Financial Report

FINANCIAL REPORT 2024

Consolidated Financial Statementsa. Consolidated Statement of Financial Position(Millions of yen)

ASSETS

Notes(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Current assets
Cash and cash equivalents������������������������������������������������������������������������������������������������������������������������������������������������������������

8¥ 6,925,153¥ 6,186,874$ 40,861,726

Trade and other receivables����������������������������������������������������������������������������������������������������������������������������������������������������������

9,282,594,736

2,868,767

18,947,011

Derivative financial assets ������������������������������������������������������������������������������������������������������������������������������������������������������������

28

249,414852,350

5,629,417

Other financial assets ������������������������������������������������������������������������������������������������������������������������������������������������������������������

10,28

371,313

777,996

5,138,340

Inventories ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

11

163,781

161,863

1,069,038

Other current assets ��������������������������������������������������������������������������������������������������������������������������������������������������������������������

12

282,085

550,984

3,639,020

10,586,482

11,398,834

75,284,552–

42,559281,084

10,586,482

11,441,393

75,565,636

1,781,142

1,895,289

12,517,595

Subtotal ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������
Assets classified as held for sale����������������������������������������������������������������������������������������������������������������������������������������������������

13

Total current assets��������������������������������������������������������������������������������������������������������������������������������������������������������������������������

Non-current assets
Property, plant and equipment ����������������������������������������������������������������������������������������������������������������������������������������������������

14

Right-of-use assets ����������������������������������������������������������������������������������������������������������������������������������������������������������������������

15

858,577

746,9034,932,983

Goodwill��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

16

5,199,480

5,709,874

37,711,340

Intangible assets��������������������������������������������������������������������������������������������������������������������������������������������������������������������������

16

2,409,641

2,448,840

16,173,568

332,856

317,650

2,097,946

Investments accounted for using the equity method��������������������������������������������������������������������������������������������������������������������

19

730,440

839,208

5,542,619

Investments from SVF (FVTPL)������������������������������������������������������������������������������������������������������������������������������������������������������

28

10,489,722

11,014,487

72,746,100

Investment securities��������������������������������������������������������������������������������������������������������������������������������������������������������������������

28

7,706,501

9,061,972

59,850,551

Derivative financial assets ������������������������������������������������������������������������������������������������������������������������������������������������������������

28

1,170,845

385,528

2,546,252

Other financial assets ������������������������������������������������������������������������������������������������������������������������������������������������������������������

10,28

2,303,620

2,424,282

16,011,373

Deferred tax assets ����������������������������������������������������������������������������������������������������������������������������������������������������������������������

21

210,823

245,954

1,624,424

Other non-current assets��������������������������������������������������������������������������������������������������������������������������������������������������������������

12

156,239

192,863

1,273,781

Costs to obtain contracts��������������������������������������������������������������������������������������������������������������������������������������������������������������

Total non-current assets ������������������������������������������������������������������������������������������������������������������������������������������������������������������

33,349,886

35,282,850

233,028,532

Total assets������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

¥43,936,368¥46,724,243$308,594,168

SoftBank Group Corp. Financial Report 20241

(Millions of yen)

LIABILITIES AND EQUITY(Thousands of U.S. dollars)

Notes

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Current liabilities
Interest-bearing debt��������������������������������������������������������������������������������������������������������������������������������������������������������������������

22,28¥ 5,129,047¥ 8,271,143$ 54,627,455

Lease liabilities������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

17,28

184,105

149,801

989,373

Deposits for banking business������������������������������������������������������������������������������������������������������������������������������������������������������

23,28

1,472,260

1,643,155

10,852,355

Trade and other payables�������������������������������������������������������������������������������������������������������������������������������������������������������������

24,28

2,416,872

2,710,529

17,901,915

Derivative financial liabilities ��������������������������������������������������������������������������������������������������������������������������������������������������������

28

82,612

195,090

1,288,488

Other financial liabilities ��������������������������������������������������������������������������������������������������������������������������������������������������������������

25,28

180,191

31,801

210,032

367,367

163,226

1,078,040

72,35044,704295,251

Income taxes payable ������������������������������������������������������������������������������������������������������������������������������������������������������������������
Provisions ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

27

Other current liabilities ����������������������������������������������������������������������������������������������������������������������������������������������������������������

26

Subtotal ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������
Liabilities directly relating to assets classified as held for sale ��������������������������������������������������������������������������������������������������������

13

Total current liabilities����������������������������������������������������������������������������������������������������������������������������������������������������������������������

675,920801,285

5,292,155

10,580,724

14,010,734

92,535,064

–

9,561

63,146

10,580,724

14,020,295

92,598,210

14,349,147

12,296,381

81,212,476

Non-current liabilities
Interest-bearing debt��������������������������������������������������������������������������������������������������������������������������������������������������������������������

22,28

Lease liabilities������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

17,28

652,892

644,706

4,258,015

Third-party interests in SVF ����������������������������������������������������������������������������������������������������������������������������������������������������������

7,28

4,499,369

4,694,503

31,005,237

Derivative financial liabilities ��������������������������������������������������������������������������������������������������������������������������������������������������������

28

899,351

41,238272,360

Other financial liabilities ��������������������������������������������������������������������������������������������������������������������������������������������������������������

25,28

58,54557,017

376,574

Provisions ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

27

163,627

167,902

1,108,923

Deferred tax liabilities ������������������������������������������������������������������������������������������������������������������������������������������������������������������

21

1,828,557

1,253,039

8,275,801

Other non-current liabilities����������������������������������������������������������������������������������������������������������������������������������������������������������

26

254,941

311,9932,060,583

Total non-current liabilities ��������������������������������������������������������������������������������������������������������������������������������������������������������������

22,706,429

19,466,779

128,569,969

Total liabilities ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

¥ 33,287,153¥ 33,487,074$221,168,179

SoftBank Group Corp. Financial Report 20242

(Millions of yen)

LIABILITIES AND EQUITY

Notes

As of March 31, 2023

As of March 31, 2024

(Thousands of U.S. dollars)

As of March 31, 2024

EquityEquity attributable to owners of the parent¥

238,772¥

238,772$

1,576,990

Common stock����������������������������������������������������������������������������������������������������������������������������������������������������������������������������

33

Capital surplus ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������

33

2,652,790

3,326,093

21,967,459

Other equity instruments��������������������������������������������������������������������������������������������������������������������������������������������������������������

33

414,055

193,199

1,275,999

Retained earnings������������������������������������������������������������������������������������������������������������������������������������������������������������������������

33

2,006,238

1,632,966

10,785,060

Treasury stock������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

33(38,791)(22,725)(150,089)

Accumulated other comprehensive income����������������������������������������������������������������������������������������������������������������������������������

33

3,756,785

5,793,820

38,265,769

9,029,849

11,162,125

73,721,188

1,619,366

2,075,044

13,704,801

Total equity attributable to owners of the parent������������������������������������������������������������������������������������������������������������������������������
Non-controlling interests��������������������������������������������������������������������������������������������������������������������������������������������������������������

18,33

Total equity������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

10,649,215

13,237,169

87,425,989

Total liabilities and equity������������������������������������������������������������������������������������������������������������������������������������������������������������

¥43,936,368¥46,724,243$308,594,168

SoftBank Group Corp. Financial Report 2024

3

b. Consolidated Statement of Profit or Loss and Consolidated Statement of Comprehensive Income
Consolidated Statement of Profit or Loss
(Millions of yen)(Thousands of U.S. dollars)

Notes

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Net sales����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

36¥ 6,570,439¥ 6,756,500$ 44,623,869

Cost of sales��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

37(3,242,397)(3,214,108)(21,227,845)

3,328,042

3,542,392

23,396,024

Gross profit������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������
Gain on investments
Gain (loss) on investments at Investment Business of Holding Companies ������������������������������������������������������������������������������������

38

4,560,500(459,045)(3,031,801)

Loss on investments at SoftBank Vision Funds������������������������������������������������������������������������������������������������������������������������������

7(5,322,265)(167,290)(1,104,881)

Gain (loss) on other investments��������������������������������������������������������������������������������������������������������������������������������������������������

(73,294)

66,985442,408

Total gain on investments������������������������������������������������������������������������������������������������������������������������������������������������������������

(835,059)(559,350)(3,694,274)

Selling, general and administrative expenses��������������������������������������������������������������������������������������������������������������������������������

37(2,695,328)(2,982,383)(19,697,398)

Finance cost ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

39(555,902)(556,004)(3,672,175)

Foreign exchange loss������������������������������������������������������������������������������������������������������������������������������������������������������������������

(772,270)(703,122)(4,643,828)

Loss on equity method investments����������������������������������������������������������������������������������������������������������������������������������������������

(96,677)(38,641)(255,208)40

54,256

1,502,326

9,922,238

Change in third-party interests in SVF ������������������������������������������������������������������������������������������������������������������������������������������

7

1,127,949(390,137)(2,576,692)

Other gain (loss) ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������

41(24,138)

242,720

1,603,065(469,127)

57,801

381,752

Derivative gain (excluding gain (loss) on investments) ������������������������������������������������������������������������������������������������������������������

Income before income tax������������������������������������������������������������������������������������������������������������������������������������������������������������
Income taxes��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

151,416

1,000,039

209,217$ 1,381,791(970,144)¥ (227,646)$ (1,503,507)

180,343436,8632,885,298

209,217$ 1,381,791(320,674)

21

Net income������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

¥(789,801)¥¥

Net income attributable to
Owners of the parent ������������������������������������������������������������������������������������������������������������������������������������������������������������������
Non-controlling interests��������������������������������������������������������������������������������������������������������������������������������������������������������������
Net income������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024

18¥

(789,801)¥

4

(U.S. dollars)

(Yen)

Notes

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Earnings per share
Basic earnings per share ��������������������������������������������������������������������������������������������������������������������������������������������������������������

43¥(652.37)¥(170.99)$(1.13)

Diluted earnings per share������������������������������������������������������������������������������������������������������������������������������������������������������������

43¥(662.41)¥(174.20)$(1.15)

Consolidated Statement of Comprehensive Income(Millions of yen)

Notes

Net income������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥ (789,801)¥ 209,217$ 1,381,791

Other comprehensive income, net of tax Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plan����������������������������������������������������������������������������������������������������������������������������������

42

3,240

(308)

(2,034)Equity financial assets at FVTOCI����������������������������������������������������������������������������������������������������������������������������������������������

42

6,194

10,777

71,178

Share of other comprehensive income of associates������������������������������������������������������������������������������������������������������������������

42

356

326

2,152

9,790

10,79571,296

Total items that will not be reclassified to profit or loss ����������������������������������������������������������������������������������������������������������������
Items that may be reclassified subsequently to profit or loss
Debt financial assets at FVTOCI������������������������������������������������������������������������������������������������������������������������������������������������

42

(598)

(286)

(1,889)Cash flow hedges ��������������������������������������������������������������������������������������������������������������������������������������������������������������������

42(72,791)

24,007

158,556

Exchange differences on translating foreign operations������������������������������������������������������������������������������������������������������������

42

1,221,249

2,000,916

13,215,218

Share of other comprehensive income of associates������������������������������������������������������������������������������������������������������������������

42

Total items that may be reclassified subsequently to profit or loss ������������������������������������������������������������������������������������������������
Total other comprehensive income, net of tax ��������������������������������������������������������������������������������������������������������������������������
Total comprehensive income��������������������������������������������������������������������������������������������������������������������������������������������������������

¥100,291(3,208)(21,188)

1,248,151

2,021,429

13,350,697

1,257,941

2,032,224

13,421,993

468,140¥2,241,441$14,803,784

Total comprehensive income attributable to
Owners of the parent ������������������������������������������������������������������������������������������������������������������������������������������������������������������

¥Non-controlling interests��������������������������������������������������������������������������������������������������������������������������������������������������������������
Total comprehensive income��������������������������������������������������������������������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024¥

293,116¥1,809,984$11,954,191

175,024

431,457

2,849,593

468,140¥2,241,441$14,803,784

5

c. Consolidated Statement of Changes in Equity(Millions of yen)

Equity attributable to owners of the parent

For the fiscal year ended March 31, 2023

Notes

As of April 1, 2022����������������������������������������������������������������������������������������

Common stock

Capital surplus

Other equity
instruments

Retainedearnings

Treasury stock

Accumulated
other comprehensive income

Total¥238,772¥2,634,574¥496,876¥4,515,704¥(406,410)¥2,496,158¥9,975,674

Noncontrollinginterests

Total equity¥1,732,088 ¥11,707,762

Comprehensive income
Net income��������������������������������������������������������������������������������������������������

–

–

–

(970,144)––(970,144)

180,343(789,801)

Other comprehensive income ����������������������������������������������������������������������

–

–

–

–

–

1,263,260

1,263,260(5,319)1,257,941

Total comprehensive income������������������������������������������������������������������������

–

–

–

(970,144)–

1,263,260

293,116

175,024

468,140

Transactions with owners and other transactions
Cash dividends ��������������������������������������������������������������������������������������������

34

–

–

–

(70,327)––(70,327)(288,175)(358,502)

Distribution to owners of other equity instruments ��������������������������������������

33

–

–

–

(36,680)––(36,680)–(36,680)

Redemption and cancellation of other equity instruments����������������������������

33

–

–

(82,821)(21,776)––(104,597)–(104,597)

–

–

–

2,633

–

(2,633)–––

Transfer of accumulated other comprehensive income to retained earnings����������
Purchase and disposal of treasury stock��������������������������������������������������������

33

–

–

–

(798)

(1,044,755)–(1,045,553)–(1,045,553)

Retirement of treasury stock ������������������������������������������������������������������������

33

–

–

–

(1,412,374)

1,412,374

–

–

–

–

Changes from loss of control������������������������������������������������������������������������

–

–

–

–

–

–

–

(5,248)(5,248)Changes in interests in subsidiaries��������������������������������������������������������������

–

4,899

–

–

–

–

4,899

27,72832,627

Changes in associates’ interests in their subsidiaries��������������������������������������

–(5,845)

–

–

–

–

(5,845)–(5,845)

Changes in interests in associates’ capital surplus ����������������������������������������

–21,223––––

21,223–

21,223

Share-based payment transactions ��������������������������������������������������������������

–

(463)

–

–

–

–

(463)

37,11636,653

Other ����������������������������������������������������������������������������������������������������������

–(1,598)

–

–

–

–

(1,598)(59,167)(60,765)

Total transactions with owners and other transactions ����������������������������

–18,216(82,821)(1,539,322)

367,619(2,633)(1,238,941)(287,746)(1,526,687)

As of March 31, 2023������������������������������������������������������������������������������������

¥238,772¥2,652,790¥414,055¥2,006,238¥ (38,791)¥3,756,785¥9,029,849

SoftBank Group Corp. Financial Report 2024

¥1,619,366 ¥10,649,215

6

(Millions of yen)

Equity attributable to owners of the parent

For the fiscal year ended March 31, 2024

Notes

As of April 1, 2023����������������������������������������������������������������������������������������

Common stock

Capital surplus

Other equity
instruments

Retainedearnings

Treasury stock

Accumulated
other comprehensive income

Total

Noncontrollinginterests

Total equity¥238,772¥2,652,790¥414,055¥2,006,238¥(38,791)¥3,756,785¥ 9,029,849¥1,619,366¥10,649,215

Comprehensive income
Net income��������������������������������������������������������������������������������������������������

–

–

–

(227,646)––(227,646)

436,863

209,217

Other comprehensive income ����������������������������������������������������������������������

–

–

–

–

–

2,037,630

2,037,630(5,406)2,032,224

Total comprehensive income������������������������������������������������������������������������

–

–

–

(227,646)–

2,037,630

1,809,984

431,457

2,241,441

Transactions with owners and other transactions
Cash dividends ��������������������������������������������������������������������������������������������

34

–

–

–

(64,433)––(64,433)(288,296)(352,729)

Distribution to owners of other equity instruments ��������������������������������������

33

–

–

–

(25,624)––(25,624)–(25,624)

Redemption and cancellation of other equity instruments����������������������������

33

–

(740)

(220,856)(56,164)––(277,760)–(277,760)

–

–

–

595

–

(595)

–

–

–

–

740

–

–

16,066–

16,806–

16,806

–

–

–

–

–

–

–

(5,359)(5,359)678,056

–

–

–

–

678,056

81,038759,094

Transfer of accumulated other comprehensive income to retained earnings����
Purchase and disposal of treasury stock��������������������������������������������������������

33

Changes from loss of control������������������������������������������������������������������������
Changes in interests in subsidiaries��������������������������������������������������������������

33–

Issuance of other equity instruments in subsidiaries��������������������������������������

33

–

–

–

–

–

–

–

120,000

120,000

Changes in interests in associates’ capital surplus ����������������������������������������

–

(91)

–

–

–

–

(91)

–

(91)

Share-based payment transactions ��������������������������������������������������������������

–(3,833)

–

–

–

–

(3,833)113,967

110,134

Other ����������������������������������������������������������������������������������������������������������

–

(829)

–

–

–

–

(829)

2,871

2,042

Total transactions with owners and other transactions ����������������������������

–673,303(220,856)(145,626)

16,066(595)

322,292

24,221

346,513

As of March 31, 2024������������������������������������������������������������������������������������

¥238,772¥3,326,093¥193,199¥1,632,966¥(22,725)¥5,793,820¥11,162,125¥2,075,044¥13,237,169

SoftBank Group Corp. Financial Report 2024

7

(Thousands of U.S. dollars)

Equity attributable to owners of the parent

Notes

As of April 1, 2023����������������������������������������������������������������������������������������

Common stock

Capital surplus

Other equity
instruments

Retainedearnings$1,576,990$17,520,573$2,734,661$13,250,366

Accumulated
other comprehensive income

Total

Noncontrollinginterests

Total equity$(256,199) $24,812,001$59,638,392$10,695,239$70,333,631

Treasury stock

Comprehensive income
Net income��������������������������������������������������������������������������������������������������

–

–

–

(1,503,507)––(1,503,507)

2,885,298

1,381,791

Other comprehensive income ����������������������������������������������������������������������

–

–

–

–

–

13,457,698

13,457,698(35,705)

13,421,993

Total comprehensive income������������������������������������������������������������������������

–

–

–

(1,503,507)–

13,457,698

11,954,191

2,849,593

14,803,784

Transactions with owners and other transactions
Cash dividends ��������������������������������������������������������������������������������������������

34

–

–

–

(425,553)––(425,553)(1,904,075)(2,329,628)

Distribution to owners of other equity instruments ��������������������������������������

33

–

–

–

(169,236)––(169,236)–(169,236)

Redemption and cancellation of other equity instruments����������������������������

33–(4,887)(1,458,662)(370,940)––(1,834,489)–(1,834,489)

–

–

–

3,930

–

(3,930)

–

–

–

–

4,887

–

–

106,110–

110,997–

110,997

–

–

–

–

–

–

–

(35,394)(35,394)

4,478,277

–

–

–

–

4,478,277

535,222

5,013,499

Transfer of accumulated other comprehensive income to retained earnings��
Purchase and disposal of treasury stock��������������������������������������������������������

33

Changes from loss of control������������������������������������������������������������������������
Changes in interests in subsidiaries��������������������������������������������������������������

33–

Issuance of other equity instruments in subsidiaries��������������������������������������

33

–

–

–

–

–

–

–

792,550

792,550

Changes in interests in associates’ capital surplus ����������������������������������������

–

(601)

–

–

–

–

(601)

–

(601)

Share-based payment transactions ��������������������������������������������������������������

–(25,315)

–

–

–

–

(25,315)752,704

727,389

Other ����������������������������������������������������������������������������������������������������������

–(5,475)

–

–

–

–

(5,475)

18,962

13,487106,110(3,930)2,128,605

159,969

2,288,574$(150,089) $38,265,769$73,721,188$13,704,801$87,425,989

Total transactions with owners and other transactions ����������������������������

–4,446,886(1,458,662)(961,799)

As of March 31, 2024������������������������������������������������������������������������������������

$1,576,990$21,967,459$1,275,999$10,785,060

SoftBank Group Corp. Financial Report 2024

8

d. Consolidated Statement of Cash Flows(Millions of yen)

Notes

Fiscal year ended
March 31, 2023

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Cash flows from operating activities(789,801)¥ 209,217$ 1,381,791

Depreciation and amortization��������������������������������������������������������������������������������������������������������������������������������������������������

893,488858,620

5,670,828(Gain) loss on investments at Investment Business of Holding Companies ��������������������������������������������������������������������������������

(4,638,430)

449,8172,970,854

Loss on investments at SoftBank Vision Funds��������������������������������������������������������������������������������������������������������������������������

5,322,265

167,290

1,104,881

Finance cost������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

555,902556,004

3,672,175

Foreign exchange loss��������������������������������������������������������������������������������������������������������������������������������������������������������������

772,270

703,122

4,643,828

Loss on equity method investments������������������������������������������������������������������������������������������������������������������������������������������

96,67738,641

255,208

Derivative gain (excluding (gain) loss on investments)����������������������������������������������������������������������������������������������������������������

(54,256)(1,502,326)(9,922,238)

Change in third-party interests in SVF ��������������������������������������������������������������������������������������������������������������������������������������

(1,127,949)

390,137

2,576,692¥

Net income����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

Loss (gain) on other investments and other loss (gain)��������������������������������������������������������������������������������������������������������������

97,432(309,705)(2,045,473)

Income taxes����������������������������������������������������������������������������������������������������������������������������������������������������������������������������

320,674(151,416)(1,000,039)

Decrease (increase) in investments from asset management subsidiaries������������������������������������������������������������������������������������

152,514(230,986)(1,525,566)

Increase/decrease in derivative financial assets and derivative financial liabilities in asset management subsidiaries��������������������

49,067(248)(1,638)Decrease (increase) in restricted cash in asset management subsidiaries������������������������������������������������������������������������������������

138,915(3,082)(20,355)(Decrease) increase in borrowed securities in asset management subsidiaries����������������������������������������������������������������������������

(131,796)

2,816

18,599

Increase in trade and other receivables��������������������������������������������������������������������������������������������������������������������������������������

(517,155)(476,511)(3,147,157)(Increase) decrease in inventories����������������������������������������������������������������������������������������������������������������������������������������������

(18,929)5,436

35,903

Increase in trade and other payables ����������������������������������������������������������������������������������������������������������������������������������������

439,566

325,7312,151,318

Other����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

13,152

209,107

1,381,063

Subtotal ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

1,573,606

1,241,664

8,200,674

Interest and dividends received ������������������������������������������������������������������������������������������������������������������������������������������������

111,740

256,083

1,691,321

Interest paid ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������

(418,163)(430,422)(2,842,758)

Income taxes paid��������������������������������������������������������������������������������������������������������������������������������������������������������������������

44(638,160)(885,617)(5,849,131)

Income taxes refunded ������������������������������������������������������������������������������������������������������������������������������������������������������������

44

112,269

68,839454,653

741,292¥ 250,547$ 1,654,759

Net cash provided by operating activities��������������������������������������������������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024¥

9

(Millions of yen)

Notes

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

Cash flows from investing activities(800,925)$ (5,289,776)

619,775

219,668

1,450,816

Payments for acquisition of investments by SVF������������������������������������������������������������������������������������������������������������������������

(456,351)(212,045)(1,400,469)

Proceeds from sales of investments by SVF��������������������������������������������������������������������������������������������������������������������������������

833,180922,020

6,089,558¥

Payments for acquisition of investments������������������������������������������������������������������������������������������������������������������������������������
Proceeds from sales/redemption of investments������������������������������������������������������������������������������������������������������������������������

44–(76,877)(507,741)(14,854)(104,484)(690,073)

6,998

96,755

639,02644(633,765)(622,612)(4,112,093)(14,932)(313,686)(2,071,765)

Proceeds from loss of control over subsidiaries��������������������������������������������������������������������������������������������������������������������������
Purchase of property, plant and equipment, and intangible assets��������������������������������������������������������������������������������������������

¥44

Payments for acquisition of investments by asset management subsidiaries������������������������������������������������������������������������������
Payments for acquisition of control over subsidiaries ����������������������������������������������������������������������������������������������������������������

(313,413)

Payments for loan receivables ��������������������������������������������������������������������������������������������������������������������������������������������������

94,020107,481

709,867

323,666––

Payments into time deposits ����������������������������������������������������������������������������������������������������������������������������������������������������

(162,691)(148,657)(981,818)

Proceeds from withdrawal of time deposits������������������������������������������������������������������������������������������������������������������������������

152,610

77,954

514,854

Collection of loan receivables����������������������������������������������������������������������������������������������������������������������������������������������������
Proceeds from withdrawal of trust accounts in SPACs ��������������������������������������������������������������������������������������������������������������

44

113,335

Other����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������
Net cash provided by (used in) investing activities ������������������������������������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024¥

547,578¥

13,947

92,114(841,461)$ (5,557,500)

10

(Millions of yen)

Fiscal year ended
March 31, 2024

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

Notes

Fiscal year ended
March 31, 2023

(Repayment of) proceeds in short-term interest-bearing debt, net ��������������������������������������������������������������������������������������������

22¥

182,874$ 1,207,807

Proceeds from interest-bearing debt ����������������������������������������������������������������������������������������������������������������������������������������

22

9,176,112

5,914,090

39,060,102

Repayment of interest-bearing debt������������������������������������������������������������������������������������������������������������������������������������������

22(6,294,991)(5,889,186)(38,895,621)(266,423)(211,231)(1,395,093)

Cash flows from financing activities

Repayment of lease liabilities����������������������������������������������������������������������������������������������������������������������������������������������������

(73,371)¥

17,857––

Distribution/repayment from SVF to third-party investors����������������������������������������������������������������������������������������������������������

7(544,242)(783,522)(5,174,837)

Contributions into SVF from third-party investors����������������������������������������������������������������������������������������������������������������������

Redemption of non-controlling interests subject to possible redemption ����������������������������������������������������������������������������������

44(319,401)––

Proceeds from the partial sales of shares of subsidiaries to non-controlling interests������������������������������������������������������������������

44

724

747,565

4,937,356

Purchase of shares of subsidiaries from non-controlling interests ����������������������������������������������������������������������������������������������

44(5,181)(112,009)(739,773)

Redemption of other equity instruments ����������������������������������������������������������������������������������������������������������������������������

44(104,597)(277,760)(1,834,489)(36,680)(25,624)(169,236)–

120,000

792,550(1,055,436)

(8)

(53)

Distribution to owners of other equity instruments������������������������������������������������������������������������������������������������������������
Proceeds from the issuance of other equity instruments in subsidiaries��������������������������������������������������������������������������������������

44

Purchase of treasury stock��������������������������������������������������������������������������������������������������������������������������������������������������������Cash dividends paid ��������������������������������������������������������������������������������������������������������������������������������������������������������������Cash dividends paid to non-controlling interests ����������������������������������������������������������������������������������������������������������������������

18(70,241)(64,356)(425,045)(288,452)(288,119)(1,902,906)

Other����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������

55,83981,064535,394

Net cash provided by (used in) financing activities������������������������������������������������������������������������������������������������������������������������

191,517(606,222)(4,003,844)

Effect of exchange rate changes on cash and cash equivalents������������������������������������������������������������������������������������������������

275,765

491,868

3,248,583

Decrease in cash and cash equivalents relating to transfer of assets classified as held for sale��������������������������������

–(33,011)(218,024)

Increase (decrease) in cash and cash equivalents������������������������������������������������������������������������������������������������������������������������

1,756,152(738,279)(4,876,026)

Cash and cash equivalents at the beginning of the year ����������������������������������������������������������������������������������������������������������

8

5,169,001

6,925,153

45,737,752

Cash and cash equivalents at the end of the year����������������������������������������������������������������������������������������������������������������������

8¥ 6,925,153¥ 6,186,874$ 40,861,726

SoftBank Group Corp. Financial Report 2024

11

Notes to Consolidated Financial Statements
1. Reporting entity
SoftBank Group Corp. is a corporation domiciled in Japan. The registered address of SoftBank Group
Corp.’s head office is disclosed on our website (https://group.softbank/en/). These consolidated financial
statements are composed of SoftBank Group Corp. and its subsidiaries (the “Company”). The Company
engages in various businesses in the information industry, with its core business being in the Investment
Business of Holding Companies segment, the SoftBank Vision Funds segment, the SoftBank segment,
and the Arm segment. The details are described in “(1) Description of reportable segments” under“Note 6. Segment information.”
2. Basis of preparation of consolidated financial statements(1) Compliance with IFRS Accounting Standards
The consolidated financial statements of the Company have been prepared in accordance with IFRS
Accounting Standards (“IFRS”).
(2) Basis of measurement
These consolidated financial statements have been prepared on the historical cost basis, except for
certain items, such as financial instruments, that are measured at fair value as described in “Note 3.
Material accounting policies.”(3) Presentation currency and unit of currency
These consolidated financial statements have been presented in Japanese yen, which is the currency ofthe primary economic environment of SoftBank Group Corp. (“functional currency”), and yen amounts
are rounded to the nearest million.
The translations of Japanese yen amounts into U.S. dollar amounts are included solely for theconvenience of readers outside of Japan and have been made at a rate of ¥151.41 to $1, theapproximate rate of exchange at March 31, 2024. Such translations should not be construed as
representations that the Japanese yen amounts could be converted into U.S. dollars at that or any otherrate.
(4) Changes in presentation(Consolidated statement of cash flows)a. Cash flows from investing activities“Payments for acquisition of control over subsidiaries,” “Payments into time deposits,” and“Proceeds from withdrawal of time deposits,” which were included in “Other” in the past fiscal
year, are separately presented for the fiscal year ended March 31, 2024, since the amounts
increased and became significant. In order to reflect the changes in presentation, ¥(14,854) million,¥(162,691) million, and ¥152,610 million, which were included in “Other” for the fiscal year ended
March 31, 2023, are reclassified as “Payments for acquisition of control over subsidiaries,”“Payments into time deposits,” and “Proceeds from withdrawal of time deposits,” respectively.
SoftBank Group Corp. Financial Report 2024

b. Cash flows from financing activities“Proceeds from the partial sales of shares of subsidiaries to non-controlling interests” and“Purchase of shares of subsidiaries from non-controlling interests,” which were included in“Other” in the past fiscal year, are separately presented for the fiscal year ended March 31, 2024,
since the amounts increased and became significant. In order to reflect the changes in presentation, ¥724 million and ¥(5,181) million, which were included in “Other” for the fiscal year ended
March 31, 2023, are reclassified as “Proceeds from the partial sales of shares of subsidiaries tonon-controlling interests” and “Purchase of shares of subsidiaries from non-controlling interests,”
respectively.
(5) New standards and interpretations not yet adopted by the Company
New standards and interpretations that are newly established or amended before the approval date of
the consolidated financial statements and not yet adopted by the Company may have the following
potential impacts. The impacts on the consolidated financial statements of the Company due to theadoption are currently under review.
Standard/
interpretation

IAS 1

IFRS 18

Presentationin thefinancialstatements

Presentation
anddisclosure in
the financial
statements

Mandatory
adoption(From the year
beginning)

To be adopted
by theCompany

Outline of the new standards

January 1,
2024

From thefiscal year
endingMarch 31,2025

The main amendments are as follows:• Clarifying the classification of liabilities into current
liabilities or non-current liabilities• Amendment to require the disclosure of information
on non-current liabilities with covenants

From thefiscal year
endingMarch 31,2028

The IFRS 18 replaces the previous IAS1 and the mainamendments are as follows:• Amendment to require the classification of income
and expenses into either operating, investing, or
financing categories and the presentation of two
subtotals, “Operating profit or loss” and “Profit orloss before financing and income taxes and profit orloss” under the statement of profit or loss
• Amendment to the grouping of useful information for
the financial statements, including the introduction of
the principles of aggregation and disaggregation of
information under the statement of profit or loss
• Amendment to require the disclosure of informationon all indicators that meet the definition ofmanagement-defined performance measures (MPMs)

January 1,
2027

There are no other new standards and interpretations that are newly established or amended before theapproval date of the consolidated financial statements and have significant impacts on the consolidated
financial statements of the Company.
12(6) Definition of company names and abbreviations used in the financial reportCompany names and abbreviations, unless otherwise stated or interpreted differently in the context, areas follows:
Company names / Abbreviations

Definition

SoftBank Group Corp.

SoftBank Group Corp. (stand-alone basis)

The Company

SoftBank Group Corp. and its subsidiaries

Each of the following names or abbreviations indicates the respective company and its subsidiaries, if any.

SB Northstar or the asset
management subsidiary
SVF1
SVF2
SVF2 LLC

SB Northstar LP

LatAm Funds

SBLA Latin America Fund LLC

SLA LLCSVF

SLA Holdco II LLC
SVF1, SVF2, and LatAm Funds

SBIA

SB Investment Advisers (UK) Limited

SBGA

SB Global Advisers Limited

Arm

Arm Holdings plc or Arm Limited*

Fortress

Fortress Investment Group LLC

WeWork

WeWork Inc.

SprintSprint Corporation

T-Mobile

T-Mobile US, Inc. after merging with Sprint

Alibaba
MgmtCoAlibaba Group Holding Limited
MASA USA LLC

SoftBank Vision Fund L.P. and its alternative investment vehicles
SoftBank Vision Fund II-2 L.P.
SVF II Investment Holdings LLC* A corporate reorganization was undertaken in August 2023, pursuant to which Arm Holdings Limited, a former subsidiary of Arm
Limited, acquired all the issued ordinary shares of Arm Limited, thereby making it a wholly-owned subsidiary. Subsequently, Arm
Holdings Limited changed its name to Arm Holdings plc and was listed on the Nasdaq Global Select Market through an initial public
offering on September 14, 2023.

3. Material accounting policies
Accounting policies the Company has adopted have been applied consistently to all periods presented
in these consolidated financial statements.
Please refer to “(20) Material accounting policies for the SoftBank Vision Funds segment” for detailsof the SoftBank Vision Funds segment.
(1) Basis of consolidationa. Subsidiaries
A subsidiary is an entity that is controlled by SoftBank Group Corp.
The Company controls an entity when the Company is exposed to, or has rights to, variable

SoftBank Group Corp. Financial Report 2024

returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. Please refer to “a. Consolidation of SVF1, SVF2, and LatAm Funds by theCompany” under “(20) Material accounting policies for the SoftBank Vision Funds segment” fordetails of SVF1, SVF2, and LatAm Funds.
The subsidiaries’ financial statements are consolidated from the date when control is acquired(“acquisition date”) until the date when the control is lost.
When necessary, adjustments are made to the financial statements of subsidiaries to bring theiraccounting policies in line with those used by the Company.
Non-controlling interests consist of those interests at the acquisition date and any adjustments
for subsequent changes in those interests.
Total comprehensive income of subsidiaries is generally attributed to the owners of the parent
and to the non-controlling interests, even if this results in the non-controlling interests having a
deficit balance.
All intragroup balances and transactions and unrealized gains and losses arising fromintragroup transactions are eliminated on consolidation.
Changes in the Company’s ownership interests in subsidiaries that do not result in the
Company losing control over the subsidiaries are accounted for as equity transactions. The
carrying amounts of the Company’s interests and the non-controlling interests are adjusted toreflect the changes in their interests in the subsidiaries.
Any difference between the amount by which the non-controlling interests are adjusted andthe fair value of the consideration paid or received is recognized directly in equity and attributed
to owners of the parent.
When SoftBank Group Corp. loses control of a subsidiary, a gain or loss is calculated as thedifference between:• the aggregate of the fair value of the consideration received and the fair value of any
retained interest; and• the net carrying amount of the assets (including goodwill), liabilities, and non-controllinginterests of the subsidiary when control is lost.
Any amounts previously recognized in accumulated other comprehensive income in relation to
the former subsidiaries are reclassified to profit or loss.
b. Associates and joint ventures
An associate is an entity over which SoftBank Group Corp. has significant influence in thefinancial and operating policy decisions, but does not have control or joint control.
A joint venture is an investment which parties including SoftBank Group Corp. have joint
control based on the contractual arrangement that requires unanimous consent related tosignificant decisions of the business activities and have rights to the net assets of thearrangement.

13

Investments in associates and joint ventures are accounted for using the equity method or
accounted for using FVTPL.
(a) Investments accounted for using the equity method
Investments in associates and joint ventures are accounted for using the equity method and are
initially recognized at cost. The investment is adjusted thereafter to recognize the Company’s
interest in profit or loss and other comprehensive income from the date of acquisition to the dateof loss of significant influence.
When the losses of an associate and a joint venture exceed the Company’s interest in theassociate and the joint venture, long-term interests that, in substance, form a part of the net
investment in the company are decreased to zero, and no additional loss is recognized except
when the Company incurs legal or constructive obligations to or makes payments on behalf of
the associate and the joint venture.
Unrealized gains or losses on intercompany transactions with associates and joint ventures areadded to or deducted from the carrying amount of the investments only to the extent of theCompany’s interests in the associates and the joint ventures.
Any excess in the cost of acquisition of an associate and a joint venture over the Company’s
interest of the net fair value of the identifiable assets and liabilities recognized at the date ofacquisition is recognized as goodwill and included within the carrying amount of the investments
in associates and joint ventures.
Because goodwill is not separately recognized, it is not tested for impairment separately.
Instead, the entire carrying amount of the investments in associates and joint ventures, including
goodwill, is tested for impairment as a single asset whenever objective evidence indicates that theinvestment may be impaired.
(b) Investments accounted for using FVTPL
Among the investments in associates and joint ventures, investments directly made by SVF1,
SVF2, and LatAm Funds, and investments made by SoftBank Group Corp. or its subsidiaries basedon the premise of transferring to SVF1, SVF2, and LatAm Funds, and preferred stock investments
whose feature is substantively different from common stock, are not accounted for using theequity method. These investments are classified as financial assets measured at fair value throughprofit or loss (“financial assets at FVTPL”). For the Company’s accounting policy for the financial
assets at FVTPL, please refer to “(4) Financial instruments.” Also, please refer to “(b) Investments
in associates and joint ventures” in “b. Portfolio company investments made by SVF1, SVF2, and
LatAm Funds” under “(20) Material accounting policies for the SoftBank Vision Funds segment”
for details of SVF1, SVF2, and LatAm Funds.

SoftBank Group Corp. Financial Report 2024

(2) Business combinations
Business combinations are accounted for using the acquisition method on the acquisition date.
The consideration transferred in a business combination is measured as the sum of the assets
transferred by the Company, liabilities assumed by the Company from the former owners of theacquiree, and the fair value at the acquisition date of the equity interests issued by the Company.
Acquisition-related costs are recognized in profit or loss as incurred.
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized attheir fair value, except that:• deferred tax assets or liabilities and assets or liabilities related to employee benefits are recognized
and measured in accordance with IAS 12 “Income Taxes” and IAS 19 “Employee Benefits,”
respectively;• liabilities or equity instruments related to share-based payment arrangements of the acquiree orshare-based payment arrangements of the Company entered into to replace share-based payment
arrangements of the acquiree are measured in accordance with IFRS 2 “Share-based Payment” at
the acquisition date; and• assets or disposal groups that are classified as held-for-sale are measured in accordance with IFRS 5“Non-current Assets Held-for-Sale and Discontinued Operations.”
The excess of the consideration transferred and the amount of any non-controlling interest in theacquiree over the fair value of the identifiable net assets acquired at the acquisition date is recorded as
goodwill. If the consideration transferred and the amount of any non-controlling interest in the acquireeis less than the fair value of the identifiable net assets of the acquired subsidiary, the difference isrecognized immediately in profit or loss.
On an acquisition-by-acquisition basis, the Company chooses a measurement basis of non-controllinginterests at either fair value or by the proportionate share of the non-controlling interests in therecognized amounts of the acquiree’s identifiable net assets. When a business combination is achievedin stages, the Company’s previously held interest in the acquiree is remeasured at fair value at theacquisition date and the resulting gain or loss, if any, is recognized in profit or loss.
Amounts arising from changes in the value of interests in the acquiree prior to the acquisition datethat have previously been recognized in other comprehensive income are recognized using the sameaccounting treatment as the Company disposes the interests.
If the initial accounting for a business combination is incomplete by the end of the fiscal year, theCompany reports in its consolidated financial statements provisional amounts for the items for which
the accounting is incomplete. The Company retrospectively adjusts the provisional amounts recognizedat the acquisition date as an adjustment during the measurement period when new information about
facts and circumstances existed as of the acquisition date and, if known, would have affected therecognized amounts for the business combination. The measurement period shall not exceed one year
from the acquisition date.

