Growing in Harmony 28 www.softbank.co.jp
Building Harmony between Group companies between Japan and the World between You and Us 1
CONTENTS P4-5 P7-11 SOFTBANK s Anatomy P8 P9 P1 P11 P44 P46 P5 P52 P53 P54 P55 P13-2 CEO P21-22 P23-31 4 P24 I. P26 II. P28 III. P3 IV. P33-54 P34 P36 At a Glance P38 P42 P56-59 P6-7 : P71-77 P72 P74 P79 P8 P82 P1 P138 P139 11 13 26 3 38 2
Many Colors Creativity 3
3 31 P8 8111 P76 77 23 24 25 26 27 517,394 837,18 1,18,665 2,544,219 2,776,169 (54,894) (25,359) 62,299 271,66 324,287 EBITDA* 1 (2,75) 44,95 149,913 525,428 626,662 (76,745) (9,549) 129,484 28,574 225,887 (17,94) (59,872) 57,551 28,815 18,625 64,216 294,233 148,946 389,81 293,72 32,864 66,417 8,417 189,92 22,255 (83,829) (45,989) 57,86 311,22 158,258 81,878 (242,944) 27,852 (2,97,937) (322,461) 36,39 277,771 3,78 1,718,385 284,727 1,421,27 1,74,854 1,88,399 4,31,853 4,558,92 238,81 178,17 242,768 282,95 383,743 * 2 575,541 853,918 95,293 2,394,43 2,532,969 * 2 * 3 134,858 531,68 454,614 2,8,149 2,36,879 1 * 4 (14.91) (57.1) 54.36 27.31 11.68 225.8 168.62 229.88 268.2 355.15 2.33 2.33 2.5 2.5 2.5 % 5.6 1.7 11.7 EBITDA% 5.3 13.5 2.7 22.6 ROIC* 5 % (4.6) (1.6) 3.4 8.4 6.9 % 16.8 1.4 13.4 6.6 8.4 * 2 % 241.7 479.7 372.9 846.2 66.1 * 2 * 3 % 56.6 298.7 187.3 79.7 53.8 EBITDA 21.6 6.7 4.8 4. 5,18 12,949 14,182 17,84 19,4 *1 23EBITDA=++ 24-27EBITDA=+ *2 27 *3 *4 11 *5 ROIC 4
1. EBITDA 3 8, EBITDA 5 6, 4 2 4, 3 1 2, 2 1 2, 3 4 5 6 7 3 4 5 6 7 3 4 5 6 7 2. EBITDA ROIC 1 % 25 EBITDA % 1 2 2 15 1 5 5 15 1 5 5 3 4 5 6 7 3 4 5 6 7 3 4 5 6 7 3. EBITDA % 1, 8 4, 8 6 3, 6 4 2 4 2 2, 1, 3 4 5 6 7 3 4 5 6 7 3 4 5 6 7 5
Many Colors Vitality 6
SOFTBANK S ANATOMY Contents................................................................................................................. P8 P9.................................................. P1............................................................ P11 7
SOFTBANK s Anatomy : i.e. A B... A B... A B... A B... A B... A B... Google YouTube 3 8
i.e. No.1 B2B ec2c No.1 Alibaba Group Holding Limited 28 4SNS Xiaonei.com Oak Pacific Interactive P3 31 4IV. 9
SOFTBANK s Anatomy : i.e. * *1 27 118 DSL 27 62% Yahoo! BB 38% Yahoo! JAPAN 5 2 GungHo-ID* 3 4 16 3 12 2 27 NTT 14% 48% 2 1 8 4 1 3 4 5 6 7 3 4 5 6 7 KDDI 38% Yahoo! JAPAN Yahoo! JAPAN * GungHo-ID ID ADSLYahoo! BB ADSL 5 No.12747.7% Yahoo! JAPAN 12 Yahoo!Yahoo! No.1 1
i.e. 3 3 ROIC 231 6 NTT KDDI % 15 NTT KDDI 4 1 5 2 5 3 4 5 6 7 3 4 5 6 7 : : FMC 11
Many Colors Knowledge 12
CEO Ready to Lead 279.1% 2 7,76119.6% 3,242 244 3.3 EBITDA 14.2 EBITDA17.3 22.6% 2 27 No.1 EBITDA 2419.4274. DNA Alibaba Group Holding LimitedeNo.1 28 4SNS Xiaonei.com Oak Pacific Interactive 3 28 7 iphone TM 3G 2 13
CEO Meeting Needs, Earning Support 27 Q. A. 14 1 1 272424 226 1 Yahoo! 28 1 SoftBank 922SH 3.5 28 33G
Leveraging Group Synergies 27 Q. A. 4 273.9% 27.% Ether e BBBB 3 15
CEO The Dawn of the Internet Machine Era Q. A. 28 27 2.711 1 124 No.1 16
Taking a Lead in Mobile & Asia Q. A. No.1 28 28 6 24 BB BB IP 24* 1 *1 24 24 BB IP 17
CEO 3G 28 4 3 7 * 2 e No.1 SNS Xiaonei.com Oak Pacific Interactive *2 28 3 2 18
% 1 WACC ROIC Sharing Our Dynamic Growth 8 6 4 2 2 4 5 6 7 Q. A. * 3 ROIC* 4 25 268%WACC* 5 3%* 6 2426 28 SNS Xiaonei.comOak Pacific InteractiveNo.1No.1 *3 EVA ROIC WACC *4 ROIC+ *5 WACC +1+ *6 7% 19
CEO Growing in Harmony 2
26 1128 41 1, 28 3 4,96 6,61 26 62 3,87 28 32 368 EBITDA 27 EBITDA 6,266 1,582 * 1 1,37 EBITDA 3G * 1 1,683 *1 EBITDA 21
EBITDA 2627 EBITDA4.84. 9.6.6 6.6% 8.4% 3. 3. 15 2. 2. 1 1. 1. 5 5 6 7 5 6 7 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBITDA 3. EBITDA EBITDA 9 % 1 8, 2. 6 8 6 6, 4, 1. 3 4 2 2, 22 5 6 7 7 8 3 6 9 12 3 5 6 7
Contents I........................................................... P24 II.......................................... P26 III.................................... P28 IV.................................................... P3 23
24 4 Yahoo! BB ADSL21 45 24 2714 26 2 27 No.1 IT Yahoo! BB Vodafone 5/4 8/3 7/3 6/3 1 1 2 3 4 5 6
Leveraging Human Potential 1984IT BB COO 2 1 BB 3 28 6 24 24 * 1 *1 2, 3 16, 12, 24 24 8, BB 4, BB 3 4 5 6 7 25
4 27 No.1 CM 4 CM CM 27 7 1. 3. 2. 4. 26
True Professionalism 1983 CI 26 5 3 CM CM 1 26 5 AQUOS CM 1 CMNo.1 2 iphone 3G 1 +13.5 2 +12.4 3 +1.5 4 +8.4 5 +8.2 BP CM7 7 8 1 1 1 7 9 1 1 1 7 1 1 1 1 7 11 1 1 1 7 12 2 4 2 8 1 1 1 1 8 2 1 1 1 8 3 1 1 1 CM CM DATABANK CM http://mb.softbank.jp/mb/campaign/3g/cm/ 27
4 Yahoo! JAPAN Yahoo! BB 26 Yahoo! 28Fun Summer 28 Fun Summer 12 3G PC 28 SoftBank 923SH 5 5.2 GPS AQUOS 1,677 SoftBank 823T 4 SoftBank 823P 5 QVGA SoftBank 821N NEC5 SoftBank 825SH 8 PANTONE 3 13.6 3. QVGA 119 LED 28
Controlled Open Environment for Mobile PDALSI 27 1 28 4 JILJIL OS 3 33% 33% 33% C E O www.softbank.jp 29
4 Win-Win Win-Win Alibaba Group Holding Limited e B2B e C2C No.1 No.1 28 3 32.1% Alibaba.com Limited 27 11 27572 28 5Alibaba.com Limited 65% B2B e 28 4 Oak Pacific InteractiveOPI OPI2,5 28 4 No.1 SNS Xiaonei.com 1,9 Alibaba.com 27 25% Alibaba.com 75% Taobao.com 27 Tom Eachnet.com 8% PaiPai.com 9% Taobao.com 83% Xiaonei.com 2,5 2, 1,5 1, 5 3 Global Source online service division Netsun HC36 search engine services 1 = 7.61 iresearch China Online Shopping Research Report 27-28 6 7 8 9 12 3 6 9 12 3
Toward No.1 Internet Group in Asia Alibaba Group Holding Limited Director, Chairman of the Board and CEO 2 C2C e 28 B2B e Alibaba.com Limited B2B e 272 1, 53.3% 1 6-7% 16% e 1 CNNIC Alibaba.com Taobao.com 3 8, 2 6, 4, 1 2, 5 6 7 1 =1.19 Alibaba.com Alibaba.com Limited 12 31 5 6 7 1 =1.19 Alibaba.com www.alibaba.com 31
Many Colors Individuality 32
