Softbank Group Corp. · TSE:9984
Softbank — H1 FY2024 Earnings Presentation
72 slides from Softbank's earnings presentation, Nov 12, 2024
Slide 1: Earnings Results for the 6-month Period Ended September 30, 2024
Earnings Results for the 6-month Period Ended September 30, 2024 November 12, 2024
Slide 2: Disclaimers
Disclaimers This presentation provides relevant information about SoftBank Group Corp. (“SBG”) and its subsidiaries (together with SBG, the “Company”) and its affiliates (together with the Company, the “Group”) and does not constitute or form any solicitation of investment including any offer to buy
Slide 3: FY2024H1 Highlights
FY2024H1 Highlights Net income of over ¥1T, driven by gains from SVF 1 and T-Mobile investments 2 NAV remains high at ¥29T despite QoQ decrease ¥610.4B investment gain at SVF, now posting 3 cumulative gains 4 Arm performance continues to excel Robust stability and ample cash reserves 5 enable furthe
Slide 4: Consolidated Results
Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 4
Slide 5: Consolidated Results
Consolidated Results (¥ B) FY2023 FY2024 Change H1 H1 Net sales 3,227.1 3,469.9 +242.9 Gain/loss on -963.6 2,651.0 +3,614.6 investments Income before -907.4 1,461.1 +2,368.6 income tax Net income -1,408.7 1,005.3 +2,414.0 Net income: Net income attributable to owners of the parent 5
Slide 6: Gain/Loss on Investments and Net Income (quarterly)
Gain/Loss on Investments and Net Income (quarterly) (¥ B) Gain/loss on investments Net income 2,091.3 Significant 1,179.6 increase in 950.0 investment 424.6 231.1 559.7 gain -477.6 -20.4 -264.6 -174.3 -699.0 -931.1 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 Net income: Net income attributable to owners of the
Slide 7: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) (¥ B) Investment Business of Holding Companies SVF 2,091.3 Gain at SVF1: ¥424.8B Others 567.4 SVF2: ¥125.1B Consolidated ¥387.1B gain on T-Mobile shares 424.6 63.2 559.7 32.4 1,548.8 29.5 531.3 124.4 567.9 3.8 276.2 -40.6 -24.9 -115.3 -689.7 -169.9 -20.4 -29.5 -5
Slide 8: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) (¥ B) Investment Business of Holding Companies SVF 2,091.3 Gain at SVF1: ¥424.8B Others 567.4 SVF2: ¥125.1B Consolidated ¥387.1B gain on T-Mobile shares 424.6 63.2 559.7 32.4 1,548.8 531.3 ¥1,044.4B gain 29.5 124.4 567.9 on Alibaba shares 3.8 276.2 -40.6 -24.9 -1
Slide 9: Key Indicators
Key Indicators Some figures in this presentation are rounded and may not add up to the figures presented as the total. 9
Slide 10: Key Indicators (FY2024Q2)
Key Indicators (FY2024Q2) Jun 30, 2024 Sep 30, 2024 NAV ¥35.3T ¥29.0T (Net Asset Value) ($219.1B) ($203.3B) LTV (Loan-to-Value) 7.8% 12.5% Cash position ¥4.6T ¥3.8T For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024)” and “Definition
Slide 11: Factors of NAV Change
Factors of NAV Change (¥ T) Share price - 2.4 Forex Share Forex - 4.0 Others price + 2.2 -3.1：Arm ＋ -0.1：SoftBank Corp. + 0.1 + 0.3 35.3 +0.4：TMUS/DT +0.4：TMUS/DT +0.4：SVF +0.1：SoftBank Corp. 31.6 NAV 29.0 -0.1：Arm Jun 30, 2024 Sep 30, 2024 Pro forma (Sep 30, 2024) Based on share prices and the FX r
Slide 12: Historical NAV (Since FY1998)
Historical NAV (Since FY1998) (Sep 30, 2024) ¥29.0T Arm SVF1/SVF2/ LatAm Funds SoftBank Corp. T-Mobile/ Deutsche Telekom Alibaba Yahoo Japan Other 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 (FY) The breakdown apportions NAV based on the proportionated value of each equity
Slide 13: T-Mobile Share Price
T-Mobile Share Price (Nov 11, 2024) All-time high ($) 238.32 Since merger 2.9ｘ (Sep 30, 2024) 206.36 Share price increase drives valuation gains (recorded in P/L) Q2: ¥387.1B Q1: ¥190.3B 82.99 (Apr 1, 2020) Mar 31 Mar 31 Mar 31 Mar 31 Jun 30 Sep 30 Merger date 2021 2022 2023 2024 $82.99: Opening pri
Slide 14: T-Mobile Share Price: Indexed Comparison
T-Mobile Share Price: Indexed Comparison (Opening price on Apr 1, 2020 = 1) (Nov 11, 2024) All-time high since merger T-Mobile: 2.9 NASDAQ: 2.6 China Mobile: 1.2 1 AT&T: 1.0 Verizon: 0.8 (Apr 1, 2020) Opening price on Mar 31 Mar 31 Mar 31 Mar 31 Sep 30 merger completion 2021 2022 2023 2024 date $82.