14

Goodwill arising in business combinations that occurred before the date of transition to IFRS iscarried over at the carrying amount under the previous accounting principles (Japanese Generally
Accepted Accounting Principles, “JGAAP”) as of the date of transition to IFRS, and recorded by thatamount after an impairment test.
(3) Foreign currency translationa. Transactions denominated in foreign currencies
The financial statements of each group company are prepared in their currency based on the
primary economic environment in which it operates (“functional currency”). Transactions incurrencies other than the entity’s functional currency (foreign currencies) are translated at therates of exchange prevailing at the dates of the transactions.
Monetary items denominated in foreign currencies are translated into functional currency at therates prevailing at the end of the fiscal year. Non-monetary items carried at fair value that are
denominated in foreign currencies are translated into the functional currency at the rates
prevailing at the date when the fair value was measured.
Exchange differences arising from translation are recognized in profit or loss, however,exchange differences arising from equity financial assets at fair value through other comprehensive income (“equity financial assets at FVTOCI”) and cash flow hedges are recognized in othercomprehensive income.
b. Foreign operations
For the purposes of presenting consolidated financial statements, the assets and liabilities of theCompany’s foreign operations (including goodwill arising from acquisitions and the adjustments
of fair value) are translated into Japanese yen using exchange rates prevailing at the end of the
fiscal year.
Income, expenses and cash flows are translated into Japanese yen by using the averageexchange rates for each quarter. When the translated amounts do not approximate the amounts
translated by the exchange rates at the dates of the transactions, the exchange rates at thetransaction dates are used for the translation.
The exchange rates used in the translation are described in “Note 32. Foreign currency
exchange rates.”
Exchange differences arising from translating the financial statements of foreign operations arerecognized in other comprehensive income and cumulative differences are included in accumulated other comprehensive income.
These cumulative differences are reclassified from equity to profit or loss when the Company
loses control or significant influence over the foreign operation.

SoftBank Group Corp. Financial Report 2024

(4) Financial instruments
a. Financial instruments
Financial assets and financial liabilities are recognized when the Company becomes a party to thecontractual provisions of the instrument.
Financial assets and financial liabilities are measured at fair value at the time of initial recognition. Transaction costs that are directly attributable to the acquisition of financial assets andissuance of financial liabilities other than financial assets at FVTPL and financial liabilities at fairvalue through profit or loss (“financial liabilities at FVTPL”) are added to the fair value of thefinancial assets or deducted from the fair value of financial liabilities at the time of initialrecognition. Transaction costs that are directly attributable to the acquisition of the financial assets
at FVTPL or financial liabilities at FVTPL are recognized in profit or loss.
b. Non-derivative financial assets
Non-derivative financial assets are classified as financial assets at amortized cost, debt financial
assets at fair value through other comprehensive income (“debt financial assets at FVTOCI”),
equity financial assets at FVTOCI, and financial assets at FVTPL. The classification depends on thenature and purpose of the financial assets and is determined upon initial recognition.
All purchases and sales of financial assets made in the ordinary course of business arerecognized and derecognized on a trade date basis. Purchases and sales made in the ordinary
course of business refer to acquiring or disposing of financial assets under a contract that requires
the delivery of assets within a timeframe established by regulation or convention in themarketplace.
(a) Financial assets measured at amortized cost
Financial assets are classified as “financial assets measured at amortized cost” if both of thefollowing conditions are met:
• the financial assets are held within a business model for which the objective is to holdfinancial assets to collect contractual cash flows; and• the contractual terms of the financial assets give rise on specified dates to cash flows that aresolely payments of principal and interest on the principal amount outstanding.
Subsequent to initial recognition, financial assets at amortized cost are measured at amortizedcost using the effective interest method, less any impairment. Interest income based on theeffective interest rate is recognized in profit or loss.
(b) Debt financial assets at FVTOCI
Financial assets are classified as debt financial assets at FVTOCI if both of the following conditions
are met:15• the financial assets are held within a business model for which the objective is achieved byboth collecting contractual cash flows and selling financial assets; and• the contractual terms of the financial assets give rise on specified dates to cash flows that aresolely payments of principal and interest on the principal amount outstanding.
Subsequent to initial recognition, debt financial assets at FVTOCI are measured at fair value, andgains or losses arising from changes in fair value are recognized in other comprehensive income.
Any cumulative amounts recognized in other comprehensive income are reclassified to profit or loss
upon derecognition. Foreign exchange gains and losses arising on monetary financial assets
classified as debt financial assets at FVTOCI and interest income calculated using the effective
interest method relating to debt financial assets at FVTOCI are recognized in profit or loss.
(c) Equity financial assets at FVTOCI
At initial recognition, the Company has made an irrevocable election for equity financial assetsthat would otherwise be measured at fair value through profit or loss to present subsequentchanges in fair value in other comprehensive income and classifies such investments as equity
financial assets at FVTOCI. Subsequent to initial recognition, equity financial assets at FVTOCI aremeasured at fair value, and gains or losses arising from changes in fair value are recognized inother comprehensive income.
When financial assets are derecognized or there is a significant or prolonged decline in fairvalue below the cost, cumulative gains and losses recognized in other comprehensive income are
directly transferred to retained earnings. Dividends received on equity financial assets at FVTOCI
are recognized in profit or loss.
(d) Financial assets at FVTPL
Financial assets are classified as financial assets at FVTPL, if they are classified as neither financial
assets at amortized cost, debt financial assets at FVTOCI, nor equity financial assets at FVTOCI.
Please refer to “(20) Material accounting policies for the SoftBank Vision Funds segment” for thedetails of “Investments from SVF (FVTPL)” in the consolidated statement of financial position.
Neither financial assets are designated as measured at fair value through profit or loss to eliminate
or significantly reduce an accounting mismatch.
Subsequent to initial recognition, financial assets at FVTPL are measured at fair value and gains
or losses arising from changes in fair value, dividend income and interest income are recognizedin profit or loss.
(e) Impairment of financial assets
A loss allowance is recognized for expected credit losses on financial assets at amortized cost,
debt financial assets at FVTOCI, and contract assets under IFRS 15 “Revenue from Contracts with
Customers.” At each fiscal period-end, the Company assesses whether the credit risk on financial

SoftBank Group Corp. Financial Report 2024

assets has increased significantly since initial recognition. If the credit risk on financial assets has
not increased significantly since initial recognition, the Company measures the loss allowance forfinancial assets at an amount equal to the 12-month expected credit losses. If the credit risk on
financial assets has increased significantly since initial recognition or for credit impaired financial
assets, the Company measures the allowance account for the financial assets at an amount equal
to the lifetime expected credit losses. However, the Company always measures the loss allowanceat an amount equal to the lifetime expected credit losses for trade receivables and contract assets.
Expected credit losses are estimated in a way that reflects the following:• an unbiased and probability-weighted amount that is determined by evaluating a range ofpossible outcomes;• the time value of money; and• reasonable and supportable information that is available without undue cost or effort at thereporting date about past events, current conditions, and forecasts of future economic
conditions.
Provision of the loss allowance relating to the measurement is recognized in profit or loss.
Reversal of the loss allowance is also recognized in profit or loss when events that would reduce
the loss allowance occur in subsequent periods.
The carrying amount of financial assets is directly reduced against the loss allowance when the
Company has no reasonable expectations of recovering financial assets in their entirety, or a
portion thereof.
(f) Derecognition of financial assets
The Company derecognizes a financial asset when, and only when the contractual rights to the
cash flows from the financial asset expire or when it transfers the financial asset and substantially
all the risks and rewards of ownership of the financial asset.
c. Non-derivative financial liabilities
Non-derivative financial liabilities are classified into financial liabilities at FVTPL or financial
liabilities measured at amortized cost, and the classification is determined at initial recognition.
Non-derivative financial liabilities are classified into financial liabilities at FVTPL when the entire
hybrid contract, including more than one embedded derivative, is designated as a financial liability
at FVTPL. Subsequent to initial recognition, financial liabilities at FVTPL are measured at fair value
and gains or losses arising from changes in fair value and interest costs are recognized in profit or
loss.
Financial liabilities measured at amortized cost are measured using the effective interest
method, subsequent to initial recognition.
The Company derecognizes financial liabilities when the Company’s obligations are met, or
debt is discharged or cancelled or expires.

16

d. Derivatives and hedge accounting(a) Derivatives
The Company is engaged in derivative transactions, including foreign currency forward contracts,
currency swaps, option contracts, and collar transactions in order to manage its exposure toforeign exchange rate, interest rate, and share price risks.
Derivatives are initially recognized at fair value at the date the derivative contracts are enteredinto and are subsequently measured at their fair values at the end of fiscal year. Changes in thefair value of derivatives are recognized in profit or loss immediately unless the derivative isdesignated and effective as a hedging instrument. Derivative financial assets not designated as
hedging instruments are classified into financial assets at FVTPL, and derivative financial liabilities
not designated as hedging instruments are classified into financial liabilities at FVTPL.
(b) Hedge accounting
The Company designates certain derivative transactions as hedging instruments and accounts forthem as cash flow hedges.
At the inception of the hedge, the Company formally designates and documents the hedge
relationship qualifying for hedge accounting, along with its risk management objectives and its
strategies for undertaking various hedge transactions. At the inception of the hedge and on an
ongoing basis, the Company evaluates whether the hedging instrument is highly effective inoffsetting changes in fair values or cash flows of the relevant hedged item during the underlying
period. Specifically, a hedge is determined to be effective when all of the following criteria aremet:
i.	there is an economic relationship between the hedged item and the hedging instrument;ii.	the effect of credit risk does not dominate the value changes that result from that economic
relationship; andiii.	the hedge ratio of the hedging relationship is the same as that resulting from the quantityof the hedged item the Company actually hedges and the quantity of the hedging
instrument the Company actually uses to hedge the quantity of the hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to thehedge ratio but the risk management objective remains the same, the Company adjusts thehedge ratio so that the hedging relationship becomes effective again.
The effective portion of changes in the fair value of derivatives that are designated andqualifying as cash flow hedges are recognized in other comprehensive income and accumulated
in equity. Accumulated other comprehensive income is transferred to profit or loss through a line
item relating to the hedged item in the consolidated statement of profit or loss in the year when
the cash flows from the hedged item affect profit or loss. Any ineffective portion of changes infair value of derivatives is recognized immediately in profit or loss.
The Company discontinues hedge accounting prospectively only when the hedging relationship

SoftBank Group Corp. Financial Report 2024

ceases to meet the qualifying criteria, such as instances when the hedging instrument expires or issold, terminated, or exercised.
When hedge accounting is discontinued, any related income included in accumulated othercomprehensive income remains in equity and is reclassified to profit or loss when the forecasted
transaction is ultimately recognized in profit or loss. When a forecasted transaction is no longer
expected to occur, any related income included in accumulated other comprehensive income isimmediately reclassified to profit or loss.
(c) Embedded derivatives
Derivatives embedded in non-derivative financial assets host contracts (“embedded derivatives”)
are not separated from the host contracts and are accounted for as hybrid contracts in their
entirety.
When the economic characteristics and risks of the derivatives embedded in non-derivative
financial liabilities host contracts (“embedded derivatives”) are not closely related to the economic
characteristics and risks of the host contracts and the whole financial instruments, including theembedded derivatives, are not classified as financial liabilities at FVTPL, the embedded derivatives
are separated from the host contracts and accounted for separately as derivatives. If it is required
to separate embedded derivatives from their host contracts, but the Company is unable tomeasure the embedded derivatives separately either at acquisition or at the end of a subsequentfiscal period, the Company designates and accounts for the entire hybrid contract as financial
liabilities at FVTPL.
e. Offsetting financial assets and financial liabilities
Financial assets and financial liabilities are offset, and the net amounts are presented in the
consolidated statement of financial position when, and only when, the Company currently has alegally enforceable right to set off the recognized amounts, and intends either to settle on a net
basis or to realize the assets and settle the liabilities simultaneously.
(5) Cash and cash equivalents
Cash and cash equivalents consist of cash, demand deposits and short-term investments with maturitiesof three months or less that are readily convertible to cash and subject to insignificant risk of change invalue.
(6) Inventories
Inventories are stated at the lower of cost or net realizable value. Inventories mainly consist of mobile
devices and accessories in the SoftBank segment. Their costs comprise all costs of purchase and othercosts incurred in bringing the inventories to their present location and condition. The costs are mainly
calculated by the moving-average method.

17

Net realizable value is calculated based on the estimated selling price in the ordinary course ofbusiness, less estimated costs of marketing, selling, and distribution.
(7) Property, plant and equipment
Property, plant and equipment are measured on a historical cost basis, less accumulated depreciation
and accumulated impairment losses. Historical cost includes costs directly attributable to the acquisitionof the asset and the initial estimated costs related to disassembly, retirement and site restoration.
Property, plant and equipment are depreciated mainly using the straight-line method over theestimated useful lives of each component. The depreciable amount is calculated as the cost of an asset,
less its residual value. Land and construction in progress are not depreciated.
The estimated useful lives of major components of property, plant and equipment are as follows:
Buildings and structures
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 - 50 years
Structures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 - 50 years
Building fixtures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 - 22 years
Telecommunications equipment
Wireless equipment, switching equipment, and other network equipment. . . . . . 5 - 15 years
Towers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 - 42 years
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 - 30 years
Furniture, fixtures and equipment
Leased mobile devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 - 3 years
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 - 20 years
The depreciation methods, useful lives, and residual values of assets are reviewed at the end of eachfiscal year, and any changes are applied prospectively as a change in accounting estimate.
(8) Goodwill
Please refer to “(2) Business combinations” for the measurement of goodwill at initial recognition.
Goodwill is measured at cost less accumulated impairment losses.
Goodwill is not amortized, and is tested for impairment when there is an indication of impairment incash-generating units or groups of cash-generating units to which goodwill has been allocated, andannually, regardless of any indication of impairment. Impairment is described in “(11) Impairment ofproperty, plant and equipment, right-of-use assets, intangible assets and goodwill.”
The Company’s policy for goodwill arising from the acquisition of an associate is described in “(1)Basis of consolidation.”

SoftBank Group Corp. Financial Report 2024

(9) Intangible assets
The Company uses the cost model for measurement of intangible assets in which the assets aremeasured at historical cost, less accumulated amortization and accumulated impairment losses.
Intangible assets acquired individually are measured at cost upon initial recognition. Intangible assets
acquired in a business combination are recognized separately from goodwill upon initial recognition andare measured at fair value at the acquisition date. Any internally generated research and development
expenditure is recognized as an expense in the period in which it is incurred, except for expenditures ondevelopment activities eligible for capitalization (internally generated intangible assets). The amountinitially recognized for internally generated intangible assets is the sum of the expenditures incurredfrom the date when the intangible asset first meets all of the capitalization criteria to the date thedevelopment is completed.
There are intangible assets with finite useful lives and intangible assets with indefinite useful lives.
The intangible assets with finite useful lives are amortized over the estimated useful lives by thestraight-line method.
The estimated useful lives of major categories of intangible assets with finite useful lives are as
follows:
Software. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 - 10 years
Customer relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 - 25 years
Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 - 20 years
Spectrum-related costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  18 years
Management contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 - 10 years
Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 - 25 years
Amortization methods, useful lives and residual values of assets are reviewed at the end of each fiscal
year, and any changes are applied prospectively as a change in accounting estimate.
Spectrum-related costs are SoftBank Corp.’s share of costs for the spectrums assigned to SoftBank
Corp. based on the Radio Act. These spectrum-related costs include the costs arising from the migrationof pre-existing users to other spectrums by the termination campaign. Useful lives are estimated basedon the actual utilization of the frequency spectrum in the past.
Intangible assets with indefinite useful lives are as follows:• Trademarks (with indefinite useful lives)
The intangible assets with indefinite useful lives and the intangible assets that are not yet available
for use are not amortized. The impairment of these assets is described in “(11) Impairment of property,
plant and equipment, right-of-use assets, intangible assets and goodwill.”
In addition, the Company does not apply IFRS 16 “Leases” to leases of intangible assets.

18

(10) Leases
a. Overall(a) Identifying a lease
At the inception of a contract, the Company assesses whether the contract is, or contains, alease. The Company deems a contract is, or contains, a lease if the contract conveys the right tocontrol the use of an identified asset for a period of time in exchange for consideration. If thefollowing conditions are met, the Company deems that the contract conveys the right to control
the use of an identified asset.
i.	The use of the identified asset is specified in a contract and the lessor does not have theright to substitute the asset.
ii.	Throughout the period of use, the lessee has the right to obtain substantially all of theeconomic benefits from the use of the identified asset.
iii.	The lessee has the right to direct the use of the identified asset. Where the relevant
decisions about how and for what purpose the asset is used are predetermined, the lessee isdeemed to have the right to direct the use of the identified asset if:• the lessee has the right to operate the asset; or• the lessee designed the asset in a way that predetermines how and for what purpose theasset will be used.
(b) Lease term
The lease term is determined as the non-cancellable period of a lease, together with both:• periods covered by an option to extend the lease if the lessee is reasonably certain to exercisethat option; and• periods covered by an option to terminate the lease if the lessee is reasonably certain not toexercise that option.
b. Lessee(a) Separating components of a contract
For a contract that is, or contains, a lease, the Company accounts for each lease component
within the contract as a lease separately from non-lease components of the contract by allocating
the consideration in the contract to each lease component on the basis of the relative stand-alone
price of the lease component and the aggregate stand-alone price of the non-lease components.
(b) Lease transactions of intangible assets
The Company does not apply IFRS 16 “Leases” to leases of intangible assets.
(c) Right-of-use asset
At the commencement date, the Company recognizes a right-of-use asset and a lease liability.

SoftBank Group Corp. Financial Report 2024

The right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprises:
the amount of the initial measurement of the lease liability; any lease payments made at or before
the commencement date; any initial direct costs; and an estimate of costs to be incurred in
dismantling and removing the underlying asset, restoring the site on which it is located or
restoring the underlying asset; less any lease incentives received.
After the initial measurement, the right-of-use asset is depreciated on a straight-line basis: (a)over the estimated useful life if the transfer of ownership of the underlying asset is certain; or (b)over the shorter of the lease term or the estimated useful life of the leased asset if the transfer ofownership is not certain. The estimated useful life of the right-of-use asset is determined by thesame method applied to property, plant and equipment. Further, if the right-of-use asset isimpaired, an impairment loss is deducted from the carrying amount of the right-of-use asset. The
details of lease terms by asset classes for right-of-use assets held for leases are described in “Note
15. Right-of-use assets.”(d) Lease liability
At the commencement date, the Company measures the lease liability at the present value of thelease payments that will be paid over the lease term after that date. In calculating the present
value, the interest rate implicit in the lease is used as a discount rate if that rate can be readily
determined. If that rate cannot be readily determined, the Company’s incremental borrowing rateis used.
The lease payments included in the measurement of the lease liability mainly comprise: fixed
payments; lease payments to be made during extension periods, if the lease term reflects theexercise of an option to extend the lease; and payments of penalties for terminating the lease, if
the lease term reflects the exercise of an option to terminate the lease.
After the initial measurement, the lease liability is measured at amortized cost using an effective
interest method. The lease liability is remeasured if there is a change in future lease payments
resulting from a change in an index or a rate, if there is a change in the amounts expected to bepayable under a residual value guarantee, or if there is a change in the assessment of thepossibility of an option to extend or terminate the lease being exercised.
If the lease liability is remeasured, the carrying amount of the right-of-use asset is also adjusted
by the amount of the remeasurement of the lease liability. However, if the amount of liability
reduced by the remeasurement of the lease liability exceeds the carrying amount of the right-ofuse asset, any remaining amount of the remeasurement after reducing the right-of-use asset tozero is recognized in profit or loss.
c. Lessor(a) Separating components of a contract
For a contract that is, or contains, a lease, the Company allocates the consideration in the19contract applying IFRS 15 “Revenue from Contracts with Customers” to lease components andnon-lease components of the contract.
(b) Classification of leases
At the commencement of a lease contract, the Company classifies whether the contract is afinance lease or an operating lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise, a lease isclassified as an operating lease. The Company assesses that substantially all the risks and rewards
incidental to ownership of an underlying asset are transferred in cases where the lease term is fora major part of the economic life of the underlying asset, or the amount of present value of thelease payment is substantially all the amount of fair value of the asset.
(c) Sublease classification
If the Company is a party to a sublease contract, the Company accounts for the head lease(lessee) and the sublease (lessor) separately. When classifying the sublease as a finance lease or an
operating lease, the Company considers the risks and rewards incidental to, and the useful life of,the right-of-use asset that is recognized by the Company in the head lease, instead of that of theleased asset.
(d) Recognition and measurement
Lease receivables in finance leases are recorded as the uncollected amount of net lease receivables, as of the date the lease is determined and through its maturity. Lease receivables areapportioned between financing income and the repayments of the lease receivables. Lease
receivables are measured at amortized cost using the effective interest method. Interest income
based on the effective interest rate is recognized in profit or loss.
Total lease payments received from operating leases received during the lease term arerecognized as income on a straight-line basis over the lease term.
(11) Impairment of property, plant and equipment, right-of-use assets, intangible assets andgoodwilla. Impairment of property, plant and equipment, right-of-use assets, and intangible assets
At the end of the fiscal year, the Company determines whether there is any indication thatproperty, plant and equipment, right-of-use assets, and intangible assets may be impaired.
If any such indication exists, the recoverable amount of the asset is estimated. When it is notpossible to estimate the recoverable amount of an individual asset, the Company estimates therecoverable amount of the cash-generating unit to which the asset belongs. A cash-generating
unit is the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets.

SoftBank Group Corp. Financial Report 2024

Intangible assets with indefinite useful lives and intangible assets that are not yet available foruse are tested for impairment annually regardless of whether there is any indication of
impairment.
The recoverable amount is the higher of fair value less costs to sell, or value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects the time value of money and the risks specific to the asset.
If the recoverable amount of an asset or cash-generating unit is estimated to be less than its
carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its
recoverable amount, and an impairment loss is recognized in profit or loss.
At the end of the fiscal year, the Company evaluates whether there is any indication that an
impairment loss related to assets other than goodwill recognized in prior years has decreased or
been extinguished. If such indication of a reversal of an impairment loss exists, the recoverable
amount of the asset or cash-generating unit is estimated. If the recoverable amount of an asset or
cash-generating unit is estimated to be higher than its carrying amount, a reversal of an
impairment loss is recognized, to the extent that the increased carrying amount does not exceed
the lower of the recoverable amount or the carrying amount that would have been determined(net of depreciation and amortization) had no impairment loss been recognized.
b. Impairment of goodwill
At the end of the fiscal year and at the end of each quarter, the Company determines whether
there is any indication that goodwill may be impaired.
Goodwill is allocated to each of the cash-generating units or groups of cash-generating units
that are expected to benefit from the synergies arising from the business combination, and it istested for impairment annually, regardless of any indication of impairment, and when there is anindication that the cash-generating unit or groups of cash-generating units may be impaired. If, at
the time of the impairment test, the recoverable amount of the cash-generating unit or groups ofcash-generating units is less than its carrying amount, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated to the cash-generating unit or groups ofcash-generating units and then to the other assets pro rata based on the carrying amount of each
asset in the unit or groups of cash-generating units.
Any impairment loss for goodwill is recognized directly in profit or loss and is not reversed insubsequent periods.
(12) Provisions
Provisions are recognized when the Company has a present legal or constructive obligation as a resultof a past event, it is probable that the Company will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
Provisions are measured using the estimated future cash flows, discounted using a pre-tax rate20

reflecting the time value of money and the specific risks of the liability, after taking into account therisks and uncertainties surrounding the obligation at the end of the fiscal year.
The Company mainly recognizes asset retirement obligations, asbestos claims liabilities, andprovisions for loss on contract as provisions.
Asbestos claims liabilities are recognized because Fortress acquired and consolidated an entity that
holds asbestos claims liabilities and related insurance assets. For the asbestos claims liabilities, thesubsidiary estimates future costs for the cases filed alleging injury as a result of exposure to asbestos,and records amounts as deemed necessary.
For provisions for loss on contract, the amount is estimated and recorded as deemed necessary to
prepare for future losses incurred in fulfilling contracts with customers.

The Company regularly reviews the assumptions made and revises estimates of the number of stock
options or restricted stock units that are expected to vest, when necessary.
Restricted stock units are vested on the grant date and accordingly the fair value of restricted stock
units on the grant date is expensed in a lump sum.
Cash-settled share-based compensation is accounted for as liabilities and is measured initially at thefair value of the award. The fair value of the liabilities is remeasured on each closing date and thesettlement date, and changes in fair values are recognized in profit or loss.

(13) Treasury stock
When the Company acquires its own equity share capital (“treasury stock”), the consideration paid,
including any directly attributable incremental costs (net of income taxes), is deducted from equity. No
gain or loss is recognized on the purchase, sale, or cancellation of the treasury stock. The difference
between the carrying amount and the consideration on sale is recognized as capital surplus.

SoftBank segment
The SoftBank segment provides mobile services, sales of mobile devices, broadband services, andsolutions services in Japan, mainly through SoftBank Corp., media, advertising and commerce
services through LY Corporation, or payment and financial services through PayPay Corporation.

(14) Assets or disposal groups classified as held for sale
Assets or disposal groups, whose recoveries are expected principally through sale transactions rather
than continuing use, are classified as held for sale when it is highly probable that the sale will becompleted within one year, are available for immediate sale in their present condition, and management commits to a plan to sell.
The Company, when committed to a sale plan involving loss of control of a subsidiary, classifies assets
and liabilities of the subsidiary as held for sale when the above criteria are met, regardless of whether
the Company will retain a non-controlling interest in its former subsidiary after the sale.
Assets classified as held for sale are measured at the lower of the carrying amounts and fair values
less costs to sell and depreciation of property, plant and equipment and amortization of intangible
assets are not conducted after the classification.
(15) Share-based payments
The Company grants stock options and adopts restricted stock unit plans and restricted stock compensation plans, as equity-settled share-based compensation, and cash-settled share-based compensation.
Equity-settled share-based compensation is measured at fair value on the grant date. The fair valueof stock options is calculated using models such as the Black-Scholes model, and the fair value ofrestricted stock units and restricted stocks is calculated using the share price on the grant date.
The fair value determined on the grant date is expensed over the vesting period, based on theestimated stock options or restricted stock units that will eventually vest, with a corresponding increasein equity.

SoftBank Group Corp. Financial Report 2024

(16) Revenue
The Company’s accounting policy for revenue recognition is as follows:a. Consumer business(a) Mobile services and sales of mobile devices
The Company provides mobile services, which consist of voice call services, data transmission
services, and related optional services to subscribers, and sells mobile devices to customers.
In providing mobile services, sales revenue is mainly generated from basic monthly charges,
mobile services, and other fees. Revenues from the sales of mobile devices are generated fromthe sales of mobile devices and accessories to subscribers or dealers.
The business flow of the above transactions consists of “Indirect” sales, where theCompany sells mobile devices to dealers and enters into mobile communications service
contracts with subscribers through dealers, and “Direct” sales, where the Company sells
mobile devices to subscribers and enters into mobile communications service contracts
directly with subscribers.
In mobile services, the contractual period is defined as the period in which the parties tothe contract have present enforceable rights and obligations based on the terms andconditions of the contract with the subscriber. In addition, if the Company determines thatan option to renew the contract is granted to the subscriber and the option provides a“material right” to the subscriber, it identifies the option as a separate performanceobligation. As a practical alternative to estimating the stand-alone selling price of an option
identified as a separate performance obligation, the Company allocates the transaction priceto the mobile communications services related to the option by reference to the mobile
communications services expected to be provided and the corresponding expectedconsideration.

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Basic charges and mobile service fees are billed to subscribers on a monthly basis and are
generally due within one month. Mobile device payments for indirect sales are billed todealers at the time of sale to the respective dealers and are generally due within one month.
In addition, mobile device payments for direct sales can be paid in full at the time of sale orpaid in monthly installment over the contract period, normally due within one month. As aresult of both quantitative and qualitative analysis, the Company has determined that thesetransaction prices do not include significant financing components due to the timing of
payments, and accordingly, they have not been adjusted for such financing components.
When the period between the revenue recognition and the payment is one year or less, theCompany does not make an adjustment for significant financing components, as a practical
expedient permitted by IFRS.
For mobile services and sales of mobile devices, the Company is obligated to allow returns
and provide refunds for a certain period of time after the inception of the contract. Returnand refund obligations are estimated and deducted from transaction prices for each type of
goods and services based on historical performance.
The Company provides optional additional warranty services for mobile devices. Under thecontracts in which these services are provided, the services are identified as separate
performance obligations, and are recognized as revenue when they are provided tosubscribers.
i.	Indirect sales
Revenues from the sales of mobile devices are recognized when mobile devices are delivered
to dealers, which is when dealers are deemed to have obtained control over the mobile
devices. Dealers involved in indirect sales have the primary responsibility for fulfilling
contracts, carry all inventory risk, and may independently establish their own inventory
pricing. Accordingly, the Company considers that dealers involved in indirect sales act as
principals.
Basic monthly charges and mobile service fees are recognized as revenue over time during
the contractual period because the performance obligation of mobile services is to provide a
certain amount of data communications monthly to subscribers during the contractual period.
Discounts on mobile communications charges are deducted from the revenues recognizedfrom monthly mobile services. Commission fees paid to dealers related to the sales of mobile
devices are deducted from sales.
ii.	Direct sales
For direct sales, the total amount of transaction prices is allocated to sales of mobile devices
and mobile service revenue based on the ratio of their stand-alone selling prices, as therevenues from the sales of mobile devices and mobile services, including related fees, areconsidered to be one transaction. Discounts on mobile communications charges related to
SoftBank Group Corp. Financial Report 2024

mobile service revenue are deducted from the total transaction prices.
In addition, if the amount of revenue recognized at the time of sales of mobile devices
exceeds the amount of consideration received from the subscribers, the difference isrecognized as contract assets and subsequently transferred to trade receivables when theclaim is determined as a result of the provision of mobile services. If the amount of revenue
recognized at the time of sales of mobile devices is less than the amount of consideration
received from the subscribers, the difference is recognized as contract liabilities, which is thenreversed when the mobile services are provided, and is recognized as revenue.
Stand-alone selling prices of mobile devices and mobile services are priced at theirobservable prices when the mobile devices and mobile services are sold independently tocustomers at the inception of the contract.
The amount allocated to sales of mobile device is recognized as revenue at the time ofdelivery to the subscribers, representing the point in time when subscribers are considered tohave obtained control of the mobile devices. Amounts allocated to mobile service revenues
are recognized as revenue over time during the contractual period because the performanceobligation of mobile services is to provide a certain amount of data communications monthly
to subscribers during the contractual period.
Contract assets are included in “Other current assets” in the consolidated statement offinancial position.
(b) Broadband services
For broadband services, revenues are mainly generated from basic monthly charges andtelecommunications service fees primarily related to Internet connection (“revenues frombroadband services”), and other fees.
Revenues from broadband services are recognized when services are provided to subscribers,
based upon fixed monthly charges plus the fees charged for usage of the network. Activation
fees are recognized as contract liabilities when received, which are then reversed when the
broadband services are provided, and are recognized as revenue.
(c) Electricity services
For electricity services, revenues are mainly generated from the purchase and sale, supply andintermediation of electricity services, including Ouchi Denki. Revenues from supply of electricity(retail service) are recognized when services are provided to subscribers, based upon fixedmonthly charges plus the fees charged for usage of electricity.
b. Enterprise business(a) Mobile services and mobile device rental services
Revenues from mobile services mainly consist of revenues from mobile services and other fees.

22Since mobile device rental services are provided on the condition that mobile service contracts areentered into consideration arising from these transactions are allocated to lease and others basedon the fair value of mobile device lease and mobile communications services. The fair value is theprice at which the mobile devices are sold individually and the price at which the mobile
communications services are provided individually. Consideration allocated to other is recognized
as revenues based on fixed monthly charges and the fees charged for usage of the network whenservices are provided to subscribers.
(b) Fixed-line communications services
Revenues from fixed-line communications services mainly consist of voice telecommunications
service fees and data transmission service fees. Revenues from fixed-line communications services
are recognized when services are provided to subscribers, based on fixed monthly charges andthe fees charged for usage of the network.
(c) Business solution and others
Revenues from business solution and others mainly consist of services, such as data center, cloud,security, global, AI, Internet of Things (“IoT”), digital marketing, and equipment sales.
Revenues from business solution and others are recognized when products or services areprovided to subscribers, representing the point when subscribers have obtained control of the
product or service, based upon the consideration receivable from subscribers.
c. Distribution business
Revenues in the distribution business are mainly generated from the sales of hardware,
software, and services in relation to Information and Communication Technology (“ICT”),
cloud and Internet of Things (“IoT”) solutions for enterprise customers. Revenues are also
driven by the sales of PC software, IoT products, and mobile device accessories for individual
customers.
Revenues in the distribution business are recognized as revenue at the time of delivery tocustomers, representing the point in time when the customers are deemed to have obtained
control over the goods and other items.
For transactions conducted by the Company on behalf of third parties, revenues are presented
on a net basis by excluding payment to third parties from the total consideration received from
customers.
d. Media&EC business(a) Media business
The media business mainly comprises planning and sale of internet-based advertising-related services,
information listing services, and other corporate services. Revenues in the media business mainly

SoftBank Group Corp. Financial Report 2024

consist of revenues from search advertising, account advertising, display advertising, and others.
i.	Search advertising
Revenues from search advertising are recognized based on the per-click rate set by a customer
when a visitor of the website clicks the advertisement.
ii.	Account advertising
Account advertising mainly comprises LINE Official Accounts and LINE Sponsored Stickers.
Revenues from LINE Official Accounts are recognized over time during the contractual period.
Revenues from LINE Sponsored Stickers are recognized over time during the contractual period.
iii.	Display advertising
Display advertising comprises display advertising (reservation) and display advertising(programmatic).
Revenues from display advertising (reservation) are recognized over the period in which therelated advertisement is displayed.
Revenues from display advertising (programmatic) are recognized based on the per-click rate set
by a customer when a visitor of the website clicks the advertisement on the page with the related
content.
Revenues from LINE VOOM and LINE NEWS advertising are recognized upon the fulfilment ofcertain actions under contracts with advertisers.
iv.	Others
Others mainly comprise LYP Premium. Revenues from LYP Premium are recognized over theperiod during which the membership is valid.
(b) Commerce business
The commerce business mainly comprises sales of products and planning and providing ofservices, which are provided via the internet for small to medium-sized businesses and individual
customers. Revenues in the commerce business consist of revenues from the sales of goods by
the ASKUL Group, e-commerce-related services, such as ZOZOTOWN and Yahoo! auction.
i.	Sales of goods by the ASKUL GroupASKUL Group engages in the business of selling office-related products and other goods.
ASKUL Group’s major customers are small-and medium-sized companies, as well as individual
users. Revenues from the sale of goods are recognized when a customer obtains control of
the goods, that is, at the time the customer has the ability to direct the use of the goods andto obtain substantially all of the remaining economic benefits from the goods.

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ii.	ZOZOTOWNZOZO Inc. operates ZOZOTOWN and sells goods on a consignment basis to individual users as
an agent of each brand opening a store as a tenant in ZOZOTOWN. Consignment salescommission based on gross merchandise value multiplied by sales commission rate isrecognized as revenue when the customer obtains control of the goods.
iii.	Yahoo! auction
Yahoo provides online auction services through Yahoo! auction to individual users andcorporations. System usage fees charged to the sellers according to auction proceeds arerecognized as revenue when the auction transactions are completed.
e. Financial business
Revenues in the financial business mainly consist of merchant fees from providing QR code
payment services and merchant fees from credit-related services. The merchant fees fromproviding QR code payment services are recognized as revenue at the completion of thesettlement, assuming that the merchant has received the payment service at the point of sale ofgoods or other transactions.
Among the credit card-related services, the merchant fees from providing payment services arerecognized as revenue at the time of card usage, which is when the performance obligation issatisfied. Additionally, fees generated from revolving payments, installment payments, and cash
advance services provided to card members are recognized as revenue over the period of interest
attributed in accordance with IFRS 9 “Financial Instruments.”
Arm segment
In the Arm segment, revenue is mainly generated from licensing Arm’s IP to customers and royalties
arising from the subsequent sale of licensees’ chips that contain Arm’s technology.
a. License and other revenue(a) Intellectual Property license
Arm generally licenses IP under non-exclusive license agreements that provide usage rights for
specific applications for a finite or perpetual term. These licenses are made available electronicallyto address the customer-specific business requirements. These arrangements generally havedistinct performance obligations that consist of transferring the licensed IPs, version extensions ofarchitecture IP or releases of IPs, and support services. Support services consist of a stand-readyobligation to provide technical support, patches, and bug fixes over the support term. Revenue
allocated to the IP license is recognized at a point in time upon the delivery or beginning oflicense term, whichever is later. Revenue allocated to distinct version extensions of architecture IP
or releases of IP, excluding when-and-if-available minor updates over the support term, are

SoftBank Group Corp. Financial Report 2024

recognized at a point in time upon the delivery or beginning of license term, whichever is later.
Certain license agreements provide customers with the right to access a library of current andfuture IPs on an unlimited basis over the contractual period depending on the terms of theapplicable contract. These licensing arrangements of the customer and the extent of use in any
given period does not diminish the remaining performance obligation. The contract consideration
related to these arrangements is recognized ratably over the term of the contract in line withwhen the control of the performance obligations is transferred.
(b) Software sales, including development systems
Sales of software, including development systems, which are not specifically designed for a given
license (such as off-the-shelf software), are recognized upon delivery when control has beentransferred and customer can begin to use and benefit from the license.
(c) Professional services
Services (such as training and professional and design services) that Arm provides, which are notessential to the functionality of the IP, are separately stated and priced in the contract andaccounted for separately. Training revenue is recognized as services are performed. Revenue fromprofessional and design services are recognized over time using the input method based onengineering labor hours expended to date relative to the estimated total effort required. For suchprofessional and design services, Arm has an enforceable right to payment for performancecompleted to date, which includes a reasonable profit margin and the performance of suchservices do not create an asset with an alternative use.
(d) Support and maintenanceSupport and maintenance is a stand-ready obligation to the customer that is both provided andconsumed simultaneously. Revenue is recognized on a straight-line basis over the period forwhich support and maintenance is contractually agreed pursuant to the license.
b. Royalty revenue
For certain IP license agreements, royalties are collected on products that incorporate the Arm’s IP.
Royalties are recognized on an accrual basis in the quarter in which the customer ships theirproducts, based on the Arm’s technology that it contains. This estimation process for the royalty
revenue accrual is based on a combination of methodologies, including the use of historical sales
trends, as well as data and forecasts from third-party industry research providers. Data considered
includes revenue, unit shipments, average selling price, product mix, market share and market
penetration. Adjustments to revenue are required in subsequent periods to reflect changes in
estimates as new information becomes available, primarily resulting from actual amounts
subsequently reported by the licensees in the period following the accrual.

