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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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Annual Reports and Related Documents::

07/27/2021 | 03:50am EDT

2021

ANNUAL REPORT

Disclaimers

This Annual Report 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 or subscribe for any securities in any jurisdiction.

This Annual Report contains forward-looking statements, beliefs or opinions regarding the Group, such as statements about the Group's future business, future position and results of operations, including estimates, forecasts, targets and plans for the Group. Without limitation, forward-looking statements often include the words such as "targets," "plans," "believes," "hopes," "continues," "expects," "aims," "intends," "will," "may," "should," "would," "could," "anticipates," "estimates," "projects" or words or terms of similar substance or the negative thereof. Any forward-looking statements in this Annual Report are based on the current assumptions and beliefs of the Group in light of the information currently available to it as of the date hereof. Such forward-looking statements do not represent any guarantee by any member of the Group or its management of future performance and involve known and unknown risks, uncertainties and other factors, including but not limited to, the success of the Group's business model; the Group's ability to procure funding and the effect of its funding arrangements; key person risks relating to the management team of SBG; risks relating to and affecting the Group's investment activities; risks relating to SB Fund (defined as below), its investments, investors and investees; risks relating to SoftBank Corp. and the success of its business; risks relating to law, regulation and regulatory regimes; risks relating to intellectual property; litigation; and other factors, any of which may cause the Group's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking statements. For more information on these and other factors which may affect the Group's results, performance, achievements or financial position, see "Risk Factors" on SBG's website at https://group.softbank/en/ir/investors/management_policy/risk_factor. None of the Group nor its management gives any assurances that the expectations expressed in these forward-looking statements will turn out to be correct, and actual results, performance, achievements or financial position could materially differ from expectations. Persons viewing this Annual Report should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements contained in this Annual Report or any other forward-looking statements the Company may make. Past performance is not an indicator of future results, and the results of the Group in this Annual Report may not be indicative of, and are not an estimate, forecast or projection of, the Group's future results.

The Company does not guarantee the accuracy or completeness of information in this Annual Report regarding companies (including, but not limited to, those in which SB Funds have invested) other than the Group which has been quoted from public and other sources.

Regarding Trademarks

Names of companies, products and services that appear in this Annual Report are trademarks or registered trademarks of their respective companies. "Co., Ltd.," "Ltd.," "Corporation" and "Inc." have been omitted from company names except in certain circumstances.

Important Notice - Trading of SBG Common Stock, Disclaimer Regarding Unsponsored American Depository Receipts

SBG encourages anyone interested in buying or selling its common stock to do so on the Tokyo Stock Exchange, which is where its common stock is listed and primarily trades. SBG's disclosures are not intended to facilitate trades in, and should not be relied on for decisions to trade, unsponsored American Depository Receipts ("ADRs"). SBG has not and does not participate in, support, encourage or otherwise consent to the creation of any unsponsored ADR programs or the issuance or trading of any ADRs issued thereunder in respect of its common stock. SBG does not represent to any ADR holder, bank or depositary institution, nor should any such person or entity form the belief, that (i) SBG has any reporting obligations within the meaning of the U.S. Securities Exchange Act of 1934 ("Exchange Act") or (ii) SBG's website will contain on an ongoing basis all information necessary for SBG to maintain an exemption from registering its common stock under the Exchange Act pursuant to Rule 12g3-2(b) thereunder. To the maximum extent permitted by applicable law, SBG and the Group disclaim any responsibility or liability to ADR holders, banks, depositary institutions, or any other entities or individuals in connection with any unsponsored ADRs representing its common stock.

The above disclaimers apply with equal force to the securities of any of the Group which are or may in the future be the subject of unsponsored ADR programs, such as SoftBank Corp. or Z Holdings Corporation.

