SOFTBANK CORP.
CONSOLIDATED FINANCIAL REPORTFor the three-month period ended June 30, 2004
Tokyo, August 11, 2004
FINANCIAL HILIGHTS
1.

Results of Operations(Million yen; amounts less than one million yen are omitted.)
Net Sales

Three-month period
endedJune 30, 2004
Three-month period
endedJune 30, 2003
FY2004
April 2003 throughMarch 2004

Three-month period
endedJune 30, 2004
Three-month period
endedJune 30, 2003
FY2004
April 2003 throughMarch 2004

Operating loss

Ordinary loss

Net loss

Million yen%

Million yen%

Million yen%

Million yen%¥147,311

41.8¥(3,819)-¥(11,669)-¥(17,876)-¥103,881-¥(24,197)-¥(30,633)-¥(34,734)-¥517,393¥(54,893)

Net loss per shareprimary

Net loss per sharediluted

Yen

Yen

¥(50.87)-¥(103.31)-¥(314.72)-¥(71,901)¥(107,094)

Notes:

Percentage changes for net sales, operating loss, ordinary loss and net loss are compared with the corresponding
three-month period of the previous fiscal year.

12.

Financial Condition(Million yen; amounts less than one million yen are omitted.)
Shareholders’
Total assets

Shareholders’ equity
Equity ratio (%)

equityMillion yen

per share (yen)Million yen%

Yen

June 30, 2004

¥1,667,303¥230,645

13.8

656.36

June 30, 2003

¥1,008,478¥272,630

27.0

809.35

FY2004
March 31, 2004

¥1,421,206¥238,080

16.8

677.403.

Cash Flows

Operating activities
Million yen
Three-month period
endedJune 30, 2004
Three-month period
endedJune 30, 2003
FY2004
April 2003 throughMarch 2004

4.

¥(11,937)¥(23,301)¥98,752¥504,395¥(37,821)¥(7,899)¥22,791¥124,660¥ (83,829)¥81,878¥306,390¥437,132

Scope of Consolidation at June 30, 2004
Consolidated subsidiaries:
Equity-method non-consolidated subsidiaries:
Equity-method affiliates:

5.

(Million yen; amounts less than one million yen are omitted.)
Cash and cash
Investing activities
Financing activities
equivalents
at the end of the period
Million yen
Million yen
Million yen

184
7
99

Changes in Scope of Consolidation
Consolidated subsidiaries:
Newly added:
Excluded:103Equity-method non-consolidated
subsidiaries and affiliates:
Newly added:
Excluded:522

Management Policies
The core management philosophy of the SOFTBANK Group (hereafter “the Group”) is “Endeavoring tobenefit society and the economy by fostering the sharing of wisdom and knowledge gained through the IT
revolution.” By conducting business activities in a creative manner, the Group focuses its energy on bothcontributing to the development of society and increasing its corporate value.
The household penetration rate of broadband connections in Japan is already more than 30%, bringing thecountry closer to the full-fledged advent of the ubiquitous information age and making broadband an integral
element of infrastructures for daily activities.

SOFTBANK CORP. (hereafter “the Company”) isconcentrating on developing Japan’s broadband market with the aim for becoming a lifestyle company that can
provide broadband for every aspect of people’s lives.

The cumulative number of lines installed in theGroup’s Yahoo! BB comprehensive broadband service exceeded 4.28 million at the end of June 2004, enabling
the Group to retain its leading position in the ADSL service market among Japan’s communications carriers
and ISPs.

The Group also continues to hold an overwhelming lead in the IP telephony market, where thecumulative lines installed of its BB Phone IP telephone service rose to 4.03 million at the end of June 2004
(based on Company data).
As part of its strategy to translate its comprehensive broadband strategy into action, the Company in July 2004
acquired 100% of the issued and outstanding common stock of JAPAN TELECOM CO., LTD.

Through thisacquisition, the Group has raised the number of lines installed for individual and corporate customers toapproximately 10 million and raised annual consolidated net sales to approximately ¥1 trillion.

In addition toenlarging the scale of operations, this acquisition is producing synergies between the Group’s operations which
are strong in the consumer market, and the operations of JAPAN TELECOM CO., LTD. which are strong in
the corporate market.
The medium- and long-term management strategies are to generate stable earnings and cash flows by making
the broadband infrastructure business more profitable, and to strengthen attractive content in a manner thatdraws on synergies among Group companies by utilizing the broadband infrastructure business as a platform.
As its customer base grows, the Group will offer more value-added services with an increase of ARPU
(Average Revenue Per User) and profit margins by utilizing its full-IP network, one of the largest in the world.
Regarding growth in the number of customers, the target is to raise the cumulative number of lines installed ofYahoo! BB to more than 6 million by the end of September 2005. In the broadband business domain, the aim
is to create new profit opportunities by not limiting activities to ADSL, offering services that are best suited tocurrent trends in technological progress, cost efficiency, market conditions and other areas.

At Internet-basedGroup companies, the Group will raise its overall profitability by strengthening operations in the content
domain; the BBTV service over the ADSL network at BB Cable Corporation, the Internet auction and shopping
businesses at Yahoo Japan Corporation and others. Regarding specific earnings targets, the Group is aiming
to achieve a monthly operating surplus during the current fiscal year.

3

Important management issues are achieving profitability in the broadband infrastructure business at an earlystage, diversifying fund procurement methods and bolstering the management system for information security.
To continuously meet the demand for funds in the broadband infrastructure business and other areas, theGroup continues to secure a variety of means for procuring funds.

To increase corporate value, the Group is

managing its finances so as to achieve the optimal composition of capitalization. Regarding the information
security management system, countermeasures consisting of 649 items have already been taken involving theprotection of customer information.

The Group continues to maintain the highest level of information

security management system and is working as one to protect all of its information resources.

4

Results of Operations and Financial Position
1. Consolidated Results of Operations<Overview of First Quarter Results>
In the first quarter ended June 30, 2004, net sales increased ¥43,429 million, or 42%, compared with the firstquarter of the previous fiscal year, to ¥147,311 million.

Steady growth in Broadband Infrastructure segment

sales continued along with the increase in the number of paying customers in the Yahoo! BB service.

In

addition, net sales increased in the Internet Culture and e-Finance segments.
The operating loss decreased ¥20,378 million to ¥3,819 million compared with the first quarter of the previous
fiscal year.

There was a continued improvement in the operating loss in the Broadband Infrastructure

segment because of the increase in net sales and other factors.

