LatAm: sum of LatAm Funds 76.0 5,858.7 258.7 LatAm The information co
Slide 19: Gain and Loss on Investments of Vision Fund etc. (Cumulative) by Region
Gain and Loss on Investments of Vision Fund etc. (Cumulative) * (JPY bn) 1,476.8 6,040.6 170.3 922.1 132.1 2,960.6 3,107.7 3,092.2 3,205.0 3,047.3 510.7 1,524.4 Asia, Europe, Latin America, etc. ** 112.8 363.1 Vision Fund etc.: SVF1, SVF2, and LatAm Funds 685.5 Countries and regions: based on the he
Slide 20: Most Important Indicators for SoftBank
Most Important Indicators for SoftBank 19
Slide 21: NAV LTV
Most Important Indicators for SoftBank NAV LTV (Net Asset Value) (Loan to Value) 20
Slide 22: NAV JPY 18.5tr
Most Important Indicators for SoftBank NAV (Net Asset Value) = JPY 18.5tr (Down JPY 0.8tr vs Dec. 31, 2021) (USD 151bn) USD 1 = JPY 122.39 (Mar. 31, 2022 TTM) NAV(JPY 18.5tr): as of Mar. 31, 2022 For details, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar. 31, 2022)”
Slide 23: NAV and Market Cap Discount
Most Important Indicators for SoftBank Market Cap JPY 9.2tr (USD 75bn) Discount 50% NAV (Net Asset Value) = JPY 18.5tr (Down JPY 0.8tr vs Dec. 31, 2021) (USD 151bn) USD 1 = JPY 122.39 (Mar. 31, 2022 TTM) NAV (JPY 18.5tr), Market cap (JPY 9.2tr), Discount (50%): as of Mar. 31, 2022 For details, see A
Slide 24: NAV (Net Asset Value)
NAV (Net Asset Value) Down JPY 0.8tr in 3 months JPY 19.3tr JPY 18.5tr (Mar. 31, 2022) (USD 168bn) (USD 151bn) (Dec. 31, 2021) ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 (FY) USD 1 = JPY 115.02 (Dec. 31, 2021 TTM) USD 1 = JPY 122.39 (Mar. 31, 2022
Slide 25: NAV (Net Asset Value) Composition
NAV (Net Asset Value) 59% (Sep. 30, 2020) JPY 18.5tr (Mar. 31, 2022) (USD 151bn) 22% Alibaba 3% Listed investments 12% arm 4% T-Mobile/Deutsche Telekom 10% SBKK 49% Vision Fund etc. Each percentage is the proportionated share of holding equity value for each time period T-Mobile/Deutsche Telekom: Sp
Slide 26: NAV LTV
Most Important Indicators for SoftBank NAV LTV (Net Asset Value) (Loan to Value) 25
Slide 27: LTV 20.4%
Most Important Indicators for SoftBank 20.4% = (1.2% improvement vs Dec. 31, 2021) (Loan to Value) LTV LTV (net debt/equity value of holdings) (20.4%): as of Mar. 31, 2022 For details, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar. 31, 2022)” 26
Slide 28: LTV (Net Debt / Equity Value of Holdings)
LTV (Net Debt / Equity Value of Holdings) 100% 90% IPO (Dec. 2018) LTV has been strictly maintained 80% below 25% for over 3 years 70% 60% 50% 40% 30% 30% 35% 30% 18% 19% 25% 20% 16% 17% 17% 16% 15% 11% 12% 14% 12% 22% 20.4% 9% 10% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (End of each quar
Slide 29: Cash Position
Cash Position (JPY tr) 6.0 5.0 Sufficient level maintained 4.2 4.0 JPY 2.9tr Cash position 3.0 2.9 2.8 (USD 23bn) incl. undrawn commitment line 2.3 2.4 2.1 2.0 2.1 2.1 2.0 1.8 1.7 1.8 1.2 1.0 1.7 1.6 1.8 1.6 1.5 1.3 1.4 1.3 1.3 Bond redemptions 0.9 0.9 1.0 0.6 0.6 USD 11bn for the next 2 years 0.0 Q
Slide 30: Cash Position and Bond Redemption Schedule
Cash Position Cash Position Bond Redemption Schedule incl. undrawn commitment line JPY 2.9tr (USD 23bn) Bond redemptions for the next 2 years JPY 1.3tr (USD 11bn) JPY 0.9tr JPY 0.4tr Mar. 31, 2022 FY2022 FY2023 USD 1 = JPY 122.39 (Mar. 31, 2022 TTM) Cash position: cash and cash equivalents + short-t
Slide 31: Share Repurchase up to JPY 1.0tr
Share Repurchase Up to JPY 1.0tr (by Nov. 8, 2022) Up to JPY 1.0tr: total repurchase amount in accordance with a board resolution as of Nov. 8, 2021 to be repurchased considering financial policies, new investment opportunities, NAV discount, etc (the total repurchase amount may not reach JPY 1.0tr