Slide 15: Market Cap of Telecoms
Market Cap of Telecoms Before SBG's Sprint Sep 30, 2024 ($ B) acquisition announcement (Oct 12, 2012) 241 219 206 203 World’s largest 189 telecom 158 by market cap 127 22 4.3 17.2 T-Mobile China Verizon AT&T T-Mobile China Verizon AT&T Oct 15, 2012 Sprint acquisition press conference (+Sprint) Mobil
Slide 16: US Telecoms: Free Cash Flow
US Telecoms: Free Cash Flow ($ B) Verizon AT&T 30 T-Mobile Sprint 22 CAGR 1.0% CAGR CAGR Verizon -8.1% 31.6% AT&T T-Mobile 14 6 -2 2019 2020 2021 2022 2023 2024 Analyst consensus Created by SBG using data from Bloomberg. The definition of each company’s free cash flow is based on Bloomberg’s standar
Slide 17: Sprint (T-Mobile) Investment Performance
Sprint (T-Mobile) Investment Performance ¥5.6T (Sep 30, 2024) Borrowings (repaid) MOIC ¥3.9T Equity value 9.6x ¥2.1T Equity IRR 26% ¥0.4T Investment Return (Sep 30, 2024) For details on the assumptions regarding investments and returns, see Appendix “Footnote”, “Investment Track Record.” 17
Slide 18: Investment Track Record
Investment Track Record Consistent investment performance in major investments Sprint/ Alibaba T-Mobile・Deutsche Telekom Arm (¥ T) MOIC 1,340x MOIC 9.6x MOIC 8.1x 20.0 IRR 57.2% IRR 26.2% IRR 29.2% Borrowings +¥9.8T +¥3.5T +¥16.6T 9.8 Equity 19.0 value Equity value 5.6 Borrowings 3.3 2.1 Equity 3.9
Slide 19: Impact of Forex (FY2024H1)
Impact of Forex (FY2024H1) Stronger JPY reduced NAV and equity (Mar 31, 2024) (Sep 30, 2024) (Nov 11, 2024) $1= ¥151.41 → ¥142.73 → ¥153.14 On NAV On accounting Equity -¥1.9T -¥1.3T Consolidated net income +¥0.3T For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LT
Slide 20: Key Changes in Cash Position (FY2024Q2)
Key Changes in Cash Position (FY2024Q2) (¥ T) Debt financing- related Well exceeding 2 years' +0.6 -1.0 worth of bond redemptions -0.2 Investment- related Share -0.3 (incl. installments repurchase Forex for Arm shares impact, transaction etc. consideration) 4.6 Bond redemptions for the next 2 years
Slide 21: LTV
LTV Net of asset-backed finance 40% 35％ 30% 25％ Maintain 20% 18.2% 15.0% 12.5% 10% 14.5% 11.0% 10.6% 11.5% 8.4% 7.8% low level 8.0% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2022 FY2023 FY2024 As of the end of each quarter For details of LTV, see Appendix "Definition and Calculation Method of SBG’s NAV and
Slide 22: Cash Position
Cash Position (¥ T) 6.0 5.8 Maintain a high 5.1 5.1 5.0 4.7 4.6 4.6 level despite a 4.3 4.4 4.0 3.8 3.8 payment for Arm 3.0 shares transaction 2.0 consideration 1.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2022 FY2023 FY2024 As of the end of each quarter Cash position: Cash and cash equivalents + short t
Slide 23: SVF
SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total.