In addition, aggregate operating income for all

segments other than Broadband Infrastructure continued to grow, with an increase of ¥9,826 million, or 209%,
compared with the first quarter of the previous fiscal year, to ¥14,518 million.
There was a decrease of ¥18,964 million in the ordinary loss to ¥11,669 million compared with the first quarterof the previous fiscal year. Net equity in loss under the equity-method was ¥2,295 million compared to net
equity in gain under the equity-method of ¥880 million recorded in the same quarter of the previous fiscal year,
because Aozora Bank, Ltd. is no longer accounted for using the equity method due to the sale of all shares heldin Aozora Bank, Ltd.

There was an exchange loss of ¥1,696 million due to the yen’s depreciationcompared with a gain of ¥364 million in the same quarter of the previous fiscal year.

Interest expense

increased ¥2,232 million to ¥5,000 million compared with the first quarter of the previous fiscal year becauseof the increase in interest-bearing debts.

Due to these factors, net non-operating expenses were ¥7,849

million, ¥1,414 million more than the same quarter of the previous fiscal year.
The net loss decreased ¥16,858 million to ¥17,876 million compared with the first quarter of the previous
fiscal year. Net special income increased ¥1,703 million to ¥7,398 million compared with the same quarter ofthe previous fiscal year.

This includes an aggregate gain of ¥6,302 million on the sale of investment

securities such as shares held in E*TRADE SECURITIES CO., LTD. and M.P. Technologies, Inc.
<First Quarter Results by Business Segment>
Broadband Infrastructure—Segment sales increased ¥22,366 million, or 94%, compared with the firstquarter of the previous fiscal year, to ¥46,175 million.

There was steady growth in the number of paying

customers in the Yahoo! BB service as the service maintained low monthly churn rate of between 1% and 2%.
Furthermore, there was an increase in the share of customers using value-added services such as morehigh-speed services and wireless LAN. These factors contributed to growth in net sales at SOFTBANK BB
Corp. and ISP revenue at Yahoo Japan Corporation. The segment had an operating loss of ¥18,337 million
mainly due to continuing customer acquisition costs. However, there was growth in the number of paying
customers and ARPU.
increased.

Furthermore, fixed costs have remained almost constant level as net sales have

Due to these factors, there was a large decrease of ¥10,552 million in the operating loss comparedwith the same quarter of the previous fiscal year.

5e-Commerce—Segment sales increased ¥1,725 million, or 3%, compared with the first quarter of the previous
fiscal year, to ¥58,035 million.

Operating income increased ¥895 million, or 139%, compared with the firstquarter of the previous fiscal year, to ¥1,540 million.

At SOFTBANK BB Corp., strong sales of highly

profitable security-related software underpinned sales of mainstay software distribution.

There was an

improvement in the operating margin due to measures to raise efficiency, such as a redeployment of employees
to the broadband infrastructure business and a review of distribution systems.
e-Finance—Segment revenue increased ¥8,897 million, or 127%, compared with the first quarter of theprevious fiscal year, to ¥15,906 million and operating income increased ¥3,523 million, or 787%, comparedwith the first quarter of the previous fiscal year, to ¥3,970 million. A major source of revenue growth was theacquisition of a controlling stake in WORLD NICHIEI Securities Co., Ltd.*

Other factors were significant

increases in brokerage commission revenue and financial income from interest and dividends at E*TRADE
SECURITIES CO., LTD. due to the higher trading volume in Japan’s active stock markets.

In the firstquarter, this segment recorded a ¥2,534 million gain on sale of investment securities as special income
resulting from the partial sale of shares held in E*TRADE SECURITIES CO., LTD.
*WORLD NICHIEI Securities Co., Ltd. and SOFTBANK FRONTIER SECURITIES CO., LTD. merged in February 2004 toform WORLD NICHIEI FRONTIER Securities Co., Ltd.

Media & Marketing—Segment sales decreased ¥577 million, or 16%, compared with the first quarter of theprevious fiscal year, to ¥3,021 million and the operating loss increased ¥108 million to ¥327 million comparedwith the same quarter of the previous fiscal year.

This performance mainly reflects lower sales of magazinesand books at SOFTBANK Publishing Inc. amid a prolonged slump in the IT publishing market.

In the firstquarter, this segment recorded a ¥2,040 million gain on sale of investment securities as special income
resulting from the partial sale of shares held in M.P. Technologies, Inc.
Broadmedia—Segment sales decreased ¥47 million, or 2%, compared with the first quarter of the previous
fiscal year, to ¥3,077 million.

The operating loss increased ¥88 million to ¥838 million compared with thesame quarter of the previous fiscal year.

This was due mainly to depreciation expenses, leasing fees,development-related expenses, and other expenses incurred by a marketing campaign at BB Cable Corporation
which operates the BBTV service via the ADSL network under which basic monthly fees and some other fees
were waived.
Internet Culture—Segment sales increased ¥7,904 million, or 60%, compared with the first quarter of theprevious fiscal year, to ¥21,070 million and operating income increased ¥4,455 million, or 67%, comparedwith the first quarter of the previous fiscal year, to ¥11,103 million.

Steady growth continued at Yahoo Japan

Corporation as this company executed a business strategy that leverages the Yahoo brand, which is being
backed by the collective activities of all global Yahoo group companies.

Making a particularly large

contribution to sales growth in the first quarter was an increase in the sales of information listings due to thestart of Yahoo! RIKUNABI, a recruiting information site offered through a tie-up with RECRUIT CO., LTD.
Growth in advertising sales also continued.
6

Technology Services—Segment sales increased ¥1,434 million, or 35%, compared with the first quarter of theprevious fiscal year, to ¥5,541 million.

This was mainly due to an increase in sales relating to the backofficeservice on e-commerce sites, network system design, construction, operation and maintenance services,
security equipment and other products of SOFTBANK TECHNOLOGY CORP.

Along with the increase insales, operating income increased ¥113 million, or 238%, compared with the first quarter of the previous fiscal
year, to ¥160 million.
2. Financial Position<Balance Sheet Analysis (comparison with the end of fiscal 2004)>
Total assets increased ¥246,097 million to ¥1,667,303 million.

The main reasons were a ¥45,390 million

increase in cash and deposits and a ¥73,305 million increase in cash segregated as deposits related to securities
business and receivables related to margin transactions mainly at E*TRADE SECURITIES CO., LTD. andWORLD NICHIEI FRONTIER Securities Co., Ltd.