Slide 32: Share Repurchase Progress
Share Repurchase Up to JPY 1.0tr (by Nov. 8, 2022) 43% progress Repurchased JPY 0.43tr in 6 months (Nov. 2021 - Apr. 2022) (avg. purchase price: JPY 5,197) Up to JPY 1.0tr: total repurchase amount in accordance with a board resolution as of Nov. 8, 2021 to be repurchased considering financial polici
Slide 33: Capital for Investments (FY2021)
Capital for Investments (FY2021) (12-month total) JPY 5.2tr (USD 46.2bn) Contribution to Vision Fund etc. Investment Converted into JPY using the average rate of each period, etc Contribution to Vision Fund etc.: the total amount of contribution to SVF1 (USD 0.6bn), SVF2 (USD 41.4bn, including inves
Slide 34: Capital for Investments (FY2021) Investment and Capital
Capital for Investments (FY2021) (12-month total) JPY 5.6tr JPY 5.2tr (USD 49.5bn) (USD 46.2bn) Distribution from Vision Fund, Contribution to sale of listed stocks, Vision Fund etc. asset-backed financing, etc. Investment Capital Converted into JPY using the average rate of each period, etc Contrib
Slide 35: Approved Investment Amount of Vision Fund etc.
Approved Investment Amount of Vision Fund etc. * (USD bn) 33.3 20.9 Stricter selection 16.5 of investments 12.8 11.3 10.4 9.2 9.1 7.2 5.7 5.0 3.6 3.7 2.8 2.5 1.9 1.2 1.6 0.2 0.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2017 FY2018 FY2019 FY2020 FY2021 Vision Fund etc.: SVF1, SVF
Slide 36: SoftBank Vision Fund etc. Total Companies
SoftBank Vision Fund etc. 475 total companies (incl. 15 companies post-investment committee approval but pre-investment closing) SoftBank Vision Fund 1 SoftBank Vision Fund 2 advised by SBIA, SBGA SoftBank Latin America Funds advised advised by SBIA (278 total companies: 252 portfolio companies as o
Slide 37: Number of IPOs / Divestments of Vision Fund Portfolio Companies
Number of IPOs / Divestments of Vision Fund etc. Portfolio Companies (Companies) 27 SoftBank Vision Fund Record-high 14 6 4 3 2 2 2 2 1 1 1 1 1 1 1 1 1 1 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 (FY) Vision Fund etc.: SVF1, SVF2, LatAm F
Slide 38: Distributions of Vision Fund (Cumulative)
Distributions of Vision Fund (Cumulative) USD 47.3bn USD 8.6bn Vision Fund 2 USD 38.7bn Vision Fund 1 Mar. 31, 2022 Distributions include proceeds from investment realizations, financing and preferred equity coupon distributed to limited partners from fund inception to Mar. 31, 2022 It includes the
Slide 39: Distributions of Vision Fund (Cumulative) by Investor
Distributions of Vision Fund (Cumulative) USD 47.3bn USD 8.6bn Vision Fund 2 USD 7.6bn Vision Fund 1 (SBG) USD 31.1bn Vision Fund 1 (LPs other than SBG) Mar. 31, 2022 Vision Fund 1 (SBG): includes USD 0.5bn distributions for the incentive scheme Vision Fund 2: includes USD 0.2bn in distributions pai
Slide 40: Sale and Monetization of Assets Held
Sale and Monetization of Assets Held (since FY2018) (as of Mar. 31, 2022) JPY 14.8tr (USD 132bn) Robust track record (sales, asset-backed financing, dividends, etc.) (Deutsche Telekom) Vision Fund • SBKK: sum of the net proceeds from the Secondary Offering at and after IPO in Dec. 2018 and transfer
Slide 41: Defense: Stricter Investment Criteria, Continued Monetization
Defense Stricter Continued Investment Monetization Criteria 40
Slide 42: Opportunity
Opportunity 41
Slide 43: =
42 =
Slide 44: Arm-based Chips Shipped (Annual)
Arm-based Chips Shipped (Annual) (chips) 29bn Powering the Information Revolution '90 ’94 ’98 ’02 ’06 ’10 ’14 ’18 ’21 (CY) Annual number of chips shipped (Source) Arm The information contained herein is provided for illustrative purposes only The information herein was prepared by Arm. None of SBG,