Contents................................... P34 At a Glance................ P36.................................................. P38.............................. P42...................................................... P44........................... P46................................................ P5............................................. P52.............................. P53........................... P54 33
P52 54 % 58.3% 5 26 6 7 1.8 1.7 14,42 16,39 % 9.1% 5 6 7 2,684 7.7 2,642 1.1 2,581 15.4 BB % 5 6 3,542 3,741 IDC 11.7% 7.9 3,77 8.8% % 5 6 7 1,561 47.5 1,942 49.7 2,476 46.5 9.2% 5 6 7 1.7 2.5 1.2 % 2,832 2,715 2,77 BB 34
26 NTTKDDI327 ADSL FTTH IP LAN VOD DSL38% 2% IP NTT IP-VPN 2 e 114No.1 e ITIT ASP IT No.1 35
AT A GLANCE 36
Yahoo! Yahoo! JAPAN Yahoo! JAPAN Yahoo! BB Yahoo! BB Yahoo! BB Yahoo! BB Yahoo! JAPAN Yahoo! e 37
Leader of the Internet Machine Era 26 2 26 4 1 Yahoo! Yahoo! 27 5 14* 1 27 No.1* 2 *1 28 6 *2 38
12, 14No.1 1,2 6 NTT KDDI 1, 8, 1, 8 4 6, 6 2 4, 2, 4 2 99 1 2 3 4 5 6 7 2 7 8 4 5 6 7 8 9 111 12 1 2 3 4 5 6 [ 4] 4 4 27 No.1 No.1* 3 1. P26 27 2 49 ADSLYahoo! BB Yahoo! JAPAN 26 W 27 24 24 * 4 28 6 IP BBBB 24 2424 2. 3G P28 29 283.5 922SH P41 TOPICS28 15.3824SH *3 27 12 *4 28 9 3 28 6 39
4 5 1,5 1, 2, % 3G ARPU ARPU 2 4 6 8 5 Q1 Q2 Q4 Q3 6 Q1 Q2 Q4 Q3 7 Q1 Q2 Q4 Q3 3G 1. 3. 2. 4. % 5 Q1 Q2 Q4 Q3 6 Q1 Q2 Q4 Q3 7 Q1 Q2 Q4 Q3 NTT KDDI au 3G 3G ARPU [ ] 3G 4 3. 3G 3G 22,28 351,32 3G 4. Yahoo! 28 2 28 3PC 27 1 6,38 13.1% 1,745 12.1% 27 12 4 27 268 1,859 3G 75.6%27.4 27 3G.95% 1% 27 ARPU 5,51 4,65ARPU 1,49 13
TOPICS SoftBank 922SH FMC 28 3 SoftBank 922SH 922SH 1. 3.5 VGA QWERTY* 5 Y! 2. RSS PC 3. 922SH 17 4 EL *5 2 6QWERTYQWERTY 41
ADSL FTTH IPLAN VOD Lateral Efficiency Yahoo! BB ADSL4 5 DSL FTTH 27 DSL 44.2%FTTH 42.3% FTTH 7,DSL 4, DSL ADSL IP BB LAN Yahoo! BB ADSL DSL 2636.9% 27 37.8% FTTH Yahoo! BB 24 NTT 1 28 6 NTT9% NTT3% NTT FTTH 42
Yahoo! BB Yahoo! BB ADSL % 6 DSL 6 DSL 5 5 4 3 4 3 2 2 1 2 1 5/12 6/3 6/6 6/9 6/12 7/3 7/6 7/9 7/12 8/3 % 1 9 8 7 6 5 4 3 2 1 BB 8M 12M 26M 5M LAN 2 3 4 5 6 7 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2 28 6BB 2424 TOPICS BB VOD BBTV Yahoo! BB Yahoo! BB 3 27 2,58162 48.1% 397 15.4% 5.3 ADSL TOPICS 24 24BB 2428 1 Yahoo! BB 28 6 43
Optimal ICT Networking * 1 NTT 4 1 IP-VPN Ether *1 NTTNTT STOC ICT 44
15 12 12 9 6 3 9 6 3 4 5 6 7 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4/Q4 5/Q4 6/Q4 7/Q4 ARPU Ether 24 23 Ether 27.9%3,77 33 29 ARPU 27 14 15% 7% 11 17% TOPICS 4 428 7 3AAA * 2 2 m 2 IP-VPN 4 *2 45
e Prosperous Partnership Yahoo! JAPAN 1 No.1 e SNS 1 e 46
e 1, % 1 1, 8, 8 8, 6, 6 6, 4, 4 4, 2, 2 2, 5 6 7 3 4 5 6 7 2 [ 1. ] Yahoo! Everywhere Yahoo! JAPAN 26 1 Yahoo! Y! Wii PSP AQUOS BRAVIA Yahoo! JAPAN Yahoo! [ 2. ] Yahoo! JAPAN [1]No.1 Yahoo! JAPAN 27 No.1Yahoo! JAPAN Yahoo! JAPAN ID Yahoo! Win-Win 47
48 27 9 ebay Inc. Everywhere 28 1 1Yahoo! JAPAN 27 2,476 1,15227.5% 19.4% 5% 47% 27 1 2% Yahoo! Yahoo!Yahoo! 3% B2C TOPICS 27 8 28 4 3
Yahoo! JAPAN 28 1 1Yahoo! JAPAN 1996 1 Everywhere Yahoo! 1 49
ITIT ASP IT Distribution Innovation IT IT ASP Application Service Provider SaaS Software as a Service IT IT IT ITB2BIT- Exchange BB BBSaaS 5
8 BB SoftBank SELECTION 6 4 2 5 6 7 http://softbankselection.jp/ IT SoftBank SELECTION SaaS BBBBSaaS ASPTEKI-PAKI Microsoft SoftGrid CRM Customer Relationship ManagementSalesforce 27.3%2,77 2 52.8% SaaS TOPICS CACHATTO for SoftBank CACHATTO 28 3 CACHATTO S!* 1 *1 Yahoo!Java TM 51
CDN Extensive Broadband Domain * 1 CDN* 2 G *1 28 5 16 G-cluster America, Inc. *2 Contents Delivery Network: DVDVOD CDN CDN mobile CDN mobile movie TOPICS TOPICS G G CATV IPTV 27 1 G-cluster America, Inc. 52
Solution & Services Expert IT e Biz TOPICS Omniture SiteCatalyst 2 3 TOPICS Biz Biz 28 1 ASP* 1 *1 Application Service Provider: 53
Evolutional Digital Content Creator 1, IT ITITmedia 3 ITmedia 27 34 27 3G POP TOPICS 54 28 4 1, Yahoo! 5,
27 * 863 115 11 14 * 425 366 59 71 67 37 8 118 35 82 7 28 23 1 5 4 863 115 77 79 12,922 13,712 178.8 Yahoo! Inc. 547 2,358 1,57 3,865 7.7 33 84 42 882 26.73 UTStarcom, Inc. 215 596 41 637 2.96 5 23 23 46. 41 94 94 2.29 11 22 22 2. 16 32 32 2. 2 1 25 35 1.75 965 4,824 14,685 19,59 2.22 1 2 3 4 5 SOFTBANK Holdings Inc. Director and President 1997 1995 Yahoo! Inc. Geocities VeriSign ATG 2 Thumbplay SNS Xiaonei.com 55
28 3 www.softbankmobile.co.jp URL % 3 177,251 1. BB 3 315,155 1. 3 15,63 1. 3 1 1. BB www.softbankbb.co.jp 3 12,31 1. ADSLFTTH 3 1 1. www.bbtv.com BBTV 12 1,422 67. www.cybertrust.ne.jp www.softbanktelecom.co.jp IDC www.sbidc.jp 3 7,366 41.2 www.yahoo.co.jp 3 1, 1. www.overture.co.jp 3 1 1. 3 1 1. 3 1 1. e * 1 12 41 1. www.alpsmap.jp 3 243 8. www.netrust.ne.jp * 2 12 7 76.9 www.yahoo-vi.co.jp 3 363 65. www.firstserver.co.jp www.tavigator.co.jp 3 1 58. 3 983 57.9 www.vector.co.jp * 3 3 1,566 52.7 www.carview.co.jp www.sbfw.co.jp 3 1 1. IT 56 *1 28 4 1 *2 27 7 1 *3 27 6 12
www.deecorp.jp BB www.bbss.co.jp URL % www.softbankhc.co.jp 3 1 1. 3 5 1. 3 612 99.1 * 4 3 655 65.6 www.broadmedia.co.jp * 5 3 3 1. www.bmstd.com DVD CDN * 5 3 3 1. www.cdn-sol.co.jp * 6 3 1 1. G* 5 3 1,511 55.6 www.gcluster.com 3 634 52.3 www.tech.softbank.co.jp 3 1 1. www.sbmm-holdings.co.jp 3 1 1. www.softbankcr.co.jp * 7 3 1,6 59.5 IT www.itmedia.co.jp www.softbankhawks.co.jp www.softbankhawks.co.jp 2 5,16 1. 2 1 1. SBBM 3 17,2 1. SB Holdings (Europe) Ltd. 3 US$48M 1. TV www.tv-bank.com 3 3,35 1. 3 45 1. www.sbpayment.jp www.softbankplayers.co.jp www.oddspark.com 3 575 1. 3 1 1. *4 27 1 128 5 16 *5 28 5 16 *6 28 7 1 BM *7 27 4 19 57
