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    9434   JP3732000009

SOFTBANK CORP.

(9434)
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SoftBank Corp -Notice of Change in Subsidiaries (Sub-Subsidiaries)

05/12/2021 | 05:37am EDT

SoftBank Corp. (hereinafter, 'SoftBank') announces the following change in specified subsidiaries of SoftBank.

1.	Reason for the change

As announced by SoftBank and NAVER Corporation (hereinafter, 'NAVER') in the 'Notice Concerning Entry into a Definitive Agreement Relating to the Business Integration of Z Holdings Corporation (Securities Code: 4689) and LINE Corporation (Securities Code: 3938)' dated December 23, 2019, we implemented an absorption-type merger (hereinafter, the 'Absorption-type Merger') with LINE Corporation as the surviving corporation and Shiodome Z Holdings GK, a wholly owned subsidiary of SoftBank, as the absorbed corporation as of February 26, 2021, as part of the business integration between Z Holdings Corporation, a subsidiary of SoftBank (hereinafter, 'ZHD') and LINE (hereinafter, the 'Business Integration'). Through a series of transactions including the Absorption-type Merger, LINE Demerger Preparatory Company, a subsidiary of LINE, has become a subsidiary (sub-subsidiary) of SoftBank as of February 26, 2021*1.

LINE has transferred its entire business to LINE Demerger Preparatory Company as of February 28, 2021 and changed its trade name to A Holdings Corporation (hereinafter, 'AHD'). As of the same date, LINE Demerger Preparatory Company changed its trade name to LINE Corporation.

[Note]

*1LINE transferred its entire business (excluding the ZHD shares, the contractual status pursuant to the agreements executed by LINE in relation to the Business Integration, and the rights and obligations set out in the absorption-type demerger agreement) to its wholly owned subsidiary, LINE Demerger Preparatory Company, in an absorption-type demerger (hereinafter, the 'Corporate Demerger') as of February 28, 2021. For accounting purposes, the acquisition date is February 28, 2021, the date when the Corporate Demerger became effective, as the Absorption-type Merger and the Corporate Demerger are deemed to be a series of transactions regarding the Business Integration.

2.	Outline of the subsidiary (sub-subsidiary)
(1) 	Name 	LINE Corporation
(2) 	Address 	1-6-1 Yotsuya Shinjuku-ku, Tokyo
(3)	Name and title of representative 	Takeshi Idezawa, Representative Director and President
(4)	Nature of business 	Advertising service based on the mobile messenger application 'LINE', core businesses including the sales of stickers and game services, and strategic businesses including Fintech, AI, and commerce services
(5) 	Share Capital 	JPY 34,201 million (as of March 31, 2021)
(6) 	Founded 	December 13, 2019
(7)	Major shareholders and shareholding ratios 	Z Holdings Corporation 	100.00%
(8)	Relationships with SoftBank 	Capital relationship 	SoftBank owns 50.00% of the shares in AHD, the parent company of LINE and ZHD
Personnel relationship 	Not applicable
Business relationship 	There are business relationships with respect to advertising services, etc.
(9)	Results of operation and financial position over the past 3 years (Consolidated, IFRS)*2
Fiscal year 	Fiscal year ended December 31, 2017 	Fiscal year ended December 31, 2018 	Fiscal year ended December 31, 2019
Total capital 	JPY 189,977
million 	JPY 208,514
million 	JPY 174,663

million

Total assets 	JPY 303,439
million 	JPY 486,587
million 	JPY 541,352

million

Equity attributable to owners of parent per share 	JPY 779.30 	JPY 833.87 	JPY 659.96
Revenues 	JPY 167,147
million 	JPY 207,182
million 	JPY 227,485

million

Operating income or loss 	JPY 25,078
million 	JPY 16,110
million 	JPY -38,997

million

Income or loss attributable to owners of the parent company 	JPY 8,078
million 	JPY -3,718
million 	JPY -46,888

million

Earnings per share: basic profit or loss for the period 	JPY 36.56 	JPY -15.62 	JPY -196.07
Dividends per share 	- 	- 	-

[Note]

*2Results of operation and financial position for AHD (former LINE) are shown.

3.	Date of change

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
NAVER CORPORATION 0.00% 387000 End-of-day quote.32.31%
SOFTBANK CORP. 0.78% 1423.5 End-of-day quote.10.09%
SOFTBANK GROUP CORP. -0.17% 8042 End-of-day quote.-0.20%
Z HOLDINGS CORPORATION 3.25% 524.8 End-of-day quote.-15.95%
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Financials
Sales 2021 5 136 B 46 638 M 46 638 M
Net income 2021 511 B 4 640 M 4 640 M
Net Debt 2021 4 136 B 37 559 M 37 559 M
P/E ratio 2021 13,5x
Yield 2021 6,04%
Capitalization 6 671 B 60 591 M 60 581 M
EV / Sales 2021 2,10x
EV / Sales 2022 1,98x
Nbr of Employees 37 821
Free-Float 57,9%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 1 656,79 JPY
Last Close Price 1 423,50 JPY
Spread / Highest target 54,5%
Spread / Average Target 16,4%
Spread / Lowest Target -17,8%
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NameTitle
Junichi Miyakawa President, CEO & Representative Director
Kazuhiko Fujihara Chief Financial Officer & Director
Ken Miyauchi Chairman
Takashi Tsutsui Chief Scientist & Managing Executive Officer
Keiichi Makizono Chief Information Officer
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