Slide 45: Becoming the key player in growth industries
Market Share Mobile IoT Automotive Cloud 95% 63% 24% 5% Becoming the key player in growth industries Mobile: market share (by volume) of mobile application processors in smartphones and tablets, IoT: market share (by volume) of the combined embedded and IoT market which includes all industrial chips
Slide 46: Arm Revenue (Annual)
Revenue (Annual) (USD mm) USD 2,665mm On to the Second 1,823 1,809 1,980 Growth Stage 1,788 1,689 (Source) Arm After FY2017: excl. ISG revenues ISG: Internet-of-Things Services Group FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 Based on, but not necessarily in conformity with IFRS All numbers are unaud
Slide 47: Arm Adjusted EBITDA (Annual)
Adjusted EBITDA (Annual) (USD mm) USD 999mm 827 V-Shaped Recovery 596 436 371 365 (Source) Arm Arm’s Adjusted EBITDA for FY2018-19 excludes ISG direct costs only FY2020-21 also excludes some corporate costs associated with ISG ISG: Internet-of-Things Services Group FY2016 FY2017 FY2018 FY2019 FY2020
Slide 48: Products by Architecture
Products by Architecture v4 v5 v6 v7 v8 v9 2001 2004 2005 2008 2010 2013 - 2021 2022 - and more * (Game) (Game) (Feature phone) (Smartphone) (Smartphone) (Autonomous car) (Supercomputer) (Smartphone) GAME BOY NINTENDO Samsung Samsung NOKIA 6620 HTC Dream Audi A8L Fugaku ADVANCE DS Galaxy S Galaxy S2
Slide 49: Key to Further Growth: Multi-Core
Key to Further Growth Multi-Core 48
Slide 50: Core
arm AOAAEMMMMMMMMMMEMMM ORME EMEEMEE EE 49
Slide 51: Core
arm | EERE EERE ER MEER EERE EE EERE EERE 50
Slide 52: Cores
Core Core Core Core 51
Slide 53: Multiple Cores
Core Core Core Core Core Core Core Core 52
Slide 54: Multi-Core (Smartphone)
Multi-Core (Smartphone) v7 v8 v9 2010 2011 2012 2013 2015 2022 Samsung Samsung Samsung Samsung Samsung Samsung Device Galaxy S Galaxy S2 Galaxy S3 Galaxy S4 Galaxy S6 Galaxy S22 Cores 1 2 4 8 8 8 (Source) Arm The information contained herein is provided for illustrative purposes only The information
Slide 55: Multi-Core (Cloud)
Multi-Core (Cloud) v7 v8 v9 2011 2014 2016 2018 2019 2020 2021 Applied Calxeda AMD Cavium Fujitsu Amazon Ampere Ampere Alibaba NVIDIA Micro Opteron CPU Energy Core X-Gene Seattle Thunder-X2 A64FX Graviton2 Altra Altra Max Yitian 710 Grace Cores 4 8 8 32 48 64 80 128 128 144 (Source) Arm The informat
Slide 56: Smartphones 5G
Smartphones 5G A I, Metaverse, Gaming, Traditional Smartphones Video, Graphics etc. 55
Slide 57: IoT
IoT Smart home devices, Remote Control Smart speakers, etc. 56
Slide 58: Cloud
Cloud Traditional Cloud Super Cloud 57
Slide 59: Automotive
Automotive EV Autonomous driving Traditional Cars Smart Cars 58
Slide 60: Toward Further Growth
Toward Further Growth (No additional capital required from SBG) 59
Slide 61: Arm will prepare for an IPO
Arm will prepare for an IPO Governance of Arm China normalized For details, refer to the press release dated Feb. 8, 2022, "Termination of Agreement to Sell All Shares in Subsidiary Arm and Preparation for Arm Public Offering” and the press release dated Apr. 30, 2022, "Arm China Majority Shareholde
Slide 62: History of Information Revolution
History of Information Revolution 61
Slide 63: Market Cap (Global) 30x Internet (2000)
Market Cap (Global) (Index with 1994 as 1) 30x Internet (2000) 1 1994 ’95 ’96 ’97 ’98 ’99 ’00 ’01 (CY) As of May 31, 2000 Internet Market Cap: quarterly changes starting from the end of Dec. 1994 (Source) SBG’s estimate based on S&P Capital IQ FX rate: as of the end of each quarter 62
Slide 64: Market Cap (Global) 10x Internet (2001)