URL % G.T. www.gte.jp 3 1 1. SOFTBANK Holdings Inc. 3 US$M 1. SOFTBANK America Inc. 3 US$M 1. SOFTBANK Commerce Korea Corporation 12 KRW5,732M 85.8 IT www.softbank.co.kr www.cyber-u.ac.jp 3 1,5 76.5 www.telecom-service.net URL % 7 5,632 32.8 www.mptech.co.jp 3 3,712 17.3 12 1,711 44.4 www.valuecommerce.ne.jp 8 1,82 4.1 www.yumenomachi.co.jp 3 3,149 39. www.creo.co.jp 3 1,16 34.9 http://allabout.co.jp Alibaba Group Holding Limited* 8 B2BC2C 12 US$M 32.1 www.alibaba.com/aboutalibaba/aligroup/index.htm www.fashionwalker.com 12 99 27.1 12 4,313 43.1 www.gungho.jp http://jp.myspace.com icube Corp. www.icube.co.kr/jpnhome 1 3 845 5. SNS 12 KRW4,824M 49.6 *8 Alibaba.com Corporation 27 11 5 Alibaba Group Holding Limited 12 6,6 45.5 58
URL % Yahoo! Inc. NASDAQ 12 US$1M 4. www.yahoo.com * 4 URL * 1 * 2 * 3 % SOFTBANK Ventures Korea Inc. www.softbank.co.kr A KRW18, 1. SOFTBANK Korea Co., Ltd. www.softbank.co.kr SB CHINA HOLDINGS PTE LTD www.sbcvc.com A KRW2,2M 1. A US$1 1. SOFTBANK Ranger Venture Investment Partnership A KRW4 KRW4 1. SOFTBANK Capital L.P. A US$718 US$716 99.7 SB Europe Capital L.P. A US$25 US$249 99.6 SOFTBANK US Ventures VI L.P. B US$626 US$68 97. Bodhi Investments LLC A US$15 US$5 47.6 SOFTBANK Capital Technology Fund III L.P. B US$232 US$131 56.3 SB Life Science Ventures I, L.P. A US$89M US$3 33.7 SOFTBANK Technology Ventures IV L.P. B US$313M US$42M 13.4 SOFTBANK Technology Ventures V L.P. B US$63M US$19M 3.2 SOFTBANK Capital Partners LP A US$731M US$18M 2.6 SB Asia Infrastructure Fund LP B US$44M US$3M.9 SB Asia Investments Fund II LP B US$643M US$51M 8.1 *1 AB A *2 *3 *4 59
6
Q. A. 9 26 MissionPoint Capital Partners, LLC Chairman27 Alibaba Group Holding Limited Director, Chairman of the Board and CEO Q. A. 93 27 3 1 6 3 1 3 CEO 61
62 21 IT 1 26 1999 1999 MissionPoint Capital Partners, LLC Chairman 26 21 624 626 6 3 1 M&A
Q. A. 1 CEO Q. A. 43 1 2 Q. A. 63
64 Q. A. GCO CCO GCO CCO 1 1, 27 8 23 5 Yahoo! BB ADSL M&A
26 4 2628 3 27 CCO CCO CISO CISO 1 2 GCO 3 CEOCEO 4 5 6 GCISO GCISO 1. 2. 3. 4. 5. 6. 7. CEO 65
Q. A. 27 38 22 Q. A. 26 27 271316 Q. A. IR 28 5 8 66
67 Q. A. CSR NPO 27 BOX5% BB Yahoo! BB 1 3 5 7 27 7 27 Yahoo! Yahoo! 24 11 28 3 1 2 Yahoo! http://volunteer.yahoo.co.jp/donation/
Q. A. GCISO GCISO G-ISC G-ISC e GCISO G-ISC G-ISC 68
GCISO 24BB CISO 24 GCISO 26 CISO 26 CISO 26 CISO GCISO CSR ISO271 BB SOC Security Operation Center 24 365 5 3 ISO271 69
28 6 25 SOFTBANK Holdings Inc. Director and President Alibaba Group Holding Limited Director, Chairman of the Board and CEO MissionPoint Capital Partners, LLC Chairman 7 2 15 2 16
Contents..................... P72..................... P74 71
3 31 25 26 27 91,792 96,718 12,725 2G 42,592 26,212 14,211 3G 49,2 7,57 88,514 81,776 87,13 88,686 85,29 87,54 88,11 % 66.8 68.5 69. DSL 14,518 14,13 12,711 FTTH 5,448 8,794 12,153 CATV 3,31 3,67 3,874 23,276 26,414 28,738 * 1 % 46.1 51.7 55.6 LAN 5,271 6,99 6,864 IP-VPN 271 298 342 16 196 232 IP 11,457 14,478 17,535 5,563 48,169 44,779 ISDN 7,491 6,996 6,453 58,53 55,165 51,232 *1 27265,171 26255,11 2524 5,45 12 2G 3G 1 % 1 8 8 8 6 6 4 4 4 2 2 72 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5 6 7
26 27 1 2 3 4 1 2 3 4 92,869 93,812 94,436 96,718 98,56 99,334 1,525 12,725 39,321 35,665 31,64 26,212 22,814 19,58 16,764 14,211 53,548 58,147 63,372 7,57 75,242 79,826 83,761 88,514 82,911 84,59 85,181 87,13 85,648 86,532 87,283 88,686 87,54 88,11 68.5 69. 14,491 14,936 14,236 14,13 13,794 13,483 13,133 12,711 6,295 7,145 7,931 8,794 9,685 1,57 11,329 12,153 3,41 3,477 3,565 3,67 3,692 3,748 3,828 3,874 24,196 25,558 25,732 26,414 27,171 27,738 28,29 28,738 51.7 55.6 5,52 5,74 5,9 6,99 6,364 6,56 6,723 6,864 274 282 29 298 37 322 33 342 166 177 187 196 23 212 222 232 12,97 13, 13,759 14,478 15,4 16,119 16,766 17,535 5,98 49,54 48,911 48,169 47,374 46,614 45,756 44,779 7,354 7,238 7,117 6,996 57,452 56,778 56,29 55,165 54,217 53,33 52,346 51,232 IP-VPN 3 DSL FTTH CATV 4 IP VPN 2 3 2 1 1 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 73
3 31 27 25 26 27 1 2 3 4 15,29.9 15,98.5 18,586.2 16,44.5 17,52.5 17,613.5 18,586.2 * % 1 16.6 16.4 18.1 16.8 17.2 17.5 18.1 2G 12,172.3 8,248.4 4,579.3 7,222.6 6,136. 5,332. 4,538.3 3G 3,37.6 7,66.1 14,6.9 9,217.9 1,916.5 12,281.5 14,47.9 3G% 2. 48.2 75.4 56.1 64. 69.7 75.6 169.2 698.6 2,676.5 53.8 612. 561. 972.7 * % 1 3.5 14.2 44.6 39.7 47.9 47.1 44.2 2G (1,951.2) (3,923.9) (3,669.1) (1,25.8) (1,86.6) (84.) (793.7) 3G 2,12.4 4,622.5 6,346.8 1,557.8 1,698.6 1,365. 1,766.4 ARPU 5,81 5,51 4,65 5, 4,8 4,52 4,31 4,46 4,15 3,15 3,59 3,34 3,4 2,71 1,35 1,36 1,49 1,41 1,47 1,49 1,6 % 23.2 24.7 32.1 28.2 3.6 33. 37.1 % 1.59 1.5 1.32 1.46 1.42 1.21 1.19 % 2.46 2.61 2.2 1.7 1.5.88.85 45, 33,2 32,3 3,7 31,4 33,9 33,2 *1 27 NTT 14% 48% 2 3G 2G 3G % 8 3, % 6 15 6 2, 4 1 4 5 2 1, 2 KDDI 38% 74 5 6 7 5 6 7
27 25 26 27 1 2 3 4 Yahoo! BB ADSL 5,49 5,164 4,89 5,134 5,42 4,943 4,89 BB 9 7 53 66 62 58 53 8M 1,23 1,276 1,144 1,259 1,221 1,185 1,144 12M 2,338 2,137 1,889 2,79 2,15 1,957 1,889 26M 33 294 248 284 273 261 248 5M 1,61 1,387 1,475 1,446 1,471 1,481 1,475 5M% 21. 26.9 3.7 28.2 29.2 3. 3.7 LAN 1,337 1,53 1,453 1,523 1,59 1,486 1,453 LAN% 26.4 29.1 3.2 29.7 29.9 3.1 3.2 ARPU* 1 4,358 4,341 4,316 4,292 % 1.48 1.69 1.91 1.81 1.7 1.87 2.24 * 848 2 1,221 1,41 1,257 1,315 1,351 1,41 Yahoo! JAPAN * 3 33,132 37,297 43,145 39,13 41,72 4,71 43,145 Yahoo! JAPAN * 4 11 13 16 15 16 155 16 Yahoo! * 5 9 13 16 15 16 17 16 *1 Yahoo! BB ADSLBB BB 25 12ARPU *2 *3 Yahoo! JAPAN *4 Yahoo! JAPAN *5 1 Yahoo! BB ADSL LAN 6, LAN 6 1,5 Yahoo! JAPAN 5 2 4 16 4, 4 1, 3 12 2, 2 5 2 8 1 4 6 7 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 75