Investment securities increased ¥81,833 million becauseof an increase in the market value of shares held in Yahoo! Inc. and others.
Total liabilities increased ¥243,335 million to ¥1,333,673 million. There was a ¥74,144 million increase inpayables related to margin transactions and guarantee deposits received from customers related to securities
business mainly at E*TRADE SECURITIES CO., LTD. and WORLD NICHIEI FRONTIER Securities Co.,Ltd.

In addition, there was an increase of ¥20,872 million in bonds mainly due to the issuance of convertible

bonds by SOFTBANK INVESTMENT CORPORATION.

There was an increase of ¥61,261 million in cash

receipt as collateral under security deposit agreements in other current liabilities and a ¥66,242 million
increase in derivative liabilities associated with derivative transactions utilizing Yahoo! Inc. stock in otherlong-term liabilities.
Shareholders’ equity decreased ¥7,435 million to ¥230,645 million.

The increase in the market value ofYahoo! Inc. stock and other investments raised net unrealized gain on other securities by ¥53,339 million
while there was a ¥43,521 million increase in net unrealized loss on derivative instruments based on market
value.

In addition, accumulated deficits increased ¥20,474 million mainly due to the net loss.

<Cash Flow Analysis>
There were positive cash flows of ¥67,291 million in the first quarter as cash was provided by financing
activities while cash was used in operating and investing activities. As a result, there was a net increase of¥67,262 million in cash and cash equivalents to ¥504,395 million compared with the previous fiscal year end.
Net cash used in operating activities was ¥11,937 million. Loss before income taxes and minority interest
was ¥4,271 million, mostly resulting from the operating loss in the Broadband Infrastructure segment.

In

addition, income taxes paid at Yahoo Japan Corporation and certain other companies were ¥19,663 million.
Depreciation and amortization was ¥9,850 million.

7

Net cash used in investing activities was ¥23,301 million.

Cash of ¥16,762 million was used for thepurchase of property and equipment and intangibles, mainly transmission equipment at SOFTBANK BB Corp.
Net cash provided by financing activities was ¥98,752 million. The major components were ¥62,853
million in proceeds from security deposit agreements which is included in the “others, net” item, and ¥19,995
million in proceeds from the issuance of convertible bonds by SOFTBANK INVESTMENT CORPORATION.

8The SOFTBANK GroupAs of June 30, 2004, the SOFTBANK Group comprised 290 companies with operation in 8 segments as follows.

Business segment

Consolidated
subsidiaries

Equity-method
non-consolidated
subsidiaries andaffiliates

1.

Broadband
Infrastructure

16

6

2.

e-Commerce

17

8

3.

e-Finance

46

8

4.

Media & Marketing

10

6

5.

Broadmedia

14

2

6.

Internet Culture

19

5

7.

Technology Services

7

3

8.

Overseas Funds

39

63

9.

Others16

5

Principal products and operational content of each business
ADSL high-speed Internet connection service and IP telephonyservice; fiber-optic ultra-high-speed Internet connection service andother operations
Distribution of PC software and such hardware as PCs andperipherals; enterprise solutions; diversified e-commerce businesses,
including business transaction platform (B2B) and consumer-related
e-commerce (B2C)
All-inclusive financial operations, including on-line security
business; management of domestic venture capital funds; incubationof portfolio companies
Book and magazine publication in such areas as PCs, the Internet,
entertainment, etc.; development of web content specialized in IT
Provision of applications and content for broadband broadcasting andcommunications and promoting the spread of such operations
Internet-based advertising operations; broadband portal business;
Internet-based auction business
System solution business; business solution business
U.S.- and Asia-focused global venture capital business with a main
focus on Internet-related companies
Holding company functions for overseas operations; back-officeservices in Japan

184
106
Total
Note: SOFTBANK BB Corp., which is engaged in the Broadband Infrastructure and e-Commerce segments, is included in the
Broadband Infrastructure segment; Yahoo Japan Corporation, which is engaged in the Internet Culture and Broadband Infrastructure
segments, is included in the Internet Culture segment. Both of them are consolidated subsidiaries.
Broadband Infrastructure［ Overseas ］

e-Commerce［ Domestic ］
Dee Corp.

IP REVOLUTION, INC.

Vector Inc.

SOFTBANK BB Corp.
Internet Culture

e-Finance

Carview Corporation

Yahoo Japan Corporation

SOFTBANK INVESTMENTCORPORATION（Operating Holding
Companies）

E*TRADE SECURITIES CO., LTD.

Tavigator, Inc.

Morningstar Japan K.K.

e-Shopping! Books CORP.

［ Overseas ］［ Domestic ］

SOFTBANKFINANCECORPORATION（Operating Holding
Companies）
SOFTBANK
Broadmedia
Corporation

Club iT Corporation

BB Cable Corporation

SOFTBANK CORP.
(Pure Holding Company)（Operatinng Holding
Companies）
SOFTBANK
Holdings Inc.

（Operating Holding
Companies）

SOFTBANK Publishing Inc.
SOFTBANK TECHNOLOGY CORP.

WORLD NICHIEI FRONTIER
Securities Co., Ltd.

Finance All Corporation［ Domestic ］［ Overseas ］

SOFTBANK Korea Co., Ltd.
SB CHINA HOLDINGS PTE LTD

SOFTBANK Media &Marketing Corp.

Broadmedia

Morningstar Inc.

Overseas Funds
SOFTBANK US Ventures VI LP

Softbank ITmedia Inc.

［ Domestic］

cyber communications inc.

Media & MarketingTechnology Services［ Overseas ］

・・・・ Segment・・・・ Consolidated subsidiary・・・・ Equity-method subsidiaryor affiliate

9

CONSOLIDATED BALANCE SHEETS(Millions of yen; amounts less than one million yen are omitted.)
June 30, 2004
Amount%March 31, 2004
Amount%Increase(Decrease)

June 30, 2003
Amount%¥372,413
82,191
135,399
31,755
3,989¥327,023
87,982
113,659
25,064
5,255¥45,390(5,790)21,7396,691(1,265)¥129,358
54,7102,562
35,9596,228

128,211

95,532

32,67945,182

221,669
70,608(7,489)1,038,749

62.3

181,043
64,105(11,726)
887,94062.5

40,626
6,502
4,236
150,809

63,13865,345(8,179)394,305

39.1

7.0

92,231
22,948115,179

8.1

445
1,260
1,706

91,215
20,417
111,633

11.1

1.1

17,02817,028

1.2

1,553
1,553

8,965
15,461
24,427

2.4

81,833
6,104
2,756
1,613
(20)