Slide 24: SVF: Gain/Loss on Investments (quarterly)
SVF: Gain/Loss on Investments (quarterly) USD basis (SVF Segment) ($ M) 34,467 $4B gain in FY2024Q2 13,567 10,910 FY24Q2 4,050 5,554 4,607 4,087 3,549 3,768 2,969 2,285 2,869 1,157 952 958 785 630 715 FY19 FY19 FY19 FY21 FY21 FY22 FY22 ＦＹ22 FY22 147 FY23 12 Q2 Q3 Q4 Q2 Q4 Q1 Q2 Q3 Q4 Q４ FY17 FY17 FY
Slide 25: SVF: Gain/Loss on Investments (quarterly)
SVF: Gain/Loss on Investments (quarterly) USD basis (SVF Segment) Significant improvement in SVF2 ($ M) SVF1 SVF2 2,827 3,021 2,413 1,940 1,703 950 913 10 Q1 Q2 Q3 Q4 Q1 Q2 -318 -336 FY2023 FY2024 -2,084 -2,643 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 Gain/Loss on Investments (quarterly): Quarterly gain and
Slide 26: SVF1: Portfolio Performance
SVF1: Portfolio Performance Unrealized Highlights of ($ B) Investment cost Fair value valuation gain/loss main portfolio companies (FY2024Q2) Continued strong revenue growth, 1.7 8.6 +1.2 up 25% YoY Order volume and transaction value 12.1 4.6 +0.5 reached record highs in Apr - Jun 2024 Achieved reco
Slide 27: SVF2: Portfolio Performance
SVF2: Portfolio Performance Unrealized Highlights of ($ B) Investment cost Fair value valuation gain/loss main portfolio companies (FY2024Q2) 0.6 1.0 +0.2 0.0 0.1 +0.1 0.4 0.1 +0.1 Valued at $45B in latest secondary sale and obtained UK banking license Others 5.0 2.4 -0.4 Public companies total 6.0
Slide 28: SVF: Gain/Loss on Investments (cumulative)
SVF: Gain/Loss on Investments (cumulative) USD basis (SVF Segment) ($ M) Turned to positive for the first time 8,526 in 9 quarters FY24Q2 698 The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past pe
Slide 29: SVF1: Cumulative Investment Return
SVF1: Cumulative Investment Return ($ B) Investment cost Cumulative investment return (FV + Sale price) 109.1 112.1 89.5 89.5 68.2 Continued progress in 67.3 Exited 43.2 44.1 monetization, ~$70B exited Public companies (investments Improving in public before exit) 21.2 21.2 16.7 19.8 companies Priva
Slide 30: SVF2: Cumulative Investment Return
SVF2: Cumulative Investment Return ($ B) Investment cost Cumulative investment return (FV + Sale price) 53.0 53.6 Exited 6.7 7.0 Public companies 5.5 6.0 (investments before exit) 32.6 31.1 3.4 3.3 2.9 3.6 Private companies (investments 40.8 40.6 Continuing new investments before exit) 24.9 25.6 Imp
Slide 31: Public Listings and Pipeline
Public Listings and Pipeline A strong pipeline for future public listings Public listings (since inception) Total fair value of late-stage portfolio $34B 53 listings Select late-stage portfolio companies & 2 Listings in FY2024Q2 As of Sep 30, 2024. Source: SBGA/SBIA Analysis The number of public lis
Slide 32: India Portfolio: IPOs in FY2024Q2
India Portfolio： IPOs in FY2024Q2 Unlock value through IPOs India’s largest online store for newborn, baby Manufactures electric scooters and provides and kids products products globally ($ B) ($ B) Gross Gross MOIC MOIC 1.7X 3.1X 1.2 1.0 0.6 0.4 Investment cost Return Investment cost Return Return:
Slide 33: SVF2: Major New Investments in FY2024Q2
SVF2： Major New Investments in FY2024Q2 Continue to focus on investing in companies driving the AI revolution Supports developers in improving Provides best-in-class search work efficiency by building Leads AI research and functionality and highly user- generative AI tools for software development o
Slide 34: SVF2: Investment in OpenAI