24

(17) Costs to obtain contracts
The Company recognizes the costs that would not have been incurred if the telecommunications service
contract had not been obtained and that are expected to be recovered, as assets from the costs toobtain contracts. The Company capitalizes mainly the sales commissions that the Company pays todealers for obtaining and maintaining mobile service contracts with subscribers.
The costs to obtain contracts are amortized on a straight-line basis over the period (normally two tofour years) during which goods or services related to such costs directly are expected to be provided. At
each fiscal year-end and quarterly period-end, the Company assesses the impairment relating to thecapitalized costs to obtain such contracts.
Using a practical expedient, the Company accounts for the costs to obtain contracts as expenses
when incurred if the amortization period of the costs to obtain contracts is one year or less.
(18) Income tax
Income tax expense is composed of current and deferred taxes, and recognized in profit or loss, except
for taxes related to business combinations and items that are recognized in other comprehensive
income or directly in equity.
Current tax is measured at the amount expected to be paid to or recovered from the taxation
authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the endof the fiscal year.
Deferred tax assets are recognized to the extent that it is probable that taxable profits will beavailable against which deductible temporary differences, net operating loss carryforwards and tax
credit carryforwards can be utilized. The recoverability of deferred tax assets is reassessed at the end of
the fiscal year.
Deferred tax assets are not recognized for the taxable temporary differences that arise from the initialrecognition of assets and liabilities in a transaction that is not a business combination, affects neither
accounting profit nor taxable profit and does not give rise to equal taxable and deductible temporary
differences.
Deferred tax assets are recognized for deductible temporary differences associated with investments
in subsidiaries and associates when it is probable that the temporary difference will reverse in theforeseeable future and when there will be sufficient taxable profits against which the temporary
differences can be utilized.
Deferred tax liabilities are basically recognized for taxable temporary differences, except for:• temporary differences that arise from the initial recognition of assets and liabilities in a transactionthat is not a business combination, affects neither accounting profit nor taxable profit and does notgive rise to equal taxable and deductible temporary differences;• taxable temporary differences arising from the initial recognition of goodwill; and• taxable temporary differences associated with investments in subsidiaries and associates, where the

SoftBank Group Corp. Financial Report 2024

Company is able to control the reversal of the temporary difference and it is probable that thetemporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to theperiod when the asset is realized or the liability is settled, based on tax laws that have been enacted or
substantively enacted by the end of the fiscal year.
Deferred tax assets and liabilities are offset if the Company has a legally enforceable right to set-off
current tax assets against current tax liabilities, and income taxes are levied by the same taxation
authority on the same taxable entity.
In accordance with the temporary relief under the IAS 12 (Amendments), the Company has applied
exceptions for recognition and information disclosure regarding the deferred tax assets and liabilities
related to income taxes arising from the implementation of the Pillar Two model rules.
(19) Earnings per share
Basic earnings per share is calculated by dividing net income attributable to owners of the parent
by the weighted-average number of ordinary shares (after adjusting for treasury stocks) outstanding for the period.
Diluted earnings per share assumes full conversion of the issued potential stocks having adilutive effect, with an adjustment for net income attributable to owners of the parent and theweighted-average number of ordinary shares (after adjusting for treasury stocks) outstanding forthe period.

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(20) Material accounting policies for the SoftBank Vision Funds segment
For SVF1, SVF2, and LatAm Funds, the Company applies the following accounting policies.
a. Consolidation of SVF1, SVF2, and LatAm Funds by the Company
SVF1 and SVF2 are limited partnerships established by their respective general partners which are
wholly-owned subsidiaries of the Company (SVF2 owns limited liability companies including SVF2
LLC) and are qualified as structured entities by their forms of organization. SVF1 and SVF2 areconsolidated by the Company for the following reasons.
As of March 31, 2024, SVF1 and SVF2 are managed by SBIA and SBGA, respectively, which
are wholly-owned subsidiaries of the Company in the UK. SVF1 and SVF2 make investment
decisions through each investment committee, which was established in SBIA and SBGA,
respectively. As such, the Company has power as defined under IFRS 10 “Consolidated
Financial Statements” over SVF1 and SVF2. Furthermore, SBIA receives performance fees and
SBGA receives performance-linked management fees. The Company receives distributions
attributable to limited partners based on the investment performance as returns from SVF1 and
SVF2. The Company has the ability to affect those returns through its power over SVF1 andSVF2, and therefore, the Company is deemed to have control as stipulated in IFRS 10“Consolidated Financial Statements” over SVF1 and SVF2.
LatAm Funds is a limited liability company in which a wholly-owned subsidiary of theCompany invests (LatAm Funds owns limited partnerships and the other forms of entities).
LatAm Funds is consolidated by the Company as it holds more than one-half of the voting
rights of LatAm Funds.
Inter-company transactions, such as management fees and performance fees to SBIA paid
or to be paid, as applicable, from SVF1, and management fees, performance-linked
management fees, and performance fees to SBGA paid or to be paid, as applicable, from
SVF2 or LatAm Funds, are eliminated in consolidation.
b. Portfolio company investments made by SVF1, SVF2, and LatAm Funds(a) Investments in subsidiaries
Of the portfolio company investments made by SVF1, SVF2, and LatAm Funds, the portfolio
companies that the Company is deemed to control under IFRS 10 “Consolidated Financial
Statements” are subsidiaries of the Company. Accordingly, their results of operations, assets, andliabilities are included in the Company’s consolidated financial statements.
Gain and loss on investments in the subsidiaries of the Company which are recognized in SVF1,
SVF2, and LatAm Funds are eliminated in consolidation.
(b) Investments in associates and joint ventures
Of the portfolio company investments made by SVF1, SVF2, and LatAm Funds, the portfolio
companies over which the Company has significant influence under IAS 28 “Investments in

SoftBank Group Corp. Financial Report 2024

Associates and Joint Ventures” are associates of the Company, and the portfolio companies thatare joint ventures of the Company when, as defined under IFRS 11 “Joint Arrangements,” SVF1,
SVF2, and LatAm Funds have joint control with other investors under contractual arrangements
and the investors have rights to the net assets of the arrangement.
The investments in associates and joint ventures of the Company made by SVF1, SVF2, and
LatAm Funds are accounted for as financial assets at FVTPL in accordance with paragraph 18 of
IAS 28 “Investments in Associates and Joint Ventures” and presented as “Investments from SVF(FVTPL)” in the consolidated statement of financial position. The payments for these investments
are presented as “Payments for acquisition of investments by SVF” and the proceeds from salesof these investments are presented as “Proceeds from sales of investments by SVF” under cash
flows from investing activities in the consolidated statement of cash flows.
If the investments in associates and joint ventures that were transferred from SoftBank Group
Corp. and its subsidiaries to SVF1, SVF2, or LatAm Funds were accounted for using the equity
method prior to the transfer, these investments continue to be accounted for using the equity
method after the transfer to SVF1, SVF2, or LatAm Funds and presented as “Investments
accounted for using the equity method” in the consolidated statement of financial position.
Gain and loss on the investments which were recognized in SVF1, SVF2, or LatAm Funds are
eliminated in consolidation and gain and loss on the investments accounted for using the equity
method are presented as “Income (loss) on equity method investments” in the consolidated
statement of profit or loss.
(c) Other investments
Investments other than those in associates or joint ventures of the Company made by SVF1,
SVF2, and LatAm Funds are accounted for as financial assets at FVTPL. The presentation of theseinvestments in the consolidated statement of financial position and the consolidated statement ofcash flows is the same as the above “(b) Investments in associates and joint ventures.”c. Contribution from limited partners in SVF1 and SVF2, and investors in LatAm Funds, SVF2 LLC,
and SLA LLC (collectively “SVF Investors”)(a) Contribution from SVF Investors other than the Company (“Third-Party Investors,” and each a“Third-Party Investor”)
The interests attributable to Third-Party Investors in SVF1, SVF2, and LatAm Funds are classified as
financial liabilities, “Third-party interests in SVF” in the consolidated statement of financial
position, due to the predetermined finite life and contractual payment provision to each of
Third-Party Investors at the end of the finite life within the constitutional agreements relating to
SVF1, SVF2, and LatAm Funds. The liabilities are classified as “financial liabilities measured atamortized cost” upon initial recognition. The carrying amounts attributable to Third-Party
Investors represent the amounts that would be distributed in accordance with the constitutional

26

agreements in a theoretical liquidation scenario at the end of each quarter.
Third-Party Investor in SVF2 and LatAm Funds is entitled to make full or partial payments of its
investments and related adjustments at any point in time, at its discretion, from the date it
became an investor in SVF2 LLC or SLA LLC to the end of company life of SVF2 LLC or SLA LLC,
and as of March 31, 2024, the Company has recognized receivables from Third-Party Investor.
The receivables are included in “Other financial assets (non-current)” in the consolidated
statement of financial position.
“Third-party interests in SVF” fluctuates due to the results of SVF1, SVF2, and LatAm Funds inaddition to contributions from Third-Party Investors, and distributions and repayments ofinvestments to Third-Party Investors. The fluctuations due to the results of SVF1, SVF2, and LatAm
Funds are presented as “Change in third-party interests in SVF” in the consolidated statement of
profit or loss.
Contributions from Third-Party Investors are included in “Contributions into SVF fromthird-party investors” under cash flows from financing activities in the consolidated statement ofcash flows. The distributions and repayments of investments to Third-Party Investors are included
in “Distribution/repayment from SVF to third-party investors” under cash flows from financing
activities in the consolidated statement of cash flows. No cash contributions into SVF2 and LatAm
Funds from Third-Party Investors and no cash distributions/repayments from SVF2 and LatAm
Funds to Third-Party Investors were made as of March 31, 2024.
Uncalled committed capital from Third-Party Investors is not subject to IFRS 9 “Financial
Instruments,” and, therefore, such amount is not recorded in the consolidated statement offinancial position.

4. Changes in accounting policies
The Company has adopted the following standard and interpretation for the fiscal year ended March
31, 2024.
Standard / interpretation

IAS 12(Amendments)

Income Taxes(Amendments
in May 2021)

Outline of the new / amended standards

Clarification of the deferred tax accounting related to assets andliabilities arising from a single transaction.

There are no significant impacts on the consolidated financial statements (except for the notes to theconsolidated financial statements) for the fiscal year ended March 31, 2023 and 2024, due to theadoption of the IAS 12 (Amendments) “Income Taxes.”
As a result of the adoption of the amended standard retrospectively, the Company recognized thesame amount of deferred tax assets and deferred tax liabilities for assets and liabilities arising from asingle transaction, which were restated in “(3) Movement of deferred tax assets and deferred tax
liabilities” under “Note 21. Income taxes” for the fiscal year ended March 31, 2023.
There are no other significant impacts on the consolidated financial statements of the Company due
to the adoption of new accounting standards or interpretations.

(b) Contribution from the Company
Contributions to SVF1, SVF2, and LatAm Funds from the Company are eliminated inconsolidation.

SoftBank Group Corp. Financial Report 2024

27

5. Significant judgments and estimates
In preparing consolidated financial statements under IFRS, management makes judgments, estimates,
and assumptions that affect the application of accounting policies and carrying amounts of assets,
liabilities, revenue, and expenses. These estimates and underlying assumptions are based on management’s best judgments, through their evaluation of various factors that were considered reasonable asof the period-end, based on historical experience and by collecting available information. By the natureof its estimates or assumptions, however, actual results in the future may differ from those projected
estimates or assumptions.
Estimates and underlying assumptions are continuously reviewed. Revisions to accounting estimates
are recognized in the period in which the estimate is revised as well as in the future periods. Significant
judgments, estimates and assumptions that affect the amounts recognized in the Company’s consolidated financial statements are as follows:• significant judgments of whether an entity is controlled by the Company in determining the scopeof consolidation ((1) and (20) in “Note 3. Material accounting policies” and “Note 18. Major
subsidiaries”);• significant judgments for the determination of the scope and accounting treatment of associates((1) and (20) in “Note 3. Material accounting policies” and “Note 19. Investments accounted forusing the equity method”);• estimates for impairment of investments accounted for using the equity method ((1) in “Note 3.
Material accounting policies” and “Note 41. Other gain (loss)”);• fair value measurement of financial assets at FVTPL, debt financial assets at FVTOCI, and equity
financial assets at FVTOCI ((4) and (20) in “Note 3. Material accounting policies,” “Note 7.
SoftBank Vision Funds business,” (2) in “Note 29. Fair value of financial instruments,” and “Note
38. Gain on investments”);• estimates for impairment of financial assets measured at amortized cost ((4) in “Note 3. Material
accounting policies,” and “Note 41. Other gain (loss)”);• fair value measurement of derivatives (including embedded derivatives) ((4) in “Note 3. Material
accounting policies” and (2) in “Note 29. Fair value of financial instruments”);• estimates for residual value and useful life of property, plant and equipment, right-of-use assets,
and intangible assets ((7), (9), and (10) in “Note 3. Material accounting policies”);

SoftBank Group Corp. Financial Report 2024

• estimates for impairment of property, plant and equipment, right-of-use assets, intangible assets
and goodwill ((11) in “Note 3. Material accounting policies,” “Note 16. Goodwill and intangible
assets,” and “Note 41. Other gain (loss)”);• judgments and estimates for accounting treatment of contracts including leases ((10) in “Note 3.
Material accounting policies,” “Note 15. Right-of-use assets,” and “Note 17. Leases”);• judgments and estimates for recognition and measurement on provisions ((12) in “Note 3.
Material accounting policies” and “Note 27. Provisions”);• judgments and estimates for salability relating to classification as held for sale ((14) in “Note 3.
Material accounting policies” and “Note 13. Disposal group classified as held for sale”);• judgments for timing of revenue recognition related to indirect sales of mobile devices ((16) in“Note 3. Material accounting policies” and “Note 36. Net sales”);• judgments for “contractual period” in the mobile services and whether or not if “material right”
is included in the contracts ((16) in “Note 3. Material accounting policies” and “Note 36. Net
sales”);• estimates for amortization period of costs to obtain contracts ((17) in “Note 3. Material accounting policies”);• assessment of recoverability of deferred tax assets ((18) in “Note 3. Material accounting policies”
and “Note 21. Income taxes”);• significant judgments for recognition related to deferred tax liabilities ((18) in “Note 3. Material
accounting policies” and “Note 21. Income taxes”);• estimates for measurement of contribution from Third-party interests to SVF ((20) in “Note 3.
Material accounting policies” and (2) in “Note 7. SoftBank Vision Funds business”); and• recognition of liabilities and expenses related to contingencies (“Note 46. Contingency”).

28

6. Segment information(1) Description of reportable segments
The Company’s reportable segments are components of business activities for which discrete financial
information is available, and such information is regularly reviewed by the Company’s Board of Directors
in order to make decisions about the allocation of resources and assess its performance.
The Company has four reportable segments, the Investment Business of Holding Companies
segment, the SoftBank Vision Funds segment, the SoftBank segment, and the Arm segment.
The Investment Business of Holding Companies segment conducts, mainly through SoftBank Group
Corp. as a strategic investment holding company, investment activities in a wide range of sectors inJapan and overseas directly or through subsidiaries of the Company. The Investment Business of Holding
Companies segment consists of SoftBank Group Corp., SoftBank Group Capital Limited, SoftBank
Group Japan Corporation, SoftBank Group Overseas GK, SB Northstar that is an asset management
subsidiary, and certain subsidiaries of the Company that conduct investment or funding. Gain and loss
on investments at Investment Business of Holding Companies consist of gain and loss arising frominvestments held directly by SoftBank Group Corp. or through subsidiaries of the Company. However,gain and loss on investments relating to investments in subsidiaries, including dividend income fromsubsidiaries and impairment loss on investments in subsidiaries, are excluded.
The SoftBank Vision Funds segment conducts, mainly through SVF1, SVF2, and LatAm Funds
investment activities in a wide range of technology sectors. Primarily, gain and loss on investments at
SVF1, SVF2, LatAm Funds, and others consist of gain and loss arising from investments held by SVF1,
SVF2, and LatAm Funds including the investment in the Company’s subsidiary.
The SoftBank segment provides, mainly through SoftBank Corp., mobile services, sale of mobile
devices, broadband services, and solution services in Japan, through LY Corporation*, media, advertising and commerce related services, and through PayPay Corporation, payment and financial services.
The Arm segment provides, through Arm, designs of microprocessor intellectual property and related
technology, sale of software tools, and related services.
Information on business segments, which is not included in the reportable segments, is classified as“Other.” “Other” includes mainly Fortress and the Fukuoka SoftBank HAWKS-related operations.
“Reconciliations” includes an elimination of intersegment transactions, as well as an elimination ofgain and loss on the investment in shares in Arm and PayPay Corporation, subsidiaries of the Company,
and WeWork, an equity method associate, and others, which are included in segment income of the
SoftBank Vision Funds segment.

(2) Net sales and income of reportable segments
Income of reportable segments is defined as “Income before income tax.” As in the consolidated
statement of profit or loss, “Gain (loss) on investments” included in segment income includes realized
gain and loss from investments in financial assets at FVTPL for which investment performance ismeasured at fair value, unrealized gain and loss on valuation of investments, dividend income frominvestments, derivative gain and loss relating to investments in financial assets at FVTPL, and realized
gain and loss from investments accounted for using the equity method. The Investment Business of
Holding Companies segment calculates its segment income by eliminating gain and loss on investments
relating to investments in subsidiaries, including dividend income from subsidiaries and impairment loss
on investments in subsidiaries.
In August 2023, Arm shares held by SVF1 were sold to a wholly-owned subsidiary of the Company
classified as the Investment Business of Holding Companies segment. The transaction price wasestablished by reference to the terms of a prior contractual arrangement between the parties. The
details are described in “*2” in “b. Segment income arising from the SoftBank Vision Funds business”
in “(1) Income and loss arising from the SoftBank Vision Funds business” under “Note 7. SoftBank
Vision Funds business.”
In addition, intersegment transaction prices other than the above are determined under the samegeneral business conditions as applied for external customers.

* Effective on October 1, 2023, the reorganization procedures involving Z Holdings Corporation (the surviving company) and its core subsidiaries,
primarily LINE Corporation, and Yahoo Japan Corporation have been completed. On the same date, Z Holdings Corporation was renamed to LY
Corporation, LINE Corporation to Z Intermediate Global Corporation, and Yahoo Japan Corporation was dissolved.

SoftBank Group Corp. Financial Report 2024

29

For the fiscal year ended March 31, 2023

(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds*SoftBank

Arm

Total

Other

–
–
–

¥ 5,953,374
3,163¥ 5,956,537¥ 381,746–¥ 381,746¥ 6,335,120
3,163¥ 6,338,283¥ 235,319
9,527¥ 244,846(4,308,291)(1,230)(5,279,494)(81,181)
1,367
–
907

592,782(768,712)(25,381)(64,020)600(46,783)
692

48,663(87,854)370(1,034)(1,981)285
1,287(317,000)(862,187)(743,937)(544,776)(772,067)(69,334)
68,618(75,258)(31,301)(48,283)(15,666)(203)(12,060)(14,362)

Reconciliations

Consolidated

Net sales
Customers��������������������������������������������������������������������������������������

¥Intersegment����������������������������������������������������������������������������������

–––Total��������������������������������������������������������������������������������������������������

¥Segment income��������������������������������������������������������������������������������

3,349,846(4,391)4,560,568(398,541)(772,053)(22,836)
65,732

Depreciation and amortization��������������������������������������������������������
Gain (loss) on investments ��������������������������������������������������������������
Finance cost������������������������������������������������������������������������������������
Foreign exchange gain (loss)������������������������������������������������������������
Income (loss) on equity method investments������������������������������������
Derivative gain (loss) (excluding gain (loss) on investments) ��������������

¥
¥

¥

–
(12,690)¥ (12,690)¥6,570,439–¥6,570,439(76,869)–(42,839)4,540–(15,283)–(469,127)(893,488)(835,059)(555,902)(772,270)(96,677)
54,256

For the fiscal year ended March 31, 2024

(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds*SoftBank

Arm

Total

Other

Reconciliations

Consolidated–––¥6,081,283
2,563¥6,083,846¥ 464,025–¥ 464,025¥6,545,308
2,563¥6,547,871¥ 211,192
13,819¥ 225,011–(16,382)¥ (16,382)¥6,756,500–¥6,756,500

128,179(2,302)
724,341(74,322)(525)––

835,076(738,762)
6,664(63,706)(1,393)(22,595)
2,184(33,215)(92,799)974(1,506)
3,099
101
127

832,514(836,941)
272,934(613,345)(702,257)(20,590)
1,502,326

51,408(21,679)
55,777(16,420)(865)(17,363)–(826,121)–(888,061)
73,761–(688)–

57,801(858,620)(559,350)(556,004)(703,122)(38,641)
1,502,326

Net sales
Customers��������������������������������������������������������������������������������������

¥Intersegment����������������������������������������������������������������������������������

–––Total��������������������������������������������������������������������������������������������������

¥Segment income��������������������������������������������������������������������������������

(97,526)(3,078)(459,045)(473,811)(703,438)
1,904
1,500,015

Depreciation and amortization��������������������������������������������������������
Gain (loss) on investments ��������������������������������������������������������������
Finance cost������������������������������������������������������������������������������������
Foreign exchange gain (loss)������������������������������������������������������������
Income (loss) on equity method investments������������������������������������
Derivative gain (excluding gain (loss) on investments) ����������������������

SoftBank Group Corp. Financial Report 2024

¥
¥

¥

30

(Thousands of U.S. dollars)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds*SoftBank

Arm

Total

Other

Reconciliations

Consolidated–––$ 40,164,342
16,928$ 40,181,270$ 3,064,692–$ 3,064,692$43,229,034
16,928$43,245,962$ 1,394,835
91,269$ 1,486,104–(108,197)$ (108,197)$44,623,869–$44,623,869

846,569(15,204)
4,783,971(490,866)(3,467)––

5,515,329(4,879,215)
44,012(420,751)(9,201)(149,230)
14,425(219,371)(612,899)
6,433(9,947)
20,468667
839

5,498,408(5,527,647)
1,802,615(4,050,888)(4,638,115)(135,988)
9,922,238

339,529(143,181)
368,384(108,448)(5,713)(114,676)–(5,456,185)–(5,865,273)
487,161–(4,544)–

381,752(5,670,828)(3,694,274)(3,672,175)(4,643,828)(255,208)
9,922,238

Net sales
Customers��������������������������������������������������������������������������������������

$Intersegment����������������������������������������������������������������������������������

–––Total��������������������������������������������������������������������������������������������������

$Segment income��������������������������������������������������������������������������������

(644,119)(20,329)(3,031,801)(3,129,324)(4,645,915)
12,5759,906,974

Depreciation and amortization��������������������������������������������������������
Gain (loss) on investments ��������������������������������������������������������������
Finance cost������������������������������������������������������������������������������������
Foreign exchange gain (loss)������������������������������������������������������������
Income (loss) on equity method investments������������������������������������
Derivative gain (excluding gain (loss) on investments) ����������������������

$$$* The details of the difference between “Gain (loss) on investments” in the SoftBank Vision Funds segment and “Gain (loss) on investments at SoftBank Vision Funds” in the consolidated statement of profit or loss are described in “(1) Income and loss arising from the SoftBank Vision Funds
business” under “Note 7. SoftBank Vision Funds business.”(3) Geographical information
a. Net sales to external customers

b. Non-current assets (excluding financial assets and deferred tax assets)(Millions of yen)(Thousands of U.S. dollars)(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Japan ����������������������������������������������

¥ 5,844,627¥ 5,964,709$39,394,419

Other ����������������������������������������������

725,812

791,791

5,229,450

Total��������������������������������������������

¥ 6,570,439¥ 6,756,500$44,623,869

Other ����������������������������������������������

158,773

400,938

2,648,030

Total��������������������������������������������

¥10,737,935¥11,311,419$74,707,213

Sales are categorized based on the location of external customers.

SoftBank Group Corp. Financial Report 2024

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Japan ����������������������������������������������

¥ 6,895,410¥ 6,812,263$44,992,160

U.K. ������������������������������������������������

3,683,752

4,098,218

27,067,023

31

7. SoftBank Vision Funds business(1) Income and loss arising from the SoftBank Vision Funds businessa. Overview
Segment income arising from the SoftBank Vision Funds business (income before income tax)
represents the net profits of the SoftBank Vision Funds business, after deducting the net profits
attributable to Third-Party Investors. The net profits attributable to Third-Party Investors are theamount after deducting management fees, performance-linked management fees, and performance fees, as applicable, that SBIA receives from SVF1, and that SBGA receives from SVF2 andLatAm Funds.
The amount of the net profits attributable to Third-Party Investors that is deducted from thesegment income is presented as “Change in third-party interests in SVF.”
b. Segment income arising from the SoftBank Vision Funds business
The components of segment income arising from the SoftBank Vision Funds business are as follows:(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

78,616¥ 984,409$ 6,501,612

Change in valuation for the
fiscal year*3 ��������������������������

(4,978,591)(189,604)(1,252,256)

Reclassified to realized gain (loss)
recorded in the past fiscal years*2,4��

(288,679)

44,769295,6811,512
14,537

21,668(7,337)

143,108(48,458)

Gain on other investments��������������

(125,853)(5,298,458)
18,964(157,644)
696,261
28,080(1,041,173)
4,598,514
185,457

Total gain (loss) on investments
at SoftBank Vision Funds��������

(5,279,494)

724,341

4,783,971(65,999)(81,181)(84,986)(74,322)(561,297)(490,866)

Fiscal year ended
March 31, 2023

Gain (loss) on investments at
SoftBank Vision Funds
Gain (loss) on investments at SVF1,
SVF2, and LatAm Funds
Realized gain on investments*1,2 ��¥

Unrealized loss on valuation of
investments

Interest and dividend income
from investments����������������������
Derivative gain (loss) on investments��
Effect of foreign exchangetranslation*2,5���������������������������
Subtotal����������������������������������

Selling, general and administrative
expenses ����������������������������������������
Finance cost (interest expenses)����������

SoftBank Group Corp. Financial Report 2024

(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Other loss*6��������������������������������������

907
1,127,949(10,473)–(390,137)(46,717)–(2,576,692)(308,547)

Segment income arising from the
SoftBank Vision Funds business(income before income tax)��������������

¥(4,308,291)¥ 128,179

Derivative gain (excluding gain (loss)
on investments) ������������������������������
Change in third-party interests in SVF��$

846,569*1 The amount of realized gain and loss on investments is the exit price net of the investment cost. In addition to the realized gain andloss on sales by cash consideration, the realized gain and loss by disposals as a result of share exchange and restructuring of portfolio
companies are included.
*2 In August 2023, SVF1 sold Arm shares for $16.1 billion (the “Transaction Consideration”) to a wholly-owned subsidiary of theCompany (the “Transaction”). In relation to the Transaction, the proceeds of the sale will be paid in four installments, with the first
installment having been paid upon completion of the Transaction, with the remaining three installments to be paid over a two-year
period through August 2025. At the date of sale, “Realized gain on investments” was recorded as the discounted present value of
the Transaction Consideration ($15.1 billion) net of the investment cost ($8.2 billion). The difference between the Transaction
Consideration and the discounted present value of the Transaction Consideration is recognized as income over the two years after
the date of sale and recorded in “Realized gain on investments.” As a result of the Transaction, for the fiscal year ended March 31,
2024, ¥1,074,039 million ($7,093,580 thousand) of the realized gain, ¥189,817 million ($1,253,662 thousand) of the unrealized
loss on valuation (reclassified to realized gain recorded in the past fiscal years), and ¥(76,902) million ($(507,906) thousand) of theeffect of foreign exchange translation are included in “Gain (loss) on investments at SoftBank Vision Funds” in the above-mentioned
segment income. However, these are eliminated in consolidation due to inter-company transactions relating to shares of a
subsidiary.
*3 For the fiscal year ended March 31, 2024, ¥90,002 million ($594,426 thousand) (for the fiscal year ended March 31, 2023: ¥84,962
million of the unrealized gain (net) on valuation) of the unrealized gain (net) on valuation arising from shares of the Company’s
subsidiaries held by SVF1 and SVF2 (mainly PayPay Corporation) is included in “Gain (loss) on investments at SoftBank Vision Funds”(in Change in valuation for the fiscal year under Unrealized loss on valuation of investments) in the above-mentioned segment
income. However, the unrealized gain on valuation is eliminated in consolidation.
For the three-month period ended September 30, 2021, a wholly-owned subsidiary of the Company other than SVF1 wastransferred through sales from the Company to SVF2. As a result of the transaction, WeWork shares held by SVF2 include commonshares and the common shares are continuously accounted for using the equity method on a consolidation basis after the transfer.
For the fiscal year ended March 31, 2024, ¥5,082 million ($33,564 thousand) (for the fiscal year ended March 31, 2023: ¥38,116
million of the unrealized loss on valuation) of the unrealized loss on valuation arising from WeWork common shares held by SVF2 isincluded in “Gain (loss) on investments at SoftBank Vision Funds” (in Change in valuation for the fiscal year under Unrealized loss
on valuation of investments) in the above-mentioned segment income. However, the unrealized loss on valuation is eliminated inconsolidation as WeWork is an equity method associate of the Company.
The unrealized gain and loss on valuation, that are eliminated in consolidation, are not included in “Gain (loss) on investments
at SoftBank Vision Funds” in the consolidated statement of profit or loss.
*4 It represents the unrealized gain and loss on valuation of investments recorded as “Gain (loss) on investments at SoftBank Vision
Funds” in the past fiscal years, which are reclassified to “Realized gain on investments” due to the realization for the fiscal year
ended March 31, 2024.
*5 U nrealized gain and loss on valuation of investments are translated using the average exchange rate for the quarter in which thegain and loss were recognized, while realized gain and loss on investments are translated using the average exchange rate for thequarter in which the shares were disposed. “Effect of foreign exchange translation” is arising from the different foreign currency
exchange rates used for unrealized gain and loss on valuation and realized gain and loss.
*6 For the fiscal year ended March 31, 2024, for the financial guarantee contract, losses related to a credit facility for WeWork provided
by financial institutions were recorded for ¥42,072 million ($277,868 thousand) (for the fiscal year ended March 31, 2023: ¥37,780
million). The details are described in “*7” under “Note 41. Other gain (loss).”32

(2) Third-party interests in SVF
a. Terms and conditions of contribution from/ distribution to SVF Investors
Contributions by SVF Investors are classified as “Equity” and “Preferred Equity” depending on
the terms and conditions of distribution. Preferred Equity is prioritized over Equity with regard to
distribution and return of contribution.
Performance-based distributions attributed to SVF Investors, consisting of the Company and
Third-Party Investors, are calculated using the net proceeds from the investment performance, asapplicable, of SVF1, SVF2, and LatAm Funds. The net proceeds from SVF1 and LatAm Funds arealso allocated to the performance fees attributed to SBIA and SBGA, respectively, using themethod specified in the limited partnership agreement. The amount of performance-based
distribution attributed to SVF Investors is allocated to each of the SVF Investors based on the
proportion of their respective Equity contribution. The amount of performance-based distributions
is paid to each of the SVF Investors after each of SVF1, SVF2, and LatAm Funds, as applicable,
receive cash through dividend, or disposition or monetization of investments.
In SVF1, fixed distributions are defined as distributions of Preferred Equity holders which arecalculated equal to a 7% rate per annum based on their contributions. The fixed distributions are
made every last business day of the months of June and December.
The details of the terms and conditions of the Equity contributed by Third-Party Investor in SVF2
and LatAm Funds are described in “a. Co-investment program with restricted rights to receive
distributions” in “(1) Related party transactions and balances” under “ Note 45. Related party
transactions.” There are no Third-Party Investors who contributed to Preferred Equity in SVF2 andLatAm Funds.
In the following table, Third-Party Investors contributing Equity are defined as “Investors
entitled to performance-based distribution” and Third-Party Investors contributing Preferred
Equity are defined as “Investors entitled to fixed distribution.”

SoftBank Group Corp. Financial Report 2024

b. Changes in interests attributable to Third-Party Investors(a) Third-party interests in SVF1
Changes in interests attributable to Third-Party Investors in SVF1 (included in “Third-party interests
in SVF” in the consolidated statement of financial position) are as follows:(Millions of yen)(For reference purposes only)
Links with the consolidated financial
statements

Third-party interests in SVF1
(Total of current liabilities andnon-current liabilities)

Consolidated
statementof profit or loss
(Negative figures
represent expenses)

Consolidated
statement of cash
flows
(Negative figures
represent payments)(407,394)–(Breakdown)

As of April 1, 2023 ��������������������

¥ 4,470,717

Changes in third-party interests����

407,394

Attributable to investors entitled
to fixed distribution����������������

161,899

Attributable to investors
entitled to performance-based
distribution ��������������������������

245,495

Distribution/repayment to ThirdParty Investors��������������������������

(783,522)–(783,522)

Exchange differences on translating
third-party interests*1��������������������

585,828––

As of March 31, 2024* ��������������

¥ 4,680,417

233

(Thousands of U.S. dollars)(For reference purposes only)
Links with the consolidated financial
statements

Third-party interests in SVF1
(Total of current liabilities andnon-current liabilities)

Consolidated
statementof profit or loss
(Negative figures
represent expenses)

Consolidated
statement of cash
flows
(Negative figures
represent payments)(2,690,668)–(Breakdown)

As of April 1, 2023 ��������������������

$29,527,224

Changes in third-party interests����

2,690,668

Attributable to investors entitled
to fixed distribution����������������

1,069,275

Attributable to investors
entitled to performance-based
distribution ��������������������������

1,621,393(Millions of yen)

Distribution/repayment to ThirdParty Investors��������������������������

(5,174,837)–(5,174,837)

Exchange differences on translating
third-party interests*1��������������������

3,869,150––

As of March 31, 2024* ��������������
2(b) Third-party interests in SVF2 and receivables
There is no balance of interests attributable to Third-Party Investor in SVF2 (included in“Third-party interests in SVF” in the consolidated statement of financial position) as of March
31, 2023 and 2024. There are no changes in interests attributable to Third-Party Investor in
SVF2 for the fiscal year ended March 31, 2024. Third-party Investor in SVF2 is the investor
entitled to performance-based distribution.
The Company has receivables from Third-party Investor in SVF2. The changes in thereceivables from Third-Party Investor in SVF2 (included in “Other financial assets (non-current)”
in the consolidated statement of financial position) are as follows: The details of the receivablesfrom Third-Party Investor in SVF2 are described in “(a) Transactions between SVF2 and relatedparties” in “a. Co-investment program with restricted rights to receive distributions” in “(1)Related party transactions and balances” under “Note 45. Related party transactions.”$30,912,205*1 E xchange differences were included in “Exchange differences on translating foreign operations” in the consolidated statement ofcomprehensive income.
*2 Of third-party interests as of March 31, 2024, the amount attributable to investors entitled to fixed distribution is ¥2,015,272 million($13,310,032 thousand) and of this amount, the amount of unpaid fixed distributions is not recorded.

Receivables from Third-Party
Investor in SVF2

As of April 1, 2023�����������������������������������������������������������������������������������������

¥Increase in receivables from accrued premiums charged to Third-Party Investor�����

11,964

Exchange differences on receivables���������������������������������������������������������������
As of March 31, 2024�������������������������������������������������������������������������������������

384,870
52,097¥448,931(Thousands of U.S. dollars)

Receivables from Third-Party
Investor in SVF2

As of April 1, 2023�����������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024

$ 2,541,906

Increase in receivables from accrued premiums charged to Third-Party Investor�����

79,017

Exchange differences on receivables���������������������������������������������������������������

344,080

As of March 31, 2024�������������������������������������������������������������������������������������

$ 2,965,003

34

(c) Third-party interests in LatAm Funds and receivables
Changes in interests attributable to Third-Party Investor in LatAm Funds (included in “Third-party
interests in SVF” in the consolidated statement of financial position) are as follows: Third-party
Investor in LatAm Funds is the investor entitled to performance-based distribution.
(Millions of yen)(For reference purposes only)
Links with the consolidated financial statements
Third-party interestsin LatAm Funds(Total of current
liabilities and noncurrent liabilities)

As of April 1, 2023�����������������������������������������������

¥Consolidated
statementof profit or loss
(Negative figures
represent expenses)

Consolidated
statement of cash
flows
(Negative figures
represent payments)(17,257)

17,257–

Exchange differences on translating third-party
interests and others*�������������������������������������������

2,691

–

–

¥

(Millions of yen)

Receivables from Third-Party
Investor in LatAm Funds

As of April 1, 2023���������������������������������������������������������������������������������������

28,652

Changes in third-party interests ���������������������������

As of March 31, 2024�������������������������������������������

The Company has receivables from Third-party Investor in LatAm Funds. The changes in thereceivables from Third-Party Investor in LatAm Funds (included in “Other financial assets(non-current)” in the consolidated statement of financial position) are as follows: The details of
the receivables from Third-Party Investor in LatAm Funds are described in “(b) Transactions
between LatAm Funds and related parties” in “a. Co-investment program with restricted rights
to receive distributions” in “(1) Related party transactions and balances” under “Note 45.
Related party transactions.”

Increase in receivables from accrued premiums charged to Third-Party Investor���¥

90,606
2,799

Exchange differences on receivables and others �������������������������������������������

11,873As of March 31, 2024�����������������������������������������������������������������������������������

¥ 105,278

14,086(Thousands of U.S. dollars)

Receivables from Third-Party
Investor in LatAm Funds(Thousands of U.S. dollars)(For reference purposes only)
Links with the consolidated financial statements
Third-party interestsin LatAm Funds(Total of current
liabilities and noncurrent liabilities)

Consolidated
statementof profit or loss
(Negative figures
represent expenses)

Consolidated
statement of cash
flows
(Negative figures
represent payments)

As of April 1, 2023�����������������������������������������������

$ 189,235

Changes in third-party interests ���������������������������

(113,976)

113,976–

17,773––

Exchange differences on translating third-party
interests and others*�������������������������������������������
As of March 31, 2024�������������������������������������������

$As of April 1, 2023���������������������������������������������������������������������������������������

$ 598,415

Increase in receivables from accrued premiums charged to Third-Party Investor��� 

18,486

Exchange differences on receivables and others �������������������������������������������

78,416

As of March 31, 2024�����������������������������������������������������������������������������������

$ 695,317

c. Uncalled committed capital from Third-Party Investors
Uncalled committed capital from SVF1’s Third-Party Investors as of March 31, 2024 was $8.2 billion.

93,032* Exchange differences were included in “Exchange differences on translating foreign operations” in the consolidated statement ofcomprehensive income.