27 25 26 27 1 2 3 4 * 1 1,442,4 1,63,852 391,668 422,842 46,82 41,26 155,743 174,57 43,528 5,691 53,761 26,59 % 1.8 1.7 11.1 12. 13.2 6.5 EBITDA* 2 321,484 385,466 92,43 14,91 18,3 8,645 EBITDA% 22.3 23.6 23.6 24.6 26.7 19.7 * 3 38,46 235,396 72,14 5,95 52,32 6,31 19,18 141,768 33,579 34,868 36,2 37,31 268,452 264,228 258,69 65,747 64,72 64,341 63,99 2,672 26,81 39,7 8,666 1,321 11,39 9,44 % 7.7 1.1 15.4 13.2 16.1 17.6 14.7 EBITDA* 2 48,91 55,61 7,314 15,963 17,513 18,573 18,265 EBITDA% 18.2 21. 27.2 24.3 27.3 28.9 28.6 * 3 47,653 22,16 21,293 5,84 4,869 5,863 5,477 28,148 27,222 26,521 6,99 6,77 6,489 6,416 354,233 374,13 37,741 9,487 9,987 89,979 99,288 (25,159) (2,965) 3,34 (112) 461 1,375 1,616 %.9.5 1.5 1.6 EBITDA* 2 21,496 42,589 47,965 11,15 11,352 12,442 13,66 EBITDA% 6.1 11.4 12.9 12.3 12.5 13.8 13.2 * 3 82,652 37,686 21,825 5,546 5,682 4,89 5,77 41,625 4,826 38,6 9,688 9,483 9,478 9,411 *1 26 26 5 *2 EBITDA = + *3 3. 4, % 2 EBITDA 8, EBITDA EBITDA % 4 2.5 2. 3, 15 6, 3 1.5 1. 2, 1 4, 2.5 1, 5 2, 1..5 76 6 7 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4
27 25 26 27 1 2 3 4 156,121 194,212 247,643 52,796 57,624 66,55 7,718 74,19 96,544 115,237 27,149 27,766 28,865 31,457 % 47.5 49.7 46.5 51.4 48.2 43.4 44.5 EBITDA* 2 81,637 16,27 126,459 29,66 3,591 31,72 34,56 EBITDA% 52.3 54.7 51.1 56.1 53.1 47.7 48.9 * 3 12,835 15,17 1,578 1,928 2,38 2,72 3,568 5,975 8,7 9,629 2,84 2,414 2,367 2,764 283,276 271,571 27,724 61,661 63,813 69,634 75,616 4,861 6,681 3,157 1,167 934 89 247 % 1.7 2.5 1.2 1.9 1.5 1.2.3 EBITDA* 2 5,977 7,765 4,36 1,442 1,28 1,92 564 EBITDA% 2.1 2.9 1.6 2.3 1.9 1.6.7 * 3 2,618 2,858 1,419 337 266 335 481 1,79 1,28 1,85 27 267 267 281 83,73 9,785 99,873 24,872 26,97 23,185 24,99 (4,76) (4,73) (5,121) (689) 39 (2,618) (1,853) % 24.7.1 EBITDA* 2 (57) (1,647) (1,721) 93 83 (1,77) (937) EBITDA%.4 3.1 * 3 3,188 3,728 3,29 859 616 488 1,246 3,59 2,991 3,192 729 765 894 84 (36,49) (92,747) (11,733) (24,146) (24,584) (25,76) (27,297) (7,55) (7,17) (6,596) (962) (1,212) (1,59) (3,363) EBITDA* 2 (7,537) (6,571) (6,127) (861) (1,91) (938) (3,237) 1,18,665 2,544,219 2,776,169 663,85 71,661 694,2 717,43 62,299 271,66 324,287 78,747 89, 92,442 64,98 % 5.6 1.7 11.7 11.9 12.7 13.3 8.9 EBITDA* 2 149,913 525,428 626,662 149,778 164,494 169,464 142,926 EBITDA% 13.5 2.7 22.6 22.6 23.4 24.4 19.9 * 3 148,946 389,81 293,72 85,858 64,763 66,31 76,789 8,417 189,92 22,255 53,259 54,54 55,515 56,977 77
Broadband Many Colors Synergy 78
Contents 11..................................... P8 P82................................................. P1................................................. P12................................. P13............................. P14.............................................. P15............................ P138 79
11 3 31 1997 1998 1999 2 513,364 528,159 423,22 397,15 31,938 12,13 8,377 16,431 EBITDA 88,83 54,65 43,816 28,866 33,824 36,64 32,168 87,9 1,33 37,538 8,446 36,631 19,248 (28,668) 349 (91,598) (33,677) 281,5 (6,341) (42,612) 21,591 (25,562) 22,914 24,548 9,99 53,988 16,615 (76,2) 51,898 15,886 268,6 159,15 854,743 952,578 1,168,38 1,146,83 242,758 284,976 38,74 424,261 396,143 444,392 418,76 413,442 361,62 351,79 163,997 243,42 % 6.2 2.3 2. 4.1 4.3 14.2 2.5 9.1 28.4 29.9 32.6 37. 163.2 155.9 11. 97.4 149. 123.4 43.1 57.3 1 1.77 365.38 78.5 11.47 11.2 4.6 8.67 36.82 2,375.24 2,719.35 3,456.55 1,26.14 263.92 32.15 384.6 42.5 4. 2. 2. 7. 4.44 2.22 2.22 2.33 12,24 14,796 11,15 336,677 63 71 143 216 15 2 53 117 2 7 13 21 1,64 1,2 7,219 4,312 8 1. 1997-23 EBITDA=++ 24-27 EBITDA=+ 2. 1997 SOFTBANK Holdings Inc. 3. 4. 27 5. 11 1997 5 21 1.32 6 231 3. 26 1 51 3. 6. 19972 7. 8. 1997-1998 1999 1 1999
21 22 23 24 25 26 27 45,315 46,892 517,394 837,18 1,18,665 2,544,219 2,776,169 (23,91) (91,997) (54,894) (25,359) 62,299 271,66 324,287 (1,24) (69,781) (2,75) 44,95 149,913 525,428 626,662 (119,939) (71,474) (76,745) (9,549) 129,484 28,574 225,887 (88,755) (99,989) (17,94) (59,872) 57,551 28,815 18,625 (79,123) (68,6) (83,829) (45,989) 57,86 311,22 158,258 39,751 119,749 81,878 (242,944) 27,852 (2,97,937) (322,461) 1,313 (17,615) 36,39 277,771 3,78 1,718,385 284,727 (34,479) 27,85 29,98 (9,689) 126,642 (65,277) 113,517 119,855 147,526 437,133 32,195 446,694 377,521 49,267 1,163,678 946,331 1,421,27 1,74,854 1,88,399 4,31,853 4,558,92 465,326 257,396 238,81 178,17 242,768 282,95 383,743 365,644 34,795 575,541 853,918 95,293 2,394,43 2,532,969 232,16 188,232 134,858 531,68 454,614 2,8,149 2,36,879 5.6 1.7 11.7 (2.) (27.7) (43.2) (28.9) 27.4 11. 32.6 4. 27.2 16.8 1.4 13.4 6.6 8.4 78.6 132.4 241.7 479.7 372.9 846.2 66.1 49.9 73.1 56.6 298.7 187.3 79.7 53.8 (263.53) (296.94) (314.72) (171.3) 54.36 27.31 11.68 (87.84) (98.98) (14.91) (57.1) 54.36 27.31 11.68* 1 1,381.31 767.56 677.4 55.86 229.88 268.2 355.15 46.44 255.85 225.8 168.62 229.88 268.2 355.15 7. 7. 7. 7. 2.5 2.5 2.5 2.33 2.33 2.33 2.33 2.5 2.5 2.5 336,872 335,293 351,44 351,457 1,55,82 1,55,74 1,8,51 285 269 177 153 153 118 19 113 116 13 18 87 66 67 17 14 14 11 11 11 13 4,375 4,966 5,18 12,949 14,182 17,84 19,4 *1 2729 12 18 81
Highlights 2 28 3 31 5 2 5 3 4 15 19 1 19 64 4 11 13 12 78 75 3 25 2 7 4 73 39 19 67 27 1. 3 3G 3G / 27 5 1127 27 4 1 28 3 3127 267 6,5 1 27 2,776,169 324,28718,625 26 4 2626 4 1 27 3 31 26 511 1 2. 2,776,169 231,959.1% 1,63,85213.1% 27 12 82
8, 6, 4, 2, 3. 324,287 53,22119.6% 174,5712.1% 27 12 271,467,364 57,844 984,518 12,885 1, 8 6 4,942 7,218 7,16 7,174 7,21 6,94 6,63 6,259 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 % 25 2 15 4. 225,887 17,3138.3% 55,411 114,864 21,856 Alibaba Group Holding Limited Alibaba.com Limited 26 11 6 Alibaba.com Limited Alibaba Group Holding Limited Alibaba.com Limited Alibaba Group Holding Limited 57,223 32,13 1126. UTStarcom, Inc. 21,856 12,967 6,299 12,6 8,818 5,426 4 1 2 5 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 83
5. 48,65 29,533 53,62 SOFT- BANK Holdings Inc. 4,97 77,535 BB 39,831 BB 5BB BB 27 27 2 2734.61% 4.69% 3 27 4.69% +1.74% 7.71% 9.6%.5% 34.61% BB 12,271 29 3 215 3 82,891 213 3 215 3 BB 67,8 212 3 213 3 IDC 66,578 29 3 213 3 18,362 29 3 215 3 445,182 27 16.34% 84