SVF2： Investment in OpenAI Founded in 2015, engaged in the research, development, and deployment of AI models and services OpenAI SVF2 participated in funding round in Sep 2024 OpenAI OpenAI SVF2 Total round Post-money Investment size valuation $ 500M $ 6.6B $ 157B The total round size and post-mone
Slide 35: OpenAI: Revenue
OpenAI: Revenue ($ M) 3,700 Expecting 1,600 131% increase YoY 28 2022 2023 2024 Estimate Revenue is based on publicly available information. 2022 revenue is referenced from The Information (In a Surprise, OpenAI is Selling More if its AI Models Thank Microsoft Is; Jun 2024). 2023 revenue is referenc
Slide 36: OpenAI: Business Overview
OpenAI: Business Overview Strong momentum toward the realization of AGI that benefits all of humanity 250M 1.7B 11M Weekly Average monthly ChatGPT Plus active users website visits subscribers Weekly active users: Referenced from OpenAI’s press release (Oct 2024). Average monthly website visits: Data
Slide 37: Monthly Website Visits Comparison
Monthly Website Visits Comparison (B) 4 OpenAI 3.7B visits Meta.ai (Sep 2024) Claude Gemini 3 2 1.7B visits (Average monthly visits) 1 0 0 Oct Jan Apr Jul Oct Jan Apr Jul 2022 2023 2023 2023 2023 2024 2024 2024 Website visits: Based on Similarweb data (desktop and mobile, global basis) OpenAI: Sum o
Slide 38: SVF: Leadership Transition
SVF: Leadership Transition Rajeev Misra will step down as Co-CEO Alex Clavel to be sole CEO of SBIA and SBGA Alex Clavel SoftBank Investment Advisers (SBIA), CEO SoftBank Global Advisers (SBGA), CEO As of Jan 1, 2025 Remains the sole CEO of SBGA as before 38
Slide 39: Arm
Some figures in this presentation are rounded and may not add up to the figures presented as the total. 39
Slide 40: Quarterly Revenue (US-GAAP)
Quarterly Revenue (US-GAAP) ($ M) License and other revenue Royalty revenue 844 806 630 330 Exceeds upper 188 388 threshold $830M of FY2024Q2 guidance 514 442 418 Q2 Q2 Q2 (Source) Arm FY2022 FY2023 FY2024 For details, see Arm Investor Relations website (https://investors.arm.com/). License and othe
Slide 41: H1 Revenue (US-GAAP)
H1 Revenue (US-GAAP) ($ M) License and other revenue Royalty revenue 1,783 1,481 1,322 802 YoY 663 20% 446 876 818 981 increase H1 H1 H1 (Source) Arm FY2022 FY2023 FY2024 For details, see Arm Investor Relations website (https://investors.arm.com/). License and other revenue refers to revenue excludi
Slide 42: Quarterly Non-GAAP Operating Income (US-GAAP)
Quarterly Non-GAAP Operating Income (US-GAAP) ($ M) 384 326 Above analyst consensus $288M 198 (Source) Arm Q2 Q2 Q2 See the end of Arm’s FYE25-Q2 Shareholder Letter for a reconciliation of Non-GAAP Operating Income to the most directly comparable GAAP metric. FY2022 FY2023 FY2024 For details, see Ar
Slide 43: Quarterly Non-GAAP Operating Income (US-GAAP)
Quarterly Non-GAAP Operating Income (US-GAAP) ($ M) 774 656 YoY 495 18% increase H1 H1 H1 (Source) Arm See the end of Arm’s FYE25-Q2 Shareholder Letter for a reconciliation of Non-GAAP Operating Income FY2022 FY2023 FY2024 to the most directly comparable GAAP metric. For details, see Arm Investor Re
Slide 44: Guidance (US-GAAP)
Guidance (US-GAAP) FY2024Q3 FY2024 Revenue $920M - $970M $3,800M - $4,100M YoY (+12% - +18%) (+18% - +27%) Non-GAAP operating expense ~$525M ~$2,050M Non-GAAP fully diluted earnings per $0.32 - $0.36 $1.45 - $1.65 share (Source) Arm For details, see Arm Investor Relations website (https://investors.