SoftBank Group Corp. Financial Report 202435

(3) Management fees and performance fees
Terms and conditions of management fees, performance-linked management fees, and performancefees, included in segment income from the SoftBank Vision Funds business, are as follows.
a. Management fees and performance fees in SVF1
Management fees to SBIA from SVF1 are, in accordance with the limited partnership agreement,
calculated by multiplying 1% per annum by Equity contributions used to fund investments andpaid to SBIA by SVF1 quarterly. A clawback provision is attached to the management fees
received, which is triggered under certain conditions based on future investment performance.
Same as the performance-based distributions, the amount of the performance fees to SBIA
from SVF1 is calculated using the allocation method as specified in the limited partnershipagreement. SBIA is entitled to receive the performance fees when SVF1 receives cash throughdisposition, dividend, and monetization of an investment. The performance fees received are
subject to clawback provisions which are triggered under certain conditions based on future
investment performance.
From the inception of SVF1, the cumulative amount of performance fees paid to SBIA was$454 million. For the three-month period ended June 30, 2023, the performance fee (net of tax)
was distributed to the limited partners in accordance with the clawback provisions.

according to the agreed principle. SBGA is entitled to receive the performance-linked management fees after certain periods for the investment performance measurement specified in theconstitutional agreement provided that there are available cash proceeds through disposition,
dividend, and monetization of investments in LatAm Funds.
Same as the performance-based distributions, the amount of the performance fees to SBGA
from LatAm Funds is calculated using the allocation method as specified in the constitutional
agreements. SBGA is entitled to receive the performance fees when LatAm Funds receives cash
through disposition, dividend, and monetization of an investment.
From the inception of LatAm Funds to March 31, 2024, neither performance fees nor
performance-linked management fees were paid to SBGA.

b. Management fees and performance-linked management fees in SVF2
Management fees to SBGA from SVF2 are, in accordance with the constitutional agreements,
calculated by multiplying 0.7% per annum by the acquisition cost of investments and paid to
SBGA by SVF2 quarterly.
The amount of the performance-linked management fees to SBGA from SVF2 is determined,
based on the investment performance for certain periods specified in the constitutional agreement, according to the agreed principle. SBGA is entitled to receive the performance-linked
management fees after certain periods for the investment performance measurement specified in
the constitutional agreement, provided that there are available cash proceeds through disposition,
dividend, and monetization of an investment in SVF2.
From the inception of SVF2 to March 31, 2024, no performance-linked management fees
were paid to SBGA.
c. Management fees, performance-linked management fees, and performance fees in LatAm Funds
Management fees to SBGA from LatAm Funds are, in accordance with the constitutional
agreements, calculated based on the acquisition cost of investments and paid to SBGA by LatAm
Funds quarterly.
LatAm Funds introduced the performance-linked management fees in July 2022. The amountof the performance-linked management fees to SBGA from LatAm Funds is determined, based on
the investment performance for certain periods specified in the constitutional agreement,

SoftBank Group Corp. Financial Report 202436

8. Cash and cash equivalents
The components of cash and cash equivalents are as follows:

10. Other financial assets
The components of other financial assets are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Cash and demand deposits* ������������������

¥ 5,332,098¥ 4,634,901$ 30,611,591

Time deposits (maturities of less than three months)��

1,327,882

860,1225,680,748

MMF������������������������������������������������������

264,755

691,4624,566,819

Other ����������������������������������������������������

418

389

2,568

Total ����������������������������������������������

¥ 6,925,153¥ 6,186,874$ 40,861,726* A subsidiary operating a banking business is obliged to deposit certain amounts, which are determined by a fixed ratio against the deposits
it receives (“the legal reserve requirement”), in the Bank of Japan in accordance with the Act on Reserve Requirement System in Japan. Asof March 31, 2024, cash and cash equivalents include deposits at the Bank of Japan of ¥231,807 million ($1,530,989 thousand) (as ofMarch 31, 2023: ¥344,767 million), which are more than the legal reserve requirement.

9. Trade and other receivables
The components of trade and other receivables are as follows:(Millions of yen)(Thousands of U.S. dollars)(Millions of yen)

As of March 31, 2023

(Thousands of U.S. dollars)

As of March 31, 2024

As of March 31, 2024

Current
Investments from asset management
subsidiaries ��������������������������������������

23,634¥ 283,369$ 1,871,534

Time deposits (maturities of more than
three months)�����������������������������������

100,923

187,342

1,237,316

Trading securities��������������������������������

54,303

99,686658,385

Marketable securities��������������������������

79,38963,646420,355

Restricted cash������������������������������������

44,369

11,17573,806

Other��������������������������������������������������

86,720152,746

1,008,824¥

Allowance for doubtful accounts ��������

(18,025)(19,968)(131,880)

Total ����������������������������������������������

¥ 371,313¥ 777,996$ 5,138,340

Non-current

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Deposits for banking business��������������

671,169

771,488

5,095,357

Trade receivables������������������������������������

¥ 1,794,491¥ 1,998,569$ 13,199,716

Receivables from MgmtCo*1����������������

475,476554,2093,660,320

Installment receivables*��������������������������

375,919406,260

2,683,178

Installment receivables* ���������������������

457,752

486,979

3,216,294

Deposits ������������������������������������������������

198,386

272,867

1,802,173

Loans in credit card business����������������

167,939

237,635

1,569,480

Deposits for banking business ����������������

200,253

185,024

1,222,006

Loan receivables����������������������������������

384,655

133,155

879,433

Other ����������������������������������������������������

37,46133,796223,209

Allowance for doubtful accounts������������

(11,774)(27,749)(183,271)

Investments from asset management
subsidiaries ��������������������������������������

55,60264,310424,741

Total ����������������������������������������������

¥ 2,594,736¥ 2,868,767$ 18,947,011* Installment receivables represent receivables arising from the Company’s advance payments to dealers on behalf of its customers whochose to purchase mobile devices by installments in indirect sales. The amounts are charged to customers together with telecommunications service fees over the periods of installment payments.
The period of installment payments for the receivables above is mainly within 24 – 48 months. As such, the amounts due within a year
after the period end date are included in “Trade and other receivables,” and those after one year are included in “Other financial assets(non-current).”

SoftBank Group Corp. Financial Report 2024

2

Other��������������������������������������������������

277,649

306,418

2,023,763

Allowance for doubtful accounts ��������

(186,622)(129,912)(858,015)

Total ����������������������������������������������

¥2,303,620¥2,424,282$16,011,373*1 R eceivables from MgmtCo is outstanding balance of the receivables in relation to the Equity Acquisition Amount and accrued
premiums from MgmtCo as a Third-Party Investor of SVF2 and LatAm Funds. The receivables of SVF2 and LatAm Funds as of March
31, 2024 are ¥448,931 million ($2,965,003 thousand) and ¥105,278 million ($695,317 thousand) (as of March 31, 2023:¥384,870 million and ¥90,606 million), respectively. The details of receivables are described in “(2) Third-party interests in SVF”
under “Note 7. SoftBank Vision Funds business” and in “a. Co-investment program with restricted rights to receive distributions”
in “(1) Related party transactions and balances” under “Note 45. Related party transactions.”*2 Installment receivables are described in “Note 9. Trade and other receivables.”3711. Inventories
The components of inventories are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

Merchandise and finished products ��������

¥ 144,459¥ 140,436

As of March 31, 2024

Other ����������������������������������������������������

19,322

21,427

141,517

Total ����������������������������������������������

¥ 163,781

161,863$ 1,069,038$

927,521

Write-downs of inventories recognized as an expense during the fiscal year are as follows:(Millions of yen)

Fiscal year ended
March 31, 2023

Write-downs of inventories ��������������������

¥ 19,368

Fiscal year ended
March 31, 2024¥

21,496(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024$

141,972

12. Other current assets and other non-current assets
The components of other current assets and other non-current assets are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

13. Disposal group classified as held for sale
The disposal group classified as held for sale as of March 31, 2024 consists primarily of the assets
and liabilities of ValueCommerce Co., Ltd. (hereinafter “ValueCommerce”), a subsidiary of theCompany, and ValueCommerce’s subsidiary.
At its Board of Directors meeting held on March 11, 2024, ValueCommerce passed a resolution
to repurchase its own shares and implement a tender offer (hereinafter the “Tender Offer”) as the
specific method for this repurchase. In addition, Z Intermediate Holdings Corporation, a subsidiaryof the Company and owner of ValueCommerce’s shares, concluded a tender offer agreement on
the same date with ValueCommerce to tender a partial number of its ValueCommerce commonshares in the Tender Offer. After the conclusion of the Tender Offer, ValueCommerce will cease to
be a subsidiary of the Company, and accordingly the assets and liabilities of ValueCommerce andits subsidiary have been classified as a disposal group classified as held for sale as of March 31,
2024.
The disposal group classified as held for sale is measured at its carrying amount because its fairvalue less costs to sell (estimated sales price) exceeds its carrying amount. The carrying amounts ofassets and liabilities in ValueCommerce and its subsidiary as of March 31, 2024 were ¥25,619
million ($169,203 thousand) and ¥4,965 million ($32,792 thousand), respectively.
On May 2, 2024, the Tender Offer was settled, and ValueCommerce ceased to be a subsidiaryand became an equity method associate of the Company.

Current
Tax receivable* ����������������������������������

¥ 104,020¥ 212,188$ 1,401,413

Prepaid expense����������������������������������

95,996

104,057

687,253

Contract assets ����������������������������������

30,95574,223490,212

Other��������������������������������������������������

51,114

160,516

1,060,142

Total ����������������������������������������������

¥ 282,085¥ 550,984$ 3,639,020

104,943

103,566

684,010Non-current
Long-term prepaid expense ����������������
Other��������������������������������������������������

51,29689,297589,771

Total ����������������������������������������������

¥ 156,239¥ 192,863$ 1,273,781* Tax receivable as of March 31, 2024 includes the withholding income tax of ¥50,928 million ($336,358 thousand) (as of March 31,
2023: ¥57,434 million) related to dividends within the group companies.

SoftBank Group Corp. Financial Report 2024

38

14. Property, plant and equipment(1) Changes in property, plant and equipment
Changes in property, plant and equipment at historical cost, are as follows:(Millions of yen)

Buildings andstructures

Telecommunications
equipment

Machinery andequipment

Furniture, fixtures,and equipment

Land

As of March 31, 2024����������������������������������������������������

¥ 312,251
13,779(61)(3,400)32,029587
7,665
362,850
18,597(4,921)
17,5101,388(574)¥ 394,850¥ 2,722,069
42,194–(223,213)
672,05840
12,2293,225,377
38,131(117,028)
645,277
105
4,729¥ 3,796,591¥ 217,919
10,389(256,407)(5,375)71,49325,813(1,822)62,0109,521(2,413)881
6,221(1,681)¥ 74,539¥ 572,307
52,252(957)(29,190)
58,8882,198
711
656,20943,660(64,016)
58,7054,752(689)¥ 698,621¥ 72,386
50(4,216)
–
2,088
539
(172)
70,675
26
(34)
10
71
–
¥ 70,748

Historical cost

Buildings andstructures

Telecommunications
equipment

Machinery andequipment

Furniture, fixtures,and equipment$2,396,473
122,825(32,501)
115,646
9,168(3,791)$2,607,820$21,302,272
251,839(772,921)
4,261,787
693
31,233$25,074,903$ 409,550
62,882(15,937)
5,819
41,087(11,102)$ 492,299$4,333,987
288,357(422,799)
387,722
31,385(4,551)$4,614,101

Historical cost

As of April 1, 2022 ��������������������������������������������������������
Purchases��������������������������������������������������������������������
Loss of control������������������������������������������������������������
Disposals��������������������������������������������������������������������
Transfer of accounts����������������������������������������������������
Exchange differences��������������������������������������������������
Other��������������������������������������������������������������������������
As of March 31, 2023����������������������������������������������������
Purchases��������������������������������������������������������������������
Disposals��������������������������������������������������������������������
Transfer of accounts����������������������������������������������������
Exchange differences��������������������������������������������������
Other��������������������������������������������������������������������������

Construction inprogress¥

245,018
245,577(10,064)(14,087)(319,727)
5,296
349
152,362
201,942(2,986)(221,255)
687(999)¥ 129,751

Other

Total

¥ 42,361
9,484(1,348)(1,114)
1,585
2,226
1,385
54,5795,304(9,525)
1,429
5,079
1,199
¥ 58,065¥ 4,184,311
373,725(273,053)(276,379)
518,414
36,69920,345
4,584,062
317,181(200,923)
502,557
18,303
1,985¥ 5,223,165(Thousands of U.S. dollars)

As of March 31, 2023����������������������������������������������������
Purchases��������������������������������������������������������������������
Disposals��������������������������������������������������������������������
Transfer of accounts����������������������������������������������������
Exchange differences��������������������������������������������������
Other��������������������������������������������������������������������������
As of March 31, 2024����������������������������������������������������

SoftBank Group Corp. Financial Report 2024

Land

Construction inprogress

Other

Total

$466,779
172
(225)
66
469
–
$467,261$ 1,006,287
1,333,744(19,721)(1,461,297)
4,537(6,598)$ 856,952$360,471
35,031(62,909)
9,438
33,545
7,918$383,494$30,275,819
2,094,850(1,327,013)
3,319,181
120,884
13,109$34,496,830

39

Changes in the accumulated depreciation and impairment losses of property, plant and equipment are as follows:(Millions of yen)

Accumulated depreciation and impairment losses

As of April 1, 2022 ��������������������������������������������������������
Depreciation ��������������������������������������������������������������
Impairment loss����������������������������������������������������������
Loss of control������������������������������������������������������������
Disposals��������������������������������������������������������������������
Transfer of accounts����������������������������������������������������
Exchange differences��������������������������������������������������
Other��������������������������������������������������������������������������
As of March 31, 2023����������������������������������������������������
Depreciation ��������������������������������������������������������������
Impairment loss����������������������������������������������������������
Disposals��������������������������������������������������������������������
Transfer of accounts����������������������������������������������������
Exchange differences��������������������������������������������������
Other��������������������������������������������������������������������������
As of March 31, 2024����������������������������������������������������

Buildings andstructures

Telecommunications
equipment

Machinery andequipment

Furniture, fixtures,and equipment

Land

Construction inprogress

Other

Total

¥ (134,026)(19,374)
(5)
56
3,269
(15,986)(50)(310)(166,426)(21,722)(1,410)4,774(4,852)(141)522¥ (189,255)¥ (1,767,703)(202,045)––
221,133(395,333)(27)(14)(2,143,989)(200,165)(1,409)115,778(397,398)
(79)
(221)
¥ (2,627,483)¥ (37,054)(10,020)
–
5,417
5,371
6
(2,146)(302)(38,728)(8,795)
(153)
2,405
(114)
(4,121)(529)¥ (50,035)¥ (380,406)(86,274)(42)
955
28,336
15,740(1,304)(1,826)(424,821)(95,836)(410)
63,56031,245(3,138)(1,634)¥ (431,034)

¥ (6)
–
–
–
–
–
–
–
(6)
–
–
–
–
–
–
¥ (6)

¥(373)
–
–
–
285
2
–
84
(2)
–
(36)
–
32
–
–
¥ (6)

¥ (21,994)(7,488)
(10)
1,133
1,021
–
(899)
(711)
(28,948)(6,721)
(609)
9,310
(46)
(2,817)(226)¥ (30,057)¥ (2,341,562)(325,201)
(57)
7,561
259,415(395,571)(4,426)(3,079)(2,802,920)(333,239)(4,027)
195,827(371,133)(10,296)(2,088)¥ (3,327,876)

Buildings andstructures

Telecommunications
equipment

Machinery andequipment

Furniture, fixtures,and equipment

Land

Construction inprogress$(1,099,174)(143,466)(9,312)
31,529(32,045)
(931)
3,448
$(1,249,951)$(14,160,155)(1,322,006)(9,306)764,666(2,624,648)(522)(1,460)$(17,353,431)$(255,782)(58,087)(1,011)
15,884(753)(27,217)(3,494)$(330,460)

Other

Total

$(2,805,766)(632,957)(2,708)419,788
206,360(20,725)(10,792)$(2,846,800)$ (40)––––––$ (40)$ (13)
–
(238)
–
211
–
–
$ (40)$(191,189)(44,389)(4,022)
61,488(304)(18,605)(1,492)$(198,513)$(18,512,119)(2,200,905)(26,597)
1,293,355(2,451,179)(68,000)(13,790)$(21,979,235)(Thousands of U.S. dollars)

Accumulated depreciation and impairment losses

As of March 31, 2023����������������������������������������������������
Depreciation ��������������������������������������������������������������
Impairment loss����������������������������������������������������������
Disposals��������������������������������������������������������������������
Transfer of accounts����������������������������������������������������
Exchange differences��������������������������������������������������
Other��������������������������������������������������������������������������
As of March 31, 2024����������������������������������������������������

SoftBank Group Corp. Financial Report 2024

40

The components of the carrying amounts of property, plant and equipment are as follows:(Millions of yen)

Carrying amounts

Buildings andstructures

Telecommunications
equipment

Machinery andequipment

Furniture, fixtures,and equipment

Land

Construction inprogress

Other

Total

As of March 31, 2023����������������������������������������������������

¥ 196,424¥1,081,388¥ 23,282

As of March 31, 2024����������������������������������������������������

¥ 205,595¥1,169,108¥ 24,504¥ 231,388¥ 70,669¥ 152,360¥ 25,631¥ 1,781,142¥ 267,587¥ 70,742¥ 129,745¥ 28,008¥ 1,895,289

Carrying amounts

Buildings andstructures

Telecommunications
equipment

Machinery andequipment

Furniture, fixtures,and equipment

Land

Construction inprogress

As of March 31, 2024����������������������������������������������������

$1,357,869$7,721,472$161,839

Other

Total

$1,767,301$467,221$856,912$184,981$12,517,595(Thousands of U.S. dollars)

The amount of “Transfer of accounts” includes the following amount transferred from “Right-of-use assets” due to termination of lease contracts as lessee and transfer of ownership of these assets to the Company.
(Millions of yen)

Historical cost

Fiscal year ended
March 31, 2023

Buildings and structures��������������������������

¥ 20,735

Telecommunications equipment��������������

463,455

Fiscal year ended
March 31, 2024

¥

9,260

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024$

475,600

61,1583,141,140

Machinery and equipment����������������������

–

11

73

Furniture, fixtures, and equipment����������

3,364

1,039

6,862

Total��������������������������������������������������

¥ 487,554¥ 485,910$ 3,209,233

Accumulated depreciation and impairment losses

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Buildings and structures��������������������������

¥ (15,979)

Telecommunications equipment��������������

(394,992)(Millions of yen)¥

(4,900)(397,330)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024$

(32,362)(2,624,199)

Machinery and equipment����������������������

–

(7)

(46)

Furniture, fixtures, and equipment����������

(3,313)(982)(6,487)

Total��������������������������������������������������

¥(414,284)¥(403,219)$(2,663,094)

Impairment loss is included in “Other gain (loss)” in the consolidated statement of profit or loss.
The amount of property, plant and equipment pledged as collateral for interest-bearing debt or other is described in “(5) Assets pledged as collateral” under “Note 22. Interest-bearing debt.”
Property, plant and equipment with restrictions on rights are described in “(6) Assets with restrictions on rights” under “Note 22. Interest-bearing debt.”

SoftBank Group Corp. Financial Report 202441

(2) Assets subject to operating leases as lessor included in property, plant and equipment
Of property, plant and equipment, assets subject to operating leases as lessor are primarily leased
mobile devices. Changes in “Furniture, fixtures, and equipment” including leased mobile devices, which
includes the assets subject to operating leases as lessor, are as follows:

Historical cost

As of April 1, 2022 ���������������������������������������������������������������
Purchases���������������������������������������������������������������������������
Disposals���������������������������������������������������������������������������
Transfer of accounts�����������������������������������������������������������
Exchange differences���������������������������������������������������������
Other���������������������������������������������������������������������������������
As of March 31, 2023�����������������������������������������������������������
Purchases���������������������������������������������������������������������������
Disposals���������������������������������������������������������������������������
Transfer of accounts�����������������������������������������������������������
Exchange differences���������������������������������������������������������
Other���������������������������������������������������������������������������������
As of March 31, 2024�����������������������������������������������������������

SoftBank Group Corp. Financial Report 2024

(Millions of yen) (Thousands of U.S. dollars)

Accumulated depreciation and impairment losses

As of April 1, 2022 ���������������������������������������������������������������
Depreciation ���������������������������������������������������������������������
Disposals���������������������������������������������������������������������������

(Millions of yen) (Thousands of U.S. dollars)

Transfer of accounts�����������������������������������������������������������

Furniture, fixtures, and equipment

Exchange differences���������������������������������������������������������

¥ 222,243
88(14,407)
29,636
5(391)
237,174131(26,646)
18,6004
7,061¥ 236,324

$

–
–
–
–
–
–
1,566,436
865(175,985)
122,84526
46,635$ 1,560,822

Other���������������������������������������������������������������������������������
As of March 31, 2023�����������������������������������������������������������
Depreciation ���������������������������������������������������������������������
Disposals���������������������������������������������������������������������������
Transfer of accounts�����������������������������������������������������������
Exchange differences���������������������������������������������������������
Other���������������������������������������������������������������������������������
As of March 31, 2024�����������������������������������������������������������

Furniture, fixtures, and equipment¥(164,738)(35,106)
13,85818,887(11)
382(166,728)(41,592)
25,47532,338(14)(5,129)¥(155,650)

$

–
–
–
–
–
–
(1,101,169)(274,698)
168,252
213,579(92)(33,875)$(1,028,003)(Millions of yen) (Thousands of U.S. dollars)

Carrying amount

As of March 31, 2023�����������������������������������������������������������
As of March 31, 2024�����������������������������������������������������������

Furniture, fixtures, and equipment¥ 70,446¥ 80,674$$–
532,81942

15. Right-of-use assets
The components of the carrying amounts of right-of-use assets are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Telecommunications equipment�����������������

¥ 244,987¥ 172,889$ 1,141,860

Real estate fortelecommunications business �������������������

277,868

248,457

1,640,955

Offices, warehouses and other properties���

320,296

321,135

2,120,963

Other���������������������������������������������������������

15,426

4,422

29,205

Total�������������������������������������������������������

¥ 858,577¥ 746,903$ 4,932,983

Carrying amounts

Right-of-use assets increased by ¥204,929 million ($1,353,471 thousand) for the fiscal year ended
March 31, 2024 (for the fiscal year ended March 31, 2023: ¥269,615 million).

The components of depreciation of right-of-use assets are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Telecommunications equipment�����������������

¥ (94,578)¥ (56,370)$ (372,300)

Real estate fortelecommunications business �������������������

(52,393)(54,117)(357,420)

Offices, warehouses and other properties���(64,520)(65,092)(429,906)

Other���������������������������������������������������������

(2,883)(2,006)(13,249)

Total�������������������������������������������������������

¥ (214,374)¥(177,585)$(1,172,875)

Depreciation

The Company enters into lease transactions for telecommunications equipment, real estate for thetelecommunications business and offices, warehouses and other properties mainly to facilitate efficientuse of cash.
Many of the lease contracts include an option to terminate or extend the lease in order to enhance
operational flexibility. Most of these options can be exercised by the Company without consent fromthe other party after a certain prior notice period. In determining the lease term, all relevant facts andcircumstances that create an economic incentive not to exercise the option to extend or terminate thelease are considered. In addition, the Company reassesses the lease term upon the occurrence of asignificant event or a significant change in the facts and circumstances that may affect this assessment.

SoftBank Group Corp. Financial Report 2024

Telecommunications equipment
The Company’s telecommunications equipment leases consist of telecommunications machinery andequipment and transmission facilities that are used for the telecommunications business. Most of theselease contracts include an option to terminate or extend the lease. The lease term of these leasetransactions are mainly 5 years or 10 years. The Company may extend the lease of transmission facilities
beyond the initial lease term as needed to provide telecommunication services in a stable manner. In
such a case, the lease term is generally expected to be extended by the same period as the initial termof the contract. Right-of-use assets classified as “Telecommunications equipment” are mainly comprisedof those classified as “Telecommunications equipment” in property, plant and equipment.
Real estate for the telecommunications business
Leases of real estate for the telecommunications business entered into by the Company consist of land
to place towers or pillars for the placement of cell site equipment, spaces for buildings and structures
for the placement of cell site equipment, and land, buildings, and partial spaces for the placement oftelecommunications equipment. Most of these lease contracts include an option to terminate or extend
the lease. The lease terms for the leases of land and spaces of buildings and structures for theplacement of cell site equipment are mainly 10 years to 20 years. The lease terms for other leases aremainly 3 years to 28 years. The Company may extend the lease beyond the initial lease term as needed
to provide telecommunication services in a stable manner. In such a case, the lease term is generally
expected to be extended by the same period as the initial term of the contract. The right-of-use assets
classified as “Real estate for the telecommunications business” are mainly comprised of those classified
as “Buildings and structures” or “Land” in property, plant and equipment.
Offices, warehouses and other properties
Leases of offices, warehouses and other properties entered into by the Company mainly consist of realestate for offices, warehouses and real estate for stores. Most of these leases include an option toextend the lease that can be exercised by the Company without consent from the other party. The leaseterms of these leases are mainly 2 years to 25 years for offices, 1 years to 15 years for warehouses, and2 years to 3 years for stores. The Company may extend the lease beyond the initial lease term as
needed to continue its business. The right-of-use assets classified as “Offices, warehouses and otherproperties” are mainly comprised of those classified as “Buildings and structures” or “Land” inproperty, plant and equipment.
Other
As of March 31, 2023, other leases entered into by the Company mainly consist of equipment for solar
power generation. The right-of-use assets classified as “Other” are mainly comprised of “Furniture,
fixtures, and equipment” and “Other” that are classified as property, plant and equipment.

4316. Goodwill and intangible assets(1) Changes in goodwill and intangible assets
Changes in goodwill and intangible assets at historical cost are as follows:(Millions of yen)

Intangible assets with indefinite useful lives

Intangible assets with finite useful lives

Goodwill

Trademarks

Other

Customer
relationships

SoftwareTechnologies

Spectrum-related
costsManagement
contracts

Other

Total

As of April 1, 2022 ��������������������������

¥ 4,916,317¥ 538,661¥ 1,255¥ 780,851¥ 1,872,913¥ 600,982¥ 204,852¥ 138,484¥ 186,435¥ 4,324,433

Purchases��������������������������������������

–

–

–

–

78,405

–

5,522

–

142,655

226,582

Internal development��������������������

–

–

–

–

5,053

–

–

–

33,88538,938Business combinations������������������

38,172

–

–

8,013

3,475

–

–

–

321

11,809Loss of control������������������������������

(1,053)–––(1,028)–––(10,360)(11,388)

Disposals��������������������������������������

–

–

–

189

(57,529)–––(4,380)(61,720)

Transfer of accounts����������������������

–

–

(33)

–

160,680–333–(163,371)(2,391)

Exchange differences��������������������

265,867–2

14,936

3,413

54,739–12,6052,843

88,538

Historical cost

Other��������������������������������������������

––(1,224)(1,650)11,675–––(2,487)

6,314

As of March 31, 2023����������������������

5,219,303

538,661–

802,3392,077,057

655,721210,707

151,089

185,541

4,621,115

Purchases��������������������������������������

–

–

–

–

66,403

2,940

–

8,799

130,057

208,199

Internal development��������������������

–

–

–

–

6,332

–

–

–

46,68053,012Business combinations������������������

92,657

10,762–

21,934

2,194

18,325

–

–

8,850

62,065

Loss of control������������������������������

(2,698)–––(6,362)

–

–

–

(105)

(6,467)

Disposals��������������������������������������

–

–

–

–

(66,647)–––(8,934)(75,581)Transfer of accounts����������������������

–

–

–

–

181,453

–

6,075

–

(190,766)(3,238)Exchange differences��������������������

429,237442–

24,164

6,842

88,699–20,0583,494

143,699

Other��������������������������������������������

(6,047)–

As of March 31, 2024����������������������

¥ 5,732,452¥ 549,865

SoftBank Group Corp. Financial Report 2024

¥

–

8,028

(331)

–

–

–

1,529

9,226

–

¥ 856,465¥ 2,266,941¥ 765,685¥ 216,782¥ 179,946¥ 176,346¥ 5,012,030

44

(Thousands of U.S. dollars)

Intangible assets with indefinite useful lives

Intangible assets with finite useful lives

Other

Customer
relationships

SoftwareTechnologies

Spectrum-related
costsManagement
contracts

Other

Total

–

$5,299,115$13,718,097$ 4,330,764$ 1,391,632$ 997,880$ 1,225,420$30,520,540––

438,564

19,417–

58,114

858,972

1,375,067–––

41,820–––308,302350,122611,961

71,079–144,865

14,490121,030––

58,451

409,915

Loss of control������������������������������

(17,819)–––(42,018)

–

–

–

(693)

(42,711)

Disposals��������������������������������������

–

–

–

–

(440,176)–––(59,005)(499,181)

Historical cost

Goodwill

Trademarks

As of March 31, 2023����������������������

$34,471,323$3,557,632

Purchases��������������������������������������

––Internal development��������������������

–Business combinations������������������

$Transfer of accounts����������������������

–

–

–

–

1,198,422–

40,123–(1,259,930)(21,385)

Exchange differences��������������������

2,834,932

2,918

–

159,593

45,189585,820–

132,474

23,076

949,070

Other��������������������������������������������

(39,939)–

As of March 31, 2024����������������������

$37,860,458$3,631,629

SoftBank Group Corp. Financial Report 2024$–

53,022(2,186)–––

10,09860,934–$5,656,595$14,972,202$ 5,057,031$ 1,431,755$1,188,468$ 1,164,691$33,102,371

45

Changes in the accumulated amortization and impairment losses of goodwill and intangible assets are as follows:(Millions of yen)

Intangible assets
with indefinite
useful lives
Accumulated amortization andimpairment losses

As of April 1, 2022������������������������������������������������������������

Goodwill¥ (18,404)

Technologies

Management
contracts

Other

Total

¥ (1,283,169)¥ (243,262)¥ (62,555)¥ (110,281)¥ (45,314)¥ (1,896,853)

Software–¥ (152,272)

Trademarks¥

Intangible assets with finite useful lives
Spectrum-related
costs

Customer
relationships

Amortization������������������������������������������������������������

––(45,539)(206,486)(46,629)(11,811)(12,642)(5,831)(328,938)

Impairment loss��������������������������������������������������������

(635)

–

–

(1,002)

–

–

–

(111)

(1,113)

Loss of control����������������������������������������������������������

–

–

–

1,019

–

–

–

8,766

9,785

Disposals������������������������������������������������������������������

–

–

(189)

56,765–––(1,549)55,027(40,847)

Exchange differences������������������������������������������������

(784)

–

(6,233)(1,531)(21,490)–(10,216)(1,377)

Other������������������������������������������������������������������������

–

–

1,149

(10,210)

(9)

–

–

535

(8,535)

As of March 31, 2023��������������������������������������������������

(19,823)–(203,084)(1,444,614)(311,390)(74,366)(133,139)(44,881)(2,211,474)

Amortization������������������������������������������������������������

––(48,234)(218,835)(51,191)(12,175)(5,385)(6,295)(342,115)

Impairment loss��������������������������������������������������������

(1,496)––(2,089)

–

–

–

(281)

(2,370)Loss of control����������������������������������������������������������

–

–

–

6,023

–

–

–

54

6,077

Disposals������������������������������������������������������������������

–

–

–

66,485

–

–

–

3,911

70,396

Exchange differences������������������������������������������������

(1,259)–(12,897)(3,869)(44,137)–(17,562)(2,360)(80,825)

Other������������������������������������������������������������������������

–

–

–

(2,648)

–

–

(518)

287

(2,879)As of March 31, 2024��������������������������������������������������

¥ (22,578)–¥ (264,215)¥ (1,599,547)¥ (406,718)¥ (86,541)¥ (156,604)¥ (49,565)¥ (2,563,190)¥(Thousands of U.S. dollars)

Intangible assets
with indefinite
useful lives
Accumulated amortization andimpairment losses

Goodwill

Trademarks

Intangible assets with finite useful lives
Customer
relationships

SoftwareTechnologies

Spectrum-related
costsManagement
contracts

Other

Total

As of March 31, 2023��������������������������������������������������

$ (130,923)–$(1,341,285)$ (9,541,074)$(2,056,601)$(491,156)$ (879,328)$(296,420)$(14,605,864)

Amortization������������������������������������������������������������

––(318,565)(1,445,314)(338,095)(80,411)(35,565)(41,576)(2,259,526)

Impairment loss��������������������������������������������������������

(9,880)––(13,797)–––(1,856)(15,653)

Loss of control����������������������������������������������������������

–

–

–

39,779

–

–

–

357

40,136

Disposals������������������������������������������������������������������

–

–

–

439,106–––

25,831

464,937(533,817)$

Exchange differences������������������������������������������������

(8,315)–(85,180)(25,553)(291,507)–(115,990)(15,587)

Other������������������������������������������������������������������������

–

–

–

(17,490)––(3,421)

1,895(19,016)

As of March 31, 2024��������������������������������������������������

$ (149,118)–$(1,745,030)$(10,564,343)$(2,686,203)$(571,567)$(1,034,304)$(327,356)$(16,928,803)

SoftBank Group Corp. Financial Report 2024$

46

The carrying amounts of goodwill and intangible assets are as follows:(Millions of yen)

Intangible assets withindefinite useful lives

Intangible assets with finite useful lives
SoftwareTechnologies

Spectrum-related costs

Management
contracts

Goodwill

Trademarks

Customer
relationships

Other

Total

As of March 31, 2023���������������������������

¥ 5,199,480¥ 538,661¥ 599,255¥ 632,443¥ 344,331¥ 136,341¥ 17,950¥ 140,660¥ 2,409,641

As of March 31, 2024���������������������������

¥ 5,709,874¥ 549,865¥ 592,250¥ 667,394¥ 358,967¥ 130,241¥ 23,342¥ 126,781¥ 2,448,840

Carrying amounts(Thousands of U.S. dollars)

Intangible assets withindefinite useful lives
Carrying amounts

As of March 31, 2024���������������������������

Intangible assets with finite useful lives

Goodwill

Trademarks

Customer
relationships$37,711,340$3,631,629$3,911,565

The Company determined that trademarks, such as “Yahoo!” and “Yahoo! JAPAN” in Japan, “ZOZO”
and “LINE” brands, have indefinite useful lives as they can be legally utilized indefinitely as long as thebusiness continues and management’s current plans are to offer services under these trademarks in theforeseeable future.
Customer relationships reflect the excessive earning capacity in the future expected from the existingcustomers of the acquiree at the time of the business combinations.
Technologies reflect the excessive earning capacity in the future expected from technologies of theacquiree that had been already developed, or was already well-advanced in development, at the time of
the business combinations.
Spectrum-related costs are the amounts incurred by SoftBank Corp. in connection with the costs forthe spectrums assigned to SoftBank Corp. based on the Radio Act. These spectrum-related costs include
the costs arising from the migration of pre-existing users to other spectrums by the termination
campaign.
Amortization is included in “Cost of sales” and “Selling, general and administrative expenses” in the
consolidated statement of profit or loss.
Impairment losses are mainly included in “Other gain (loss)” in the consolidated statement of profit
or loss.

SoftBank Group Corp. Financial Report 2024

SoftwareTechnologies

Spectrum-related costs

Management
contracts

Other

Total

$4,407,859$2,370,828$ 860,188$154,164$ 837,335$16,173,568

The carrying amount of internally generated intangible assets related to software included inintangible assets is ¥106,429 million ($702,919 thousand) as of March 31, 2024 (as of March 31,
2023: ¥98,179 million).
The Company has not applied IFRS 16 “Leases” to leases of intangible assets. Therefore, since
finance lease assets arising from lease transactions of software are recognized as intangible assets.
The intangible assets with restrictions on rights arising from these transactions are described in “b.
Assets under lease contracts for intangible assets” in “(6) Assets with restrictions on rights ” under“Note 22. Interest-bearing debt.”

47

Research and development costs included in “Cost of sales” and “Selling, general and administrative
expenses” are as follows:(Millions of yen)

Research and development costs ���������������

Intangible assets with indefinite useful lives(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

LY*

¥319,484¥439,971$2,905,825

Media
Shopping*4

Reportable segments

SoftBank*1

SoftBank

Ikyu (Accommodation)
Subtotal
Other
Total

(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥ 943,901¥ 1,004,137$ 6,631,907

LY*2

15,382

15,382

101,592

Media*3

681,267

679,800

4,489,796

Shopping*4

281,831––

ASKUL*–

42,501

280,701ZOZO*4–

233,866

1,544,588

4

Ikyu (Restaurant)

6,433

6,433

42,487

Ikyu (Accommodation)

65,611

65,611

433,333

Finance21,832

21,832

144,191

Other

2,006

2,006

13,2492,018,263

2,071,568

13,681,844

3,161,725

3,585,050

23,677,762

Subtotal
Arm

Arm

Other

–

Total

SoftBank Group Corp. Financial Report 2024

SoftBank

ZOZO*4

Goodwill(Millions of yen)

2

ASKUL*4(2) Goodwill and intangible assets with indefinite useful lives allocated to cash-generating
units or cash-generating unit groups
Goodwill acquired as a part of business combinations is allocated to cash-generating units or
cash-generating unit groups that are expected to benefit from the synergies arising from businesscombinations. Amounts of goodwill and intangible assets with indefinite useful lives allocated to
cash-generating units or cash-generating unit groups are as follows:

Cash-generating units or
Cash-generating unit groups

Cash-generating units or
Cash-generating unit groups Reportable segments

19,49253,256

351,734¥5,199,480¥ 5,709,874$37,711,340–(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥169,575¥169,575$1,119,972

160,116

160,116

1,057,500

198,850–––

20,130132,950
1,180,371–

178,720

10,12010,12066,838538,661

538,661

3,557,631–

11,20473,998¥538,661¥549,865$3,631,629*1 “ SoftBank” comprises SoftBank Corp. and others.
*2 Goodwill is allocated to “LY” because the benefits are expected to be realized from LY Corporation and its group companies as a whole,and not from individual cash-generating units in the SoftBank segment. In addition, the cash-generating unit group of “Yahoo” has beenrenamed to “LY” for the fiscal year ended March 31, 2024.
*3 T he cash-generating unit group of “Media” mainly consists of the cash-generating unit of “Marketing solution” under LY Corporationand the one of “Media” under LY group. Synergies arising from the business combination affect the entire cash-generating unit groups.
As the goodwill cannot be allocated to them reasonably and coherent basis, it is allocated to the cash-generating unit group of “Media.”*4 T he cash-generating unit groups were revised and split into “ASKUL” and “ZOZO” from the previous “Shopping” for the fiscal year
ended March 31, 2024.

(3) Measurement method for recoverable amounts of goodwill and intangible assets
The recoverable amount of each cash-generating unit or cash-generating unit group is measured asfollows:
For the fiscal year ended March 31, 2023
Value in use: LY, Media, Shopping, Ikyu (Restaurant), Ikyu (Accommodation)
Fair value less disposal cost: SoftBank, Finance, Arm
For the fiscal year ended March 31, 2024
Value in use: LY, Media, Ikyu (Restaurant), Ikyu (Accommodation)
Fair value less disposal cost: SoftBank, ASKUL, ZOZO, Finance, Arm48

a. Measurement method for recoverable amounts of goodwill in “Arm”(a) For the fiscal year ended March 31, 2023
For “Arm,” the fair value for the impairment test for goodwill of “Arm” as of March 31, 2023 is
calculated by discounting the cash flows which are estimated based on the business plans for the
next three years while taking into account the future cash flows that market participants would
expect to receive in accordance with their assumptions discounted to the present value using a
post-tax discount rate of 12.01%. The cash flows from after three years are assumed on the basisof the growth rate of 24.9% on the 4th year, 21.2% on the 5th year, 17.4% on the 6th year,
13.8% on the 7th year, 10.6% on the 8th year, 9.1% on the 9th year, 7.2% on the 10th year, and4.7% on the 11th year. The cash flows from the 12th year onward are assumed to increase on thebasis of the growth rate of 2.0%. Fair value is classified into level 3 as its fair value is measured
using unobservable inputs.
(b) For the fiscal year ended March 31, 2024
For “Arm,” the fair value less disposal cost for the impairment test for goodwill of “Arm” as ofMarch 31, 2024 is measured based on active market prices.