Notice Regarding Fund Information Contained in This Annual Report

This Annual Report is furnished to you for informational purposes and is not, and may not be relied on in any manner as, legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy limited partnership or comparable limited liability equity interests in any fund managed by a subsidiary of SBG, including SB Investment Advisers (UK) Ltd.("SBIA"), SBLA Advisers Corp. ("SBLA") and any of their respective affiliates (collectively, the "SB Fund Managers" and each an "SB Fund Manager") (such funds together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle collectively, the "SB Funds" and each an "SB Fund." For the avoidance of doubt, the SB Funds include, among other funds, SoftBank Vision Fund L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the "Vision Fund I" or "SVF1"), and SoftBank Vision Fund II-2 L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the "Vision Fund II" or "SVF2"), which are managed by SBIA and its affiliates, SoftBank Latin America Fund L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the "SoftBank Latin America Fund" or "LatAm Fund"), which is managed by SBLA and its affiliates. None of the SB Funds (including the Vision Fund I , Vision Fund II and SoftBank Latin America Fund), the SB Fund Managers (including SBIA and SBLA), any successor or future fund managed by a SB Fund Manager, SBG or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of the SB Funds or any other entity referenced in this presentation, or future performance of any successor or the future fund managed by a SB Fund Manager. Information relating to the performance of the SB Funds or any other entity referenced in this Annual Report has been included for background purposes only and should not be considered an indication of the future performance of the relevant SB Fund, any other entity referenced in this Annual Report or any future fund managed by an SB Fund Manager. References to any specific investments of an SB Fund, to the extent included therein, are presented to illustrate the relevant SB Fund Manager's investment process and operating philosophy only and should not be construed as a recommendation of any particular investment or security. The investment performance of individual investments of an SB Fund may vary, and the performance of the selected transactions is not necessarily indicative of the performance of all of the applicable prior investments. The specific investments identified and described in this Annual Report do not represent all of the investments made by the relevant SB Fund Manager, and no assumption should be made that investments identified and discussed therein were or will be profitable.

The performance of an SB Fund in this Annual Report is based on unrealized valuations of portfolio investments. Valuations of unrealized investments are based on assumptions and factors (including, for example, as of the date of the valuation, average multiples of comparable companies, and other considerations) that the relevant SB Fund Manager believes are reasonable under the circumstances relating to each particular investment. However, there can be no assurance that unrealized investments will be realized at the valuations indicated in this Annual Report or used to calculate the returns contained therein, and transaction costs connected with such realizations remain unknown and, therefore, are not factored into such calculations. Estimates of unrealized value are subject to numerous variables that change over time. The actual realized returns on the relevant SB Fund's unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the relevant SB Fund Manager's valuations are based.

Past performance is not necessarily indicative of future results. The performance of an SB Fund or any future fund managed by an SB Fund Manager may be materially lower than the performance information presented in this

Annual Report. There can be no assurance that each SB Fund or any future fund managed by the relevant SB Fund Manager will achieve comparable results as those presented therein.

The actual realized return on unrealized investments by an SB Fund may differ materially from the performance information indicated in this Annual Report. No assumption should be made that investments identified and discussed in this Annual Report were or will be profitable, or that investments made in the future will be comparable in quality or performance to the investments described therein.

Third-party logos and vendor information included in this Annual Report are provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that an SB Fund Manager, an SB Fund's portfolio companies, any future portfolio companies of a future fund managed by an SB Fund Manager or SBG will work with any of the firms or businesses whose logos are included in this Annual Report in the future. SBIA and SBLA manage separate and independent operations and processes from each other and those of SBG and any SB Funds managed by SBIA or SBLA are solely managed by SBIA or SBLA respectively.

Adoption of IFRSs

The Company has prepared the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) from the three-month period ended June 30, 2013 (the first quarter of the fiscal year ended March 31, 2014). The date of transition to IFRS was April 1, 2012. The financial data for the year ended March 31, 2013, has also been presented based on IFRS.

Definition of Terms

"Fiscal 2020" refers to the fiscal year ended March 31, 2021, and other fiscal years are referred to in a corresponding manner in this Annual Report. "FYE" denotes the fiscal year-end. For example, "FYE2020" denotes March 31, 2021, the last day of fiscal 2020.

Notice Regarding PFIC Status

It is possible that SBG and certain subsidiaries of SBG may be a "passive foreign investment company" ("PFIC") under the U.S. Internal Revenue Code of 1986, as amended, for its current fiscal year due to the composition of its assets and the nature of its income. For the fiscal year ended March 31, 2021 we believe that SBG and certain subsidiaries of SBG were PFICs. We recommend that U.S. holders of SBG's shares consult their tax advisors with respect to the U.S. federal income tax consequences to them if SBG and its subsidiaries are classified as PFICs. SBG is not responsible for any tax treatments or consequences thereof with respect to U.S. holders of SBG's shares.

Company Names

Company names and abbreviations used in this Annual Report, unless otherwise stated or interpreted differently in the context, are as follows.

Company names and abbreviations

Definition

SoftBank Group Corp. or SBG

SoftBank Group Corp. (stand-alone basis)

The Company

SoftBank Group Corp. and its subsidiaries

The Group

SoftBank Group Corp. and its subsidiaries and associates

SoftBank Vision Fund 1 or SVF1

SoftBank Vision Fund L.P. and its alternative investment vehicles

SoftBank Vision Fund 2 or SVF2

SoftBank Vision Fund II-2 L.P. and its alternative investment vehicles

SoftBank Vision Funds

A collective term for SoftBank Vision Fund 1 and 2

SBIA

SB Investment Advisers (UK) Limited

SoftBank Latin America Fund

SoftBank Latin America Fund L.P.