Slide 45: Meta's new Llama 3.2 LLM release on Arm-based CPUs
Meta’s new Llama 3.2 LLM release on Arm-based CPUs Highly scalable High performance Works on large-scale data centers Provides high performance to consumer edge devices and energy efficiency Llama (Large Language Model Meta AI) : A type of artificial intelligence developed by Meta LLM: Large languag
Slide 46: Looking Back 1 Year Post IPO
Looking Back 1 Year Post IPO New technology Positive Strong financials developed and evaluation from deployed the market H1 Royalty revenue up In addition to mobile, ($) 200 Share price 20％ YoY data center chips are also rises around Armv9 based 3x post IPO 160 License revenue 120 significantly CSS：
Slide 47: Financial Strategy
Financial Strategy 47
Slide 48: FY2024 Financial Strategy
FY2024 Financial Strategy Steadfast financial philosophy Flexibly respond to Launched the share repurchase program in response all environmental changes to recent market turmoil Maintain LTV below 25% in normal times 1 (upper threshold of 35% even in times of emergency) Adhering to financial policy
Slide 49: Basic Policy for Capital Allocation
Basic Policy for Capital Allocation Strategically allocate capital while adhering to financial policy Business model: Growth of assets and business through capital recycling Current Initiatives Growth Driving • Continue prioritizing growth investment for AI AI business investments • Ongoing share re
Slide 50: Invested Amount (SVF+SBG)
Invested Amount (SVF+SBG) ($ B) 2.5 SBG 0.2 2.0 1.8 1.9 1.5 Steadily SVF 2.3 0.9 1.2 1.4 executing 1.1 investments 0.5 0.5 0.5 0.1 0.1 0.9 0.2 0.3 0.3 0.6 0.6 0.4 0.4 0.4 0.2 0.3 0.3 0.1 0.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2022 FY2023 FY2024 Invested amounts by SBG: Investment by SBG and its primary
Slide 51: Share Repurchase
Share Repurchase Maximum ¥500B (Until Aug 7, 2025) Repurchased ¥174.8B 35% Progress (Aug 2024 to Oct 2024) Maximum ¥500B: Share repurchase program authorized by the Board of Directors on Aug 7, 2024 For details, refer to the press release dated Aug 7, 2024, "Resolution regarding Share Repurchase.” 5
Slide 52: FY2024H1 Summary
FY2024H1 Summary Net income of over ¥1T, driven by gains from SVF 1 and T-Mobile investments 2 NAV remains high at ¥29T despite QoQ decrease ¥610.4B investment gain at SVF, now posting 3 cumulative gains 4 Arm performance continues to excel Robust stability and ample cash reserves 5 enable further A
Slide 53: ASI
ASI Artificial Super Intelligence AI AI Chip AI Robot Datacenter Drive forward with Group-wide efforts 53
Slide 54: AGI will be realized within 2-3 years, ASI within 10 years
AGI will be realized within 2-3 years, ASI within 10 years From SoftBank World 2024 Keynote Speech 54
Slide 55: ASI will evolve into Super Wisdom
ASI will evolve into Super Wisdom and contribute to the happiness of all humanity. From SoftBank World 2024 Keynote Speech 55
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Slide 57: Information Revolution - Happiness for Everyone
“Information Revolution －Happiness for Everyone” 57
Slide 58: SoftBank
SoftBank
Slide 59: Appendix
Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 59
Slide 60: Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2024)
Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Ar
Slide 61: Definition and Calculation Method of SBG's NAV and LTV (Sep 30, 2024 Pro forma)
Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024 Pro forma) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held b