Market Cap (Global) (Index with 1994 as 1) 30x (2000) Dotcom Bubble Burst 10x Internet (2001) 1 1994 ’95 ’96 ’97 ’98 ’99 ’00 ’01 (CY) As of Sep. 30, 2001 Internet Market Cap: quarterly changes starting from the end of Dec. 1994 (Source) SBG’s estimate based on S&P Capital IQ FX rate: as of the end o
Slide 65: Market Cap (Global) 100x Internet (2007)
Market Cap (Global) (Index with 1994 as 1) 100x Internet (2007) 30 10 1 1994 ’96 ’98 ’00 ’02 ’04 ’06 ’08 (CY) As of Dec. 31, 2007 Internet Market Cap: quarterly changes starting from the end of Dec. 1994 (Source) SBG’s estimate based on S&P Capital IQ FX rate: as of the end of each quarter 64
Slide 66: Market Cap (Global) 50x Internet (2008)
Market Cap (Global) (Index with 1994 as 1) 100x (2007) Global Financial Crisis 50x Internet (2008) 30 10 1 1994 ’96 ’98 ’00 ’02 ’04 ’06 ’08 (CY) As of Dec. 31, 2008 Internet Market Cap: quarterly changes starting from the end of Dec. 1994 (Source) SBG’s estimate based on S&P Capital IQ FX rate: as o
Slide 67: Market Cap (Global) 2,400x Internet (2021)
Market Cap (Global) (Index with 1994 as 1) 2,400x Internet (2021) 100 50 1 30 10 1994 ’98 ’02 ’06 ’10 ’14 ’18 ’22 (CY) As of Jun. 30, 2021 Internet Market Cap: quarterly changes starting from the end of Dec. 1994 (Source) SBG’s estimate based on S&P Capital IQ FX rate: as of the end of each quarter
Slide 68: Market Cap (Global) 1,800x Internet (2022)
Market Cap (Global) (Index with 1994 as 1) 2,400x (2021) 1,800x Internet (2022) 100 50 1 30 10 1994 ’98 ’02 ’06 ’10 ’14 ’18 ’22 (CY) As of Mar. 31, 2022 Internet Market Cap: quarterly changes starting from the end of Dec. 1994 (Source) SBG’s estimate based on S&P Capital IQ FX rate: as of the end of
Slide 69: Market Cap (Global) Information Revolution Continues
Market Cap (Global) (Index with 1994 as 1) Information Revolution Continues 2,400 1,800 1 30 10 100 50 1994 ’22 (CY) After the end of Mar. 2022 is for illustration purpose only Internet Market Cap: quarterly changes starting from the end of Dec. 1994 (Source) SBG’s estimate based on S&P Capital IQ F
Slide 70: Opportunity: SoftBank Vision Fund
Opportunity SoftBank Vision Fund 69
Slide 71: Conclusion
Conclusion 70
Slide 72: Facts (Mar. 2022)
Facts (Mar. 2022) NAV (Net Asset Value) JPY 18.5tr (USD 151bn) LTV (Loan to Value) 20.4% Cash position JPY 2.9tr (USD 23bn) As of Mar. 31, 2022 USD 1 = JPY 122.39 (Mar. 31, 2022 TTM) LTV = Net debt / Equity value of holdings NAV, LTV: For details, see Appendix “Definition and Calculation Method of S
Slide 73: Defense: Stricter Investment Criteria, Continued Monetization
Defense Stricter Continued Investment Monetization Criteria 72
Slide 74: Opportunity: SoftBank Vision Fund
Opportunity SoftBank Vision Fund 73
Slide 75: Information Revolution Happiness for everyone
Information Revolution Happiness for everyone 74
Slide 76: SoftBank
SoftBank
Slide 77: Appendix
Appendix
Slide 78: Definition and Calculation Method of SBG's NAV and LTV (as of Dec. 31, 2021)
Definition and Calculation Method of SBG’s NAV and LTV (as of Dec. 31, 2021) 1. NAVNet Asset Value ◦ NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjusting asset-backed financing) ◦ Alibaba: calculated by multiplying the number of Alibaba ADSs equivalent to the number
Slide 79: Definition and Calculation Method of SBG's NAV and LTV (as of Mar. 31, 2022)
Definition and Calculation Method of SBG’s NAV and LTV (as of Mar. 31, 2022) 1. NAVNet Asset Value ◦ NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjusting asset-backed financing) ◦ Alibaba: calculated by multiplying the number of Alibaba ADSs equivalent to the number