1,63,852 188,81213.1% 174,5718,827 12.1%27 12 28 3 5 274 3 27 267 6,51,858 6,2 2 1.7 18.1% 27 511 273G1,4 4 33G 2 28 3 31 2 27 27 1,6 5, % 25 12 NTT KDDI 4, 2 3, 15 8 2, 1 4 1, 5 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 85
2711.46% 2 1.42% 31.21% 41.19% 3G 273 3G 1% 2712.25% 2 2.67% 32.% 41.93% 3G ARPU 27ARPU 3 15, 24,834,524 4,31 ARPU 98 ARPU 11,4121,47 31,4941,6 28 1 15 2 27 4 ARPU 311 ARPU 37.1% 27 1 3,7231,4333,9 433,2 3 Average Revenue Per User1 4 26 1 3, 2, 1, 1, 5 6 7 86
3G 3G 27 235,396273G 5 1,322 9,44 2 2, 3G 3G 273G36 17232152 3G 3G 28 SoftBank 922SH28 3 27 2,653 578 CM 4 27 828 3 27 123 277 4 CM CM DATABANK 1,2 28 3 2 1,2 327 9 9819 5 21 3 5 98 1.5 3 414 5 TV64K 3G 1,5 46, 1, 22, 5 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 87
258,69 6,1592.3%39,7 12,8948.1% BBADSL ARPU BB Yahoo! BB ADSL27 48 9,27ARPU 14,35824,341 34,31644,292 27Yahoo! BB 5M 3.7%LAN 3.2% ADSL 37,741 3,389.9%3,34 2,965 24 27 14 1,18 7.4% 1.4 12,68,818 5,426273 8 % 2 1,2 % 3 6 15 8 2 4 1 4 1 2 5 4 1 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 88
247,643 53,43127.5% 115,23718,693 19.4% 27 1 28 1 Yahoo! JAPAN 27 7 Yahoo! Yahoo! 27 Yahoo! Yahoo! 31,289 4,245 Yahoo! Yahoo! 5 e Yahoo! Yahoo! e 8 % 8 e e Yahoo! 4, Yahoo! 4 6 6 3, 3 4 4 2, 2 2 2 1, 1 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 89
27,724 847.3%3,157 3,52452.8% 27BB IT SaaS 6 SoftBank SELECTION 27 11 27393 22 6 Software as a Service 1, 8 6 4 2 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 % 5 4 3 2 1 99,873 9,881.%5,121 4,73 28 9
1,582,745 26 335,312 33,75 112,746 58,491 23,564 78,583 26 45,273 83,999 3,896 8, 6, 6,611 6,49 6,54 6,1 3, 2, 26,796 26,28 26,272 25,574 25,41 25,444 26,64 25,33 4, 4,553 4,48 3,225 3,11 1, 2, 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,29,26526 1,29,853 175,577 112,71112,178 49,253 26,22 1,238,39 26 41,42 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,24,75 26 97,82 182,81 51,722 51,11 1126. 165,872 7,111 2, 91
2,469,472 26 17,759 166,532 119,926 78,62 1,276,489 848,725 26 132,488 18,625 5,151 2,639 1,527 24,11324,72 34,755 15,173 41,75 21,372 6 3. 2. 1. 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 27 158,258 322,461 284,727 49,267 112,746 39,196 52,815 1,5 158,258 225,887 22,255 59,5 55,411 12,967 21,856 1,645 1, 5 5 1,224 711 646 528 1,1 568 279 274 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 92
322,461 345,677 1,5 1, 5 733 1,35 88 1,249 858 767 647 663 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 45,577 44,176 284,727 297,923 28,716 89,463 44,846 69,531 234,87458,39 49,92 1 93
94 1 2 Yahoo!BBTV
95 3 4 Yahoo! JAPAN Yahoo! BBYahoo! Yahoo! Inc. Yahoo! 26 9 27 1,
96 113 6. 7 1 3,66 M&A
SBM Loan Agreement Amendment to the SBM Loan Agreement Deed of Trust Agreement (B) (Tokutei Kinsen Trust) Cash Management Agreement SBM SBM SBM Security Assignment over BBM Loan Agreement (Joto-Tampo) Security Assignment BB of Downstream Loan Agreement (Joto-Tampo) Security Assignment BB of Shares (Joto-Tampo) Security Assignment of Shares (Joto-Tampo) Security over Trust Beneficial Interest Agreement (Shichiken) Security over Shares Agreement (Shichiken) TOB SBM Loan Agreement A SBM Loan Agreement SBM Loan Agreement BB BB 26 11 28 28 3 28 26 11 28 26 11 28 26 11 28 26 11 28 BB 26 11 28 BB 26 11 28 Deed of Trust Agreement (B) 26 11 28 (Tokutei Kinsen Trust) 26 11 28 SBM 97
Security over Shares Agreement (Shichiken) Security Assignment of Receivables and Subscriber Contracts (Joto-Tampo) Security over Future Insurance Proceeds Agreement (Shichiken) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Mortgage Agreement Security Assignment of Intellectual Property (Joto-Tampo) Security Assignment of Tangible Moveable Property (Joto-Tampo) Debt Assumption, Amendment and Restatement Agreement SBM BB Vodafone International Holdings B.V. SBM BBVodafone International Holdings B.V. 28 2 29 26 11 28 27 4 2 27 4 3 28 2 5 26 11 28 26 11 28 SBM 26 11 28 26 11 28 26 11 28 26 11 28 26 11 28 26 11 28 98
Facility Agreement Shareholders Agreement BB BB Vodafone International Holdings B.V. Vodafone International Holdings B.V. Debt Assumption, Amendment and Restatement Agreement Vodafone International Holdings B.V. BB BB 26 11 3 26 11 28 26 11 28 27 1,27 1 WiMAX WiMAX 2.5GHz 1.5GH W-CDMA LTE FMC 2 FTTHFTTR AI 3 SNCFMC ICTIRIS 4 FMC 99
2728 3 31 1 27 28 28 6 377,521 49,267 $ 4,893,368 5 6,744 3,678 36,711 6 17 583,973 887,723 8,86,396 4 76,898 72,151 72,14 9 18,995 15,85 1,56,497 6 121,24 91,465 912,915 (27,938) (68,389) (682,592) 1,247,433 1,582,745 15,797,435 2 5 6 27,748 23,443 233,985 89,445 75,781 756,374 694,785 744,38 7,426,269 92,235 86,62 858,991 71,778 45,576 454,898 53,862 54,365 542,616 1,29,853 1,29,265 1,273,133 1,32,927 974,436 9,725,879 2,616 224,18 2,237,551 46,168 39,693 396,18 1,279,711 1,238,39 12,359,61 5 6 381,885 297,886 2,973,21 6 15,537 167,112 1,667,949 9 157,784 126,888 1,266,473 6 18,65 116,697 1,164,751 753,856 78,583 7,72,383 4,31,853 4,558,92 $45,52,561 1
1 27 28 28 6 278,658 29,339 $ 2,89,419 5, 6 18,963 291,773 2,912,198 195,168 187,279 1,869,243 415,561 364,451 3,637,594 33,7 35,79 35,129 6 18,49 69,771 696,384 7 88,434 83,13 828,547 1,142,93 1,24,75 12,383,514 6 2,151,783 2,31,857 2,28,4 7 26,393 15,923 158,927 8 16,72 16,159 161,282 43,787 43,81 437,268 6 74,964 241,496 2,41,383 9 5,136 41,978 418,979 87,948 78,249 781,12 2,451,713 2,469,472 24,647,891 17 18 6 1 11 2 3,6,, 1,55,862,978 27 3 31 1,8,664,578 28 3 31 163,31 187,423 1,87,676 2 187,669 211,741 2,113,391 3,181 12 1,21 (192,271) (91,744) (915,71) 122,619 8,914 87,61 (26,996) (11,823) (118,6) 28,81 7,438 74,237 158,611 27 3 31 163,811 28 3 31 (194) (26) (2,58) 286,13 383,863 3,831,35 43,17 464,862 4,639,86 716,237 848,725 8,471,156 4,31,853 4,558,92 $45,52,561 11