341,183
88,73033,536
16,112(1,794)ASSETS
Current assets:
Cash and deposits
Notes and accounts receivable - tradeMarketable securities
Inventories
Deferred tax assets
Cash segregated as deposits
related to securities business
Receivables related to margin transactions
Other current assets
Less : Allowance for doubtful accounts
Total current assets
Non-current assets:
Property and equipment, net
Transmission equipment
OthersTotal tangible assets

92,67624,208116,885

Intangible assets, net:
Consolidation adjustment
Other intangibles
Total intangible assets

18,582
18,582

Investments and other assets:
Investment securities
Investments in partnerships
Deferred tax assets
Other assets
Less : Allowance for doubtful accounts

344,740
92,75932,05926,075(4,345)

Total investments and other assets

491,28829.5

399,001

28.1

92,287477,769

47.4

1,797

0.1

2,056

0.1

(259)

343

0.0

¥1,667,303

100.0¥1,421,206

100.0

Deferred charges
Total assets

262,906
86,65429,30324,461(4,324)

10¥246,097 ¥1,008,478 100.0

CONSOLIDATED BALANCE SHEETS(Millions of yen; amounts less than one million yen are omitted.)
June 30, 2004
Amount%March 31, 2004
Amount%Increase(Decrease)

June 30, 2003
Amount%¥39,066
103,421
10,00036,154¥47,61388,841
11,00036,154¥(8,546)
14,579(1,000)-¥38,509
145,432
4,000
56,27963,81566,420(2,604)

66,586

9,688
1,056
199,785

18,858233
160,382(9,169)822
39,402

9,856
9,596
53,250118,853

84,111

34,742

46,424

117,83142,12575,70621,189143,931451,126

20,872
10,012
2,491(662)
66,425

121,094
34,96957,684
21,23137.5

99,138234,980

23.3

635
76
711

0.1

LIABILITIES ANDSHAREHOLDERS' EQUITYCurrent liabilities:
Notes and accounts payable - trade
Short-term borrowings
Commercial paper
Current portion of corporate bonds
Accounts payable - otherand accrued expenses
Income taxes payable
Deferred tax liabilities
Payables related to margin transactions
Guarantee deposits received from
customers related to securities business
Other current liabilities
Total current liabilities

699,674

Long-term liabilities:
Corporate bonds
Long-term debt
Deferred tax liabilities
Consolidation adjustment
Other liabilities

317,939
152,489
60,703
1,059
100,171

Total long-term liabilities

632,36342.0

555,74239.1

297,067
142,477
58,212
1,721
33,74544.7

37.9

533,224

1,519
116
1,636

0.1

1,267
103
1,371

0.1

252
12
264

Total liabilities

1,333,673

80.0

1,090,337

76.7

243,335

686,818

68.1

Minority interestin consolidated subsidiaries

102,985

6.2

92,787

6.5

10,19749,0294.9

162,303
186,690(231,100)
158,538

9.7
11.2(13.8)
9.5

162,303
186,690(210,625)
105,198

11.4
13.1(14.8)
7.4(20,474)
53,339137,867 13.6
162,264 16.1
(138,516) (13.7)
90,8799.0(52,983)(3.2)(9,462)(0.6)(43,521)

-

-

7,272
(75)

0.4
(0.0)

4,044
(66)

0.3
(0.0)

3,228
(8)

20,176
(40)

2.0
(0.0)

Total shareholders' equity

230,64513.8

238,080

16.8(7,435)

272,630

27.0

Total liabilities andshareholders' equity¥1,667,303

100.0¥1,421,206

100.0

Reserves under special laws:
Reserve for securities trading liabilities
Reserve for commodities trading liabilities
Total reserves under special laws

Shareholders' equity:
Common stock
Additional paid-in capital
Accumulated deficits
Net unrealized gain on other securities
Net unrealized loss on derivative
instruments
Translation adjustments
Less: Treasury stock

11¥246,097 ¥1,008,478 100.0

CONSOLIDATED STATEMENTS OF OPERATIONS(Millions of yen; amounts less than one million yen are omitted.)Three-month period Three-month period
ended June 30, 2004 ended June 30, 2003

Increase(Decrease)

FY2004
April 2003 throughMarch 2004
Amount%Amount%Amount%¥147,311
92,77054,540

100.0
63.0
37.0

¥103,881
83,82420,057

100.0
80.7
19.3

¥43,429
8,946
34,483¥517,393
384,024
133,369

100.0
74.2
25.8

58,35939.6

44,255

42.6

14,104

188,263

36.4

Operating loss

(3,819)(2.6)(24,197)(23.3)

20,378(54,893)(10.6)

Interest income
Exchange gain
Equity in gain under the equity method
Income from investments in partnerships
Other non-operating income

550
5,526
1,257
7,334

5.0

159
364
880
566
1,169
3,139

3.0

391
(364)
(880)
4,960
88
4,194

799
6,508
3,205
4,000
14,5142.8

Non-operating expenses

5,000
1,696
2,295
4,266
1,926
15,184

10.3

2,767
973
5,834
9,575

9.2

2,232
1,696
2,295
3,292
(3,908)
5,608

12,0522,276
2,040
15,152
31,521

6.1

Ordinary loss

(11,669)(7.9)(30,633)(29.5)

18,964(71,901)(13.9)(4,977)2,377

37,601
5,185

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expensesNon-operating income
Interest expense
Exchange loss
Equity in loss under the equity method
Expenses from investments in partnerships
Other non-operating expenses

Gain on sale of investment securities
Other special income

6,302
3,460

Special income

9,763

6.6

12,362

11.9(2,599)42,786

8.3

Special loss
Loss before income taxes and minority
interest

2,365

1.6

6,667

6.4

(4,302)

47,6299.2(4,271)(2.9)(24,938)(24.0)

20,667(76,744)(14.8)

8,927(3,949)

6.1
(2.7)

9,360
(721)

9.0
(0.7)

(433)
(3,228)24,530(9,336)

4.8
(1.8)

8,626
5.8
¥(17,876) (12.1)

1,156¥(34,734)

1.1(33.4)

7,470¥16,858

15,156¥(107,094)

2.9(20.7)

Income taxes:
Current
Deferred
Minority interest
Net loss

11,280
1,082

12

CONSOLIDATED STATEMENTS OF ADDITIONAL PAID-IN CAPITAL AND RETAINED EARNINGS(Millions of yen; amounts less than one million yen are omitted.)Three-month period
ended June 30, 2004