SB Northstar

SB Northstar LP

SoftBank

SoftBank Corp.

Brightstar

Brightstar Global Group Inc.

Fortress

Fortress Investment Group LLC

Sprint

Sprint Corporation

Alibaba

Alibaba Group Holding Limited

Arm

Arm Limited

T-Mobile

T-Mobile US, Inc.

Table of Contents

004 Message from Our CEO

002 Who We Are

  1. NAV (Net Asset Value)
  1. Our Transformation

012 Growth Assets

012 The SBG Investment Portfolio

  1. SoftBank Vision Funds: Investment Strategy
  1. SoftBank Vision Funds: In Focus
  1. SoftBank Vision Funds: Portfolio Companies
  1. Arm: Business Strategy

026 Management: The Foundation Supporting Our Growth

  1. Message from Our CFO
  1. Sustainability: Our Approach
  1. Sustainability: Environment
  1. Sustainability: Society
  1. Sustainability: Our Response to COVID-19
  1. Sustainability: Governance
  1. Message from Ms. Yuko Kawamoto
  1. Compliance
  1. Risk Management
  2. Message from Our CRO
  3. Risk Factors
  1. Annotations

066 Financial Section

  1. Graphs: Key Consolidated Financial Data
  2. Eleven-YearKey Consolidated Financial Data

070 Management's Discussion and Analysis of Results of Operations and Financial Position

114 Consolidated Financial Statements

  1. Notes to Consolidated Financial Statements
  1. Independent Auditor's Report

268 Corporate Information

  1. Major Subsidiaries and Associates
  1. Stock Information
  2. Corporate Data

SoftBank Group Corp. ANNUAL REPORT 2021

Table of Contents

Message from Our CEO

Who We Are

Growth Assets

Management: The Foundation Supporting Our Growth

Financial Section

Corporate Information

001

Information Revolution

- Happiness for everyone

Information Revolution-Happiness for everyone

We are guided by a corporate philosophy of "Information Revolution- Happiness for everyone." We aim to maximize our corporate value while being a corporate group that provides essential technologies and services needed most by people around the world.

Continue to evolve to capture growth opportunities

We view the Information Revolution as a major growth opportunity, where information technology (IT) transforms societies and lifestyles. By firmly seizing this important moment, we wish to contribute to people's happiness over the long term. To make this happen, it is imperative that we identify changes in social needs faster than anyone else and continue to evolve by optimizing the Group's structure to maximize benefits from the technologies and business models that will be the driving forces in the future.

SoftBank Group Corp. ANNUAL REPORT 2021

Table of Contents

Message from Our CEO

Who We Are

Growth Assets

Management: The Foundation Supporting Our Growth

Financial Section

Corporate Information

002

Bolster investment for the age of AI

Today, the incorporation of artificial intelligence (AI) into a variety of business models is reshaping the way value is created, and many industries are starting to be fundamentally redefined. In this situation, to capture the huge opportunities of market expansion and the creation of new industries driven by using AI, we are expanding investments under the Cluster of No.1 Strategy, a unique strategy for orchestrating the organization. Our investments are made in companies that are expected to help promote the Information Revolution based on the investment theme of AI and are largely made through SoftBank Vision Fund 1 and SoftBank Vision Fund 2, as well as either directly by SBG, a holding company, or through its subsidiaries.

Cluster of No.1 Strategy to achieve long-term growth

The Cluster of No.1 Strategy aims for a diverse group of companies with outstanding technologies or business models in their respective fields. It encourages these companies to continue to evolve and grow together by creating synergies based on capital ties and shared vision while making decisions independently. As a strategic investment holding company, SBG influences the decision-making of the group of companies formed under the Cluster of No.1 Strategy. However, we will not require majority equity interest ownership or the integration of brands, as we value the independence of each company. In this way, by diversifying the Group's portfolio with many different types of companies, we will change and expand business lines flexibly and continue to grow for as long as 300 years.

Aiming to Grow for 300 Years

SoftBank Group Corp. ANNUAL REPORT 2021

Table of Contents

Message from Our CEO

Who We Are

Growth Assets

Management: The Foundation Supporting Our Growth

Financial Section

Corporate Information

003

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

SoftBank Group Corporation published this content on 27 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2021 07:49:01 UTC.


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Net Debt 2022 14 983 B 136 B 136 B
P/E ratio 2022 8,86x
Yield 2022 0,68%
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