2728 3 31 1 27 28 28 2,544,219 2,776,169 $27,79,39 1,49,52 1,467,364 14,645,89 1,134,699 1,38,85 13,63,23 12 863,633 984,518 9,826,56 271,66 324,287 3,236,724 3,394 3,137 31,314 6 (82,761) (114,864) (1,146,458) 2,131 55,411 553,61 (835) 4,981 49,718 5 82,534 6,299 62,872 (5,351) (21,856) (218,144) 13 (61,64) (31,58) (314,496) (62,492) (98,4) (982,133) 28,574 225,887 2,254,591 9 (48,726) (48,65) (485,576) (93,677) (29,533) (294,776) (142,43) (78,183) (78,352) (37,356) (39,79) (39,52) 28,815 18,625 $ 1,84,187 12 19 14 1 27 28 28 1 27.31 11.68 $1.1 1 26.62 95.9.96 1 2.5 2.5.2 12
2728 3 31 26 4 1 1,55,82,87 162,917 6 187,33 (218,561) 129,51 (36,841) 19,63 (17) 242,768 242,768 26 4 1 2 1 3,15 3,15 11,346 14,496 28,815 28,815 28,815 12.5 (2,638) (2,638) (2,638) (9) (9) (9) (27) 23 176 176 2 2 2 (9,22) (24) (24) (24) 631,5 393 (6) 393 78 78 31 (6,432) 9,845 9,747 13,191 328,761 341,952 27 3 31 1,55,74,367 163,31 2 187,669 3,181 (192,271) 122,619 (26,996) 28,81 (194) 286,13 43,17 716,237 18,625 18,625 18,625 12.5 (2,639) (2,639) (2,639) (5,151) (5,151) (5,151) (38) (38) (38) (5,2) (12) (12) (12) 24,81,6 24,113 (2) 24,72 48,183 48,183 (3,61) (41,75) 15,173 (21,372) (5,965) 34,755 (16,21) 28 3 31 1,8,5,767 187,423 211,741 12 (91,744) 8,914 (11,823) 7,438 (26) 383,863 464,862 848,725 1 27 4 1 1,55,74,367 $1,629,998 $ 17 $1,873,134 $ 31,746 $(1,919,66) $1,223,868 $(269,447) $ 287,56 $(1,932) $2,855,878 $4,292,911 $7,148,789 1,84,187 1,84,187 1,84,187 12.5 (26,343) (26,343) (26,343) (51,49) (51,49) (51,49) (3,7) (3,7) (3,7) (5,2) (126) (126) (126) 24,81,6 24,678 (17) 24,257 48,918 48,918 (3,545) (416,258) 151,441 (213,323) (58,685) 346,895 (161,79) 28 3 31 1,8,5,767 $1,87,676 $ $2,113,391 $ 1,21 $ (915,71) $ 87,61 $(118,6) $ 74,237 $(2,58) $3,831,35 $4,639,86 $8,471,156 13
2728 3 31 1 27 28 28 28,574 225,887 $ 2,254,591 : (45,964) (52,815) (527,151) 189,92 22,255 2,198,372 53,595 59,5 589,381 (2,131) (55,411) (553,61) (2,484) (1,57) (15,671) 1,645 16,248 5,351 21,856 218,144 (2,253) (12,967) (129,426) (82,567) (7,569) (75,547) 1,137 (4,431) (44,23) (225,49) (39,196) (3,86,98) 91,184 (7,58) (74,939) 123,158 72,32 718,961 12,628 (67,629) (675,17) 311,22 158,258 1,579,574 (297,765) (345,677) (3,45,218) (114,22) (45,577) (454,93) 168,354 44,176 44,918 3 (1,844,85) 1,28 12,54 (9) (258) (2,573) 1 1,12 1,11 (9,574) 22,655 226,122 (2,97,937) (322,461) (3,218,499) 15 41,151 (69,531) (693,989) (5,4) (5,) (49,95) 15 1,586,97 28,716 2,81,837 (98,152) (234,874) (2,344,29) 72,559 89,463 892,931 (25,334) (58,39) (579,285) 786 44,846 447,613 3,378 9,128 91,14 (2,641) (2,641) (26,355) (3,143) (3,55) (35,428) 15 65,818 297,923 2,973,576 (2,596) (49,92) (498,73) (32,11) (13,812) (137,862) 1,718,385 284,727 2,841,874 3,73 (7,7) (69,933) (65,277) 113,517 1,133,16 (3,896) (771) (7,697) 446,694 377,521 3,768,49 377,521 49,267 $ 4,893,368 14
15 1. 28 3 3111.19 2. 1 2728 3 31 11819 27 3 31 66 28 3 31 364 27 3 31 6326 28 3 31 7525 2 2 3 3 1 23 3
16 AICPA Audit and Accounting Guide Investment Companies 4 5 2728 3 31 719,298 837,2878,356,987 6 7 8 27 3 3126 3 31 9 8 25 12 27 11 26 5 31
17 26 5 1 1 27 3 31 25 12 9 8 25 12 9 26 5 1 11 Accounting for Uncertainty in Income Taxes 4826 12 16 5,151 51,49 12 27 28 3 31 833 1,271,25 13 14 27 3 31 4 28 3 31 15 BB 28 4 1 BB 1 22 1 9 27 23 2 6
18 16 17 18 a b 19 1 1 1 1 1 2 27 3 3 13 1993 6 17 28 4 1 27 4 1 26 5 17 18
1 2 3 1 2 3 4 5 6 28 4 1 3. 26 4 99.54% 83 26 5 1,76,667 1 324,184 1 952,443 1,28,553 1 (453,848) (144,665) 2 1,76,667 3 163, (25,42) 1,844,247 1 2 26 8 3 19
4. 2728 3 31 27 28 28 52,3 58,119 $58,88 21,429 6,815 68,22 3,466 7,217 72,3 76,898 72,151 $72,14 5. 2728 3 31 2728 3 31 2728 3 31 27 3 31 4,68 191,74 (19) 231,789 1,11 1,11 41,169 191,74 (19) 232,89 28 3 31 29,219 144,91 (2,443) 171,677 1,321 6 (9) 1,318 3,54 144,97 (2,452) 172,995 28 3 31 $291,642 $1,446,253 $(24,386) $1,713,59 13,183 62 (85) 13,16 $34,825 $1,446,315 $(24,471) $1,726,669 11
2728 3 31 27 28 28 7 $ 6,987 17 369 3,68 18,534 91,446 912,727 5,38 1,799 17,958 5,83 6,726 67,131 2, 148 959 9,57 448 528 5,271 122,483 12,527 $1,23,324 2728 3 31 15,112 28,874288,193 6,918 6,611 65,985626 1361,36 28 3 31 28 28 1 295 $ 2,944 1 5 1,259 12,564 5 1 6 5,989 1 2,154 $21,497 27 28 28 2,835 15, $149,712 33,256 26,42 259,928 27 28 28 4,935 171 $ 1,714 (2,682) 12,796 127,712 2,253 12,967 $129,426 111
6. 1 2728 3 31.93% 7.9%.58% 7.34% 28 3 31 14 28 3 25 15, 13,1,297,536 3,24 3,57635,694 2 2728 3 31 27 28 28 22.58% 7.5% 314,285 443,676 $ 4,428,341 219 3.46% 6.89% 1,479,897 1,382,23 13,795,823 216.48% 9.38% 316,564 347,751 3,47,919 215 1.5% 2.% 1,828 18.252,165 21.61 15, 15, 1,497,155 2,26,746 2,323,63 23,192,238 (18,963) (291,773) (2,912,198) 2,151,783 2,31,857 $2,28,4 3 28 3 31 28 28 2.98% 5.2% 69,771 $ 696,384 2.98% 5.2% 241,496 2,41,383 4 28 3 31 3 31 29 239,233 $ 2,387,794 21 115,55 1,153,35 211 123,357 1,231,229 212 212,17 2,116,154 213 1,135,722 11,335,682 1,825,879 $18,224,164 112
5 28 3 31 3 31 29 52,54 $ 524,44 21 64, 638,786 211 56,4 562,93 212 7, 698,673 213 254,811 2,543,281 497,751 $4,968,74 6 28 3 31 1,383,62513,81,12 1,44714,444 22,35 $ 2,199,325 33,157 3,295,311 461 4,61 15,576 155,465 13,873 138,462 268,495 2,679,856 171 1,72 152,638 1,523,49 241 2,43 1,1,962 $1,,615 1,276,48912,74,682 BB BB 165,872 1,655,576 53,14653,455 219,18 2,186,31 7 i 75% 25 3 31 6% ii BB BB 113
114 iii 213 26 1 12 a b BB c d e f BB g h i SBBM 2, 1 4,5 d, f, g, h 4, 1,75 26 1 12 4, 2, 1,5 iv WBS 1 SBM SBM EBITDA 2 3 28 3 31 1 WBS WBS Whole Business Securitization: 1 4,419 SBMSPC WBS1 4,419 1 3,66 2 EBITDA EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization 3 EBITDA Vodafone Overseas Finance Limited v