Three-month period
ended June 30, 2003

FY2004
April 2003 throughMarch 2004

¥186,690¥162,231¥162,231--

24,425-32

32¥186,690¥162,264¥186,690

Three-month period
ended June 30, 2004

Three-month period
ended June 30, 2003

FY2004
April 2003 throughMarch 2004¥(210,625)¥(101,031)¥(101,031)(17,876)(2,459)(172)(34,734)(2,342)(70)(107,094)(2,342)
(73)

42

(337)

(287)

(7)

-

202
-

¥(231,100)¥(138,516)¥(210,625)

ADDITIONAL PAID-IN CAPITAL
Additional paid-in capitalat the beginning of the period
Increase due to issuance of shares
Increase in paid-in capital due tosale of treasury stock
Additional paid-in capitalat the end of the period

ACCUMULATED DEFICITS
Accumulated deficits
at the beginning of the period
Net loss
Cash dividends
Bonuses to directors
Net adjustments to retained earnings due tochange in scope of the consolidation
Increase due to merger
Decrease due to merger
Accumulated deficits
at the end of the period

Note: Under Japanese GAAP, the cumulative effect arising from any changes in the scope of consolidation is treatedas an adjustment to retained earnings in the consolidated statements of additional paid-in capital and retained earnings.

13

CONSOLIDATED STATEMENTS OF CASH FLOWS(Millions of yen; amounts less than one million yen are omitted.)Three-month period Three-month period
ended June 30, 2004 ended June 30, 2003

Ⅰ.Cash flows from operating activities:
Loss before income taxes and minority interest

FY2004
April 2003 throughMarch 2004¥(4,271)¥(24,938)¥(76,744)

9,850
2,295

7,587
(880)

32,864
2,276

Adjustments to reconcile loss before income taxes andminority interest to net cash used in operating activities:
Depreciation and amortization
Equity in loss (gain) under the equity method, net
Gain on sale of marketable and investment
securities, net
Exchange loss (gain), net
Interest and dividend income
Interest expense
Decrease (increase) in receivables- trade
Decrease in payables-trade
Increase in other receivables
Increase in other payables
Others, net
Sub-total(6,289)(11,259)(27,032)

1,506
(836)
5,000
5,508
(7,832)(33,483)
39,830(4,485)
6,792

567
(322)
2,767
9,626
(20,172)(11,197)
8,587
13,324(26,311)(5,366)(1,323)
12,052(25,023)(9,531)(75,485)
73,831
38,289(61,194)

Interest and dividends received
Interest paid
Income taxes paid
Refund of income taxes
Net cash used in operating activities

1,080(1,373)(19,663)
1,227(11,937)552(2,174)(9,886)(37,821)

978(11,206)(16,174)
3,767(83,829)-

Continued -14

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)(Millions of yen; amounts less than one million yen are omitted.)
FY2004Three-month period Three-month period
April 2003 throughended June 30, 2004 ended June 30, 2003
March 2004
Ⅱ.Cash flows from investing activities:
Purchase of property and equipment and intangibles
Purchase of marketable and investment securities
Proceeds from sale of marketable and investment
securities
Additional investments in newly consolidated entities
Sale of interests in subsidiaries previously consolidated
Proceeds from sale of interests in consolidated
subsidiaries
Increase in loan receivables
Collection of loans
Others, net(16,762)(8,343)(22,890)(686)(61,472)(38,945)

6,048

19,559151,136

(822)
-

-

1,693
(1,167)

4,939

292

29,212(3,923)
2,191(6,628)(2,729)812(2,258)(23,028)
22,577
1,871

Net cash (used in) provided by investing activities(23,301)(7,899)81,878

Ⅲ.Cash flows from financing activities:
Increase (decrease) in short-term borrowings, net
Proceeds from issuance of commercial paper
Redemption of commercial paper
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from issuance of shares
Proceeds from issuance of shares to minority shareholders
Cash dividends paid
Cash dividends paid to minority shareholders
Others, net

11,96620,000(21,000)
10,000(2,028)19,995360(1,729)(1,664)62,853(22,850)
45,406
(859)
(108)
43
(1,530)(54)
2,745(76,851)
77,500(70,500)
204,828(50,993)
216,636(56,870)
48,631
3,704(2,317)(112)
12,73598,752

22,791

306,390

Net cash provided by financing activities
Ⅳ. Effect of exchange rate changes

3,778

213

(13,459)

Ⅴ. Net increase (decrease) in cash and cash equivalents

67,291(22,716)

290,980

10

-

-

(45)

(149)

(1,373)

6--437,132

147,526

147,526¥504,395¥124,660¥437,132

Ⅵ.Increase in cash and cash equivalents due to thecompanies newly consolidated
Ⅶ.Decrease in cash and cash equivalents due to
exclusion of the entities previously consolidated
Ⅷ.Increase in cash and cash equivalents due to merger
Ⅸ.Cash and cash equivalents at the beginning of theperiodⅩ.Cash and cash equivalents at the end of the period

15Basis of Presentation of Consolidated Financial Statements
1. Changes in scope of consolidation
As of June 30, 2004, SOFTBANK CORP．
（the "Company"）consolidated 184 subsidiaries. 18 subsidiaries were notconsolidated due to their immateriality in terms of the consolidated total assets, net sales, net loss and accumulated deficits of the
SOFTBANK consolidated financial statements.
Main changes in the scope of the consolidation were as follows:<Increase>
E*TRADE KOREA CO., LTD

Change from an affiliate due to acquisition of
additional shares

Other 9 companies<Decrease>
SOFTBANK TECHNOLOGY HOLDINGS CORP.