SoftBank Group Corp. Financial Report 2024

b. Measurement method for recoverable amounts of goodwill and intangible assets other than in “Arm”
Value in use is assessed by discounting to the present value of the estimated cash flows over the
next five years based on the financial budget approved by the management, which reflects pastexperience and external information, using the pre-tax discount rate of 8.2%-11.7% of the
cash-generating unit or cash-generating unit group (for the fiscal year ended March 31, 2023:
4.8%-12.0%). The cash flows from after five years are assumed to increase on the basis of thegrowth rate of 1.5% (for the fiscal year ended March 31, 2023: 0.9%).
For “SoftBank,” “ASKUL,” and “ZOZO,” the fair value less disposal cost is measured based on
active market prices. For “Finance,” the fair value less disposal cost is measured based on the
discounted cash flow method.
The measurement of the terminal value under the discounted cash flow method is calculated byreferring to EV/EBITDA multiples of comparable companies and the future cash flows arecalculated by discounting the estimated cash flows to the present value based on the businessplans approved by the management and growth rates. Business plans are generally limited to 10
years and reflect the management’s assessment of future trends in the industry and historical data,
and are prepared based on the external and internal information. The pre-tax discount rate and
EV/EBITDA multiple used for the fiscal year ended March 31, 2024 were 22.4% and x10.0 (for the
fiscal year ended March 31, 2023: 26.7% and x13.2), respectively. The fair value hierarchy iscategorized as level 3 in accordance with the significant inputs used in the measurement.
As a result of an annual impairment test of goodwill and intangible assets with indefinite useful
lives for cash-generating units or cash-generating unit groups, significant impairment loss was notrecognized.
Other than the above, the Company determined that for cash-generating units or cash-generating unit groups to which the goodwill and intangible assets with indefinite useful lives areallocated, the recoverable amount is unlikely to fall below the carrying amount, even if major
assumptions used in the impairment test change to a reasonably foreseeable extent.

49

17. Leases(As lessee)(1) Right-of-use assets
The details of the components of the carrying amounts of the right-of-use assets by class of underlying
asset, the components of depreciation by asset class, and the increase in the right-of-use assets, aredescribed in “Note 15. Right-of-use assets.”(2) Lease liabilities
The details of the outstanding balance by year of maturity of lease liabilities are described in “(b)Analysis of financial liabilities by maturities” in “(2) Financial risk management c. Liquidity risk” under“Note 28. Financial instruments.”
The balance of the lease liabilities as of March 31, 2024 is ¥794,507 million ($5,247,388 thousand)(as of March 31, 2023: ¥836,997 million). The weighted average interest rate for the lease liabilities asof March 31, 2024 is 1.86 % (as of March 31, 2023: 1.73 %) and their due dates range from April
2024 to October 2053 (as of March 31, 2023: from April 2023 to November 2052).
The details of interest expense on lease liabilities are described in “Note 39. Finance cost.”(3) Total cash outflow
The details of total cash outflow for leases are described in “(12) Cash outflows related to lease” under“Note 44. Supplemental information to the consolidated statement of cash flows.”(As lessor)
The Company provides device rental services to corporate customers in Japan. Since device leases areprovided on the condition that subscribers maintain telecommunication services with the Company, theamount of revenue from these transactions is allocated between the amount to be received for leases
and other elements based on the fair value of device leases and telecommunication services.
At the end of the lease term, the Company sells leased devices to entities providing trade-in service.
To manage residual asset risk associated with devices, the trade-in prices are obtained from multiple
entities and monitored on a regular basis.
(1) Finance leases
The components of revenue from finance leases recognized are as follows:(Millions of yen)

Selling profit or loss, net ������������������������

(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥ (48)¥ (1,256)$ (8,295)

Finance income on the net investment in
the lease����������������������������������������������

93

67

443

Total��������������������������������������������������

¥ 45¥ (1,189)$ (7,852)

Of this amount, revenue from subleases recognized is ¥888 million ($5,865 thousand) for the fiscal year
ended March 31, 2024 (for the fiscal year ended March 31, 2023: ¥965 million).
The maturity analysis for the undiscounted total lease payments and the uncollected amount of net
lease investments at the end of the fiscal year is as follows:
As of March 31, 2023
(Millions of yen)

Undiscounted totallease payments

SoftBank Group Corp. Financial Report 2024

Unearned finance income
relating to the lease
payments receivable

Discounted
unguaranteed
residual value¥¥

Uncollectedamount of net lease
investments

Within 1 year ��������������

¥ 13,190–¥ 13,125

1 to 2 years������������������

7,592

(31)

–

7,561

2 to 3 years������������������

3,173

(14)

–

3,159

3 to 4 years������������������

459

(6)

–

453

4 to 5 years������������������

76

(5)

–

71

Over 5 years ����������������

23

(7)

–

16

Total������������������������

¥ 24,513–¥ 24,385

¥

(65)

(128)

¥

50

As of March 31, 2024
(Millions of yen)

Undiscounted totallease payments

Within 1 year ��������������

¥ 12,733

1 to 2 years������������������

8,156

2 to 3 years������������������

4,139

3 to 4 years������������������

Unearned finance income
relating to the lease
payments receivable

Discounted
unguaranteed
residual value

¥

¥

637

4 to 5 years������������������
Total������������������������

¥ 25,990¥

As of March 31, 2024

Within 1 year ��������������������������������������

¥ 30,819¥ 29,941$ 197,748

1 to 2 years������������������������������������������

16,815

19,417

128,241609

2 to 3 years������������������������������������������

8,044

9,334

61,647231

3 to 4 years������������������������������������������

878

999

6,598

–

42

4 to 5 years������������������������������������������

642

704

4,650

–

¥ 25,742

–

8,103

(40)

–

4,099

(248)

–
–
¥

(Thousands of U.S. dollars)

Undiscounted totallease payments

Unearned finance income
relating to the lease
payments receivable

Discounted
unguaranteed
residual value$$

Uncollectedamount of net lease
investments

Within 1 year ��������������

$ 84,096–$ 83,601

1 to 2 years������������������

53,867(350)–

53,5172 to 3 years������������������

27,336(264)–

27,0723 to 4 years������������������

4,207

(185)

–

4,022

4 to 5 years������������������

1,684

(159)

–

1,525

Over 5 years ����������������

462

(185)

–

277

Total������������������������

$ 171,652$ (1,638)–$170,014

SoftBank Group Corp. Financial Report 2024

(495)

$

(Thousands of U.S. dollars)

As of March 31, 2024

(53)

(28)

(Millions of yen)

As of March 31, 2023

¥ 12,658(24)

70

Uncollectedamount of net lease
investments

–

(28)

255

Over 5 years ����������������

(75)(2) Operating leases
Analysis of maturities for operating leases is as follows:

Over 5 years ����������������������������������������

2,198

2,018

13,328

Total������������������������������������������������

¥ 59,396¥ 62,413$ 412,212

Lease income (excluding income relating to variable lease payments that do not depend on anindex or a rate) from operating leases for the fiscal year ended March 31, 2024 is ¥61,049 million($403,203 thousand) (for the fiscal year ended March 31, 2023: ¥59,728 million). Of this amount,income from subleases is ¥5,039 million ($33,280 thousand) (for the fiscal year ended March 31,
2023: ¥8,452 million).
Changes in historical cost, changes in accumulated depreciation and impairment losses, and thecarrying amounts of property, plant and equipment underlying operating leases are described in “(2)Assets subject to operating leases as lessor included in property, plant and equipment” under “Note 14.
Property, plant and equipment.”51

18. Major subsidiaries(1) Organizational structure
The Company’s major subsidiaries are as follows:
Major subsidiaries as of March 31, 2024
Ownership percentage of voting rights (%)

Company Name

Reportable segments

Location

As of March 31, 2023

As of March 31, 2024

SoftBank Group Overseas GK

Investment Business of Holding Companies

Tokyo

100

100

SoftBank Group Capital Limited

Investment Business of Holding Companies

U.K.

100

100

SoftBank Group Japan Corporation

Investment Business of Holding Companies

Tokyo

100

100

Delaware Project 1 L.L.C.

Investment Business of Holding Companies

U.S.

66.7

66.7

Delaware Project 2 L.L.C.

Investment Business of Holding Companies

U.S.

66.7

66.7

Delaware Project 3 L.L.C.

Investment Business of Holding Companies

U.S.

66.7

66.7

SB Northstar LP*1

Investment Business of Holding Companies

Cayman––SB Group US, Inc.

Investment Business of Holding Companies

U.S.

100

100

Shiodome Project 17 GK

Investment Business of Holding Companies

Tokyo

100

100

SB Pan Pacific Corporation

Investment Business of Holding Companies

Micronesia

100

100

STARFISH I PTE. LTD.

Investment Business of Holding Companies

Singapore

100

100

Hayate Corporation

Investment Business of Holding Companies

Micronesia

100

100

SB Investment Advisers (UK) Limited

SoftBank Vision Funds

U.K.

100

100

SB Global Advisers Limited

SoftBank Vision Funds

U.K.

100

100

SoftBank Vision Fund L.P.*1

SoftBank Vision Funds

Bailiwick of Jersey––

SoftBank Vision Fund (AIV M1) L.P.*1

SoftBank Vision Funds

U.S.

–

–

SoftBank Vision Fund (AIV M2) L.P.*1

SoftBank Vision Funds

U.S.

–

–

SoftBank Vision Fund (AIV M3) L.P.*1

SoftBank Vision Funds

U.S.

–

–

SoftBank Vision Fund II-2 L.P.*1

SoftBank Vision Funds

Bailiwick of Jersey––

SBLA Latin America Fund LLC

SoftBank Vision Funds

U.S.

100

100

SoftBank Corp.*2

SoftBank

Tokyo

40.5

40.7

A Holdings Corporation*3

SoftBank

Tokyo

50.0

50.0

LY Corporation*4

SoftBank

Tokyo

64.5

64.4

PayPay Corporation

SoftBank

Tokyo

100

100

LINE SOUTHEAST ASIA CORP.PTE.LTD.

SoftBank

Singapore

100

100

ZOZO, Inc.

SoftBank

Chiba

51.0

51.5

PayPay Bank Corporation*5

SoftBank

Tokyo

46.6

46.6

SoftBank Group Corp. Financial Report 2024

52

Ownership percentage of voting rights (%)

Company Name

Reportable segments

Location

As of March 31, 2023

As of March 31, 2024

ASKUL Corporation*6

SoftBank

Tokyo

45.0

45.0

Arm Holdings plc*7

Arm

U.K.

100

88.7

ARM PIPD Holdings One, LLC

Arm

U.S.

100

100

ARM PIPD Holdings Two, LLC

Arm

U.S.

100

100

Fortress Investment Group LLC*8

–

U.S.

100

100

Fukuoka SoftBank HAWKS Corp.

–

Fukuoka

100

100

SoftBank Robotics Group Corp.

–

Tokyo

87.8

87.8

Balyo SA–France–73.5*1	Limited partnerships are deemed as structured entities and the voting rights are not described.
*2	The Company does not own a majority of SoftBank Corp.’s voting rights. However, the Company has determined that it has substantial control over SoftBank Corp. and included it in the scope of consolidation, considering the fact that the Company holds 40.7% of the voting rights of
SoftBank Corp., the dispersion of voting rights in SoftBank Corp. and the voting patterns exercised in SoftBank Corp.’s past shareholders meetings.
*3	The Company does not own a majority of A Holdings Corporation’s voting rights. However, the Company has determined that it has substantial control over A Holdings Corporation and included it in the scope of consolidation, considering the fact that the Company holds 50.0% of thevoting rights of A Holdings Corporation and appoints the majority of the members of A Holdings Corporation’s Board of Directors.
*4	As of October 1, 2023, Z Holdings Corporation completed an intragroup reorganization, which included a merger primarily involving the three companies, Z Holdings Corporation itself, LINE Corporation, and Yahoo Japan Corporation, and changed its trade name to LY Corporation.
*5	The Company does not own a majority of PayPay Bank Corporation’s voting rights. However, the Company has determined that it has substantial control over PayPay Bank Corporation and included it in the scope of consolidation, considering the fact that the Company holds 46.6% of
the voting rights of PayPay Bank Corporation and directors from the Company constitute the majority of the members of PayPay Bank Corporation’s Board of Directors.
*6	The Company does not own a majority of ASKUL Corporation’s voting rights. However, the Company has determined that it has substantial control over ASKUL Corporation and included it in the scope of consolidation, considering the fact that the Company holds 45.0% of the voting
rights of ASKUL Corporation, the dispersion of voting rights in ASKUL Corporation and the voting patterns exercised in ASKUL Corporation’s past shareholders meetings.
*7	A corporate reorganization was undertaken in August 2023, pursuant to which Arm Holdings Limited, a former subsidiary of Arm Limited, acquired all the issued ordinary shares of Arm Limited, thereby making it a wholly-owned subsidiary. Subsequently, Arm Holdings Limited changed
its name to Arm Holdings plc.
*8	On May 14, 2024, the Company sold all of its interests in Fortress through a subsidiary of the Company to a subsidiary of Mubadala Investment Company PJSC. As a result, Fortress is excluded from the consolidation of the Company.

SoftBank Group Corp. Financial Report 202453

(2) Summarized consolidated financial information and other information on subsidiaries withmaterial non-controlling interests
a. SoftBank Corp. (SoftBank Corp. and its group companies)(a) General information
Ownership ratio of the non-controlling interests (%)�������������

As of March 31, 2023

¥1,943,804

As of March 31, 2024

Current assets�����������������������������

¥ 4,948,095¥ 5,268,029$34,793,138

Non-current assets�����������������������

9,754,035

10,272,026

67,842,455

Current liabilities�������������������������

6,372,638

7,085,286

46,795,364

59.5

59.3

Non-current liabilities�������������������

4,626,476

4,500,973

29,727,053

Equity�����������������������������������������

3,703,016

3,953,796

26,113,176

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Net sales�������������������������������������

¥ 5,911,999¥ 6,084,002$40,182,300

Net income���������������������������������

654,125590,265

3,898,455

Comprehensive income���������������

844,222622,183

4,109,260

As of March 31, 2024

¥2,208,965(Thousands of U.S. dollars)

As of March 31, 2024

$14,589,294(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥ 239,463¥ 417,136$ 2,755,010

The Series 1 Bond-Type Class Shares (“Bond-Type Class Shares”) issued by SoftBank Corp. on
November 1, 2023 are not included in the calculation of the ownership ratio as the Company’s
interests in SoftBank Corp. does not change at the time of issuance, and therefore, for the fiscal
year ended March 31, 2024, ¥120,000 million ($792,550 thousand) of the amount paid isrecorded as “Non-controlling interests.”
For the calculation of net income allocated to the non-controlling interests, the amount ofaccumulated unpaid dividends was all allocated to non-controlling interests from the amount of
net income in SoftBank Corp. and the net income allocated to the non-controlling interests is
calculated by multiplying the remaining amount based on the ownership ratio.
The details of Bond-Type Class Shares are described in “(7) Non-controlling interests” under“Note 33. Equity.”(Millions of yen)(Thousands of U.S. dollars)

Dividends paid to non-controlling interests by SoftBank Corp. for the fiscal year ended March
31, 2024 are ¥242,074 million ($1,598,798 thousand) (for the fiscal year ended March 31,
2023: ¥240,881 million).
(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Net cash provided byoperating activities���������������������

¥ 1,155,750¥ 1,239,689$ 8,187,629

Net cash used in investing
activities �����������������������������������

(154,773)(927,607)(6,126,458)

Net cash used in financing
activities �����������������������������������

(495,260)(357,098)(2,358,484)

Effect of exchange rate changes
on cash and cash equivalents�����

6,658

11,73377,492

Decrease in cash and cash
equivalents relating to transfer ofassets classified as held for sale���–(33,011)(218,024)(66,294)$ (437,845)

Increase (decrease) in cash andcash equivalents �����������������������

SoftBank Group Corp. Financial Report 2024

(Thousands of U.S. dollars)

As of March 31, 2024

As of March 31, 2024

(Millions of yen)

Net income allocated to the noncontrolling interests of subsidiarygroup ���������������������������������������

(Millions of yen)

As of March 31, 2023

As of March 31, 2023

(Millions of yen)

Accumulated amount attributable
to the non-controlling interests ofsubsidiary group �����������������������(b) Summarized consolidated financial information¥

512,375¥54

b. Delaware Project 1 L.L.C., Delaware Project 2 L.L.C., and Delaware Project 3 L.L.C.
Delaware Project 1 L.L.C., Delaware Project 2 L.L.C., and Delaware Project 3 L.L.C. (“Delaware
subsidiaries”) made investments in SB Northstar, the asset management subsidiary of theCompany, and the ownership ratio from Delaware subsidiaries to SB Northstar is 100%.
Investment amounts and ownership ratio from non-controlling interests to each Delaware
subsidiaries and investment amounts and ownership ratio from each Delaware subsidiaries to SB
Northstar are the same. Financial figures of each Delaware subsidiaries are combined andpresented as (b) Summarized consolidated financial information. The financial figures are different
from the amounts recorded in the consolidated financial statements of the Company and thefinancial figures of SB Northstar as these figures are affected by borrowing from SoftBank Group
Corp., interest expenses, and other items.
In addition, non-controlling interests in Delaware subsidiaries are from Son WealthManagement Inc (an entity of which Masayoshi Son, Chairman & CEO of SoftBank Group Corp.,
holds more than one-half of the voting rights).
(a) General information
As of March 31, 2023

As of March 31, 2024

33.3

33.3

Ownership ratio of the non-controlling interests (%) ������������

(Millions of yen)

Accumulated amount attributable
to the non-controlling interestsof subsidiary group �������������������

SoftBank Group Corp. Financial Report 2024

(Millions of yen)

As of March 31, 2023

Current assets�����������������������������

¥553

Non-current assets�����������������������

As of March 31, 2024¥

601

(Thousands of U.S. dollars)

As of March 31, 2024

$

3,969

97,764

1,146,338

7,571,085

Current liabilities�������������������������

–2,373,235

15,674,229

Non-current liabilities�������������������

1,294,008––

Equity�����������������������������������������

(1,195,691)(1,226,296)(8,099,175)(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥

¥

$

Net sales�������������������������������������

–

–

–

Net income (loss)�������������������������

(166,459)

119,085

786,507

Comprehensive income���������������

(166,459)

119,085

786,507

No dividends were paid to non-controlling interests by Delaware subsidiaries for the fiscal year
ended March 31, 2023 and 2024.

(Thousands of U.S. dollars)(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥ (399,190)¥ (409,390)$(2,703,850)

Net cash provided by (used in)operating activities���������������������

(Millions of yen)(Thousands of U.S. dollars)

Net cash provided by (used in)investing activities���������������������

120,127(1,079,805)(7,131,662)

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Net cash (used in) provided byfinancing activities���������������������

(119,740)

1,079,805

7,131,662

Effect of exchange rate changes
on cash and cash equivalents ���

(23)

73

482

Fiscal year ended
March 31, 2023

Net income (loss) allocated to thenon-controlling interests ofsubsidiary group �����������������������(b) Summarized consolidated financial information¥(55,491)¥

39,695$

262,169

Fiscal year ended
March 31, 2023

Increase in cash and cash
equivalent���������������������������������

¥

¥

8

372

Fiscal year ended
March 31, 2024

¥

¥

(25)

48

Fiscal year ended
March 31, 2024

$

$

(165)

317

55

19. Investments accounted for using the equity method(1) S ummarized consolidated financial information and other information on the material associates
As of March 31, 2023 and 2024, there are no material associates, individually.
(2) Aggregated information on investment in immaterial associates and joint ventures
The aggregated information of immaterial investments accounted for using the equity method (total
amount of the Company’s interests), is as follows:In addition, for the three-month period ended September 30, 2022, a part of prepaid forward
contracts was settled by Alibaba shares based on the board resolution in August 2022. As a result, theCompany lost significant influence over Alibaba via voting rights and Alibaba ceased to be an equity
method associate of the Company. Aggregated information for the fiscal year ended March 31, 2023
does not include the financial figures related to Alibaba.
(Millions of yen)

(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

$ (175,946)

Net income (loss)
Associates������������������������������������������

¥ (47,101)¥ (26,640)

Joint ventures ������������������������������������

(24,182)(12,001)(79,262)

Total�����������������������������������������������

¥ (71,283)¥ (38,641)$ (255,208)

Associates������������������������������������������

(351)(2,597)(17,153)

Joint ventures ������������������������������������

267

(285)

(1,883)(84)¥ (2,882)$ (19,036)(193,099)

Other comprehensive income, net of tax

Total�����������������������������������������������

¥Total comprehensive income
Associates������������������������������������������

(47,452)(29,237)(Thousands of U.S. dollars)

Joint ventures ������������������������������������

(23,915)(12,286)(81,145)

Total�����������������������������������������������

¥ (71,367)¥ (41,523)$ (274,244)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Associates������������������������������������������

¥ 669,499¥ 787,708$5,202,483

Joint ventures ������������������������������������

60,94151,500340,136

Total�����������������������������������������������

¥ 730,440¥ 839,208$5,542,619

Carrying amount of the interests

SoftBank Group Corp. Financial Report 202456

20. Structured entities(1) Consolidated structured entities
The Company owns investment funds which are structured entities consolidated by the Company.
These funds are structured as venture funds in the form of partnerships and limited partnerships forinvestment, and designed so that the voting rights or similar rights are not determinant in evaluating
control. The Company evaluated that it controls the operation of those structured entities.
The details for major consolidated structured entities are described in “*1” in “(1) Organizational
structure” under “Note 18. Major subsidiaries.”
In addition, please refer to “a. Consolidation of SVF1, SVF2, and LatAm Funds by the Company” in“(20) Material accounting policies for the SoftBank Vision Funds segment” under “Note 3. Material
accounting policies” for the following entities that comprise the SVF1 and SVF2 business.
Company Name

Location

SoftBank Vision Fund L.P.		
SoftBank Vision Fund (AIV M1) L.P.
SoftBank Vision Fund (AIV M2) L.P.
SoftBank Vision Fund (AIV M3) L.P.
SoftBank Vision Fund II-2 L.P.		

Bailiwick of Jersey
U.S.
U.S.
U.S.
Bailiwick of Jersey

The Company is engaged in investment commitment contracts with certain consolidated structured
entities.
The Company has not provided, nor intends to provide, any significant financial support or othersignificant support to the consolidated structured entities without contractual obligation.

(2) Unconsolidated structured entities
The Company owns investment funds, which are structured entities that are not consolidated by theCompany. These funds are structured as venture funds in the form of partnerships, limited partnerships
for investment and investment trusts, and designed so that the voting rights or similar rights are notdeterminant in evaluating control. Third parties control the operation of these structured entities. The
funds are financed by the subscription by its partners.
The scale of the structured entities which are not consolidated, the carrying amount of theinvestment in the entities by the Company, and the potential maximum loss exposure to the Company
are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥3,988,392¥3,963,596$26,177,901

The carrying amount of the investment
recognized by the Company��������������

651,058

692,340

4,572,618

Commitment contracts related toadditional investment������������������������

83,73593,410616,934

Total����������������������������������������������

¥ 734,793¥ 785,750$ 5,189,552

Total assets of the unconsolidated
structured entities (aggregate amount)��
The maximum loss exposure to the Company

The investments recognized by the Company are included in “Investments accounted for using theequity method,” “Investments from SVF (FVTPL),” or “Investment securities” in the consolidated
statement of financial position. The Company did not recognize any liabilities related to unconsolidated
structured entities.
The potential maximum loss exposure incurred from the involvement with the structured entities islimited to the total of the carrying amount of the Company’s investment and commitment regarding
additional investment.
The Company’s maximum loss exposure represents the potential maximum loss amount, and does
not indicate any estimated loss amount by being involved with structured entities.
The Company has not provided, nor intends to provide, any financial support or other significant
support to the unconsolidated structured entities above without contractual obligation.

SoftBank Group Corp. Financial Report 202457

21. Income taxes(1) Tax expenses
The components of income tax expenses are as follows:(Millions of yen)(Thousands of U.S. dollars)(2) Reconciliation of the statutory effective tax rate and actual tax rate
The reconciliation of the statutory effective tax rate and actual tax rate is as follows. The actual tax rate
represents the ratio of income tax expenses to income before income tax.

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Current tax expenses����������������������������

¥(800,779)¥(429,070)$(2,833,829)

Deferred tax expenses��������������������������

480,105

580,486

3,833,868

Statutory effective tax rate* ����������������������������������������������������������

31.5

31.5

Total������������������������������������������������

¥(320,674)¥ 151,416$ 1,000,039

Aggregation of income earned by controlled foreign companies��

8.9(309.8)

Effect from profit or loss that does not impact taxable gain or loss��

(307.1)

249.8

Effect from evaluating recoverability of deferred tax assets����������

146.4(114.7)

Foreign tax credit������������������������������������������������������������������������

7.1(95.4)

Income and loss on equity method investments ��������������������������

26.9

63.6

Taxation at foreign locations ������������������������������������������������������

(3.8)(46.8)US research and development tax credits������������������������������������

0.7(21.2)

Effect from dilution gain or loss from changes in equity interest��

0.4(14.3)

Effect from gain or loss relating to loss of control over subsidiaries��

0.6(11.3)

Difference of tax rate adopted by subsidiaries�����������������������������

7.8

2.6

Distribution from SVF������������������������������������������������������������������

8.4

3.9

Other ����������������������������������������������������������������������������������������

3.8

0.1

Actual tax rate ������������������������������������������������������������������������������

(68.4)(262.0)Current tax expenses include benefit arising from tax loss, tax credit and certain temporary
differences in the previous years that were previously unrecognized. The reduction of current tax
expense for the fiscal year ended March 31, 2024 was ¥252,684 million ($1,668,873 thousand) (for the
fiscal year ended March 31, 2023: ¥537,341 million).
Deferred tax expenses include the amount of deferred tax expenses arising from write-off of deferred
tax assets or reversal of the write-off of deferred tax assets recorded in the previous years. As a result,the decrease in deferred tax expenses for the fiscal year ended March 31, 2024 was ¥86,757 million($572,994 thousand) (for the fiscal year ended March 31, 2023: ¥423,933 million).

(Unit :%)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

* The Company is subject to corporate taxes, residence taxes and deductible enterprise taxes. The statutory effective tax rate for the fiscal
year ended March 31, 2024 based on these taxes is 31.5% (for the fiscal year ended March 31, 2023: 31.5%), except for foreignsubsidiaries which are subject to income taxes at their respective locations.

SoftBank Group Corp. Financial Report 202458

(3) Movement of deferred tax assets and deferred tax liabilities
The movement of deferred tax assets and deferred tax liabilities is as follows:
For the fiscal year ended March 31, 2023
(Millions of yen)

As ofApril 1, 2022

Deferred tax assets
Property, plant, equipment and intangible assets��������������������
Lease liabilities����������������������������������������������������������������������
Accrued expenses and other liabilities������������������������������������Net operating loss carryforwards andtax credit carryforwards*2����������������������������������������������������
Investment securities ������������������������������������������������������������
Derivative financial liabilities��������������������������������������������������
Unrealized gain ��������������������������������������������������������������������
Share-based compensation����������������������������������������������������
Allowance for doubtful accounts ������������������������������������������
Other������������������������������������������������������������������������������������
Total ��������������������������������������������������������������������������������
Deferred tax liabilities
Customer relationships����������������������������������������������������������
Trademarks ��������������������������������������������������������������������������
Technologies������������������������������������������������������������������������
Right-of-use assets����������������������������������������������������������������
Temporary difference associated with investment in subsidiaries,
associates and joint ventures*3 ����������������������������������������������
Investment securities*3����������������������������������������������������������
Derivative financial assets������������������������������������������������������
Contract assets and costs to obtain contracts ������������������������
Other������������������������������������������������������������������������������������
Total ��������������������������������������������������������������������������������
Net��������������������������������������������������������������������������������

¥77,5609,045
120,302

Effect of changes
in accounting
policies due toadoption of
new standards*1¥–
183,714146

As ofApril 1, 2022
(afteradjustments)

Recognizedin profit or
loss

¥

¥

77,560192,759
120,448

9,246
19,577
7,929

Recognizedin othercomprehensive
income

¥

–
–
(30)

Exchangedifferences

¥

390
166
323

Other

¥

50
(3,649)
(733)

As of
March 31, 2023¥

87,246
208,853
127,937

89,6906,889–
68,1283,526
20,281
63,207
458,628

–
–
–
–
–
–
(354)
183,506

89,6906,889–
68,1283,526
20,28162,853642,134

521,501
8,783
60,392(11,141)
6,266
734
16,012
639,299

(1)
–
–
–
–
–
(1,514)(1,545)

4,038
25
–
–
264
–
1,840
7,046

(1,470)
4
–
(2)
–
2
7,851
2,053

613,758
15,70160,392
56,985
10,05621,01787,042
1,288,987(183,220)(117,077)(114,282)(4,637)–––(183,572)(183,220)(117,077)(114,282)(188,209)

12,578(5,247)
9,561(19,827)––––(2,093)(43)(10,543)(178)(2,772)––
2,920(175,507)(122,367)(115,264)(205,294)(1,671,258)(464,235)(2,912)(106,644)(67,142)(2,731,407)¥(2,272,779)

–
–
–
–
66
(183,506)¥–(1,671,258)(464,235)(2,912)(106,644)(67,076)(2,914,913)¥ (2,272,779)

1,457,582(1,402,671)(203,239)
640(8,571)(159,194)¥ 480,105

192,710
2,978
–
–
1,943
197,631¥ 196,086(3,302)(7,079)
(135)
–
(278)
(23,651)¥ (16,605)(5,827)(151)
557–(1,321)(6,594)¥ (4,541)(30,095)(1,871,158)(205,729)(106,004)(75,303)(2,906,721)¥ (1,617,734)*1 As a result of the adoption of the IAS 12 “Income Taxes” (Amendments in May 2021), the cumulative effect of retrospective adjustments is recognized as adjustments to the balance as of April 1, 2022 and restated accordingly. The details of the amendments are described in “ Note 4.
Changes in accounting policies.”*2 The Company recognizes deferred tax assets of ¥29,484 million as of March 31, 2023 at entities that recorded a loss in either the fiscal year ended March 31, 2022 or 2023. Deferred tax assets are recognized to the extent that it is probable that taxable income will be available against
which deductible temporary differences, net operating loss carryforwards and tax credit carryforwards can be utilized.
*3 As a result of the exclusion of Alibaba from associates, deferred tax liabilities decreased by ¥1,607,135 million under “Temporary difference associated with investment in subsidiaries, associates and joint ventures,” as an extinguishment of temporary difference associated withinvestment in Alibaba, and deferred tax liabilities for investment in Alibaba increased by ¥1,457,576 million under “Investment securities.”

SoftBank Group Corp. Financial Report 2024

59

For the fiscal year ended March 31, 2024
(Millions of yen)

Deferred tax assets
Property, plant, equipment and intangible assets����������������������������������������
Lease liabilities������������������������������������������������������������������������������������������
Accrued expenses and other liabilities��������������������������������������������������������Net operating loss carryforwards and tax credit carryforwards*1,2����������������
Investment securities ��������������������������������������������������������������������������������
Derivative financial liabilities������������������������������������������������������������������������
Unrealized gain ����������������������������������������������������������������������������������������
Share-based compensation*2 ��������������������������������������������������������������������
Allowance for doubtful accounts ��������������������������������������������������������������
Other��������������������������������������������������������������������������������������������������������
Total ����������������������������������������������������������������������������������������������������
Deferred tax liabilities
Customer relationships������������������������������������������������������������������������������
Trademarks ����������������������������������������������������������������������������������������������
Technologies��������������������������������������������������������������������������������������������
Right-of-use assets������������������������������������������������������������������������������������
Temporary difference associated with investment in subsidiaries,
associates and joint ventures��������������������������������������������������������������������
Investment securities ��������������������������������������������������������������������������������
Derivative financial assets����������������������������������������������������������������������������
Contract assets and costs to obtain contracts ��������������������������������������������
Other��������������������������������������������������������������������������������������������������������
Total ����������������������������������������������������������������������������������������������������
Net����������������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024

¥

As of
April 1, 2023

Recognizedin profit or loss

87,246
208,853
127,937
613,758
15,70160,392
56,985
10,05621,01787,042
1,288,987¥

17,761
6,526
41,673(43,905)
94,513(60,392)(11,066)
19,203
10,134(5,733)68,714

Recognizedin othercomprehensive
income

¥

–
–
202
–
–
–
–
–
–
(236)
(34)

Recognizedin equity

Exchangedifferences

¥

¥

–
–
–
24,215–––22,985––47,200

Other

771
328
2,066
7,047
77
–
–
2,290
2
3,686
16,267¥ (2,736)
258
415
4,870
(117)
–
–
56
19
(39)
2,726

As of
March 31, 2024¥

103,042
215,965
172,293605,985
110,174–
45,91954,59031,172
84,7201,423,860(175,507)(122,367)(115,264)(205,294)

13,983(5,077)
13,743(9,077)

–
–
–
–

–
–
–
–

(2,805)(113)(14,957)(319)(6,607)(2,759)(6,000)4,561(170,936)(130,316)(122,478)(210,129)(30,095)(1,871,158)(205,729)(106,004)(75,303)(2,906,721)¥ (1,617,734)(7,858)584,613(85,334)6,743
36
511,772
580,486

332
(359)
–
–
(32)
(59)
¥ (93)––––––¥ 47,200(484)(10,182)
(344)
–
(668)
(29,872)¥ (13,605)

(185)
2,203
–
–
2,722
(6,065)¥ (3,339)(38,290)(1,294,883)(291,407)(99,261)(73,245)(2,430,945)¥ (1,007,085)¥

60

(Thousands of U.S. dollars)

Deferred tax assets
Property, plant, equipment and intangible assets�������������������������������������
Lease liabilities���������������������������������������������������������������������������������������
Accrued expenses and other liabilities�����������������������������������������������������Net operating loss carryforwards and tax credit carryforwards*1,2�������������
Investment securities�������������������������������������������������������������������������������
Derivative financial liabilities�������������������������������������������������������������������
Unrealized gain �������������������������������������������������������������������������������������
Share-based compensation*2 �����������������������������������������������������������������
Allowance for doubtful accounts �����������������������������������������������������������
Other�����������������������������������������������������������������������������������������������������
Total �������������������������������������������������������������������������������������������������
Deferred tax liabilities
Customer relationships���������������������������������������������������������������������������
Trademarks �������������������������������������������������������������������������������������������
Technologies�����������������������������������������������������������������������������������������
Right-of-use assets���������������������������������������������������������������������������������
Temporary difference associated with investment in subsidiaries,
associates and joint ventures�����������������������������������������������������������������
Investment securities �����������������������������������������������������������������������������
Derivative financial assets�������������������������������������������������������������������������
Contract assets and costs to obtain contracts �����������������������������������������
Other�����������������������������������������������������������������������������������������������������
Total �������������������������������������������������������������������������������������������������
Net�������������������������������������������������������������������������������������������������

Recognizedin othercomprehensive
income

As ofApril 1, 2023

Recognizedin profit orloss

576,223
1,379,387
844,971
4,053,616
103,699
398,864
376,362
66,416
138,809574,876
8,513,223$ 117,304
43,101
275,233(289,974)
624,218(398,864)(73,086)
126,828
66,931(37,864)
453,827(1,159,151)(808,184)(761,271)(1,355,881)

92,352(33,531)
90,767(59,950)––––(198,765)(12,358,219)(1,358,754)(700,112)(497,345)(19,197,682)$(10,684,459)(51,899)
3,861,125(563,596)
44,535238
3,380,041$3,833,868

2,193(2,371)
–
–
(210)
(388)
$
(612)

$

$

–
–
1,334
–
–
–
–
–
–
(1,558)(224)

Recognizedin equity

Exchangedifferences

$

$

–
–
–
159,930–––
151,806––
311,736

Other

As of
March 31, 2024

5,092
2,166
13,64546,543509––
15,124
13
24,345
107,437$ (18,070)
1,705
2,741
32,164
(773)
–
–
370
125
(258)
18,004$

680,549
1,426,359
1,137,924
4,002,279
727,653–
303,276
360,544
205,878559,541
9,404,003––––(18,526)(746)(98,785)(2,107)(43,636)(18,222)(39,627)
30,124(1,128,961)(860,683)(808,916)(1,387,814)

–
–
–
–
–
–
$ 311,736(3,197)(67,248)(2,272)–(4,411)(197,292)$ (89,855)(1,222)
14,550–(1)
17,975(40,059)$ (22,055)(252,890)(8,552,163)(1,924,622)(655,578)(483,753)(16,055,380)$(6,651,377)*1 The Company recognizes deferred tax assets of ¥105,632 million ($697,655 thousand) as of March 31, 2024 at entities that recorded a loss in either the fiscal year ended March 31, 2023 or 2024. Deferred tax assets are recognized to the extent that it is probable that taxable income
will be available against which deductible temporary differences, net operating loss carryforwards and tax credit carryforwards can be utilized.
*2 Changes in “Recognized in equity” under “Net operating loss carryforwards and tax credit carryforwards” and “Share-based compensation” are the recognized amount of deferred tax assets associated with the restricted stock unit plans of Arm. The details of the restricted stock unit
plans of Arm are described in “(2) Restricted stock unit plan” under “Note 35. Share-based payment transactions.”