75% 25 3 31 6% 7. BB2628 3 ADSL 5 2728 3 31 4,312 4,64946,398 BB ADSL 2728 3 31 9,721 9,49894,8 27 28 28 15,26 14,85 $147,764 26,393 15,923 $158,927 BB 8. 2728 3 31 27 28 28 PBO 16,72 16,159 $161,282 16,72 16,159 $161,282 115
2728 3 31 27 28 28 1 1,568 1,63 $1,612 369 349 3,484 29 467 4,651 2 (2,838) 2,127 2,48 2,446 1,255 3,927 $39,193 1 2728 3 311,24 1,611,587 2 27 28 2.% 2.% 9. 2728 3 314.69% 2728 3 31 27 28 28 : 219,224 18,33 $ 1,799,88 96,971 74,443 743,23 71,44 82,25 82,495 69,46 54,211 541,84 24,238 32,557 324,948 18,971 13,473 134,471 18,568 17,826 177,924 14,363 8,38 82,923 73,245 78,921 787,718 66,84 542,274 5,412,466 (317,231) (286,137) (2,855,945) 288,853 256,137 2,556,521 : (65,81) (58,666) (585,552) (6,4) (6,711) (66,978) (72,21) (65,377) (652,53) 216,643 19,76 $ 1,93,991 116
2728 3 31 27 28 4.69% 4.69% : 13.21.2 1.38 1.74 7.85 5.32 (.12) (7.71) (2.31) (2.94) ( ) (2.48) (9.6) 1.5 (2.45) 68.27% 34.61% 28 3 3116.34% 28 3 31 18,33 1,799,88 3 31 29 15,515 $ 154,853 21 3,2 31,938 211 1,22 1,28 212 15,762 157,327 213 66,66 659,48 214 69,765 696,326 18,33 $1,799,88 1. 26 5 1 1 1 2 3 4 21 1 3 2 25 1 117
3 4 27 3 31 24,, 3,15 31 28 3 31 121,21 11. 28 3 31 1 8 1,65, 21 9 29 21 A. 3% 22 7 127 6 3 B. 3% 23 7 127 6 3 C. 4% 24 7 127 6 3 23 1 8 8 16 1,746 4,2, 23 12 9 A. 25% 24 11 2929 6 3 B. 25% 25 11 2929 6 3 C. 25% 26 11 2929 6 3 D. 25% 27 11 2929 6 3 A. 5% 25 11 2929 6 3 B. 25% 26 11 2929 6 3 C. 25% 27 11 2929 6 3 118
12 822, 24 3 24 1 8 A. 25% 25 1 121 6 3 B. 25% 26 1 121 6 3 C. 25% 27 1 121 6 3 D. 25% 28 1 121 6 3 25 5 16 1 3 152 923,3 26 2 1 A. 5% 27 7 1211 6 3 B. 25% 28 7 1211 6 3 C. 25% 29 7 1211 6 3 2 57,344 1 2 1 31 A. 5% 22 1 2221 1 21 B. 25% 23 1 2221 1 21 C. 25% 24 1 2221 1 21 7 11,264 2 2 6 27 A. 5% 22 6 1721 6 16 B. 25% 23 6 1721 6 16 C. 25% 24 6 1721 6 16 3 84 148,992 3 2 12 18 A. 5% 22 12 921 12 8 B. 25% 23 12 921 12 8 C. 25% 24 12 921 12 8 3 72 18,544 4 21 6 29 A. 5% 23 6 21211 6 2 B. 25% 24 6 21211 6 2 C. 25% 25 6 21211 6 2 119
3 72 112,64 5 21 12 18 A. 5% 23 12 8211 12 7 B. 25% 24 12 8211 12 7 C. 25% 25 12 8211 12 7 221 2 65 47,616 22 7 29 A. 5% 24 6 21212 6 2 B. 25% 25 6 21212 6 2 C. 25% 26 6 21212 6 2 19 5,888 222 22 11 2 A. 5% 24 11 21212 6 2 B. 25% 25 11 21212 6 2 C. 25% 26 11 21212 6 2 231 5 83 19,84 23 7 25 A. 5% 25 6 21213 6 2 B. 25% 26 6 21213 6 2 C. 25% 27 6 21213 6 2 43 2,464 232 23 11 4 A. 5% 25 11 5213 6 2 B. 25% 26 11 5213 6 2 C. 25% 27 11 5213 6 2 38 2,4 233 24 1 29 A. 5% 26 1 3213 6 2 B. 25% 27 1 3213 6 2 C. 25% 28 1 3213 6 2 12
41 1,168 234 24 5 13 A. 5% 26 5 14213 6 2 B. 25% 27 5 14213 6 2 C. 25% 28 5 14213 6 2 241 5 131 9,856 24 7 29 A. 5% 26 6 18214 6 17 B. 25% 27 6 18214 6 17 C. 25% 28 6 18214 6 17 46 712 242 24 11 1 A. 5% 26 11 2214 6 17 B. 25% 27 11 2214 6 17 C. 25% 28 11 2214 6 17 29 344 243 25 1 28 A. 5% 27 1 29214 6 17 B. 25% 28 1 29214 6 17 C. 25% 29 1 29214 6 17 42 276 244 25 5 12 A. 5% 27 5 13214 6 17 B. 25% 28 5 13214 6 17 C. 25% 29 5 13214 6 17 251 5 18 5,716 25 7 28 A. 5% 27 6 18215 6 17 B. 25% 28 6 18215 6 17 C. 25% 29 6 18215 6 17 121
252 253 31 234 25 11 1 A. 5% 27 11 2215 6 17 B. 25% 28 11 2215 6 17 C. 25% 29 11 2215 6 17 65 316 26 1 31 A. 5% 28 2 1215 6 17 B. 25% 29 2 1215 6 17 C. 25% 21 2 1215 6 17 49 112 254 26 5 2 A. 5% 28 5 3215 6 17 B. 25% 29 5 3215 6 17 C. 25% 21 5 3215 6 17 261 5 157 8,569 26 9 6 A. 5% 28 8 24216 8 23 B. 25% 29 8 24216 8 23 C. 25% 21 8 24216 8 23 49 313 262 26 11 6 A. 5% 28 1 24216 1 23 B. 25% 29 1 24216 1 23 C. 25% 21 1 24216 1 23 62 36 263 27 2 7 A. 5% 29 1 25217 1 24 B. 25% 21 1 25217 1 24 C. 25% 211 1 25217 1 24 122
66 651 271 27 5 8 A. 5% 29 4 25217 4 24 B. 25% 21 4 25217 4 24 C. 25% 211 4 25217 4 24 272 5 225 1, 27 8 7 A. 5% 29 7 25217 7 24 B. 25% 21 7 25217 7 24 C. 25% 211 7 25217 7 24 119 766 273 27 11 7 A. 5% 29 1 25217 1 24 B. 25% 21 1 25217 1 24 C. 25% 211 1 25217 1 24 124 817 274 28 2 13 A. 5% 21 1 31218 1 3 B. 25% 211 1 31218 1 3 C. 25% 212 1 31218 1 3 123
21 23 24 25 1 3 5 738,225 186, 894,9 7,2 126, 55,4 731,25 3, 217, 3, 622,5 546, 1,973,175 126, 731,25 3, 217, 534, 191,1 76,5 12, 31,5 54, 15,6 2,481,6 25,5 21,4 996 1,44 1,827 4,172 ($9.94) ($14.37) ($18.24) ($41.64) 2,687 2,397 2,581 (26.82) (23.92) (25.76) 1 2 3 4 18,432 2,48 5,448 19,777 9,74 2,942 18,432 2,48 4,744 16,835 51,27 38,86 19,416 9,559 ($511.73) ($38.14) ($193.79) ($95.41) 47,579 45,751 (474.89) (456.64) 124
5 22 22 23 1 2 1 7,296 7,296 26,478 25,6 2,34 9,92 7,296 4,746 5,632 1,24 96 21,732 19,968 1,28 16,256 8,497 1,196 11,375 33,438 ($84.81) ($11.77) ($113.53) ($333.75) 45,975 48,855 5,975 45,593 (458.88) (487.62) (58.78) (455.7) 23 23 23 24 2 3 4 1 1,312 928 496 5,28 192 16 32 112 1,12 768 48 1,776 416 3,392 416 512 176 3,968 1,12 768 48 1,776 96 64 1,44 1,216 224 5,744 51,478 47,813 78,512 65,29 ($513.8) ($477.22) ($783.63) ($651.66) 125
24 24 24 25 2 3 4 1 352 2 232 5,472 32 8 4 96 48 24 68 2,74 272 168 16 2,672 184 64 48 24 68 2,74 24 68 28 88 68 2,636 62,488 65,375 6,563 58,5 ($623.69) ($652.51) ($64.48) ($583.89) 25 25 25 26 2 3 4 1 186 282 98 8,518 28 2 13 25 72 114 86 148 85 8,268 72 114 2 7 114 62, 79,5 67,94 47,198 ($618.82) ($793.49) ($678.11) ($471.8) A 3,958 24,564 A (38.99) (245.17) 35,782 26,83 B B (357.14) (267.52) C 39,196 28,156 C (391.22) (281.3) 126
26 26 27 27 2 3 1 2 32 36 651 1, 2 3 35 119 282 33 616 9,881 44,774 47,495 45,5 4,32 ($446.89) ($474.5) ($454.14) ($42.44) A 23,832 2,435 22,586 17,61 A A A (237.87) (23.96) (225.43) (17.29) 25,311 23,448 25,697 18,121 B B B B (252.63) (234.4) (256.48) (18.87) C 26,766 25,578 27,26 2,659 C C C (267.15) (255.29) (271.54) (26.2) 27 27 3 4 766 817 23 1 743 816 51,162 47,5 ($51.65) ($474.1) A 2,9 2,289 A (28,6) (22.51) 23,651 23,128 B B (236.6) (23.84) C 26,853 24,691 C (268.2) (246.44) A CA C 127