MergerOther 2 companies
2. Changes in scope of equity method
As of June 30, 2004, the Company held 7 non-consolidated subsidiaries and 99 affiliates, all of which were accounted forunder the equity method.
Main changes in application of the equity method were as follows:<Increase>
5 companies<Decrease>
E*TRADE KOREA CO., LTD

Change to a consolidated subsidiary due toacquisition of additional shares

Other 1 company
3. Summary of significant accounting policies[1] Evaluation standards and methods for major assets(1) Marketable securities and investment securities
Held-to-maturity debt securities: Stated at amortized cost
Other securities:
With market quotations:
Stated at fair value, which represents the market prices at the balance sheet date (Unrealized gain/loss are included asa separate component in shareholders' equity, net of tax, while cost is primarily determined using the moving-averagemethod)Without market quotations:

Carried at cost, primarily based on the moving-average method(2) Derivative instruments:

Stated at fair value(3) Inventories:

Carried at cost, primarily based on the moving-average method16[2] Depreciation and amortization(1) Property and equipment:
Transmission equipment:

Computed using the straight-line method

Others:Computed primarily using the declining-balance method(2) Intangible assets:

Computed using the straight-line method[3] Accounting principles for major allowances and accruals
Allowance for doubtful accounts:
Allowance for doubtful accounts is calculated based on the aggregate amount of estimated credit losses on doubtfulreceivables, plus an amount for receivables other than doubtful receivables calculated using historical write-off
experience ratios from certain prior periods.
[4] Translation of foreign currency transactions and accounts
All assets and liabilities in foreign currencies are translated at the foreign exchange rates prevailing at the respective balance
sheet dates. Exchange gains or losses are charged to the net income when incurred.
The translation of revenues and expenses in the financial statements of foreign consolidated subsidiaries into Japanese yen is
performed by using the average exchange rate for the period. Assets and liabilities are translated using the foreignexchange rates prevailing at the balance sheet dates, and capital stock is translated using the historical rates. Foreign
currency financial statement translation differences are presented as a separate component of "Shareholders' equity", except
for the portion pertaining to minority shareholders, which is included in "Minority interest in consolidated subsidiaries".
[5] Capital lease
Under the Japanese accounting standards, capital leases, as defined therein, other than those whereby the ownership of theassets is transferred to the lessee at the end of the lease term, are permitted to be accounted for as operating leases with afootnote disclosure of the estimated acquisition cost, estimated accumulated depreciation and future lease payments orreceipts.

[6] Accounting for significant hedge transactions(1) Hedge accounting
Unrealized gains and losses, net of tax, on derivative instruments that are qualified as an effective cash flow hedge at aconsolidated subsidiary in the United States of America are reported as a separate component of “Shareholders’ equity” in
the Company’s consolidated balance sheets. As such, unrealized gains and losses associated with the derivative
instruments will be recognized into earnings in the same period during which the hedged assets and liabilities are recognizedin earnings.
(2) Derivative instruments for hedging and hedged items
Derivative instruments for hedging:
Prepaid variable share forward contract (the collar transaction)
Hedged asset:
Equity security(3) Hedging policy
The purpose of the collar transaction is to hedge the variability of cash flows associated with the future market price of theunderlying equity security.
17[7] Accounting method for consumption taxes
Consumption taxes are accounted for using net-of-tax method.
4. Scope of cash and cash equivalents in the consolidated statements of cash flows"Cash and cash equivalents" comprises cash on hand, bank deposits withdrawable on demand and highly liquid investmentswith initial maturities of three months or less and a low risk of fluctuation in value.

Additional information
On July 30, 2004, the Company acquired all 143,855,424 issued and outstanding common stock of JAPAN TELECOM CO., LTD.
JAPAN TELECOM CO., LTD has become a consolidated subsidiary of the Company, accordingly.

18

NOTES
1. Accumulated depreciation of property and equipment
June 30, 2004
57,721 million yen

March 31, 2004
49,426 million yen

June 30, 2003
32,754 million yen

2. Number of treasury stock held by the Company
June 30, 2004
Held by the Company
common stock
34,500 shares
Number of shares issued common stock 351,436,826 shares

March 31, 2004
32,730 shares
351,436,826 shares

June 30, 2003
26,285 shares
336,876,826 shares

3. Receivables and payables related to margin transactions
Receivables and payables related to margin transactions in securities businesses engaged by certain consolidated subsidiaries
were as follows:
March 31, 2004
June 30, 2003
June 30, 2004
Receivables Loans receivable from customers for
168,484 million yen 55,779 million yen
213,064 million yen
margin transactions
Cash deposits (collateral) for securities
12,5587,358
8,604
borrowed from securities companies
Payables Loans payable to securities companies
for margin transactions
Proceeds from securities sold for margintransactions

169,991 million yen

126,721 million yen

30,476 million yen

29,793

33,661

22,773June 30, 2004

March 31, 2004

June 30, 2003

9,350 million yen

8,727 million yen

5,504 million yen

4. Assets pledged as collateral(1) For future lease liabilities
Assets pledged as collateral:
Notes and accounts receivable - trade
Other current assets(accounts receivable – other)
Secured liabilities:
Notes and accounts payable - trade

25

36

72

12 million yen

57 million yen

220 million yen

Note: The collateral for the future lease liabilities was provided by mortgaging against the aggregate of the current and future
receivables due from customers of certain consolidated subsidiaries and a broadcasting company, based on marketing
agreements, etc. The future lease liabilities at the end of periods are as follows:

Future lease liabilities (including the above"Notes and accounts payable-trade")

June 30, 2004

March 31, 2004

June 30, 2003

31,554 million yen

33,558 million yen

31,134 million yen

19

4. Assets pledged as collateral (continued)(2) For short-term borrowings and long-term debt
June 30, 2004

March 31, 2004

June 30, 2003

Assets pledged as collateral:
Cash and deposits
Notes and accounts receivable - trade
Inventories
Transmission equipment
Property and equipment- others
Investment securities

994 million yen
1,109
4,748
209,996

902 million yen
1,124
544
5,486
1,507
138,064- million yen
1,982
193
161,395

Secured liabilities:
Notes and accounts payable - trade
Short-term borrowings
Other current liabilities
Long-term debt

662 million yen
11,674355
121,099592 million yen
13,081
346
118,483- million yen
18,05728,904

Notes: At the period ended June 30, 2003, SOFTBANK America Inc. (“SBA”), a wholly-owned subsidiary of the Company,
pledged and delivered investment securities amounting to ¥161,395 million into a collateral securities account. SBA
was able to release the excess amount over 142.857% of the secured liabilities, consisting of ¥17,970 million as"Short-term borrowings" and ¥27,554 million as “Long-term debt”.
As of June 30, 2003, the fair market value of the pledged and delivered investment securities was ¥161,395 million, of
which ¥78,513 million representing the excess amount over the 142.857% of the secured liabilities was able to bereleased.
(3) For long-term debt owed by a third party
June 30, 2004

March 31, 2004

June 30, 2003

Assets pledged as collateral:
Investments in partnerships

1,842million yen

1,842 million yen

2,004 million yen

Secured liabilities:
Long-term debt owed by a third party

2,340million yen

2,349 million yen

2,376 million yen

5. Cash receipt as collateral
Cash receipt as collateral from financial institutions, to whom the Company and its subsidiary lent shares of its subsidiary andaffiliate under security deposit agreements, is presented as follows:

Other current liabilities

June 30, 2004

March 31, 2004

71,261 million yen

10,000 million yen

6. Reserve required under special laws
Reserve for securities trading liabilities

Securities Exchange Law, No. 51

Reserve for commodity trading liabilities

Commodity Exchange Act, No. 136-22

20

June 30, 2003
- million yen

7. Net unrealized gains/losses on derivative instruments
Statement of Financial Accounting Standards No. 133, “Accounting for Derivative Instruments and Hedging Activities” (“SFAS133”) is adopted on derivative instruments which the Company’s consolidated subsidiary in the United States of America utilized.
The consolidated subsidiary in the United States of America has entered into a variable share prepaid forward contract (the “collartransaction”) utilizing its shares of an equity security. The purpose of this collar transaction is to hedge the variability of cash flows
associated with the future market price of the underlying security, which is used for the settlement of the loans.
According to SFAS 133, unrealized gains and losses, net of tax, on the effective portion of the cash flow hedge as defined arereported as a separate component of “Shareholders’ equity”, until gains and losses on the hedged item are recognized in earnings.

8. Line of credit as a creditor (not used)
June 30, 2004
220 million yen

March 31, 2004
204 million yen

June 30, 2003
131 million yen

June 30, 2004
3,408 million yen

March 31, 2004
6,581 million yen

June 30, 2003
5,328 million yen

9. Balance of accounts receivable sold

10. Research and development costs included in general and administrative expenses and cost of sales
June 30, 2003
June 30, 2004
- million yen
564 million yen

March 31, 2004
1,267 million yen

11. Consolidated statements of cash flows
Reconciliation of cash and cash equivalents to the amounts presented in the accompanying consolidated balance sheets
June 30, 2004
372,413 million yen
135,399

June 30, 2003
129,358 million yen
2,562

March 31, 2004
327,023 million yen
113,659(2,581)(5,561)(2,331)

Deposits received from customers
in the commodities business

(72)

(144)

(75)

Stocks and bonds with original
maturity over three months(763)(1,553)(1,143)

Cash and deposits
Marketable securities
Time deposits with original maturity
over three months

Cash and cash equivalents

504,395 million yen

21

124,660

million yen

437,132

million yen

Significant subsequent events
Sale of BB Call Corp. (“BB Call”)
On August 4, 2004, the Company entered into an agreement to transfer all holding shares of BB Call through its wholly-owned
subsidiary, SOFTBANK BB Corp (“SOFTBANK BB”).
SOFTBANK BB integrated its call centers and those outsourced to several suppliers into BB Call. After the integration, all sharesof BB Call were sold to BELLSYSTEM 24, Inc., a highly specialized call center operator. Operating the call centers as a memberof the BELLSYSTEM 24 Group will provide a higher level of call center operations and facilitate improvements in efficienttelemarketing.
Date of sale: August 9, 2004
Number of shares sold: 200,000 shares (All issued and outstanding common stock of BB Call)
Sale value: ¥49.8 billion
Gain on sale of investment securities of ¥39.9 billion on this transaction will be recorded in the Company’s consolidated financial
statements for the three-month period ending September 30, 2004.

22

SEGMENT INFORMATIONBusiness segment information

For the three-month period ended June 30, 2004
(Millions of yen; amounts less than one million yen are omitted.)
Broadband
Elimination
Media &
Internet Technology Overseas
OthersTotal
e-Commerce e-FinanceConsolidated
Broadmedia
Services
Funds
Infrastructure
or corporate
Marketing
CultureNet Sales(1)Customers(2)Inter-segment
Total
Operating expenses
Operating income (loss)¥46,132
42
46,17564,513¥(18,337)¥55,595
2,439
58,03556,494¥1,540¥14,474
1,432
15,906
11,936¥3,970¥2,705
315
3,021
3,348
¥(327)¥1,852
1,225
3,077
3,915
¥(838)¥20,939130
21,0709,966¥11,103¥3,406
2,134
5,541
5,381
¥160

¥569
569
161
¥407

¥1,634
557
2,191
2,973
¥(781)¥147,311
8,278
155,590
158,691¥(3,101)¥(8,278)(8,278)(7,560)¥(717)¥147,311
147,311
151,130¥(3,819)23
For the three-month period ended June 30, 2003
Broadband
e-Commerce e-Finance
Infrastructure
Net Sales(1)Customers(2)Inter-segment
Total
Operating expenses
Operating income (loss)¥23,72682
23,80952,699¥(28,890)¥53,282
3,026
56,30955,663¥645¥5,621
1,387
7,009
6,561
¥447

Media &
Broadmedia
Marketing¥3,318
280
3,598
3,817
¥(218)¥2,219
906
3,125
3,875
¥(749)

23

Internet
Culture¥13,044120
13,165
6,517¥6,648(Millions of yen; amounts less than one million yen are omitted.)
Technology Overseas
Elimination
Others
Total
Consolidated
ServicesFunds
or corporate¥1,771
2,335
4,107
4,059
¥47

¥632
632
470
¥162

¥262
393
656
1,702
¥(1,045)¥103,881
8,533
112,415
135,367¥(22,952)¥(8,533)(8,533)(7,287)¥(1,245)¥103,881
103,881
128,079¥(24,197)

Business segment information (continued)
FY2004 (for the year ended March 31, 2004)
Broadband
e-Commerce e-Finance
Infrastructure
Net Sales(1)Customers(2)Inter-segment
Total
Operating expenses
Operating income (loss)¥128,711
195
128,906
216,504¥(87,597)¥243,902
10,985
254,888
251,241¥3,647¥37,949
3,477
41,42735,515¥5,911

Media &
Broadmedia
Marketing¥13,186
1,221
14,407
15,500¥(1,092)¥8,7704,122
12,892
16,198¥(3,305)

Internet
Culture¥63,613441
64,054
31,472¥32,582(Millions of yen; amounts less than one million yen are omitted.)
Technology Overseas
Elimination
Others
Total
Consolidated
ServicesFunds
or corporate¥14,435
8,167
22,603
21,867¥736¥2,4432,443
1,067¥1,375¥4,382
1,489
5,871
9,837
¥(3,965)¥517,393
30,102547,496599,205¥(51,709)¥(30,102)(30,102)(26,918)¥(3,184)¥517,393
517,393572,287¥(54,893)

24

Notes: 1. Business segments are categorized primarily based on the nature of business operations, type of services, and similarity of sales channels, etc., which the SOFTBANK Group uses for
its internal management purpose.
2. Please refer to the chart of "The SOFTBANK Group" for main businesses by segments.
3. Unallocated operating expenses for the periods ended June 30, 2004, June 30, 2003, and March 31, 2004 in the column “Elimination or corporate”, which mainly represent expensesof the corporate division of the Company, were ¥757 million, ¥1,420 million and ¥3,482 million, respectively.