SoftBank Group Corp. Financial Report 2024

61

Deferred tax assets and liabilities recorded in the consolidated statement of financial position are as
follows:(Millions of yen)

As of March 31, 2023

As of March 31, 2024

(Millions of yen)Tax credit carryforwards (tax basis)

As of March 31, 2023

As of March 31, 2024

(Thousands of U.S. dollars)

As of March 31, 2024

(Thousands of U.S. dollars)

1st year��������������������������������������������������

As of March 31, 2024

2nd year������������������������������������������������

–––50,710

¥

–

¥

–

$

–

Deferred tax assets ��������������������������������

¥245,954$ 1,624,424

3rd year ������������������������������������������������

–

7,678

Deferred tax liabilities ����������������������������

(1,828,557)(1,253,039)(8,275,801)

4th year ������������������������������������������������

–

–

–

Net ����������������������������������������������������

¥(1,617,734)¥(1,007,085)$(6,651,377)

5th year and thereafter and no expiry date��

5,886

10,472

69,163

Total��������������������������������������������������

¥ 5,886¥ 18,150$ 119,873

210,823¥(4) Deductible temporary differences, net operating loss carryforwards and tax credit
carryforwards for which no deferred tax assets have been recognized
Deductible temporary differences, net operating loss carryforwards, and tax credit carryforwards forwhich no deferred tax assets have been recognized are as follows. The amounts below are on a tax
basis.
(Millions of yen)

As of March 31, 2023

Deductible temporary differences������������

As of March 31, 2024

As of March 31, 2024

519,588$3,431,663

Net operating loss carryforwards ������������

341,916

365,0092,410,732

Tax credit carryforwards��������������������������

5,886

18,150119,873

902,747$5,962,268

Total��������������������������������������������������

¥¥521,979

869,781¥(Thousands of U.S. dollars)¥

Expiration schedule of net operating loss carryforwards and tax credit carryforwards for which nodeferred tax assets have been recognized is as follows. For deductible temporary differences as ofMarch 31, 2024, the deductible temporary difference of ¥62,666 million ($413,883 thousand) (on atax basis) is set to expire in the 5th year and thereafter (as of March 31, 2023: The deductible
temporary difference of ¥3,102 million (on a tax basis) is set to expire in the 5th year). Other than theabove, there is no deductible temporary difference with an expiry date.
(Millions of yen)
Net operating loss carryforwards (tax basis)

1st year��������������������������������������������������

As of March 31, 2023¥

409

As of March 31, 2024

¥

3,902

(Thousands of U.S. dollars)

As of March 31, 2024$

25,771

2nd year������������������������������������������������

3,562

2,696

17,806

3rd year ������������������������������������������������

2,589

3,484

23,010

4th year ������������������������������������������������

10,079671

4,432

5th year and thereafter and no expiry date��325,277354,256

2,339,713

341,916¥ 365,009$ 2,410,732

Total��������������������������������������������������

SoftBank Group Corp. Financial Report 2024¥

In addition to the above, total future deductible temporary differences (before multiplying by the taxrate) for which no deferred tax assets have been recognized that are related to the investment in
subsidiaries, associates and joint ventures as of March 31, 2024 are ¥7,128,039 million ($47,077,729
thousand) (as of March 31, 2023: ¥7,158,046 million).

(5) Future taxable temporary differences for which no deferred tax liabilities have beenrecognized that are related to the investment in subsidiaries
Total future taxable temporary differences (before multiplying by the tax rate) for which no deferred tax
liabilities have been recognized that are related to the investment in subsidiaries as of March 31, 2024
are ¥7,410,759 million ($48,944,977 thousand) (as of March 31, 2023: ¥4,965,331 million).

(6) Impact of global minimum taxation
The legal frameworks related to the Pillar Two model rules published by the Organization for Economic
Co-operation and Development (OECD), have been enacted or substantially enacted in some of thecountries and regions where the Company operates. In the reforms to the Japanese tax system made in2023, a corporate tax complying with the global minimum tax was newly created, with the tax reformact (“Act for Partial Revision of the Income Tax Act, etc.” (Act No. 3 of 2023)) (hereinafter “Revised
Corporation Tax Act”) enacted on March 28, 2023 that includes the relevant regulations for the global
minimum tax. Within the global minimum tax rules in the Revised Corporation Tax Act, an income
inclusion rule (“IIR”) has been introduced. Applicable from the fiscal year starting on or after April 1,
2024, top-up tax will be imposed on parent companies located in Japan up to the minimum tax rate(15%) of the taxes borne by the subsidiaries, etc. of those parent companies located in Japan.
The Company works with tax experts to investigate the impact, however, it is not possible toreasonably estimate the impact of the global minimum tax rules on the consolidated financial
statements at this point.

62

22. Interest-bearing debt
(1) Components of interest-bearing debt
The components of interest-bearing debt are as follows:(Millions of yen)

As of March 31, 2023

(Thousands of U.S. dollars)

As of March 31, 2024

As of March 31, 2024

Average interest rate (%)*1

Maturity*2

Current
Short-term borrowings�����������������������������������������������������������������������������������������������

900,502¥ 1,100,158$ 7,266,085

0.51

–

Commercial paper �����������������������������������������������������������������������������������������������������

283,001

363,5012,400,773

0.18–

Current portion of long-term borrowings*3,4���������������������������������������������������������������

2,955,480

1,787,792

11,807,622

1.37

–

Current portion of corporate bonds*6�������������������������������������������������������������������������

653,237

824,791

5,447,401

2.09–

Current portion of financial liabilities relating to sale of shares by prepaid forward
contracts*5���������������������������������������������������������������������������������������������������������������

336,730

4,194,733

27,704,465

2.04

–

Current portion of installment payables ���������������������������������������������������������������������

97

168

1,109

2.14

–

Total ���������������������������������������������������������������������������������������������������������������������

¥ 5,129,047¥ 8,271,143$ 54,627,455

Long-term borrowings*3,4�������������������������������������������������������������������������������������������

4,164,682

4,698,657

31,032,673

3.65

Apr. 2025-May. 2058

Corporate bonds*6�����������������������������������������������������������������������������������������������������

6,257,455

6,619,839

43,721,280

2.71

Apr. 2025-Apr. 2058

Financial liabilities relating to sale of shares by prepaid forward contracts*5 �����������

3,926,873

977,778

6,457,817

3.33

Apr. 2025-May. 2025

Installment payables���������������������������������������������������������������������������������������������������

137

107

706

2.27

Apr. 2025-Mar. 2027

Total ���������������������������������������������������������������������������������������������������������������������

¥14,349,147¥12,296,381$ 81,212,476¥

Non-current*1 Average interest rate represents the weighted-average interest rate to the balance as of March 31, 2024.
*2 Maturity represents the maturity of the outstanding balance as of March 31, 2024.
*3 On September 12, 2023, Kronos I (UK) Limited, a wholly-owned subsidiary of the Company, repaid all of the term facility loan of $8.5 billion that was secured by 75.01% of Arm shares before listing held by a wholly-owned subsidiary of Kronos I (UK) Limited, all of Kronos I (UK)
Limited’s assets except for certain assets specified in the agreement, and the equity interests of wholly-owned subsidiaries of the Company which were established for this facility purpose as collateral. This resulted in the current portion of long-term borrowings decreased by ¥1,126,619
million ($7,440,849 thousand).
On September 21, 2023, Kronos I (UK) Limited borrowed $8.5 billion as a margin loan using 769,029,000 shares of Arm after listing held by a wholly-owned subsidiary of Kronos I (UK) Limited and all of Kronos I (UK) Limited’s assets except for certain assets specified in the agreement as collaterals. The margin loan is recorded for ¥1,274,904 million ($8,420,210 thousand) as long-term borrowings in the consolidated statement of financial position as of March 31, 2024. The margin loan agreement includes an additional cash collateral provision and a mandatory prepayment clause, which may be triggered under certain circumstances, such as a significant decrease in the fair value of pledged Arm shares.
The margin loan is nonrecourse debt, and therefore, SoftBank Group Corp. will not be responsible for the borrowings.
*4 The current portion of long-term borrowings and long-term borrowings as of March 31, 2023, include ¥5,526 million and ¥547,156 million of borrowings in SVF1, respectively. There are no borrowings in SVF1 as of March 31, 2024. The long-term borrowings as of March 31, 2024,
include ¥547,894 million ($3,618,612 thousand) (as of March 31, 2023: ¥770,004 million of current portion of long-term borrowings) of borrowings in SVF2.
*5 These are primarily financial liabilities relating to sale of shares by prepaid forward contracts using Alibaba shares. The details are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts.”

SoftBank Group Corp. Financial Report 2024

63

*6 A summary of the issuance conditions of the bonds is as follows:

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Balance of issue amount*7(Millions of yen)*8(Millions of yen)*8(Thousands of U.S. dollars)*8

49th Unsecured Straight Bond�������������������������������������������������������������� Apr. 20, 2016

¥

–

¥

50th Unsecured Straight Bond�������������������������������������������������������������� Apr. 20, 2016¥

30,000 million

51st Unsecured Straight Bond�������������������������������������������������������������� Mar. 16, 2017¥–

52nd Unsecured Straight Bond������������������������������������������������������������ Mar. 8, 2017¥–

53rd Unsecured Straight Bond�������������������������������������������������������������� Jun. 20, 2018

¥ 410,000 million¥ 19,500(19,500)
29,954352,027(352,027)
47,272(47,272)
408,999

54th Unsecured Straight Bond�������������������������������������������������������������� Jun. 12, 2018¥

40,000 million

39,96655th Unsecured Straight Bond�������������������������������������������������������������� Apr. 26, 2019

¥ 500,000 million

56th Unsecured Straight Bond�������������������������������������������������������������� Sep. 20, 2019

¥ 400,000 million

57th Unsecured Straight Bond*9���������������������������������������������������������� Sep. 12, 2019¥58th Unsecured Straight Bond�������������������������������������������������������������� Dec. 16, 2022

¥ 385,000 million

59th Unsecured Straight Bond�������������������������������������������������������������� Mar. 15, 2024

¥ 550,000 million

USD-denominated Senior Notes due 2023�������������������������������������������� Apr. 20, 2018$–

USD-denominated Senior Notes due 2024*10 �������������������������������������� Sep. 19, 2017$

781 million

497,914397,554
99,787
380,398–
21,920(21,920)
104,277

USD-denominated Senior Notes due 2025*10 �������������������������������������� Jul. 28, 2015$

574 million

USD-denominated Senior Notes due 2025*10 �������������������������������������� Apr. 20, 2018$

337 million

USD-denominated Senior Notes due 2025*10 �������������������������������������� Jul. 6, 2021$

449 million

USD-denominated Senior Notes due 2026*10 �������������������������������������� Jul. 6, 2021$

669 million

USD-denominated Senior Notes due 2027*10 �������������������������������������� Sep. 19, 2017$

1,657 million

USD-denominated Senior Notes due 2028*10 �������������������������������������� Apr. 3, 2018$

466 million

USD-denominated Senior Notes due 2028*10 �������������������������������������� Jul. 6, 2021$

773 million

USD-denominated Senior Notes due 2031*10 �������������������������������������� Jul. 6, 2021$

1,305 million

Euro-denominated Senior Notes due 2023 ������������������������������������������ Apr. 20, 2018€–

Euro-denominated Senior Notes due 2024*10 �������������������������������������� Jul. 6, 2021€

638 million

Euro-denominated Senior Notes due 2025 ������������������������������������������ Jul. 28, 2015€

633 million

Euro-denominated Senior Notes due 2025 ������������������������������������������ Sep. 19, 2017€

702 million

Euro-denominated Senior Notes due 2025 ������������������������������������������ Apr. 20, 2018€

272 million

Euro-denominated Senior Notes due 2027 ������������������������������������������ Jul. 28, 2015€

211 million

Euro-denominated Senior Notes due 2027*10 �������������������������������������� Jul. 6, 2021€

437 million

Euro-denominated Senior Notes due 2028*10 �������������������������������������� Apr. 3, 2018€

1,054 million

Company name / Name of bondDate of issuanceInterest rate (%)

Date of maturity

–

1.94

Apr. 20, 2023

29,969–197,933
–

2.48
2.03

Apr. 20, 2026

–

–

2.03

Mar. 8, 2024

409,857(409,857)
39,995(39,995)
498,957
398,270
97,752
381,088543,187–

2,706,935(2,706,935)
264,150(264,150)
3,295,403
2,630,408
645,6112,516,928
3,587,524–

1.57

Jun. 14, 2024

1.57

Jun. 12, 2024

1.64
1.38
1.38
2.84
3.04
5.50

Apr. 25, 2025

118,131(118,131)
86,73750,886
67,774(67,774)
100,816
249,796
70,204116,262
196,018–

780,206(780,206)
572,862
336,081447,619(447,619)
665,848
1,649,799
463,668
767,862
1,294,617–

4.75

Sep. 19, 2024

6.00
6.13
3.13

Jul. 30, 2025

4.00
5.13
6.25
4.63
5.25
4.00

Jul. 6, 2026

104,043(104,043)
103,091
114,344
44,331
34,21870,949171,246

687,161(687,161)
680,873755,195
292,788
225,996
468,589
1,131,009

2.13

Jul. 6, 2024

4.75
3.13
4.50
5.25
2.88
5.00

Jul. 30, 2025

SoftBank Group Corp.

SoftBank Group Corp. Financial Report 2024

97,900 million

76,49845,19259,70889,210221,202
61,996106,296
178,583
92,531(92,531)
92,814
91,873
101,904
39,49930,50064,360153,258–$

Mar. 15, 2024

Sep. 17, 2026
Sep. 11, 2026
Dec. 14, 2029
Mar. 14, 2031
Apr. 20, 2023

Apr. 20, 2025
Jan. 6, 2025

Sep. 19, 2027
Apr. 15, 2028
Jul. 6, 2028
Jul. 6, 2031
Apr. 20, 2023

Sep. 19, 2025
Apr. 20, 2025
Jul. 30, 2027
Jan. 6, 2027
Apr. 15, 2028
64

Company name / Name of bondDate of issuance

As of March 31, 2024

As of March 31, 2024

(Millions of yen)*8(Millions of yen)*8(Thousands of U.S. dollars)*8

93,301
76,57568,721445,729
29,978543,300–$

Interest rate (%)

Date of maturity

616,214505,746453,874
2,943,853
197,992
3,588,269
–

4.00
3.38
3.88
2.40
2.40
2.48
3.50

Sep. 19, 2029

Sep. 16, 2016¥–

Feb. 4, 2021

¥ 177,000 million

175,598

175,640

1,160,029

3.00

Feb. 4, 2056

Jun. 21, 2021

¥ 405,000 million

398,014398,225

2,630,110

2.75

Jun. 21, 2056

Apr. 28, 2023

¥ 222,000 million–

218,190

1,441,054

4.75

Apr. 26, 2058

5,753,022(533,250)

6,147,580(739,800)

40,602,206(4,886,071)

70,00080,000
119,312––309,371(10,000)
578,683(10,000)

70,00080,000
119,452
59,820139,203359,305(10,000)
827,780(10,000)

462,321528,367
788,931395,086
919,378
2,373,059(66,046)5,467,142(66,046)

0.36
0.35
0.98
0.82
1.24
0.10
- 1.30Jul. 29, 2025

49,991(49,991)
69,92449,896–330,170(330,170)
461,819
329,542–0.18

Jul. 31, 2024

0.37
0.46
0.35

Jul. 31, 2026

69,94549,92249,804
129,788(25,000)
469,270(74,991)¥7,444,630(824,791)

461,958
329,714
328,935
857,195(165,114)
3,099,333(495,284)$49,168,681(5,447,401)

0.60
0.35
0.76
0.20
- 0.90Jun. 11, 2025€

575 million

Euro-denominated Senior Notes due 2029*10 �������������������������������������� Jul. 6, 2021€

473 million

Euro-denominated Senior Notes due 2032*10 �������������������������������������� Jul. 6, 2021€

425 million

3rd Unsecured Subordinated Corporate Bond�������������������������������������� Sep. 30, 2021

¥ 450,000 million

4th Unsecured Subordinated Corporate Bond*9 ���������������������������������� Sep. 16, 2021¥

5th Unsecured Subordinated Corporate Bond*9 ���������������������������������� Feb. 4, 2022

¥ 549,000 million

30,100 million

SoftBank Corp.
6th Unsecured Straight Bond���������������������������������������������������������������� Jul. 29, 2020¥

70,000 million

8th Unsecured Straight Bond���������������������������������������������������������������� Dec. 3, 2020¥

80,000 million

19th Unsecured Straight Bond�������������������������������������������������������������� Mar. 10, 2023

¥ 120,000 million

21st Unsecured Straight Bond�������������������������������������������������������������� Jul. 12, 2023¥

24th Unsecured Straight Bond�������������������������������������������������������������� Jan. 31, 2024

¥ 140,000 million

Other Unsecured Straight Bonds���������������������������������������������������������� Mar. 18, 2020 Jul. 12, 2023

¥ 360,000 million

60,000 million

Subtotal ����������������������������������������������������������������������������������������������

¥¥84,466
72,73564,312444,761
49,751
543,108
15,285Euro-denominated Senior Notes due 2029*10 �������������������������������������� Sep. 19, 2017

2nd Unsecured Subordinated Bonds with interest deferrable clauseand early redeemable option (with a subordination provision)*11,12,13��
4th Unsecured Subordinated Bonds with interest deferrable clauseand early redeemable option (with a subordination provision)*12,14������
5th Unsecured Subordinated Bonds with interest deferrable clauseand early redeemable option (with a subordination provision)*12,15������
6th Unsecured Subordinated Bonds with interest deferrable clauseand early redeemable option (with a subordination provision)*12,16������
Subtotal ����������������������������������������������������������������������������������������������

As of March 31, 2023
Balance of issue amount*7

Jul. 6, 2029
Jul. 6, 2032
Sep. 29, 2028
Sep. 15, 2028
Feb. 2, 2029
Sep. 16, 2043

Dec. 3, 2025
Mar. 10, 2028
Jul. 12, 2028
Jan. 31, 2031
Jul. 28, 2023 Jul. 12, 2033

LY Corporation
11th Unsecured Straight Bond�������������������������������������������������������������� Jul. 31, 2019¥50,000 million

49,95712th Unsecured Straight Bond�������������������������������������������������������������� Jul. 31, 2019¥70,000 million

13th Unsecured Straight Bond�������������������������������������������������������������� Jul. 31, 2019¥50,000 million

15th Unsecured Straight Bond�������������������������������������������������������������� Jun. 11, 2020¥–

16th Unsecured Straight Bond�������������������������������������������������������������� Jun. 11, 2020¥

70,000 million

19th Unsecured Straight Bond�������������������������������������������������������������� Jul. 28, 2021¥

50,000 million

23rd Unsecured Straight Bond�������������������������������������������������������������� Sep. 28, 2022¥

50,000 million

Other Unsecured Straight Bonds���������������������������������������������������������� Feb. 28, 2017 Sep. 15, 2022

¥ 130,000 million

69,89049,877
79,987(79,987)
69,89749,88849,746
159,745(30,000)
578,987(109,987)¥ 6,910,692(653,237)

Subtotal ����������������������������������������������������������������������������������������������
Total����������������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024

Jul. 31, 2029
Jun. 9, 2023

Jul. 28, 2026
Sep. 28, 2027
Dec. 6, 2023 Jul. 28, 2031

65

*7	Balance of issue amount is as of March 31, 2024.
*8	Figures in parentheses as of March 31, 2023 and March 31, 2024 represent the current portion.
*9	The 57th Unsecured Straight Bond and the 4th Unsecured Subordinated Corporate Bond were partially redeemed on April 12,2023 and the 5th Unsecured Subordinated Corporate Bond was partially redeemed on April 28, 2023 before maturity dates,
respectively.
*10	SoftBank Group Corp. purchased a portion of the foreign-currency-denominated Senior Notes through the market. Accordingly,
the purchases were completed, and as a result, these notes were derecognized as the requirement for the extinguishment was
satisfied on the same date.
*11	The 2nd Unsecured Subordinated Bonds with interest deferrable clause and early redeemable option (with a subordination
provision) was redeemed on September 16, 2023, before maturity date.
*12	The interest rate stated above is at the time of issuance. The bond has a step-up coupon provision and its interest rate may
increase in the future.
*13	The bond has an early redeemable option at the Company’s discretion from September 16, 2023 and at each interest date onor after September 16, 2023.
*14	The bond has an early redeemable option at the Company’s discretion from February 4, 2026 and at each interest date on orafter February 4, 2026.
*15	The bond has an early redeemable option at the Company’s discretion from June 21, 2026 and at each interest date on or afterJune 21, 2026.
*16	The bond has an early redeemable option at the Company’s discretion from April 28, 2028 and at each interest date on or after
April 28, 2028.

(2) Transactions for sale of Alibaba shares by prepaid forward contracts
Wholly-owned subsidiaries of the Company entered into prepaid forward contracts with financial
institutions to procure funds using Alibaba shares, which are held by the subsidiaries.
In the prepaid forward contracts, the number of Alibaba shares settled by the prepaid forward
contracts is fixed regardless of changes in market share price in the future in a forward contract ordetermined by reference to market price of the shares at the valuation dates prior to the settlement
date. The latter type of contracts include Floor contract that a floor is set for the price of shares
settled and Collar contract that a cap and a floor are set for the price of shares settled. A part ofwholly-owned subsidiaries of the Company entering into prepaid forward contracts with financial
institutions to procure funds using Alibaba shares (“Entities for fund procurement by using Alibaba
shares”), in addition to the prepaid forward contracts, enter into the call spread (combination oflong position of call option and short position of call option with different strike prices) contracts in
preparation for Alibaba shares price rise.
The aforementioned prepaid forward contracts are classified as hybrid financial instruments withembedded derivatives. The Company accounts for the contracts by bifurcating the main contracts
and embedded derivatives, and the main contracts are recognized as financial liabilities relating tosale of shares by prepaid forward contracts then measured at amortized cost while the embedded
derivatives are measured at fair value. Also, the call spread contracts are measured at fair value as
well. In addition, for the derivative financial assets and the derivative financial liabilities recognizedfrom the prepaid forward contracts and the call spread contracts, a tax effect is recognized. The
ending balance of the derivative financial assets and the derivative financial liabilities recognizedfrom the prepaid forward contracts and the call spread contracts are described in “(b) Price risk” in“a. Market risk” in “(2) Financial risk management” under “Note 28. Financial instruments.”

SoftBank Group Corp. Financial Report 2024

Entities for fund procurement by using Alibaba shares have the option to settle all of the prepaid
forward contracts by delivering cash, Alibaba shares, or a combination of cash and Alibaba shares.
If Entities for fund procurement by using Alibaba shares elect cash settlement, Entities for fundprocurement by using Alibaba shares will pay the cash equivalent to the fair value of the number ofshares subject to the settlement, as determined by reference to the market price of the shares.
Alibaba shares held by Entities for fund procurement by using Alibaba shares are pledged ascollateral in accordance with all of the prepaid forward contracts, and except for a certain contract,
the Company granted the right of use to the financial institutions with respect to such shares.
However, the collateral can be released by cash settlement at the discretion of Entities for fundprocurement by using Alibaba shares.
Entities for fund procurement using Alibaba shares procured $4.4 billion (¥605,627 million) in
total by entering into forward contracts for the three-month period ended June 30, 2023. In
contrast, for the three-month period ended December 31, 2023 and the three-month period ended
March 31, 2024, certain prepaid forward contracts were matured and settled by Alibaba shares. As
a result, ¥356,925 million ($2,357,341 thousand) of current portion of financial liabilities relating
to sale of shares by prepaid forward contracts, ¥231,618 million ($1,529,740 thousand) of“Derivative financial assets (current),” and ¥125,307 million ($827,601 thousand) of Alibaba
shares included in “Investment securities” were derecognized from the consolidated statement offinancial position as of the settlement date.
As of March 31, 2024, the Company pledged ¥3,751,872 million ($24,779,552 thousand) of
Alibaba shares, which is recognized as “Investment securities” (as of March 31, 2023: ¥4,141,336
million) in the consolidated statement of financial position, as collateral for ¥3,698,847 million($24,429,344 thousand) of current portion of financial liabilities relating to sale of shares by
prepaid forward contracts and ¥977,778 million ($6,457,817 thousand) of financial liabilities
relating to sale of shares by prepaid forward contracts (as of March 31, 2023: ¥336,730 millionand ¥3,486,934 million, respectively).

(3) Financial covenantsa. Financial covenants on interest-bearing debts of SoftBank Group Corp.
SoftBank Group Corp.’s interest-bearing debt includes financial covenants and the major
financial covenants are as follows:• The consolidated statement of financial position of the Company at the end of the fiscal year
must not show a net capital deficiency.
• The amount of SoftBank Group Corp.’s net assets in the non-consolidated balance sheet at theend of the fiscal year must be maintained at ¥369,800 million ($2,442,375 thousand) or more.

66

b. Financial covenants on interest-bearing debts of SoftBank Corp.
SoftBank Corp.’s interest-bearing debt includes financial covenants and the major financial
covenants are as follows:(a) The amount of SoftBank Corp.’s equity in the consolidated statement of financial positionat the end of the fiscal year and at the end of the second quarter must not fall below 75%
of SoftBank Corp.’s equity at the end of the previous year and the second quarter.
(b) The amount of SoftBank Corp.’s net assets in the non-consolidated balance sheet at theend of the fiscal year and at the end of the second quarter must not fall below 75% of
SoftBank Corp.’s net assets at the same dates during the previous year and the second
quarter.
(c) In SoftBank Corp.’s consolidated statement of income, operating income (loss) or net
income (loss) must not result in losses for two consecutive years.
(d) In SoftBank Corp.’s non-consolidated statement of income, operating income (loss) or net
income (loss) must not result in losses for two consecutive years.
(e) Net leverage ratios*1 of SoftBank Corp. must not exceed certain numbers at the end of the
fiscal year and at the end of the second quarter.
*1 Net leverage ratio:
Net debt*2 / adjusted EBITDA*3*2 Net debt:
The total amount of interest-bearing debt shown in the consolidated statement of financial position of SoftBank Corp.
after deducting cash and cash equivalents adjusted for certain items. Interest-bearing debt is adjusted for certain items,
such as an exclusion of interest-bearing debt resulting from financing transactions using an asset securitization scheme.
*3 Adjusted EBITDA:
EBITDA adjusted for certain items as specified in the loan agreement with the financial institutions.

c. Financial covenants on interest-bearing debts of LY Corporation
LY Corporation’s interest-bearing debt includes financial covenants and the major financial
covenants are as follows:(d) The consolidated statement of financial position of LY Corporation at the end of each fiscal
year and at the end of the second quarter of each year from the second quarter ended
September 30, 2020 must not show a net capital deficiency.
(e) In LY Corporation’s non-consolidated statement of profit or loss, operating income (loss) or
net income (loss) at the end of each fiscal year from the fiscal year ended March 31, 2021
must not result in losses for two consecutive years.
(f) In LY Corporation’s consolidated statement of profit or loss, operating income (loss) or net
income (loss) at the end of each fiscal year from the fiscal year ended March 31, 2021,
must not result in losses for two consecutive years.
(g) Net leverage ratios*1 of LY Corporation must not exceed certain respective amounts or
numbers at the end of each fiscal year and the end of the second quarter of each year fromthe second quarter ended September 30, 2020.
*1 Net leverage ratio:
Net debt*2 / Adjusted EBITDA*3*2 Net debt:
The total amount of interest-bearing debt shown in the consolidated statement of financial position of LY Corporation
after deducting cash and cash equivalents. Interest-bearing debt is adjusted for certain items, such as an exclusion ofinterest-bearing debt resulting from financing transactions using an asset securitization scheme. Interest-bearing debt andcash and cash equivalents are adjusted not to include those of PayPay Bank Corporation.
*3 Adjusted EBITDA:
EBITDA adjusted for certain items as specified in the loan agreement with the financial institutions.

(4) Borrowings related to equity-securities lending contract
For the fiscal year ended March 31, 2023
The Company entered into a securities lending contract regarding the stocks of a certain subsidiary. Asof March 31, 2023, the amount of the cash received as collateral under the contract is recognized as
short-term borrowings of ¥20,100 million and included in “Interest-bearing debt (current).”(a) The amount of LY Corporation’s net assets in the non-consolidated balance sheet at theend of each fiscal year from the second quarter ended September 30, 2020 must not fall
below 75% of LY Corporation’s net assets at the same dates during the previous year.
(b) The amount of LY Corporation’s equity in the consolidated statement of financial positionat the end of each fiscal year and at the end of the second quarter of each year from thesecond quarter ended September 30, 2020 must not fall below 75% of LY Corporation’s
equity at the same dates during the previous year.
(c) The non-consolidated balance sheet of LY Corporation at the end of each fiscal year fromthe second quarter ended September 30, 2020, must not show a net capital deficiency.

SoftBank Group Corp. Financial Report 202467

(5) Assets pledged as collateral
Assets pledged as collateral for liabilities are as follows:(Millions of yen)

As of March 31, 2023

Cash and cash equivalents����������������������
Trade and other receivables��������������������

¥35

As of March 31, 2024

40¥

(Thousands of U.S. dollars)

As of March 31, 2024$

264

33,61314,367222,000

Other financial assets (current)����������������

1,308

3,100

20,474

Property, plant and equipment����������������

4,768

4,572

30,196

Investments accounted for using theequity method��������������������������������������

1,306

–

–

Investments from SVF (FVTPL)*1,2 ������������

1,323,436––

Investment securities*3,4,5������������������������

5,382,849

5,210,271

34,411,670

Other financial assets (non-current) ��������

6,818

4,682

30,923

Other non-current assets������������������������

200

–

–

Assets classified as held for sale��������������

–

86

568

Total��������������������������������������������������

¥6,735,087¥5,256,364$34,716,095

Liabilities related to these assets pledged as collateral are as follows:(Millions of yen)

As of March 31, 2023

As of March 31, 2024

(Thousands of U.S. dollars)

As of March 31, 2024

Interest-bearing debt
Current portion of long-termborrowings*1,2,4 ��������������������������������

¥ 139,496¥

83,259$549,891

Current portion of financial liabilities
relating to sale of shares by prepaid
forward contracts*3,5 ������������������������

336,730

4,131,011

27,283,607

Long-term borrowings*1,4��������������������

1,052,351

500,5813,306,129

Financial liabilities relating to sale ofshares by prepaid forward contracts*3,5��

3,863,151

977,778

6,457,817

Trade and other payables������������������������

426

1,837

12,133

Other current liabilities ��������������������������

399

498

3,289

Liabilities directly relating to assets
classified as held for sale ��������������������

–

86

568

Total ����������������������������������������������

¥5,392,553¥5,695,050$37,613,434

SoftBank Group Corp. Financial Report 2024

*1	SVF1 made borrowings by using listed shares, Arm shares, a wholly-owned subsidiary of the Company, and others held by SVF1 ascollateral. For the fiscal year ended March 31, 2024, SVF1 repaid all of its borrowings of $4.1 billion before the maturity date andthe collateral was released. The borrowings are recorded for ¥547,156 million as “Long-term borrowings,” ¥5,526 million as“Current portion of long-term borrowings” and the listed shares held by SVF1 that were pledged as collateral are recorded for¥946,893 million as “Investments from SVF (FVTPL)” in the consolidated statement of financial position as of March 31, 2023.
*2	SVF2 made borrowings by using listed shares held by SVF2 as collateral. For the fiscal year ended March 31, 2024, SVF2 repaid allof its borrowings of $1.0 billion before the maturity date and the collateral was released. The borrowings are recorded for¥133,530 million as “Current portion of long-term borrowings” and the listed shares held by SVF2 that were pledged as collateral
are recorded for ¥376,543 million as “Investments from SVF (FVTPL)” in the consolidated statement of financial position as ofMarch 31, 2023.
*3	As of March 31, 2024, ¥3,751,872 million ($24,779,552 thousand) of Alibaba shares (as of March 31, 2023: ¥4,141,336 million)(the carrying amount on a consolidation basis) is pledged as collateral for ¥3,698,847 million ($24,429,344 thousand) of current
portion of financial liabilities relating to sale of shares by prepaid forward contracts and ¥977,778 million ($6,457,817 thousand)of financial liabilities relating to sale of shares by prepaid forward contracts (as of March 31, 2023: ¥336,730 million and¥3,486,934 million, respectively). The details are described in “(2) Transactions for sale of Alibaba shares by prepaid forward
contracts.”*4	As of March 31, 2024, ¥828,036 million ($5,468,833 thousand) (as of March 31, 2023: ¥729,483 million) of Deutsche Telekom
AG (“Deutsche Telekom”) shares held by a wholly-owned subsidiary of the Company is pledged as collateral for ¥82,819 million($546,985 thousand) of current portion of long-term borrowings and ¥414,097 million ($2,734,938 thousand) of long-termborrowings by collar transactions using Deutsche Telekom shares (as of March 31,2023: ¥441,326 of long-term borrowings).
*5	As of March 31, 2024, ¥612,886 million ($4,047,857 thousand) (as of March 31, 2023: ¥479,644 million) of T-Mobile shares heldby a wholly-owned subsidiary of the Company is pledged as collateral for ¥432,165 million ($2,854,270 thousand) of current
portion of financial liabilities relating to the sale of shares by prepaid forward contracts (as of March 31, 2023: ¥376,217 millionof financial liabilities relating to the sale of shares by prepaid forward contracts).

Other than the above, the following assets are pledged as collateral.
a. SVF2
As of March 31, 2024, mainly the equity interests of subsidiaries of SVF2 are pledged as collateralfor ¥547,894 million ($3,618,612 thousand) of long-term borrowings (as of March 31, 2023:¥636,474 million of current portion of long-term borrowings). The facility agreement for the
long-term borrowings includes a margin call provision and a mandatory prepayment clause, which
may be triggered under certain circumstances such as a significant decrease in the fair value ofinvestments SVF2 holds. The creditors would be able to enforce security and dispose of the equity
interests of subsidiaries of SVF2 if the margin call clause or the mandatory prepayment clausewere triggered and SVF2 did not pay the relevant amounts to creditors when due. The long-termborrowings are limited-recourse debts.
In September 2023, the maturity date for the borrowings was extended from December 2023
to December 2025, and the borrowings were transferred from current portion of long-termborrowings to long-term borrowings.
b. Arm
On September 12, 2023, Kronos I (UK) Limited, a wholly-owned subsidiary of the Company,
repaid all of the term facility loan of $8.5 billion that was secured by 75.01% of Arm shares
before listing held by a wholly-owned subsidiary of Kronos I (UK) Limited, all of Kronos I (UK)
Limited’s assets except for certain assets specified in the agreement, and the equity interests of68

wholly-owned subsidiaries of the Company which were established for this facility purpose as
collateral.
On September 21, 2023, Kronos I (UK) Limited borrowed $8.5 billion as a margin loanusing 769,029,000 shares of Arm after listing held by a wholly-owned subsidiary of Kronos I(UK) Limited and all of Kronos I (UK) Limited’s assets except for certain assets specified in theagreement as collaterals. The primary asset held by Kronos I (UK) Limited as of March 31,
2023 is a restricted cash of ¥44,055 million and there are no significant assets held by Kronos
I (UK) Limited as of March 31, 2024. The details of the facility loans are described in “*3”under “(1) Components of interest-bearing debt.”
c. Fortress
As of March 31, 2024, based on a term loan agreement of $0.8 billion (as of March 31, 2023:$0.7 billion) which was entered into to finance the acquisition of Fortress, the equity interests of
Fortress and four wholly-owned subsidiaries within the acquisition structure are pledged ascollateral.
d. T-Mobile
The Company had the right to acquire 48,751,557 shares of T-Mobile for no additional consideration if certain conditions are met due to the merger transaction with Sprint and T-Mobile US, Inc.
The conditions were met and the Company acquired 48,751,557 shares of T-Mobile for no
additional consideration. The details are described in “*4” in “(b) Price risk iii. Option contracts”
in “(2) Financial risk management a. Market risk” under “Note. 28 Financial instruments.” The
Company has pledged 18,000,000 shares of T-Mobile acquired through the transaction (as ofMarch 31, 2024: ¥444,837 million ($2,937,963 thousand) included in “Investment securities” inthe consolidated statement of financial position) as collateral to secure certain of the Company’s
indemnity obligations undertaken in connection with the merger transaction above until April 1,
2025.

event where the early settlement is demanded and the wholly-owned subsidiary of theCompany does not repay the borrowings, accordingly. The borrowings are non-recourse
debts, and therefore, SoftBank Group Corp. will not be responsible for the borrowings.
47,000,000 shares out of 1,914,858,070 shares of SoftBank Corp. held by the Company
are pledged as collateral for ¥63,722 million ($420,857 thousand) of financial liabilities
relating to the sale of shares by prepaid forward contracts by using SoftBank Corp. shares (asof March 31, 2023: ¥63,722 million). The Company has the option to settle the sale of sharesby prepaid forward contracts by delivering cash, SoftBank Corp. shares, or a combination ofboth cash and SoftBank Corp. shares. The Company granted the right of use to the creditorswith respect to SoftBank Corp. shares that are collateralized in accordance with the sale ofshares by prepaid forward contracts. However, the collateral can be released by cash
settlement at the discretion of the Company. Therefore, SoftBank Corp. continues to be aconsolidated subsidiary of the Company.
f. Other
As of March 31, 2024, ¥186,848 million ($1,234,053 thousand) (as of March 31, 2023: ¥97,265
million) of “Investment securities” is pledged as collateral for financing and exchange settlement
by a subsidiary operating banking business. Also, “Other financial assets (non-current)” include¥90,200 million ($595,733 thousand) (as of March 31, 2023: ¥125,200 million) of margindeposits with central counterparties in the consolidated statement of financial position.

e. SoftBank Corp.
As of March 31, 2024, a wholly-owned subsidiary of the Company procures funds using theshares of SoftBank Corp. as collateral.
906,289,633 shares out of 1,914,858,070 shares of SoftBank Corp. held by the Company
are pledged as collateral for ¥498,781 million ($3,294,241 thousand) of current portion of
long-term borrowings of a wholly-owned subsidiary of the Company (as of March 31, 2023:¥497,416 million of long-term borrowings). The borrowings include a cash collateral clause
and an early settlement clause and an early settlement may be elected by the creditors undercertain circumstances such as a significant decrease in the fair value of pledged SoftBank
Corp. shares. The creditors would be able to dispose of the asset pledged as collateral in the

SoftBank Group Corp. Financial Report 202469

(6) Assets with restrictions on rights
a. Assets for sale and leaseback transactions that are not accounted for as sales
Assets for sale and leaseback transactions that continue to be recognized as property, plant andequipment but of which the Company does not have legal title because the transactions are notaccounted for as sales, are as follows:(Millions of yen)(Thousands of U.S. dollars)(7) Components of proceeds in and repayment of short-term interest-bearing debt, net
The components of “(Repayment of) proceeds in short-term interest-bearing debt, net” in the
consolidated statement of cash flows are as follows:(Millions of yen)

Net increase in short-term borrowings����

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥ 731,125¥ 815,955$ 5,389,043

Net (decrease) increase in commercial
paper ��������������������������������������������������

The liabilities related to the assets of which the Company does not have legal title are as follows:

Total��������������������������������������������������

Property, plant and equipment����������������

(Millions of yen)

As of March 31, 2024

As of March 31, 2024

Current portion of long-term borrowings��

¥ 206,823¥ 227,348$ 1,501,539

Long-term borrowings������������������������

420,145398,757

2,633,624

Total ����������������������������������������������

¥ 626,968¥ 626,105$ 4,135,163

Interest-bearing debt

b. Assets under lease contracts for intangible assets
Assets that are restricted from being transferred, subleased or pledged as collateral by theCompany because they are acquired under lease contracts for the intangible assets are as follows:

Intangible assets ������������������������������������

(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥ 354,452¥ 335,676$ 2,217,000

The liabilities related to the assets that are restricted from being transferred, subleased or pledged
as collateral are as follows:(Millions of yen)

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024¥¥

161,874$ 1,069,110

21,000138,697¥

182,874$ 1,207,807

58,429(131,800)¥(73,371)(Thousands of U.S. dollars)

As of March 31, 2023

(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Current portion of long-term borrowings��

¥ 114,956¥ 108,110

Long-term borrowings������������������������

199,600

176,537

1,165,953

Total ����������������������������������������������

¥ 314,556¥ 284,647$ 1,879,975(8) Components of proceeds from interest-bearing debt
The components of “Proceeds from interest-bearing debt” in the consolidated statement of cash flows
are as follows:(Millions of yen)

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Proceeds from borrowings����������������������

¥ 3,778,352¥ 4,276,463$ 28,244,258

Proceeds from issuance of corporate bonds��

565,000

1,032,000

6,815,930

Proceeds from procurement by prepaid
forward contracts using shares*������������

4,832,760

605,627

3,999,914

Total��������������������������������������������������

¥ 9,176,112¥ 5,914,090$ 39,060,102* The amount was primarily procured under the prepaid forward contracts using Alibaba shares. The details are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts.”(9) Components of repayment of interest-bearing debt
The components of “Repayment of interest-bearing debt” in the consolidated statement of cash flows
are as follows:(Millions of yen)$(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Interest-bearing debt

SoftBank Group Corp. Financial Report 2024

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

714,022(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Repayment of borrowings ��������������������

¥(5,534,321)¥(5,183,435)$(34,234,430)

Redemption of corporate bonds������������

(755,911)(700,618)(4,627,290)

Repayment for settlement of prepaid
forward contracts using shares��������������

(4,759)(5,133)(33,901)

Total������������������������������������������������

¥(6,294,991)¥(5,889,186)$(38,895,621)

70

23. Deposits for banking business
The components of deposits for a banking business are as follows:

26. Other current liabilities and other non-current liabilities
The components of other current liabilities and other non-current liabilities are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Ordinary deposits ����������������������������������

¥1,363,844¥1,542,742$10,189,169

Time deposits ����������������������������������������

108,416

100,413663,186

Total��������������������������������������������������

¥1,472,260¥1,643,155$10,852,355

24. Trade and other payables
The components of trade and other payables are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Trade payables ��������������������������������������

¥1,810,333¥1,970,363$13,013,427

Other ����������������������������������������������������

606,539

740,166

4,888,488

Total��������������������������������������������������

¥2,416,872¥2,710,529$17,901,915(Thousands of U.S. dollars)

As of March 31, 2024

As of March 31, 2024

Short-term accrued employee benefits������

¥ 238,028¥ 301,475$1,991,117

Contract liabilities ������������������������������

164,250

171,368

1,131,814

Withholding income tax*��������������������

94,858133,335

880,622

Consumption tax payable and other����

58,84670,549465,947

Accrued interest expenses ������������������

46,67356,423372,650

Other��������������������������������������������������

73,265

68,135450,005

Total ����������������������������������������������

¥ 675,920¥ 801,285$5,292,155

Current

Non-current
Contract liabilities ������������������������������

171,648

192,987

1,274,599

Defined benefit liabilities ��������������������

35,04639,828263,047

Long-term accrued employee benefits����

26,63834,299226,531

Other��������������������������������������������������

21,60944,879296,406

Total ����������������������������������������������

¥ 254,941¥ 311,993$2,060,583* Withholding income tax as of March 31, 2024 mainly consists of employee related payroll taxes and payables primarily related to vested
RSU to be paid in the subsequent quarter. Withholding income tax as of March 31, 2023 includes the amount of ¥83,953 million, whichis related to dividends within the group companies.