2 1. 2. 27 27 27 27 1 2 3 4 A. 53.4% A. 51.4% A. 48.1% A. 45.3% 2 B. 6.2% B. 52.7% B. 53.% B. 5.7% C. 62.4% C. 59.2% C. 59.3% C. 52.8% A. 5.96 A. 5.96 A. 5.96 A. 5.96 3 B. 6.46 B. 6.46 B. 6.46 B. 6.46 C. 6.96 C. 6.96 C. 6.96 C. 6.96 4.21%.26%.2%.23% A. 1.32% A. 1.42% A. 1.17% A..99% 5 B. 1.37% B. 1.46% B. 1.21% B. 1.3% C. 1.41% C. 1.5% C. 1.25% C. 1.7% 1 A CA C 2 27 A. 21 5 14 27 5 4 B. 2 11 13 27 5 4 C. 2 5 15 27 5 4 27 A. 21 8 13 27 8 3 B. 21 2 12 27 8 3 C. 2 8 14 27 8 3 27 A. 21 11 12 27 11 2 B. 21 5 14 27 11 2 C. 2 11 13 27 11 2 27 A. 22 2 18 28 2 8 B. 21 8 2 28 2 8 C. 21 2 19 28 2 8 3 4 27 3 5 3 4 128
12. 2728 3 31 27 28 28 26,478 29,289 $2,897,385 145,383 16,37 1,6,657 94,724 16,561 1,63,588 16,614 46,11 46,221 13. 2728 3 31 27 28 28 1 (28,715) $ 2 2,253 12,967 129,426 3 (1,645) (16,248) 4 (35,142) (33,83) $(337,674) (61,64) (31,58) $(314,496) 1 2 27 28 28 4,935 171 $ 1,714 (2,682) 12,796 127,712 2,253 12,967 $129,426 3 8,818 AGW Access Gateway Switch $88,17 1,827 $18,231 1,645 $16,248 1 1 AGW AGW 2 4 12,6119,837 5,426 54,155 129
14. 1 2728 3 31 11 27 3 31 : 1 1 28,815 1,55,264,814 27.31 8,742,459 1,557 75,648,626 (36) 1 3,336 1,139,655,899 26.62 28 3 31 : 1 1 18,625 1,68,291,756 11.68 $1.1 4,486,45 1,557 75,648,626 (49) 1 11,133 1,148,426,427 95.9 $.96 15. 1 2 26 4 BB 1,173,8326 11 1,366, 13
16. 2728 3 31 27 3 31 5,9 (41) (41) 7,89 7,866 (24) 9,45 9,131 86 21 28 3 31 86,218 85,325 (893) 3,34 3,82 48 (845) 28 3 31 $86,547 $851,63 $(8,917) 3,286 3,766 48 $(8,437) 131
17. 1 2728 3 31 82,44 72,17572,38 2728 3 31 27 28 28 185,251 179,48 $1,791,395 (6,295) (66,22) (66,77) (21,73) (3,522) (34,638) 13,253 82,756 825,987 48,238 47,5 469,16 (6,128) (7,43) (74,156) 42,11 39,575 395,4 2,187 17,98 179,456 (6,168) (6,33) (62,97) (1,389) (1,253) (12,58) 12,63 1,424 14,41 1,125 9,373 93,559 (2,255) (3,353) (33,47) (235) (169) (1,688) 7,635 5,851 58,41 165,628 138,66 $1,383,433 2728 3 31 27 28 28 1 33,89 32,482 $ 324,27 1 165,967 141,18 1,49,122 199,56 173,662 $1,733,329 132
28 3 31 8,121 81,6 1,182 11,627 13,787137,61 2728 3 31 18,171 21,61 215,63 2728 3 31 27 28 28 41,53 3,917 $38,587 14,86 12,789 127,645 55,616 43,76 $436,232 52,875 44,329 $442,454 5,256 5,388 $ 53,775 8,818 $ 88,17 2728 3 31 27 28 28 1 9,898 2,959 $ 29,539 1 4,387 13,127 131,17 14,285 16,86 $16,556 2728 3 31 7,848 15,5415,25 2 2728 3 31 27 28 28 1 1,258 1,371 $13,684 1 1,7 1,997 19,928 2,958 3,368 $33,612 133
18. 1 28 3 31 14,677146,49 125, 2 1,998,14 249,526 28 4 28 19. 2728 3 31 27 28 28 229 21 $2,95 61 64 644 27 271 2728 3 31 27 28 28 25 25 $ 252 142 169 1,689 2. 28 3 31 28 6 25 12.5.2 2,71 $26,961 134
21. ADSL IP 1 2728 3 31 a 27 3 31 1 1,43,821 258,825 332,136 191,51 256,924 74,3 2,544,219 2,544,219 2 11,219 5,43 41,994 2,72 14,647 16,782 92,747 (92,747) 1,442,4 264,228 374,13 194,212 271,571 9,785 2,636,966 (92,747) 2,544,219 1,286,297 237,418 377,95 97,668 264,89 95,515 2,358,883 (85,73) 2,273,153 155,743 26,81 (2,965) 96,544 6,681 (4,73) 278,83 (7,17) 271,66 b 27 3 31 2,691,192 2,289 522,257 442,22 79,515 29,811 4,226,284 84,569 4,31,853 156,167 27,311 44,934 9,662 1,84 3,83 242,241 446 242,687 2,,213 2,51 42,525 16,371 2,858 3,288 2,85,36 582 2,85,888 135
a 28 3 31 1 1,618,936 251,39 324,723 243,85 255,69 81,661 2,776,169 2,776,169 2 11,916 6,76 46,18 3,793 15,34 18,212 11,733 (11,733) 1,63,852 258,69 37,741 247,643 27,724 99,873 2,877,92 (11,733) 2,776,169 1,456,282 218,369 367,41 132,46 267,567 14,994 2,547,19 (95,137) 2,451,882 174,57 39,7 3,34 115,237 3,157 (5,121) 33,883 (6,596) 324,287 b 28 3 31 3,41,749 165,971 44,415 56,43 88,47 259,12 4,51,714 57,188 4,558,92 193,196 26,551 43,351 11,222 1,117 3,399 278,836 469 279,35 8,818 1,827 1,645 1,645 235,547 21,544 13,854 12,975 2,436 2,677 289,33 586 289,619 a 28 3 31 1 $16,158,655 $2,58,33 $3,241,68 $2,433,874 $2,552,55 $ 815,57 $27,79,39 $ $27,79,39 2 118,937 67,468 459,37 37,857 15,51 181,785 1,15,45 (1,15,45) 16,277,592 2,575,798 3,7,375 2,471,731 2,72,16 996,842 28,724,444 (1,15,45) 27,79,39 14,535,2 2,179,55 3,667,38 1,321,543 2,67,599 1,47,956 25,421,886 (949,571) 24,472,315 $ 1,742,392 $ 396,248 $ 33,337 $1,15,188 $ 31,57 $ (51,114)$ 3,32,558 $ (65,834) $ 3,236,724 b 28 3 31 $3,359,87 $1,656,563 $4,395,797 $5,54,698 $878,82 $2,586,98 $44,931,765 $57,796 $45,52,561 1,928,296 265,4 432,691 112,7 11,151 33,922 2,783,71 4,682 2,787,753 88,17 18,231 16,248 16,248 2,351,5 215,31 138,275 129,55 24,314 26,721 2,884,851 5,849 2,89,7 136
2 2728 3 31 27 3 31 1 2,532,359 1,862 9,998 2,544,219 2,544,219 2 2,98 266 3,246 (3,246) 2,535,339 1,862 1,264 2,547,465 (3,246) 2,544,219 2,254,378 2,794 11,65 2,268,237 4,916 2,273,153 28,961 (932) (81) 279,228 (8,162) 271,66 3,757,766 282,558 153,692 4,194,16 116,837 4,31,853 28 3 31 1 2,76,398 1,343 14,428 2,776,169 2,776,169 2 2,739 222 2,961 (2,961) 2,763,137 1,343 14,65 2,779,13 (2,961) 2,776,169 2,429,574 3,22 15,464 2,448,6 3,822 2,451,882 333,563 (1,679) (814) 331,7 (6,783) 324,287 4,57,935 219,4 194,712 4,471,651 87,251 4,558,92 28 3 31 1 $27,551,628 $ 13,43 $ 144,8 $27,79,39 $ $27,79,39 2 27,339 2,215 29,554 (29,554) 27,578,967 13,43 146,223 27,738,593 (29,554) 27,79,39 24,249,664 3,165 154,34 24,434,169 38,146 24,472,315 $ 3,329,33 $ (16,762) $ (8,117) $ 3,34,424 $ (67,7) $ 3,236,724 $4,52,4 $2,185,892 $1,943,422 $44,631,714 $87,847 $45,52,561 137
2728 3 31 2728 3 31 1 28 6 25 SOFTBANK CORP. Annual Report 28 INDEPENDENT AUDITORS REPORT 138
1. 28 3 31 1981 9 3 187,422,993,11 15-733 1-9-1 3-6889-2 3 31 19 52 67 35 13 19,4 2. 28 3 31 UFJ 3,6,, 1,8,664,578 383,786 2.65% 13.83% 3.68% % 317,847 29.41 45,864 4.24 37,415 3.46 26,972 2.49 25,41 2.31 3852 15,874 1.46 1,562.97 38551 8,764.81 3855 8,679.8 1 7,918.73 1 54,94 46.72 19.69% 6.15% 45,864 37,415 26,972 1 7,918 4, 25, 3, 2, 2, 15, 1, 1, 5, 6 4 2 23 24 25 26 27 28 139
15-733 1-9-1 SOFTBANK Printed in Japan. Copyright 28, SOFTBANK CORP. All Rights Reserved.