24

LEASES
1. Capital leases in which the ownership of leased assets is not transferred to lessees at the end of lease periods(as a lessee)(1) Amounts equivalent to acquisition costs, accumulated depreciation and net book value at the end of the periods
March 31, 2004
June 30, 2003
June 30, 2004
Transmission equipment
49,11434,085Equivalent to acquisition costs
51,847
Less: amount equivalent to(17,250)(9,307)(20,976)
accumulated depreciation
31,863million yen
24,777million yen
Net book value
30,870million yen
Property and equipment
Equivalent to acquisition costs
Less: amount equivalent toaccumulated depreciation
Net book value
Intangible assets
Equivalent to acquisition costs
Less: amount equivalent toaccumulated amortization
Net book value
Total
Equivalent to acquisition costs
Less: amount equivalent toaccumulated depreciation
Net book value

7,930

11,175

18,223(3,503)(5,328)(9,940)4,427 million yen

5,847 million yen

8,283 million yen

1,325

928

1,267

(387)

(187)

(331)

937 million yen

741 million yen

935 million yen

61,102

61,21853,576(24,867)(22,766)(19,579)

36,235 million yen

38,452 million yen

33,997 million yen

March 31, 2004

June 30,2003

15,15427,90143,056 million yen

12,361
23,97236,333 million yen(2) The future lease payments for capital lease at the end of the periods
June 30, 2004
Due within one year
Due after one year
Total

15,066
24,74639,813 million yen(3) Lease payments, amounts equivalent to depreciation and interest expenseThree-month period
ended June 30, 2004
Lease payments
Amount equivalent todepreciation expense
Amount equivalent to interest expense

4,081 million yen

FY2004Three-month period
April 2003 throughended June 30, 2003
March 2004
3,441 million yen
15,836 million yen

3,600

13,747

2,929

568

2,408

529

(4) Calculation method of amount equivalent to depreciation and interest expense
The amount equivalent to depreciation is computed using the straight-line method over the period of the capital leases, assuming noresidual value except in cases where the residual value is guaranteed in the lease contract.
The amount equivalent to interest expense, which is calculated by subtracting acquisition costs from total lease
payments, is allocated over the lease periods based on the interest method.

25

1.

Capital leases in which the ownership of leased assets is not transferred to lessees at the end of lease periods(continued)(as a lessor)(1) Acquisition costs, accumulated depreciation and net book value at the end of the periods
March 31, 2004
June 30, 2004
Property and equipment
617
Acquisition costs
637
(284)
Less: accumulated depreciation(323)
332 million yen
Net book value
313 million yen
Intangible assets
Acquisition costs
Less: accumulated amortization
Net book value

181
(48)
133

Total
Acquisition costs
Less: accumulated depreciation
Net book value

818
(371)
447

June 30, 2003
613
(294)
319 million yen

million yen

168
(38)
129 million yen

295
(156)
139 million yen

million yen

785
(323)
461 million yen

909
(451)
458 million yen(2) The future lease receivables for capital leases at the end of the periods
June 30, 2004
Due within one year184
Due after one year
286
Total
470 million yen

March 31, 2004
176
307
483 million yen

June 30, 2003
191
299
490 million yen(3) Lease income, depreciation and amount equivalent to interest income
Three-month period
ended June 30, 2004
Lease income
Depreciation expense
Amount equivalent to interest income

54 million yen
478

FY2004Three-month period
April 2003 throughended June 30, 2003
March 2004
54 million yen
156 million yen
134
46
23
8

(4) Calculation method of amount equivalent to interest income
The amount equivalent to interest income, which is calculated by subtracting acquisition costs from total of lease income andestimated residual value, is allocated over the lease periods based on the interest method.

2. Non-cancelable operating lease transactions(as a lessee)
The future lease payments for non-cancelable operating lease

Due within one year
Due after one year
Total

June 30, 2004
338
119
457 million yen(as a lessor)
No transaction applicable.

26

March 31, 2004
599
285
884 million yen

June 30, 2003
257
248
505 million yen

INVESTMENT IN DEBT AND EQUITY SECURITIES
1. Trading securities

1. Equity securities
2. Debt securities
3. Others
Total(Millions of yen; amounts less than one million yen are omitted.)
March 31, 2004
June 30, 2004
Carrying amount
Carrying amount
AssetsLiabilities
AssetsLiabilities
¥21
¥4
¥45
¥290
1,285
1,398
100
¥1,307¥4¥45¥1,788

2. Non-trading securities(1) Available-for-sale and other securities at fair value

1. Equity securities
2. Debt securities:
Government bonds
3. Others
Total(Millions of yen; amounts less than one million yen are omitted.)
March 31, 2004
June 30, 2003
June 30, 2004
Investment Carrying
Investment Carrying
Investment Carrying
Differences
Differences
Differences
Cost
AmountCost
AmountCost
Amount¥35,473 ¥174,415 ¥138,942¥40,113 ¥289,965 ¥249,852 ¥38,573 ¥206,606 ¥168,032
5,344
385
¥45,8435,330
399¥295,695(14)
13¥249,851

5,381
5,365
(16)
378
413
34
¥44,333 ¥212,384 ¥168,050

109
483¥36,066

110
409¥174,935(2)The carrying amounts of the unlisted investment securities(Millions of yen; amounts less than one million yen are omitted.)
March 31, 2004
June 30, 2003
June 30, 2004
Carrying Amounts Carrying Amounts
Carrying Amounts
1. Held-to-maturity debt securities
Unlisted domestic debt securities¥¥0¥Unlisted foreign debt securities
199
2. Available-for-sale and other securities
Unlisted equity securities (w/o OTC stocks)
19,237
16,902
19,708Unlisted domestic debt securities
000Unlisted foreign debt securities
1,081
1,697
1,088
Money Management Fund
3,272
4,047
2,669
Mid-term government bond funds
261
261
261
Commercial paper
09,998
Preferred fund certificate
2,000
2,000
2,000
Designated money trust
5,000
5,600
Investment trust without market quotations
106,427524
118,454
Others0650Total¥137,279¥25,698¥159,780

27

0
(74)
¥138,868