Slide 80: SVF1 Investment Highlights (SBG consolidated basis)
SVF1 Investment Highlights (SBG consolidated basis) * (From SVF1 inception to Mar. 31, 2022) USD 54.5bn USD 28.8bn Realized gain Investment USD 21.2bn market uplift + realized gains USD -25.7bn Realized loss Valuation gain USD -0.6bn USD 33.3bn Valuation loss USD -25.1bn Mark up Mark down (40 invest
Slide 81: SVF1 Listed Portfolio Companies (as of Mar. 31, 2022)
SVF1 Listed Portfolio Companies (as of Mar. 31, 2022) (a) (b) (c) = (b) - (a) (d) = (b) / (a) (USD mm) Company Investment cost *2 Gross return *3 Gross gain (loss) Gross MOIC *4 to SVF1 to SVF1 to SVF1 Doordash 680 9,085 +$8,405 13.4x Coupang 2,729 10,889 +$8,160 4.0x Fully Exited NVIDIA 2,878 5,813
Slide 82: SVF1 Listed Portfolio Companies (as of May 11, 2022)
SVF1 Listed Portfolio Companies (as of May 11, 2022) (a) (b) (c) = (b) - (a) (d) = (b) / (a) (USD mm) Company Investment cost *1 Gross return *2 Gross gain (loss) Gross MOIC *3 to SVF1 to SVF1 to SVF1 Doordash 680 7,149 +$6,469 10.5x Coupang 2,729 7,195 +$4,466 2.6x Fully Exited NVIDIA 2,878 5,813 +
Slide 83: SVF2 Investment Highlights (SBG consolidated basis)
SVF2 Investment Highlights (SBG consolidated basis) (From SVF2 inception to Mar. 31, 2022) USD 6.3bn USD -6.3bn USD 0.1bn Realized gain Investment USD 1.2bn market uplift + Valuation loss realized gains Valuation gain USD 5.2bn USD -6.3bn Mark up Mark down (56 investments) (92 investments) SVF2 high
Slide 84: SVF2 Listed Portfolio Companies (as of Mar. 31, 2022)
SVF2 Listed Portfolio Companies (as of Mar. 31, 2022) (USD mm) (a) (b) (c) = (b) - (a) (d) = (b) / (a) Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC to SVF2 to SVF2 to SVF2 AutoStore 2,800 4,843 +$2,043 1.7x Beike (KE Holdings) 1,350 2,452 +$1,102 1.8x Berkshire Grey 115
Slide 85: SVF2 Listed Portfolio Companies (as of May 11, 2022)
SVF2 Listed Portfolio Companies (as of May 11, 2022) (USD mm) (a) (b) (c) = (b) - (a) (d) = (b) / (a) Investment cost *1 Gross return *2 Gross gain (loss) *3 Company Gross MOIC to SVF2 to SVF2 to SVF2 Beike (KE Holdings) 1,350 2,484 +$1,134 1.8x Berkshire Grey 115 136 +$21 1.2x Pear Therapeutics 46
Slide 86: Vision Fund 1 (Inception to Mar. 31, 2022)
Vision Fund 1 (Inception to Mar. 31, 2022) (Entire Fund) LP Net Equity LP Net Preferred LP Net Blended IRR Equity IRR IRR 11% 7% 10% <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive
Slide 87: Vision Fund 1 Net Equity IRR
Vision Fund 1 (Inception to Mar. 31, 2022) (SBG (LP) + Manager’s performance fee) Net Equity IRR <Valuation Process> 13% SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBI
Slide 88: Vision Fund 2 Net Blended IRR
Vision Fund 2 (Inception to Mar. 31, 2022) (SBG (LP)) Net Blended IRR 0% <Valuation Process> SBIA, as appointment investment adviser to SBGA, is responsible for determining fair values of the investments in SVF2 on a quarterly basis in line with the requirements of IFRS. The SBIA Portfolio Valuation
Slide 89: Vision Fund 1+2 Net Blended IRR
Vision Fund 1+2 (Inception to Mar. 31, 2022) (SBG (LP) + Manager’s performance fee) Net Blended IRR <Valuation Process> 10% SBIA is responsible for determining fair values of the investments in SVF1 and SVF2 (together, the “Funds”) on a quarterly basis in line with the requirements of the AIFM Direc
Slide 90: Latin America Funds Net Blended IRR
Latin America Funds (Inception to Mar. 31, 2022) (SBG (LP) + Manager’s performance fee) Net Blended IRR 32% <Definitions of Investment Performance> Latin America Funds (“LatAm Funds”) segment reflects the aggregate performance of SBLA Latin America Fund LLC, including LatAm Fund 1 and LatAm Fund 2.