25. Other financial liabilities
The components of other financial liabilities are as follows:(Millions of yen)

As of March 31, 2023

(Millions of yen)

As of March 31, 2023

As of March 31, 2024

(Thousands of U.S. dollars)

As of March 31, 2024

Current
Allowance for financial guarantee
contract losses*��������������������������������

¥ 152,365

Other��������������������������������������������������

27,826

Total ����������������������������������������������

¥ 180,191¥–$

31,801¥31,801–
210,032$

210,032

Non-current
Long-term time deposits����������������������

15,68914,36894,895Long-term guarantee deposited ����������

8,745

7,723

51,007

Other��������������������������������������������������
Total ����������������������������������������������

34,926

34,111¥58,545¥57,017

230,672$

376,574* Allowance for financial guarantee contract losses related to a credit facility for WeWork provided by financial institutions in SVF2. For
the fiscal year ended March 31, 2024, the allowance was fully allocated to the loan receivable acquired by fulfillment of the credit
facility. The details are described in “*7” under “Note 41. Other gain (loss).”

SoftBank Group Corp. Financial Report 202471

27. Provisions
The changes in the provisions are as follows:(Millions of yen)

Asset retirement
obligations

As of April 1, 2023 ��������������������������������������������������������������������������������������������������������������������������

¥97,570Asbestos claims
liabilities¥

72,957

Provision for loss oncontract¥

44,127

Other¥

21,323

Total¥

235,977

Recognition of provisions������������������������������������������������������������������������������������������������������������������

4,081

–

38,642

7,280

Interest due to passage of time ��������������������������������������������������������������������������������������������������������

163

2,018

–

1,204

3,385

Used������������������������������������������������������������������������������������������������������������������������������������������������

(22,825)(7,336)(12,734)(1,065)(43,960)

50,003

Reversal of provisions*1��������������������������������������������������������������������������������������������������������������������

–

–

–

(27,003)(27,003)

Change in estimate*2 ����������������������������������������������������������������������������������������������������������������������

4,734(1,980)(16,478)–(13,724)

Exchange differences������������������������������������������������������������������������������������������������������������������������

283

9,346

–

442

10,071Other ����������������������������������������������������������������������������������������������������������������������������������������������

(2,264)––121

As of March 31, 2024����������������������������������������������������������������������������������������������������������������������

¥81,742¥Current liabilities������������������������������������������������������������������������������������������������������������������������������

¥14,581¥

Non-current liabilities������������������������������������������������������������������������������������������������������������������������
Total��������������������������������������������������������������������������������������������������������������������������������������������

67,161¥81,74275,005¥

10,361¥64,644¥75,005

¥

2,302

¥

17,703

¥

2,059

¥

35,854¥(2,143)53,55753,557

243
¥

2,302

212,606
44,704
167,902¥212,606(Thousands of U.S. dollars)
Asset retirement
obligations

Asbestos claims
liabilities

Provision for loss oncontract

Other

Total

As of April 1, 2023 ��������������������������������������������������������������������������������������������������������������������������

$ 644,409$ 481,851$ 291,440$ 140,830$ 1,558,530

Recognition of provisions������������������������������������������������������������������������������������������������������������������

26,953–

255,215

48,081

330,249

Interest due to passage of time ��������������������������������������������������������������������������������������������������������

1,077

13,328–

7,952

22,357

Used������������������������������������������������������������������������������������������������������������������������������������������������

(150,750)(48,451)(84,103)(7,034)(290,338)

Reversal of provisions*1��������������������������������������������������������������������������������������������������������������������

–

–

–

(178,344)(178,344)

Change in estimate*2 ����������������������������������������������������������������������������������������������������������������������

31,266(13,077)(108,830)–(90,641)

Exchange differences������������������������������������������������������������������������������������������������������������������������

1,869

61,726–2,920

66,515

Other ����������������������������������������������������������������������������������������������������������������������������������������������

(14,952)

–

–

798

(14,154)

As of March 31, 2024����������������������������������������������������������������������������������������������������������������������

$ 539,872$ 495,377$ 353,722$

15,203$ 1,404,174

Current liabilities������������������������������������������������������������������������������������������������������������������������������

$

$

$

13,599$68,430$ 116,921

Non-current liabilities������������������������������������������������������������������������������������������������������������������������

443,571

96,301

426,947

236,801

Total��������������������������������������������������������������������������������������������������������������������������������������������

$ 539,872$ 495,377$ 353,722$

295,251

1,604

1,108,923

15,203$ 1,404,174*1 The reversal of “Other” provision is primarily due to the reversal of the provision which had been recorded for expected losses relating to the litigation with Japan Post Information Technology Co., Ltd. The details are described in “b. Litigation in which SoftBank Corp. is
involved as a Party” in “(3) Litigation” under “Note 46. Contingency.”*2 Regarding the change in estimate of “Provision for loss on contract,” SoftBank Corp. reviewed the exercise rate and the period of trade-in program, as well as the expected sales price of devices based on past performance.

SoftBank Group Corp. Financial Report 2024

72

Asset retirement obligations
Asset retirement obligations are recognized by the reasonably estimated amount required for theremoval of equipment, such as part of base stations, certain offices (including the head office), data
centers, and network centers. The estimate of the amount for the removal of equipment and the timingof the payment is based on the current business plans and assumptions and is subject to change
depending on revised future assumptions.

Equity capital and the equity capital ratio are as follows:

Asbestos claims liabilities
Fortress acquired and consolidated an entity that holds asbestos claims liabilities and related insurance
assets. The subsidiary is named as a defendant in cases filed alleging injury or death as a result of
exposure to asbestos. The subsidiary estimates the settlement or indemnity costs for the cases andrecognizes asbestos claims liabilities. The estimation of the indemnity costs and payment terms are
based on the recent historical factors, such as the number of new mesothelioma claims filed, theaverage settlement costs for mesothelioma claims, and the aggregate defense costs incurred. Therefore,
the estimation may fluctuate from changes in the factors.

The Company is not subject to regulatory capital requirements imposed by outside institutions otherthan general capital requirements under the Companies Act of Japan and other laws. The details
regarding the financial covenants related to interest-bearing debt are described in “(3) Financial
covenants” under “Note 22. Interest-bearing debt.”

Provision for loss on contract
In mobile services, provision for loss on contract is recognized by estimating the losses based on
forecasts of the exercise rate and period of trade-in programs in order to prepare for losses resulting
from the difference between the sales price of devices received from customers and residual installment
receivables from customers. The sales price of the devices and the amount of the residual installment
receivables may fluctuate due to changes in the market environment and other factors.

28. Financial instruments(1) Capital management
Our policy is to realize and maintain optimum capital composition to maintain mid- and long-termsustainable growth and maximize our corporate value.
Major indicators used for our capital management are as follows:• Equity capital• Equity capital ratio
Note:
Equity capital is the amount of “Equity attributable to owners of the parent.” Equity capital ratio is calculated by dividing “Equity
attributable to owners of the parent” by “Total liabilities and equity.”(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Equity capital������������������������������������������

¥9,029,849¥11,162,125$73,721,188

Equity capital ratio (%) ��������������������������

20.6

23.9

23.9

(2) Financial risk management
As the Company operates in a wide range of markets, the Company faces a variety of financial
risks (foreign exchange risk, price risk, interest rate risk, credit risk, and liquidity risk) in its
operations. The Company manages its risks based on established policies to prevent and reducethese financial risks.
Derivative transactions, which were entered into by the Company, are conducted and controlled
based on the Company’s finance regulations and are limited to the extent of actual demands.
a. Market risk(a) Foreign exchange risk
The Company is engaged in international businesses through investments, financial contributions and the establishment of joint ventures. At investment business, the Company holds alarge number of investments which includes investments denominated in foreign currencies,
mainly through foreign subsidiaries. Also, the Company undertakes transactions denominated inforeign currencies with foreign parties and through lending to and borrowing from foreignsubsidiaries. Consequently, there is foreign exchange risk that arises from changes in currency
rates mainly in the U.S. dollars, Chinese yuan, Indian rupee and Euro currencies.
To manage this risk, the Company continuously monitors exchange rates and manages
exchange rate exposures. The Company also enters into foreign currency forward contracts, andforeign currency swap contracts to hedge the risk.
i. Foreign exchange sensitivity analysis
Exposure to foreign exchange risk on financial instruments for SoftBank Group Corp. and its
subsidiaries whose functional currency is Japanese yen is as follows:

SoftBank Group Corp. Financial Report 2024

73

Euro currencies (Functional currency: U.S. dollars)

U.S. dollars (Functional currency: Japanese yen)
(Millions of yen)

As of March 31, 2023

Net exposure affecting income
before income tax[in asset (liability) position]�����������
Net exposure affecting othercomprehensive income[in asset position] �����������������������

¥ 252,697

15,023As of March 31, 2024¥(1,087,827)

54,054(Thousands of U.S. dollars)

As of March 31, 2024

As of March 31, 2024$(7,184,644)

Net exposure affecting income
before income tax[in asset position] �����������������������

¥ 545,989¥ 658,286$ 4,347,705

357,004

Net exposure affecting othercomprehensive income[in asset position] �����������������������

3,125

4,226

27,911

Norwegian Krone (Functional currency: U.S. dollars)(Millions of yen)

As of March 31, 2024

(Thousands of U.S. dollars)¥ (240,852)¥ (145,303)$ (959,666)

Net exposure affecting othercomprehensive income[in asset position] �����������������������

2,763

3,217

21,247

Other than the table presented above, primary exposures to foreign exchange risk on subsidiaries whose functional currency is not Japanese yen are as follows:
Chinese Yuan (Functional currency: U.S. dollars)(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥1,314,842¥ 1,513,671$ 9,997,167

Indian Rupee (Functional currency: U.S. dollars)(Millions of yen)

Net exposure affecting income
before income tax[in asset position] �����������������������

SoftBank Group Corp. Financial Report 2024

(Millions of yen)

As of March 31, 2024

Net exposure affecting income
before income tax[in liability position]���������������������

Net exposure affecting income
before income tax[in asset position] �����������������������

(Thousands of U.S. dollars)

As of March 31, 2023

Euro currencies (Functional currency: Japanese yen)
As of March 31, 2023

(Millions of yen)

As of March 31, 2024

(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥ 530,481¥ 748,690$ 4,944,786

Net exposure affecting income
before income tax[in asset position] �����������������������

(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

¥ 312,261¥ 307,278$ 2,029,443

Net exposure affecting income before income tax comprises the foreign exchange risk
exposures from monetary financial instruments denominated in a foreign currency (including
those used in internal transactions) whose exchange differences are recognized in profit or loss
and the foreign exchange risk exposures from derivatives related to forecast transactions.
Net exposure affecting other comprehensive income comprises the foreign exchange risk
exposures from available-for-sale financial assets whose exchange differences are recognized inother comprehensive income and the foreign exchange risk exposures from derivatives (cashflow hedge) related to forecasted transactions.
The table below presents the effect of a 1% appreciation of the Japanese yen on income
before income tax and other comprehensive income (before tax effect) regarding the financial
instruments with the above foreign exchange risk exposure, assuming that all other factors
remain constant. The analysis does not include the effect of translating assets and liabilities offoreign operations into the presentation currency, which is detailed in “(3) Foreign exchangesensitivity analysis for exchange differences on translating foreign operations” under “Note 32.
Foreign currency exchange rates.”74

U.S. dollars(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Increase (decrease) in income
before income tax�����������������������

¥ (2,527)¥ 10,878$ 71,845

Decrease in other comprehensive
income before tax effect�������������

(150)

(541)

(3,573)Euro currencies(Millions of yen)

Increase in income before
income tax ���������������������������������

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

¥ 2,409¥ 1,453

(28)

(32)

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024$

The table below presents the effect of a 1% U.S. dollar’s appreciation against the Indian
Rupee on income before income tax:
Indian Rupee(Millions of yen)

Decrease in income before
income tax ���������������������������������

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥ (5,305)¥ (7,487)$(49,449)

The table below presents the effect of a 1% U.S. dollar’s appreciation against the Euro
currencies on income before income tax and other comprehensive income (before tax effect):
Euro currencies(Millions of yen)

9,596

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Decrease in income before
income tax ���������������������������������

¥ (5,460)¥ (6,583)$(43,478)

The table below presents the effect of a 1% U.S. dollar’s appreciation against the Chinese
Yuan on income before income tax:

Decrease in other comprehensive
income before tax effect �������������

(31)

(42)

(277)

Chinese Yuan

The table below presents the effect of a 1% U.S. dollar’s appreciation against the Norwegian
Krone on income before income tax:

Decrease in other comprehensive
income before tax effect �������������

(Millions of yen)

Decrease in income before
income tax ���������������������������������

(211)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024¥(13,148)¥(15,137)$ (99,974)

Norwegian Krone(Millions of yen)

Decrease in income before
income tax ���������������������������������

SoftBank Group Corp. Financial Report 2024

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥ (3,123)¥ (3,073)$(20,296)75

ii. Foreign currency exchange contracts
Foreign currency forward contracts, and foreign currency swap contracts are entered into, toreduce exposure to foreign exchange risk on the amount to be paid or received in certaintransactions denominated in foreign currencies.
The details of foreign currency exchange contracts are as follows.

Contract amounts(of which:maturing in morethan one year)

Buy - U.S. dollars (Functional
Currency: Yen)�������������������

As of March 31, 2023
(Millions of yen)Contract amounts(of which:maturing in morethan one year)

Carrying amount (fair value)
AssetsLiabilities

Changes in the fair valueof hedging instruments
used for recognition of
the ineffective portion ofhedging instruments

¥

1,935
(–)

¥

15

¥

(16)

¥

Carrying amount (fair value)
AssetsLiabilities(1)¥130.16
per $1

54,921
(–)

1,311

(68)

1,243

$0.83
per £1¥

Buy - Great Britain pound(Functional Currency: U.S.
dollars)�����������������������������

3,299
(–)

¥

78

¥

Receipt in U.S. dollars /payment in yen �����������������

444,932(427,265)

67,846–22,286¥111.63
per $1

Receipt in Euro currencies/
payment in yen �����������������

542,504(458,375)

10,985

Total�����������������������������

¥1,044,292(885,640)¥ 80,157¥ (6,712)

2,350¥ 25,878–¥79¥139.87
per $1

139,133
(–)

597

(574)

(1,220)$0.79
per £1

Receipt in U.S. dollars /payment in yen �����������������

566,980(424,263)

149,571–

81,725¥119.22
per $1

Receipt in Euro currencies/
payment in yen �����������������

613,776(519,544)

89,967–85,610¥138.81per €1

Total�����������������������������

¥1,323,188(943,807)¥ 240,213¥ (574)¥ 166,194

Currency swap contracts(6,628)Average rate

Currency swap contracts
Average rate

Forward contracts

Buy - Great Britain pound(Functional Currency: U.S.
dollars)�����������������������������

(Millions of yen)

Changes in the fair valueof hedging instruments
used for recognition of
the ineffective portion ofhedging instruments

Forward contracts

Foreign currency exchange contracts to which hedge accounting is applied

Buy - U.S. dollars (Functional
Currency: Yen)�������������������

As of March 31, 2024

(Thousands of U.S. dollars)

Contract amounts(of which:maturing in morethan one year)¥132.51
per €1

Carrying amount (fair value)
AssetsLiabilities

Changes in the fair valueof hedging instruments
used for recognition of
the ineffective portion ofhedging instruments

Forward contracts
Buy - U.S. dollars (Functional
Currency: Yen)�������������������
Buy - Great Britain pound(Functional Currency: U.S.
dollars)�����������������������������

$21,788
(–)

$

515

$

–

$

522

918,916(–)

3,943(3,791)(8,058)

Receipt in U.S. dollars /payment in yen �����������������

3,744,667(2,802,080)

987,854–

539,760

Receipt in Euro currencies/
payment in yen �����������������

4,053,735(3,431,372)

594,195–

565,418

Total�����������������������������

$8,739,106(6,233,452)$1,586,507$(3,791)$1,097,642

Currency swap contracts

SoftBank Group Corp. Financial Report 202476

Changes in the accumulated other comprehensive income after tax related to thederivatives designated as hedging instruments are as follows:

The carrying amounts of the derivative instruments designated as hedging instruments arerecorded as “Derivative financial assets” and “Derivative financial liabilities” in the
consolidated statement of financial position. The outstanding balance of those maturing in
more than one year are classified as non-current assets and non-current liabilities.
The above foreign currency exchange contracts are designated as cash flow hedges. At
the inception of the hedging relationship, the appropriate hedge ratio of the hedging
relationship is determined based on the quantity of the hedged items and the quantity of
the hedging instruments, basically in the ratio of one to one.
For the purpose of hedge effectiveness assessment, the Company conducts the qualitative assessments as to whether the significant conditions of hedged items and hedging
instruments are met or closely matched, or the quantitative assessments as to whether thechanges in values of the hedged items and hedging instruments offset each other against
the same risk. The Company confirms if there is an economic relationship between thehedged items and hedging instruments through them. Any ineffective portion of the hedge
has no significance in amounts. The change in values of hedged items used as a basis torecognize the ineffective portion are similar to the changes in fair value of hedging
instruments.

(Millions of yen)

Fiscal year ended
March 31, 2023

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Forward contracts
Balance at the beginning of the period �
Amount incurred�����������������������������������

¥

–

¥

1,023

$

6,756

1,023

(2,233)(14,748)

Reclassification adjustments*1���������������

–

1,142

7,543

Balance at the end of the period*2 �������

1,023

(68)

(449)
(461,403)

Currency swap contracts
Balance at the beginning of the period �

4,659(69,861)

Amount incurred�����������������������������������

26,650148,190

978,733

Reclassification adjustments*1���������������

(101,170)(123,206)(813,724)

Balance at the end of the period*2 �������

(69,861)(44,877)(296,394)

Total�����������������������������������������������������

¥ (68,838)¥ (44,945)$(296,843)*1 R eclassification adjustments are the amounts of accumulated other comprehensive income transferred to profit or loss
relating to the hedged item when the hedged item affects profit or loss, and are recorded as “Foreign exchange loss” and“Other gain (loss)” in the consolidated statement of profit or loss. For the fiscal year ended March 31, 2024, the amountof ¥1,488 million ($9,828 thousand) (for the fiscal year ended March 31, 2023: ¥1,773 million) transferred from cash flow
hedges, which arise from the discontinued hedging relationships, to profit or loss is included in reclassification
adjustments. The hedging accounting is discontinued when a forecasted transaction is no longer expected to occur,
although hedge accounting has been applied.
*2 A
 s of March 31, 2024, accumulated other comprehensive income after tax includes ¥2,323 million ($15,342 thousand)(as of March 31, 2023: ¥3,811 million) related to discontinued hedging accounting.

Foreign currency exchange contracts to which hedge accounting is not applied(Millions of yen)Contract amounts(of which: maturing in
more than one year)

Foreign currency forward
contracts������������������������������

¥ 348,910(50,693)

Currency swap contracts����������

101,443(40,692)

Foreign exchange margintransactions*������������������������

354,597(–)

Total��������������������������������

¥ 804,950(91,385)

Carrying amount(fair value)
Assets¥ 3,2221,746
4,614¥ 9,582¥

Liabilities

Contract amounts(of which: maturing in
more than one year)(689)¥ 128,021(70,160)(1,585)75,099(1,659)(1,330)51,218(–)¥ (3,604)(Thousands of U.S. dollars)

As of March 31, 2024

As of March 31, 2023

¥ 254,338(71,819)

Carrying amount(fair value)
Assets¥ 2,787

¥

1,247
2,317
¥ 6,351

As of March 31, 2024
Carrying amount(fair value)

Liabilities

Contract amounts(of which: maturing in
more than one year)

Assets(4)$ 845,525(463,378)$ 18,407(299)

495,998(10,957)

8,236(1,975)(976)

338,274(–)

15,303(6,446)$ 41,946$ (8,447)¥ (1,279)$1,679,797(474,335)

Liabilities

$

(26)

* Contract amounts include contract amounts related to transactions with customers and contract amounts for cover transactions with financial institutions to mitigate related risks.

SoftBank Group Corp. Financial Report 2024

77

(b) Price risk
As part of the business strategy, the Company holds securities traded in active markets,
including listed stock, and is exposed to market price fluctuation risk.
The Company manages this risk by continuously monitoring the financial condition of
security issuers and stock market fluctuations.
i. Price sensitivity analysis for securities
The tables below present the effect of a 10% decrease in market price regarding thesecurities traded in active markets (excluding securities subject to insignificant risk ofchange in value such as MMF) on income before income tax and other comprehensive
income before tax effect, assuming that all other factors remain constant.
( i ) Securities held for sale(Millions of yen)

Fiscal year ended
March 31, 2023

Decrease in income before
income tax��������������������������������

¥(2,363)Fiscal year ended
March 31, 2024¥

(1,852)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024$

(12,231)ii. Price sensitivity analysis for derivative instruments (excluding contracts classified within level 3of the fair value hierarchy)
The Company entered into prepaid forward contracts which are settled by Alibaba shares heldby the Company. The contracts include collar transactions where a cap and a floor are set for
the number of shares settled, floor transactions where a floor is set for the number of shares
settled and forward transactions where the number of shares settled is fixed. Also, the Company
entered into call spread contracts associated with the prepaid forward contracts which aresettled by Alibaba shares. The collar transactions, the floor transactions, the forward transactions and the call spread contracts are classified as a derivative instrument and their fair values
are affected by the price of Alibaba shares. Derivative gain and loss, which occurs depending on
fluctuation of the price of Alibaba shares, are recognized through profit or loss.
Fair values of the collar transactions, the floor transactions, the forward transactions and thecall spread transactions are composed of intrinsic value and time value. As of March 31, 2024,
the effect of a 10% increase and a 10% decrease in the price of Alibaba shares on income
before income tax due to fluctuation of intrinsic value are a loss of ¥372,789 million($2,462,116 thousand) (as of March 31, 2023: ¥397,717 million) and a gain of ¥373,124
million ($2,464,329 thousand) (as of March 31, 2023: ¥400,792 million), respectively, assumingthat all other factors remain constant.

( ii ) Other securities(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Decrease in income before
income tax��������������������������������

¥ (988,841)¥(1,056,722)$(6,979,209)

Decrease in other comprehensive
income before tax effect �����������

(2,787)(2,666)(17,608)

SoftBank Group Corp. Financial Report 2024

The details of the prepaid forward contracts and the call spread contracts are described in“(2) Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 22.
Interest-bearing debt.”

78

iii. Option contracts
The details of option contracts are as follows:

Option contracts to which hedge accounting is not applied(Millions of yen)

As of March 31, 2024

As of March 31, 2024

Carrying amount(fair value)

Carrying amount(fair value)

Carrying amount(fair value)

Assets

Prepaid forward contracts using Alibaba shares*1������������������������������������

¥397,127(Thousands of U.S. dollars)

As of March 31, 2023¥

Liabilities

Assets–¥ 394,972¥

Liabilities

Assets–$ 2,608,626

Liabilities$–

Call spread contracts relating to prepaid forward contracts using
Alibaba shares*1��������������������������������������������������������������������������������������

590

–

1

–

7

–

Short call option for T-Mobile shares to Deutsche Telekom����������������������

–(70,699)–(466,937)(186,626)–(55,056)

Prepaid forward contracts using T-Mobile shares*2����������������������������������

–(25,485)–(28,257)–

Long call option����������������������������������������������������������������������������������������

13,383–49,416–326,371–

Short call option ��������������������������������������������������������������������������������������

–(25,186)–(12,966)–(85,635)

Contingent value rights relating to sale of T-Mobile shares*3������������������

67,308

–

–

–

–

–

Contingent consideration relating to acquisition of T-Mobile shares*4����

833,770

–

–

–

–

–

Others ������������������������������������������������������������������������������������������������������

18,264(1,283)31,441(20,340)

207,655(134,337)

Total������������������������������������������������������������������������������������������������������

¥ 1,330,442¥ (107,010)¥ 475,830¥ (132,262)$ 3,142,659$ (873,535)*1 The details of prepaid forward contracts using Alibaba shares and call spread contracts relating to prepaid forward contracts using Alibaba shares are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 22. Interest bearing debt.”*2 The prepaid forward contracts using T-Mobile shares are settled by reference to the market price of the T-Mobile shares at the valuation dates prior to the settlement dates. They are collar contracts which a cap and a floor are set for the price of shares settled.
*3 Contingent value rights were received in relation to the disposal of T-Mobile shares in a private placement through a trust. The rights were vested on June 1, 2023 and the Company received 3,566,400 T-Mobile shares.
*4 Acquired due to the merger transaction with Sprint and T-Mobile US, Inc. on April 1, 2020, and the Company received the right to acquire 48,751,557 shares of T-Mobile for no additional consideration if certain conditions were met. The conditions were met on December
22, 2023, and the Company acquired 48,751,557 shares of T-Mobile for no additional consideration on December 28, 2023. As of March 31, 2024, the fair value of T-Mobile shares acquired through the transaction was ¥1,204,804 million ($7,957,229 thousand), and¥2,275,827 million ($15,030,890 thousand) in total of those and other existing T-Mobile shares was included in “Investment securities” in the consolidated statement of financial position.

SoftBank Group Corp. Financial Report 2024

79

iv. Forward contracts
The details of forward contracts are as follows:

Forward contracts to which hedge accounting is not applied(Millions of yen)

Assets

Prepaid forward contracts using Alibaba shares* ������������������������������������

¥Other��������������������������������������������������������������������������������������������������������
Total������������������������������������������������������������������������������������������������������

¥–(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Carrying amount(fair value)

Carrying amount(fair value)

Carrying amount(fair value)

Liabilities¥(805,039)

AssetsLiabilities

AssetsLiabilities¥ 514,848¥ (54,688)$3,400,357$ (361,191)

1

–

–

–

–

–

1

¥(805,039)¥ 514,848¥ (54,688)$3,400,357$ (361,191)* The details of prepaid forward contracts using Alibaba shares are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 22. Interest-bearing debt.”

v. Collar contracts using shares
The details of collar contracts using shares are as follows:Collar contracts using shares to which hedge accounting is not applied(Millions of yen)

AssetsCollar contracts using Deutsche Telekom shares��������������������������������������

SoftBank Group Corp. Financial Report 2024¥–

(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Carrying amount(fair value)

Carrying amount(fair value)

Carrying amount(fair value)

Liabilities¥ (57,350)¥

AssetsLiabilities–¥ (46,837)$

AssetsLiabilities–$ (309,339)

80

i. Interest rate sensitivity analysis
The table below presents the effect of a 1% increase in interest rates regarding thefloating interest rate debt on “Income before income tax” in the consolidated statementof profit or loss, assuming that all other factors are constant. The analysis does notinclude floating interest rate debt whose interests are fixed by interest rate swaps andother derivative transactions.

(c) Interest rate risk
The Company raises funds through issuing interest-bearing debt. Certain interest-bearing
debt is issued with floating interest rates and is exposed to interest rate risk.
Interest-bearing debt with floating interest rates has the risk of increased interest
expenses due to rising interest rates. In order to prevent interest rate fluctuation risk, theCompany maintains an appropriate mixture of fixed and floating interest rate debt. In
addition, in order to reduce interest rate fluctuation risk, for certain interest-bearing debt
with floating interest rates, the Company also utilizes derivative transactions, such as
interest rate swaps converting floating interests into fixed interests. For floating interest
rate debt, the Company continuously monitors interest rate fluctuations.

(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥ (44,398)¥ (37,529)$ (247,863)

Decrease in income before
income tax ��������������������������

ii. Interest rate contracts
The details of interest rate contracts are as follows:
Interest rate contracts to which hedge accounting is applied(Millions of yen)Contract
amounts(of which:maturing in morethan one year)

Interest rate swap
Receipt infloating rate/
Payment in fixed
rate �����������������

¥844,500(715,000)

AssetsLiabilities

Changes in the fairvalue of hedging
instruments used
for recognitionof the ineffective
portion of hedging
instruments¥ 100¥(2,241)¥1,190Carrying
amount(fair value)

Average rate

1.75%

Contract amounts(of which:maturing in morethan one year)¥815,000(470,000)

The carrying amounts of the derivative instruments designated as hedging instruments
are recorded as “Derivative financial assets” and “Derivative financial liabilities” in the
consolidated statement of financial position. The outstanding balance of those maturing
in more than one year are classified as non-current assets and non-current liabilities.
The above interest rate contracts are designated as cash flow hedges. At the inceptionof the hedging relationship, the appropriate hedge ratio of the hedging relationship isdetermined based on the quantity of the hedged items and the quantity of the hedging
instruments, basically in the ratio of one to one.
For the purpose of hedge effectiveness assessment, the Company conducts the

SoftBank Group Corp. Financial Report 2024

(Thousands of U.S. dollars)

As of March 31, 2024

As of March 31, 2023

AssetsLiabilities

Changes in the fairvalue of hedging
instruments used
for recognitionof the ineffective
portion of hedging
instruments¥ 396¥(591)¥ 1,946

Carrying
amount(fair value)

Average rate

1.72%

As of March 31, 2024

Contract amounts(of which:maturing in morethan one year)$5,382,736(3,104,154)

AssetsLiabilities

Changes in the fairvalue of hedging
instruments used
for recognitionof the ineffective
portion of hedging
instruments$ 2,615$ (3,903)$12,853

Carrying
amount(fair value)

qualitative assessments as to whether the significant conditions of hedged items andhedging instruments are met or closely matched, or the quantitative assessments as towhether the changes in values of the hedged items and hedging instruments offset eachother against the same risk. The Company confirms if there is an economic relationshipbetween the hedged items and hedging instruments through them. Any ineffective
portion of the hedge has no significance in amounts. The change in values of hedged
items used as a basis to recognize the ineffective portion are similar to the changes infair value of hedging instruments.

81

Changes in the accumulated other comprehensive income after tax related to thederivatives designated as hedging instruments are as follows:(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Balance at the beginning of
the period ������������������������

¥ (2,963)¥ (2,760)$ (18,229)

Amount incurred ��������������

(473)(4,693)(30,995)

Reclassification
adjustments*1�����������������

676

4,368

28,849Balance at the end of theperiod*2����������������������������

¥ (2,760)¥ (3,085)$ (20,375)

Interest rate swap

*1 Reclassification adjustments represent amounts of accumulated other comprehensive income transferred to profit
or loss when the hedged item affects profit or loss, and are recorded as “Finance cost” in the consolidated
statement of profit or loss. For the fiscal years ended March 31, 2023 and 2024, there were no reclassification fromcash flow hedges, which arise from the discontinued hedging relationships, to profit or loss. The hedging
accounting is discontinued when a forecasted transaction is no longer expected to occur, although hedge
accounting has been applied.
*2 As of March 31, 2024, accumulated other comprehensive income after tax includes ¥(2,874) million ($(18,981)
thousand) (as of March 31, 2023: none) related to discontinued hedging accounting.

b. Credit risk
In the course of the Company’s business, trade and other receivables, contract assets and otherfinancial assets (including deposits, equity securities, bonds, derivatives and others) are exposedto the credit risk of its counterparties.
In order to prevent and reduce the risk, the Company does not expose itself to significant
concentrations of credit risk for such receivables and financial assets. To manage its credit
risk, the Company performs controls around the due date and balance for each customer inaccordance with its internal customer credit management rules and regularly monitors major
customers’ credit status. Derivative transactions, which are executed and maintained by theCompany, are conducted and controlled based on the Company’s finance regulations, andthose transactions engaged in are limited to those with financial institutions with high credit
ratings in order to reduce the risk.
The carrying amount of financial assets, net of impairment, which is presented in the
consolidated statement of financial position, the amount of lending commitments and theamount of guaranteed obligations represent the Company’s maximum exposure to credit risk
on financial assets. The values of collateral held and other credit enhancements are notconsidered.

SoftBank Group Corp. Financial Report 2024

For trade receivables and contract assets, the Company measures the lifetime expectedcredit risk. For receivables, lending commitments and others other than trade receivables andcontract assets, the Company measures future expected credit losses in consideration of theassessment of a significant increase of credit risk. The Company determines whether asignificant increase of credit risk has been achieved or not based on the change in the risk ofdefault occurrence. In the determination process, past due information, deterioration ofoperating results, and external credit ratings are considered. For receivables, lending
commitments and others other than trade receivables and contract assets, the Company
measures the expected credit losses at the amount of the 12-month expected credit losses.
However, when there is a significant increase of credit risk after initial recognition, theexpected credit losses are measured at the amount of lifetime expected credit losses.
The Company groups financial assets with no individual significance based on thecharacteristics of credit risk and the type of transactions. The Company then assesses theexistence of objective evidence of impairment for each group considering the past default
rate and others. The Company measures expected credit losses individually for each
receivable as financial assets that have been impaired when the events of default as detailed
below have occurred, resulting in estimated negative future cash flows of the financial
assets.
• Significant financial difficulty of the issuer or borrower• Breach of contract, such as a default or delinquency in interest or principal payments• High possibility of bankruptcy or entering financial reorganization
For credit-impaired financial assets, when it is probable that the Company will not collectthe entire amount of or a part of the financial assets, the impairment losses are directlydeducted from the carrying amount.
Details of lending commitments and credit guarantees are described in “(1) Lending
commitments” and “(2) Credit guarantees” under “Note 46. Contingency.”
For the fiscal year ended March 31, 2024, SoftBank Group Corp. received cash and cash
equivalents of ¥101,655 million ($671,389 thousand) as collateral under certain derivative
contract.
There were no significant financial or non-financial assets acquired as a result of foreclosure of collateral or enforcement of other credit enhancements for the fiscal year ended
March 31, 2023.

82

(a) Carrying amounts of financial assets subject to allowance for doubtful accounts
i.Trade receivables
Exposure to credit risk on contract assets is included in trade receivables. In addition, since trade receivables generated by the credit card business include interest income, the Company measures
expected credit losses for those receivables by using the same method for the receivables other than trade receivables. As a result, exposure to credit risk on trade receivables generated by the credit
card business is included in the receivables other than trade receivables.
The table below presents an aging analysis of the carrying amounts of trade receivables and allowance for doubtful accounts.
As of March 31, 2023
(Millions of yen)

Past due
Before due

Within1 month

1 month to
3 months

3 months to
6 months

6 months to
1 yearMore than
1 year

Total

Trade receivables�����������������������������������������������������������������

¥1,312,602¥ 67,767¥ 8,560¥

5,514¥ 6,416¥ 11,049¥ 1,411,908

Allowance for doubtful accounts�����������������������������������������

(9,840)

(482)

(790)

(2,089)(1,282)(2,603)(17,086)

Total �������������������������������������������������������������������������������

¥ 1,394,822

As of March 31, 2024
(Millions of yen)

Past due
Before due

Within1 month

1 month to
3 months

3 months to
6 months

6 months to
1 yearMore than
1 year

Total

Trade receivables�����������������������������������������������������������������

¥1,470,178¥ 44,348¥ 10,172¥

5,726¥ 9,948¥ 11,978¥ 1,552,350

Allowance for doubtful accounts�����������������������������������������

(8,789)(939)(1,948)(2,822)(3,233)(2,806)

Total �������������������������������������������������������������������������������

(20,537)¥ 1,531,813(Thousands of U.S. dollars)

Past due
Before due

Within1 month

1 month to
3 months

3 months to
6 months

6 months to
1 yearMore than
1 year

Total

Trade receivables������������������������������������������������������������������

$ 9,709,914$ 292,900$ 67,182$ 37,818$ 65,702$ 79,110$10,252,626

Allowance for doubtful accounts������������������������������������������

(58,047)(6,202)(12,866)(18,638)(21,353)(18,532)

Total ��������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024

(135,638)$10,116,988

83

ii. Financial assets other than trade receivables
The table below presents an aging analysis of financial assets other than trade receivables. The amounts in the analysis are presented at the carrying amount before netting the allowance for doubtful accounts.
As of March 31, 2023
(Millions of yen)

Carrying amounts
12 month expected credit losses
Before due

Other receivables�����������������������������������������������������������������������������

¥ 1,203,776

Investment securities�����������������������������������������������������������������������

285,624

Other financial assets�����������������������������������������������������������������������

2,116,614

Total�������������������������������������������������������������������������������������������

¥ 3,606,014¥

Lifetime expected credit losses

Past due

Other than credit-impaired
financial assets

35,785

¥

–
¥

1,228

Credit-impaired
financial assets¥–

14,112

125,570

49,897¥ 126,798

7,944

Purchased or originatedcredit-impaired financial
assets¥–54,334¥62,278

¥

Total

–

¥ 1,248,733–

285,624

9,033

2,319,663

9,033¥ 3,854,020

Investment securities are mostly debt financial assets at FVTOCI.
As of March 31, 2024
(Millions of yen)

Carrying amounts
12 month expected credit losses
Before due

Other receivables�����������������������������������������������������������������������������

¥ 1,406,518¥

Lifetime expected credit losses

Past due

Other than credit-impaired
financial assets

48,617¥

2,752

Credit-impaired
financial assets

¥

1,163

Purchased or originatedcredit-impaired financial
assets

¥

–

Total

¥ 1,459,050

Investment securities�����������������������������������������������������������������������

568,651

–

–

–

–

568,651

Other financial assets�����������������������������������������������������������������������

2,266,748

21,87810,014

131,549

8,908

2,439,097

Total�������������������������������������������������������������������������������������������

¥ 4,241,917

12,766¥ 132,712

8,908¥ 4,466,798¥

70,495¥¥(Thousands of U.S. dollars)

Carrying amounts
12 month expected credit losses

Lifetime expected credit losses
Other than credit-impaired
financial assets

Credit-impaired
financial assets

Purchased or originatedcredit-impaired financial
assets

Before due

Past due

Other receivables�����������������������������������������������������������������������������

$ 9,289,465$ 321,095

Investment securities�����������������������������������������������������������������������

3,755,703

–

–

–

–

3,755,703

Other financial assets�����������������������������������������������������������������������

14,970,927

144,495

66,138868,826

58,834

16,109,220

Total�������������������������������������������������������������������������������������������

$ 28,016,095$ 465,590

84,314$ 876,507$ 58,834$ 29,501,340$$

18,176

$

7,681

$

–

Total

$ 9,636,417

Investment securities are mostly financial assets at amortized cost.