Slide 62: Definition and Calculation Method of SBG's NAV and LTV (as of Jun 30, 2024)
Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Ar
Slide 63: Monetization and Capital Allocation (FY2024Q1-Q2)
Monetization and Capital Allocation (FY2024Q1-Q2) Financing, (¥ T) repayment, Share repurchase 4.6 etc. 0.2 0.7 2nd installment payment for Arm Undrawn 0.7 shares transaction 0.7 commitment line 0.4 0.5 Cash settlement of collar transactions using T-Mobile 3.8 Monetization shares Undrawn through sal
Slide 64: SVF: Value Changes in Portfolio (cumulative)
SVF: Value Changes c in Portfolio (cumulative) USD basis (SVF Segment) Mar 31, 2024 Sep 30, 2024 No change No change 14 co Gain 17 co Gain (3%) +$57.4B (4%) +$62.4B 114 co 121 co (24%) (25%) 349 co 346 co (73%) (71%) Loss Loss -$60.8B -$61.7B -$3.4B (477 co) The information contained herein is provi
Slide 65: SVF: Gain/Loss on Investments
SVF: Gain/Loss on Investments USD basis (SVF Segment) FY2024Q1 (Total +$12M) FY2024Q2 (Total +$4,050M) Markup +$5,468M (88 companies) +$6,066M (148 companies) +$378M +$258M +$2,637M +$1,950M +$245M +$832M +$586M +$880M +$3,405M +$363M (10 co) (24 co) (16 co) (15 co) (23 co) (17 co) (20 co) (62 co) (
Slide 66: SVF1: Gain/Loss on Investments
SVF1: Gain/Loss on Investments USD basis (SVF1) FY2024Q1 (Total +$2,827M) FY2024Q2 (Total +$3,021M) Markup +$4,566M (17 companies) +$3,459M (29 companies) +$94M +$34M +$2,459M +$1,815M +$164M +$27M +$100M +$203M +$2,927M +$202M (1 co) (3 co) (4 co) (8 co) (1 co) (4 co) (2 co) (5 co) (15 co) (3 co) P
Slide 67: SVF2: Gain/Loss on Investments
SVF2: Gain/Loss on Investments USD basis (SVF2) FY2024Q1 (Total -$2,643M) FY2024Q2 (Total +$913M) Markup +$706M (45 companies) +$2,309M (85 companies) +$266M +$137M +$178M +$82M +$43M +$773M +$393M +$577M +$420M +$145M (6 co) (14 co) (11 co) (5 co) (9 co) (11 co) (13 co) (41 co) (10 co) (10 co) Perf
Slide 68: SVF1 Public Portfolio Companies (as of Sep 30, 2024)
SVF1 Public Portfolio Companies (as of Sep 30, 2024) (a) (b) (c) = (b) - (a) (d) = (b) / (a) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ M) Investment cost *2 Gross return*3 Gross gain (loss) *4 Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF1 to S
Slide 69: SVF2 Public Portfolio Companies (as of Sep 30, 2024)
SVF2 Public Portfolio Companies (as of Sep 30, 2024) (a) (b) (c) = (b) - (a) (d) = (b) / (a) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ M) Investment cost *2 Gross return*3 Gross gain (loss) *4 Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF2 to S
Slide 70: Change in Composition of Assets Held
Change in Composition of Assets Held Equity value of holdings basis Net of asset-backed finance Sep 30, 2020 Sep 30, 2024 Others Others Alibaba T-Mobile/ Deutsche Telekom T-Mobile/ 0.02% 11% Deutsche Telekom 6% SoftBank Alibaba 9% Corp. 4% SoftBank 59% Corp. 50% Arm 6% 9% SVF 12% SVF 26% 8% Arm Comp
Slide 71: Equity Value of Holdings: Listed Share Ratio
Equity Value of Holdings: Listed Share Ratio Equity value of holdings basis (¥ T) *() shows the proportion of the total Net of asset-backed finance 7.0 Unlisted (21%) 26.2 Listed 9.9 (38%) (79%) Listed share ratio 15.8 (62%) 11.0 (56%) 5.7 (31%) 12.7 79% 8.7 (69%) (44%) Sep 30 Sep 30 Sep 30 Sep 30 2
Slide 72: Footnote
Footnote Investment track record The amounts of investment and return are calculated using forex rates on each transaction day or valuation date. MOICs are calculated based on equity return gained from the initial investment to Sep 30, 2024 and before tax considerations. Investment amount is n