SoftBank Group Corp. Financial Report 2024

84

(b) Changes in allowance for doubtful accounts
Allowance for doubtful accounts related to contract assets is included in trade receivables. In
addition, since trade receivables generated by the credit card business includes interest
income, the Company measures expected credit losses for those receivables by using thesame method for the receivables other than trade receivables. As a result, the allowance for
doubtful accounts related to the trade receivables generated by the credit card business is
included in the financial assets other than trade receivables.
i. Trade receivables
The table below presents changes in the allowance for doubtful accounts for trade receivables.
For the fiscal year ended March 31, 2023
(Millions of yen)

Allowance for doubtful accounts
Lifetime expected credit losses
Other than creditimpaired financial assets

Credit-impaired
financial assets

Total¥ 9,861
4,488(592)(2,645)¥ 11,112¥ 10,175
1,388(3,277)(2,312)¥ 5,974¥ 20,036
5,876(3,869)(4,957)¥ 17,086

Balance at the beginning of theperiod��������������������������������������
Provisions ����������������������������������
Utilized��������������������������������������
Other ����������������������������������������
Balance at the end of the period��For the fiscal year ended March 31, 2024
(Millions of yen)

Allowance for doubtful accounts
Lifetime expected credit losses
Other than creditimpaired financial assets

Balance at the beginning of theperiod��������������������������������������
Provisions ����������������������������������
Utilized��������������������������������������
Other ����������������������������������������
Balance at the end of the period��

SoftBank Group Corp. Financial Report 2024

¥ 11,112
6,015(18)(5,433)¥ 11,676

Credit-impaired
financial assets

¥

5,974
7,591
(5,038)334¥ 8,861

Total¥ 17,086
13,606(5,056)(5,099)¥ 20,537(Thousands of U.S. dollars)

Allowance for doubtful accounts
Lifetime expected credit losses
Other than creditimpaired financial assets

Credit-impaired
financial assets

Total

Balance at the beginning of theperiod��������������������������������������

$ 73,390$ 39,456$ 112,846

Provisions ����������������������������������

39,72750,13589,862

Utilized��������������������������������������

(119)(33,274)(33,393)

Other ����������������������������������������

(35,883)

2,206(33,677)

Balance at the end of the period��$ 77,115$ 58,523$ 135,638

ii. Financial assets other than trade receivables
The table below presents changes in the allowance for doubtful accounts for financial assets
other than trade receivables. The allowance for doubtful accounts is mainly for loans.
For the fiscal year ended March 31, 2023
(Millions of yen)

Allowance for doubtful accounts
Lifetime expected credit losses
12 month
expected
credit losses

Other thancredit-impaired
financial assets

Creditimpaired
financial assets

Purchasedor originatedcredit-impaired
financial assets

Balance at the
beginning of theperiod������������������

¥ 10,472¥ 24,759¥ 48,892¥ 10,846

Provisions ��������������

5,500

104,393*

22,028–

131,921

Utilized������������������

(124)

(635)

(28,157)–(28,916)

Reversal ����������������

(395)

(30)

(200)

(1,827)(2,452)Other ��������������������

1,492(3,960)

6,281

–

3,813

Balance at the endof the period��������

¥ 16,945¥ 124,527¥ 48,844¥ 9,019¥ 199,335

Total

¥

94,969* For the fiscal year ended March 31, 2023, ¥77,191 million of provision for allowance for doubtful accounts related to
unsecured notes issued by WeWork was recorded. The details are described in “*9” under “Note 41. Other gain (loss).”85

For the fiscal year ended March 31, 2024
(Millions of yen)

Allowance for doubtful accounts
Lifetime expected credit losses
12 month
expected
credit losses

Other thancredit-impaired
financial assets

Creditimpaired
financial assets

Purchasedor originatedcredit-impaired
financial assets

Total

Balance at the
beginning of theperiod������������������

¥ 16,945¥ 124,527¥ 48,844¥ 9,019¥ 199,335

Provisions ��������������

8,196

24,524

22,436–55,156

Utilized������������������

(2,865)(102)(109,976)*–(112,943)

Reversal ����������������

(598)

(30)

(237)

(111)

(976)

Other ��������������������

37(143,072)*

161,996*–

18,961

Balance at the endof the period��������

¥ 21,715¥ 123,063¥ 8,908¥ 159,533

¥

5,847

(Thousands of U.S. dollars)

Allowance for doubtful accounts
Lifetime expected credit losses
12 month
expected
credit losses

Other thancredit-impaired
financial assets

Creditimpaired
financial assets

Purchasedor originatedcredit-impaired
financial assets

Total

Balance at the
beginning of theperiod������������������

$ 111,915$ 822,449$ 322,594$ 59,567$1,316,525

Provisions ��������������

54,131

161,971

148,180–

364,282(745,941)

Utilized������������������

(18,921)(674)(726,346)*–

Reversal ����������������

(3,950)(198)(1,565)(733)(6,446)

Other ��������������������

244(944,931)*

1,069,917*–

125,230

Balance at the endof the period��������

$ 143,419

38,617$ 812,780$ 58,834$1,053,650$

c. Liquidity risk
In order to prevent and reduce liquidity risk, the Company maintains access to diversified
fundraising sources including both indirect financing, such as bank loans and leases, anddirect financing, such as the issuance of bonds and commercial paper and securitization,
taking market conditions and its current/non-current debt ratios into consideration. As forfund management, the Company invests its funds in short-term deposits, MMF andinvestment grade bonds.
The Company also continuously monitors its forecasted and actual cash flows and liquid
funds.
(a) Commitment lines of credit and other credit facilities
The Company has entered into commitment lines of credit and other credit facilities withvarious financial institutions to reduce liquidity risk. As of March 31, 2024, the undrawn
amounts of the Company’s credit facilities are ¥1,534,059 million ($10,131,821
thousand) (as of March 31, 2023: ¥1,165,526 million).
In addition, the asset management subsidiary is engaged in transactions for acquisition of investments using borrowings and has entered into agreements with various
financial institutions in order to borrow funds in response to the net position of
investments and indebtedness of the asset management subsidiary. As of March 31,
2024, the amounts that could be additionally borrowed were ¥139,689 million($922,588 thousand) (as of March 31, 2023: ¥11,204 million).
Note:
Certain commitments above contain financial covenants. The details are described in “(3) Financial covenants” under“Note 22. Interest-bearing debt.”* For the fiscal year ended March 31, 2024, unsecured notes issued by WeWork were exchanged for shares andconvertible bonds newly issued by WeWork. Consequently, ¥94,112 million ($621,571 thousand) was reclassified from
“Other than credit-impaired financial assets” to “Credit-impaired financial assets” and the recognition of the unsecured
notes were discontinued. The details are described in “*7” under “Note 41. Other gain (loss).”

Provisions for and reversal of allowance for doubtful accounts are recorded in “Selling,
general and administrative expenses” and “Other gain (loss)” in the consolidated statementof profit or loss.

SoftBank Group Corp. Financial Report 2024

86

(b) Analysis of financial liabilities by maturities
The table below presents the analysis of financial liabilities (including derivatives) by maturities. The receivables and payables arising from derivative transactions are shown on a net basis:
As of March 31, 2023
(Millions of yen)

Carrying amount

Aggregation ofredemption scheduleWithin 1 year

1 year to 2 years

2 years to 3 years

3 years to 4 years

4 years to 5 years

More than 5 years

¥

¥

¥

¥

¥

Non-derivative financial liabilities
Interest-bearing debt
Short-term borrowings����������������������������

¥900,502¥900,502¥900,502

–

–

–

–

–

Commercial paper ����������������������������������

283,001

283,001

283,001

–

–

–

–

Long-term borrowings ������������������������������

7,120,162

7,158,208

2,972,119

1,798,920

1,463,590

388,087

260,616

274,876

Corporate bonds��������������������������������������

6,910,692

6,955,860

653,864

792,863

1,076,326

884,739

483,179

3,064,889

Financial liabilities relating to sale of sharesby prepaid forward contract ������������������

4,263,603

4,408,237

337,6223,740,546

330,069–––

Installment payables��������������������������������

234

234

97

99

38

–

–

–
299,976–

Lease liabilities��������������������������������������������

836,997

836,997

184,105

117,680

89,762

79,292

66,182

Deposits for banking business*1 ������������������

1,487,949

1,487,987

1,472,272

5,466

3,852

944

1,409

Third-party interests in SVF��������������������������

4,499,369

4,499,369*2

–

–

–

–

–

Trade and other payables����������������������������

2,416,872

2,416,872

2,403,824

8,323

2,119

1,352

1,022

232

Other financial liabilities������������������������������

223,047¥ 28,942,428

223,047¥ 29,170,314

180,191¥ 9,387,597

6,254¥ 6,470,151762¥ 2,966,518

327¥ 1,354,741¥

292
812,700

35,221¥ 8,178,607

¥

¥

¥

¥

¥

¥

¥

1,137

Total����������������������������������������������������

4,044
4,499,369*3

Derivative financial liabilities*4
Derivative financial liabilities
Foreign currency exchange contracts*5 ��������

10,316

10,339

1,006

(641)

(710)

(556)

¥

10,103

Option contracts��������������������������������������

107,010

107,01080,242

26,768––––Interest rate contracts������������������������������

2,241

1,606

2,064

561

(104)

(297)

(342)

(276)

Swap contracts����������������������������������������

805,039805,039–

655,132

149,907–––

Forward contracts������������������������������������

57,35057,350–9,176

40,527

7,647

–

–

Other������������������������������������������������������

7

7

7

–

–

–

–

–

Total����������������������������������������������������

¥981,963¥981,351¥

83,319¥690,996¥

189,620

¥

6,794

¥

795

¥

9,827

*1 Deposits for the banking business payable on demand are included in “Within 1 year.”*2 The amount represents the amounts that would have been distributed to Third-Party Investors in accordance with the limited partnership agreement if SVF1, SVF2, and LatAm Funds had been liquidated as of March 31, 2023.
*3 When disposal of investments becomes relatively certain, the portion of third-party interests in SVF1, SVF2, and LatAm Funds which is available for distributions and repayments will be broken down by corresponding maturity dates.
*4 Only if the contractual maturities are essential for understanding the timing of cash flow, derivative financial liabilities are included in the above chart and disclosed.
*5 Aggregation of redemption schedule and the breakdown by maturity are presented on a discounted cash flow basis for currency swap contracts included in the foreign currency exchange contracts.

SoftBank Group Corp. Financial Report 202487

As of March 31, 2024

(Millions of yen)

Carrying amount

Aggregation ofredemption scheduleWithin 1 year

¥ 1,100,158¥ 1,100,158¥ 1,100,158

1 year to 2 years

2 years to 3 years

3 years to 4 years

4 years to 5 years

More than 5 years

Non-derivative financial liabilities
Interest-bearing debt
Short-term borrowings����������������������������

¥

–

¥

–

¥

–

¥

–

¥

–

Commercial paper ����������������������������������

363,501

363,501

363,501

–

–

–

–

–

Long-term borrowings ������������������������������

6,486,449

6,520,112

1,791,173

2,972,054

547,454454,121

312,407442,903

Corporate bonds��������������������������������������

7,444,630

7,492,240

825,305

1,120,232

930,590515,298

1,548,815

2,552,000

Financial liabilities relating to sale of sharesby prepaid forward contract ������������������

5,172,511

5,274,124

4,259,358

1,014,766

–

–

–

–

Installment payables��������������������������������

275

275

168

99

8

–

–

–

Lease liabilities��������������������������������������������

794,507794,507

149,801

116,535

96,26680,476

67,232

284,197

Deposits for banking business*1 ������������������

1,657,523

1,657,557

1,643,164

4,652

3,060

1,293

1,054

Third-party interests in SVF��������������������������

4,694,503

4,694,503*2

–

–

–

–

–

Trade and other payables����������������������������

2,710,529

2,710,529

2,699,089

7,659

2,344

1,128

108

201

Other financial liabilities������������������������������

74,450¥30,499,036

74,450¥30,681,956

31,801¥12,863,518

9,363¥5,245,360

7,451¥1,587,173

611¥1,052,927

15,529¥1,945,145

9,695¥7,987,833

¥

¥

¥

¥

¥

¥

¥

¥

Total����������������������������������������������������

4,334
4,694,503*3

Derivative financial liabilities*4
Derivative financial liabilities
Foreign currency exchange contracts*5 ��������
Option contracts��������������������������������������

1,853
132,262

1,854
132,264

1,854

–

–

–

–

–

130,518

–

1,230

516

–

–

Interest rate contracts������������������������������

591

191

99

369

–

(59)

(95)

(123)

Forward contracts������������������������������������

54,68854,68854,688

–

–

–

–

–

Collar contracts using shares��������������������

46,837

46,837

7,807

39,030––––

Other������������������������������������������������������

97

97

97

–

–

–

–

Total����������������������������������������������������

SoftBank Group Corp. Financial Report 2024¥

236,328¥

235,931¥

195,063¥

39,399

¥

1,230

¥

457

¥

(95)

–
¥

(123)

88

(Thousands of U.S. dollars)

Carrying amount

Aggregation ofredemption scheduleWithin 1 year

1 year to 2 years

2 years to 3 years

3 years to 4 years

4 years to 5 years

$

$

$

$

More than 5 years

Non-derivative financial liabilities
Interest-bearing debt
Short-term borrowings����������������������������

7,266,085$ 7,266,085

Commercial paper ����������������������������������

$7,266,085
2,400,773$

2,400,773

2,400,773

–
–

–

–

–

Long-term borrowings ������������������������������

42,840,295

43,062,625

11,829,952

19,629,179

3,615,706

2,999,280

2,063,318

2,925,190

Corporate bonds��������������������������������������

49,168,681

49,483,124

5,450,795

7,398,666

6,146,159

3,403,329

10,229,278

16,854,897

Financial liabilities relating to sale of sharesby prepaid forward contract ������������������

34,162,282

34,833,393

28,131,286

6,702,107

–

–

–

–

Installment payables��������������������������������

1,815

1,815

1,110

653

52

–

–

–
1,877,004

–

–

$

–

–
–

Lease liabilities��������������������������������������������

5,247,388

5,247,388

989,373

769,665

635,797

531,510444,039

Deposits for banking business*1 ������������������

10,947,250

10,947,474

10,852,414

30,725

20,210

8,540

6,961

Third-party interests in SVF��������������������������

31,005,237

31,005,237*2

–

–

–

–

–

Trade and other payables����������������������������

17,901,915

17,901,915

17,826,359

50,584

15,481

7,450

713

1,328

Other financial liabilities������������������������������

491,711$201,433,432

491,711$202,641,540

210,032$84,958,179

61,839$34,643,418

49,211$10,482,616

4,035$ 6,954,144

102,563$12,846,872

64,031$52,756,311

$

$

$

$

$

$

$

$

Total����������������������������������������������������

28,62431,005,237*3

Derivative financial liabilities*4
Derivative financial liabilities
Foreign currency exchange contracts*5 ��������
Option contracts��������������������������������������

12,238873,535

12,245873,548

12,245–862,017

–

–

–

–

–

8,123

3,408

–

–

Interest rate contracts������������������������������

3,903

1,262

654

2,437

–

(390)

(627)

(812)

Forward contracts������������������������������������

361,191

361,191

361,191

–

–

–

–

–

Collar contracts using shares��������������������

309,339309,339

51,562257,777

–

–

–

–

Other������������������������������������������������������

642

642

642

–

–

–

–

1,558,227$ 1,288,311

Total����������������������������������������������������

$1,560,848$$

260,214

$

8,123

$

3,018

$

(627)

–
$

(812)

*1 Deposits for the banking business payable on demand are included in “Within 1 year.”*2 The amount represents the amounts that would have been distributed to Third-Party Investors in accordance with the limited partnership agreement if SVF1, SVF2, and LatAm Funds had been liquidated as of March 31, 2024.
*3 When disposal of investments becomes relatively certain, the portion of third-party interests in SVF1, SVF2, and LatAm Funds which is available for distributions and repayments will be broken down by corresponding maturity dates.
*4 Only if the contractual maturities are essential for understanding the timing of cash flow, derivative financial liabilities are included in the above chart and disclosed.
*5 Aggregation of redemption schedule and the breakdown by maturity are presented on a discounted cash flow basis for currency swap contracts included in the foreign currency exchange contracts.

In addition, the Company has lending commitments and credit guarantees, which are detailed in “(1) Lending commitments” and “(2) Credit guarantees” under “Note 46. Contingency.”
Average interest rates of the interest-bearing debts and lease liabilities are described in “(1) Components of interest-bearing debt” under “Note 22. Interest-bearing debt” and “Note 17. Leases.”

SoftBank Group Corp. Financial Report 2024

89

(3) Categories of financial instruments
Components of financial instruments (excluding cash and cash equivalents) by category are as follows:
As of March 31, 2023
(Millions of yen)

Financial assets
at FVTPL

Financial assets
Current assets
Trade and other receivables���������������������������������������������������������������
Derivative financial assets �����������������������������������������������������������������
Other financial assets �����������������������������������������������������������������������
Non-current assets
Investments from SVF (FVTPL) �����������������������������������������������������������
Investment securities�������������������������������������������������������������������������
Derivative financial assets �����������������������������������������������������������������
Other financial assets �����������������������������������������������������������������������
Total���������������������������������������������������������������������������������������������

¥–235,888
78,892

10,489,722
7,244,298
1,104,114
59,552¥ 19,212,466

Financial liabilities
at FVTPL

Derivatives
designated as hedges¥¥–
13,526–––
66,731–80,257

Derivatives
designated as hedges

Debt financial assets
at FVTOCI

¥

¥

–
–
57,935–219,179––
277,114

Financial liabilities
at amortized cost

Equity financial assets
at FVTOCI

¥

¥

–
–
300
–
175,215–114
175,629

Financial assets at
amortized cost¥¥

Lending commitments
and financial
guarantee contracts

Total

2,594,736–
234,186¥2,594,736
249,414371,313–67,809–2,243,954
5,140,685

10,489,722
7,706,501
1,170,845
2,303,620¥ 24,886,151

Total

Financial liabilities
Current liabilities
Interest-bearing debt �����������������������������������������������������������������������
Lease liabilities ���������������������������������������������������������������������������������
Deposits for banking business�����������������������������������������������������������
Trade and other payables �����������������������������������������������������������������
Derivative financial liabilities�������������������������������������������������������������
Other financial liabilities �������������������������������������������������������������������

¥

–
–
–
–
82,274
18,694

¥

–
–
–
–
338
–

¥

5,129,047
184,105
1,472,260
2,416,872
–
9,116

¥

–
–
–
–
–
152,381¥

5,129,047
184,105
1,472,260
2,416,872
82,612
180,191

Non-current liabilities
Interest-bearing debt �����������������������������������������������������������������������

––14,349,147–

Lease liabilities ���������������������������������������������������������������������������������

––652,892–

652,892

Third-party interests in SVF���������������������������������������������������������������

––4,499,369–

4,499,369

Derivative financial liabilities�������������������������������������������������������������

890,736
5,633
997,337

8,615
–
8,953

–
52,912¥ 28,765,720––
152,381

899,351
58,545¥ 29,924,391

Other financial liabilities �������������������������������������������������������������������
Total���������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024

¥

¥

¥

14,349,14790

As of March 31, 2024
(Millions of yen)

Financial assets
at FVTPL

Financial assets
Current assets
Trade and other receivables���������������������������������������������������������������
Derivative financial assets �����������������������������������������������������������������
Other financial assets �����������������������������������������������������������������������
Assets classified as held for sale*�������������������������������������������������������
Non-current assets
Investments from SVF (FVTPL) �����������������������������������������������������������
Investment securities�������������������������������������������������������������������������
Derivative financial assets �����������������������������������������������������������������
Other financial assets �����������������������������������������������������������������������
Total���������������������������������������������������������������������������������������������

¥–811,867
393,916592

11,014,487
8,321,455
185,40264,322¥ 20,792,041
Financial liabilities
at FVTPL

Derivatives
designated as hedges¥¥–
40,483––––200,126–
240,609

Derivatives
designated as hedges

Debt financial assets
at FVTOCI

¥

¥

–
–
51,953––
253,358––
305,311Equity financial assets
at FVTOCI¥¥

Financial liabilities
at amortized cost

–
–
300
23
–
171,866–
118
172,307

Financial assets at
amortized cost

¥

¥

Total

2,868,767–
331,827
4,735¥

2,868,767
852,350
777,996
5,350–
315,293–2,359,842
5,880,464

11,014,487
9,061,972
385,528
2,424,282¥ 27,390,732

Total

Financial liabilities
Current liabilities
Interest-bearing debt �����������������������������������������������������������������������
Lease liabilities ���������������������������������������������������������������������������������
Deposits for banking business�����������������������������������������������������������
Trade and other payables �����������������������������������������������������������������
Derivative financial liabilities�������������������������������������������������������������
Other financial liabilities �������������������������������������������������������������������
Liabilities directly relating to assets classified as held for sale* �����������

¥

–
–
–
–
194,374
25,021
–

¥

–
–
–
–
716
–
–

¥

8,271,143
149,801
1,643,155
2,710,529
–
6,780
4,987

¥

8,271,143
149,801
1,643,155
2,710,529
195,090
31,801
4,987

Non-current liabilities
Interest-bearing debt �����������������������������������������������������������������������

––12,296,381

Lease liabilities ���������������������������������������������������������������������������������

––644,706

644,706

Third-party interests in SVF���������������������������������������������������������������

––4,694,503

4,694,503

Derivative financial liabilities�������������������������������������������������������������

40,78923,164283,348

449
–
1,165

–
33,853¥ 30,455,838

41,23857,017¥ 30,740,351

Other financial liabilities �������������������������������������������������������������������
Total���������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024¥¥

12,296,381

91

(Thousands of U.S. dollars)

Financial assets
at FVTPL

Financial assets
Current assets
Trade and other receivables���������������������������������������������������������������
Derivative financial assets �����������������������������������������������������������������
Other financial assets �����������������������������������������������������������������������
Assets classified as held for sale*�������������������������������������������������������
Non-current assets
Investments from SVF (FVTPL) �����������������������������������������������������������
Investment securities�������������������������������������������������������������������������
Derivative financial assets �����������������������������������������������������������������
Other financial assets �����������������������������������������������������������������������
Total���������������������������������������������������������������������������������������������

$–5,362,044
2,601,651
3,910

72,746,100
54,959,744
1,224,503
424,820$ 137,322,772
Financial liabilities
at FVTPL

Derivatives
designated as hedges$$–
267,373––––
1,321,749–
1,589,122

Derivatives
designated as hedges

Debt financial assets
at FVTOCI

$

$

–
–
343,129––
1,673,324––
2,016,453

Equity financial assets
at FVTOCI$$

Financial assets at
amortized cost

Total

–
–
1,981
152

$ 18,947,011–
2,191,579
31,273$ 18,947,011
5,629,417
5,138,340
35,335–
1,135,104–
779
1,138,016–
2,082,379–
15,585,774$ 38,838,016

72,746,100
59,850,551
2,546,252
16,011,373$ 180,904,379

Financial liabilities
at amortized cost

Total

–
–
–
–
4,729
–
–

$ 54,627,455
989,373
10,852,355
17,901,915–
44,77932,937$ 54,627,455
989,373
10,852,355
17,901,915
1,288,488
210,032
32,937

–
–
–
2,965
–
7,694

81,212,476
4,258,015
31,005,237–
223,585$ 201,148,127

81,212,476
4,258,015
31,005,237
272,360
376,574$ 203,027,217

Financial liabilities
Current liabilities
Interest-bearing debt �����������������������������������������������������������������������
Lease liabilities ���������������������������������������������������������������������������������
Deposits for banking business�����������������������������������������������������������
Trade and other payables �����������������������������������������������������������������
Derivative financial liabilities�������������������������������������������������������������
Other financial liabilities �������������������������������������������������������������������
Liabilities directly relating to assets classified as held for sale* �����������
Non-current liabilities
Interest-bearing debt �����������������������������������������������������������������������
Lease liabilities ���������������������������������������������������������������������������������
Third-party interests in SVF���������������������������������������������������������������
Derivative financial liabilities�������������������������������������������������������������
Other financial liabilities �������������������������������������������������������������������
Total���������������������������������������������������������������������������������������������

$

$

–
–
–
–
1,283,759
165,253––––
269,395
152,989
1,871,396$$* Financial assets and financial liabilities included in “Assets classified as held for sale” and “Liabilities directly relating to assets classified as held for sale” under consolidated statement of financial position are represented.

The Company generally classifies equity instruments as “Financial assets at FVTPL.” Certain equity instruments are used as business investments to generate business synergies. As a result, for such investments, the Company has made an irrevocable election at initial recognition to recognize changes in fair value in other comprehensive income, not in profit or loss, and classified them as “Equity financial
assets at FVTOCI.”SoftBank Group Corp. Financial Report 2024

92

The Company derecognizes equity financial assets at FVTOCI, by selling or in other way, whenthose assets no longer match the Company’s investment strategies. The table below presents fairvalue on the date of derecognition and accumulated gains or losses related to the disposal ofequity financial assets at FVTOCI that were derecognized during the year.

Major components and fair values of the equity financial assets at FVTOCI are as follows.
As of March 31, 2023
(Millions of yen)

Names

Fair value

Ampere Computing Holdings LLC ����������������������������������������

¥ 48,488

SNOW Corporation��������������������������������������������������������������

21,842

Visional, Inc..������������������������������������������������������������������������

14,218

HOPU-ARM Innovation Fund, L.P.������������������������������������������

7,426

WORKS MOBILE Corporation������������������������������������������������

6,756

Other ����������������������������������������������������������������������������������

76,899Total�������������������������������������������������������������������������������

¥175,629(Millions of yen)

As of March 31, 2024
(Millions of yen)

Names

(Thousands of U.S. dollars)

Fair value

Fair value

Ampere Computing Holdings LLC ������������������������������������������

¥ 59,024$ 389,829

Visional, Inc.������������������������������������������������������������������������

17,581

116,115

SNOW Corporation��������������������������������������������������������������

13,821

91,282

HOPU-ARM Innovation Fund, L.P.������������������������������������������

8,224

54,316

Pragmatic Printing Limited����������������������������������������������������

5,499

36,319Other ����������������������������������������������������������������������������������

68,158450,155

Total�������������������������������������������������������������������������������

¥172,307$1,138,016

SoftBank Group Corp. Financial Report 2024

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Fair value on the date of derecognition����

¥ 7,942¥14,096$93,098

Accumulated gains related to the disposal����

2,675

433

2,860

When equity financial assets at FVTOCI are derecognized or there is a significant or prolonged
decline in fair value below the cost, cumulative gains and losses recognized in other comprehensive
income are directly transferred to retained earnings. For the fiscal year ended March 31, 2024,¥604 million ($3,989 thousand) (For the fiscal year ended March 31, 2023: ¥2,183 million) wastransferred from “Accumulated other comprehensive income” to “Retained earnings.”

29. Fair value of financial instruments(1) Categorization by level within the fair value hierarchy
Financial instruments that are measured at fair value on a recurring basis after initial recognition
are classified into three levels of the fair value hierarchy based on the observability and significanceof inputs used for the measurement.
The fair value hierarchy is defined as follows in descending order of levels:
Level 1: Fair value is measured using quoted prices (unadjusted) in active markets for identicalassets or liabilities.
Level 2: Fair value is measured using inputs other than Level 1 that are observable, either directly
or indirectly.
Level 3: Fair value is measured using unobservable inputs.
If the fair value measurement uses different levels of inputs, the fair value is categorized basedon the lowest level of input that is significant to the entire fair value measurement.
Transfers between levels of the fair value hierarchy are recognized at the point of which theevent or change in circumstances that caused the transfer is observed.
There were no transfers between Level 1 and Level 2 during the fiscal year ended March 31,
2023 and 2024.

93

The table below presents financial instruments measured at fair value on a recurring basis by levelwithin the fair value hierarchy.
As of March 31, 2024

As of March 31, 2023

(Millions of yen)

(Millions of yen)

Level 1

Level 2

Level 3

Level 2

Level 3

Total

22,958¥7,840,631¥11,014,487

Financial assets

Financial assets
Investments from SVF (FVTPL)������������

Level 1

Total

¥ 3,373,503

Equity securities (excluding
investments from SVF (FVTPL))����������

¥6,563,457

Bonds and loans (excluding
investments from SVF (FVTPL))����������

–¥7,116,219

–

4,804

¥10,489,722

Investments from SVF (FVTPL)������������

¥ 3,150,898

7,022,774

Equity securities (excluding
investments from SVF (FVTPL))����������

7,449,399

146

518,535

7,968,080

251,058

Bonds and loans (excluding
investments from SVF (FVTPL))����������

320,100

147,61290,017557,729459,317

162,41183,843¥

Derivative financial assets

Derivative financial assets
Foreign currency exchange
contracts������������������������������������

987

88,752–89,739Foreign currency exchange
contracts������������������������������������

622

245,942–

246,564

Option contracts��������������������������

24

472,901

857,5171,330,442

Option contracts��������������������������

11

415,943

59,876475,830

Interest rate contracts ������������������

–

100

–

100

Interest rate contracts ������������������

–

396

–

396
514,848

Other��������������������������������������������

1

–

1

2

Forward contracts������������������������

–514,848–

Other������������������������������������������������

57,257300

504,072

561,629

Other��������������������������������������������

251

–

–

251

Total������������������������������������������

¥10,000,033¥ 724,464¥9,020,969¥19,745,466

Other������������������������������������������������

111,789

6,491

613,803732,083

Total������������������������������������������

¥11,033,070¥1,354,336¥9,122,862¥21,510,268

¥

¥

¥

¥

Financial liabilities

Financial liabilities

Derivative financial liabilities
Foreign currency exchange
contracts������������������������������������

Derivative financial liabilities¥

Option contracts��������������������������

279
–

¥

10,037¥

107,010––¥

10,316
107,010Foreign currency exchange
contracts������������������������������������

–Interest rate contracts ����������������

–

2,241

–

2,241

Option contracts��������������������������

Forward contracts������������������������

–805,039–805,039

Interest rate contracts ����������������

Collar contracts using shares��������

–57,350–57,350Forward contracts������������������������

Other��������������������������������������������

7

–

–

7

Other������������������������������������������������
Total������������������������������������������

–
¥

286

–
¥ 981,677

24,327¥

24,327

1,554

–

1,853

124,377

7,885

–

591

–

591

–

54,688–54,688Collar contracts using shares��������

–46,837–

46,837

24,327

Other��������������������������������������������

97

–

–

97

¥ 1,006,290

Borrowed securities����������������������������

3,672

–

–

3,672

Other������������������������������������������������

––44,51344,5134,068¥ 228,047

Total������������������������������������������

SoftBank Group Corp. Financial Report 2024

299

¥

¥

52,398132,262¥

284,51394

(Thousands of U.S. dollars)

Level 1

Level 2

Level 3

Total

Investments from SVF (FVTPL)������������

$20,810,369$ 151,628$51,784,103$72,746,100

Equity securities (excluding
investments from SVF (FVTPL))����������

49,200,178

964

3,424,708

52,625,850

Bonds and loans (excluding
investments from SVF (FVTPL))����������

2,114,127

974,916594,525

3,683,568

Foreign currency exchange
contracts������������������������������������

4,108

1,624,345–

1,628,453

Option contracts��������������������������

73

2,747,130

395,456

3,142,659

Interest rate contracts ������������������

–

2,615

–

2,615

Forward contracts������������������������

–3,400,357–

3,400,357

Financial assets

Derivative financial assets

Other��������������������������������������������

1,658

–

–

1,658

Other������������������������������������������������

738,320

42,8704,053,913

4,835,103

Total������������������������������������������

$72,868,833$8,944,825$60,252,705$142,066,363

$

$

$

$

Financial liabilities
Derivative financial liabilities
Foreign currency exchange
contracts������������������������������������

1,975

10,263–

12,238

Option contracts��������������������������

–821,458

52,077

Interest rate contracts������������������

–

3,903

–

3,903

Forward contracts������������������������

–361,191–

361,191

Collar contracts using shares��������

309,339

873,535–

309,339–

Other��������������������������������������������

642

–

–

642

Borrowed securities ������������������������

24,252––

24,252Other������������������������������������������������
Total������������������������������������������

$

–

–

26,869$1,506,154$

293,990

293,990346,067$ 1,879,090

The major valuation techniques for financial instruments measured at fair value on a recurring basis
are as follows:a. Investments from SVF (FVTPL), equity securities, and bonds and loans
Investments from SVF (FVTPL), equity securities, and bonds and loans are measured using
quoted prices in active markets for identical assets or liabilities if such prices are available, andare classified as Level 1.

SoftBank Group Corp. Financial Report 2024

If such prices are unavailable, and if prices of recent arm’s-length transactions or equity
financing are available, they are measured using recent transaction prices adjusting for
performance of the market and company performance.
In the absence of a recent transaction, market approach, income approach, or net asset
approach is applied for the enterprise valuation.
The market approach is used to the extent comparable guidelines for public companies areavailable. The market approach is a valuation method using figures from the financial statements of the subject companies and valuation multiple of comparable companies, such asEnterprise Value (EV)/Revenue and EV/EBITDA. The income approach is used when reliable cash
flow projections are available. Under this approach, the present value is calculated by discounting estimated future cash flows at the discount rate and the future cash flows are estimatedby taking into consideration several assumptions, including the revenue growth rate. The net
asset approach is a valuation method using net assets on balance sheet of subject companies
for calculation of stock value. The enterprise value which is calculated by the above method
is allocated to shareholder’s value of each class of shares depending on the capital structuresof the investments. For the allocation, an option pricing model, which values each individual
security in the capital structure based on its unique rights and preferences, and a method
which allocates value assuming the conversion of preferred shares into common shares due
to a possible initial public offering and such, are mainly used.
The financial instruments are classified as Level 2 if all significant inputs, such as quoted
prices and discount rates used for the measurement are observable, and they are classified as
Level 3 when they are measured using significant unobservable inputs.
b. Derivative financial assets and derivative financial liabilities
The fair value of derivative financial instruments is measured using quoted prices in active
markets if they are available and classified as Level 1.
If quoted prices in active markets are not available, the fair value of derivative financial
instruments is measured using valuation techniques including a discounted cash flows modeland Black-Scholes model, or using quoted prices in inactive markets. The fair value measurement of derivative financial instruments is classified as Level 2 if all significant inputs, such as
foreign currency exchange rates and discount rates used for the measurement, are observable;
and they are classified as Level 3 when they are measured using significant unobservable
inputs.
(2) Fair value measurements of financial instruments that are categorized as Level 3
a. Valuation techniques and inputs
The following table shows information about the valuation techniques used and the significant
unobservable inputs used in the Level 3 fair value measurements.

95

(a) Investments from SVF (FVTPL)For Level 3 fair value measurements of investments from SVF (FVTPL), the Company mainly uses
the market comparable company multiple method, the discounted cash flow method andprice of the recent transactions method. The following table shows the fair value of theinvestments measured by each valuation technique. When a combination of multiple
valuation techniques is applied, aggregated amounts of fair value are presented for eachcombination of valuation techniques.

(b) Financial instruments including “Investment securities”
For Level 3 fair value measurements of financial instruments, the market comparable
company multiple method, the discounted cash flow method, price of the recent transactions method and Monte Carlo method are mainly used. The following table shows
information about the major valuation techniques with the significant unobservable inputs
used in the fair value measurement.
Ranges of unobservable inputs(Millions of yen)(Thousands of U.S. dollars)

Fair value

Valuation techniques

Unobservable inputs

As of March 31, 2023

As of March 31, 2024

x0.8 - x14.5

x0.3 - x11.0

Equity securities
Market comparable companies Revenue multiple ������������������

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Market comparable companies������

¥ 2,293,491¥ 3,746,681$ 24,745,268

Discounted cash flow / Market
comparable companies ����������������

Cost of capital ����������������������

1,686,770

1,821,371

12,029,397

13.2% - 41.7%

9.3% - 53.4%

Capitalization rate*��������������

Discounted cash flow����������������������

2,308,146

1,014,103

6,697,728

5.2% - 10.9%

6.1% - 10.0%

Revenue multiple*����������������

Recent Transactions������������������������

526,638

507,215

3,349,944

x3.0 - x4.0

x3.0 - x4.5

EBITDA multiple*������������������

x12.0 - x20.3

x11.5 - x19.5

Volatility ��������������������������������

22.5%

–

Valuation techniques

Discounted cash flow

Other������������������������������������������������

301,174

751,261

4,961,766

Total���������������������������������������������

¥ 7,116,219¥ 7,840,631$ 51,784,103

Monte Carlo simulation

The valuation techniques and the inputs are as follows.
Ranges of unobservable inputs
Valuation techniques

Discounted cash flow

Market comparable
companies

Unobservable inputs

As of March 31, 2023

As of March 31, 2024

Cost of capital ������������������������

15.3% - 172.1%

12.0% - 154.5%

EBITDA multiple*��������������������

x6.0 - x36.0

x6.0 - x30.0

Revenue multiple*������������������

x0.9 - x15.0

x1.0 - x14.0

Gross profit multiple* ������������

x2.0 - x25.0

x1.6 - x12.0

Price to earnings ratio* ����������

x20.0 - x40.0

x8.1 - x25.0

EBIT multiple *������������������������

x15.0

–

Revenue multiple ��������������������

x0.3 - x16.4

x0.3 - x15.4

EBITDA multiple����������������������

x7.0 - x20.0

x7.0 - x36.5

Gross profit multiple������������������

x2.0 - x15.0

x0.8 - x21.1

Price to earnings ratio����������������

x13.0 - x13.5

x26.5 - x43.4

Price to sales ratio����������������������

x1.0 - x7.0

x0.3- x5.0

* Various multiples of market comparable companies are used for the measurement of the terminal value.

SoftBank Group Corp. Financial Report 2024

Derivative financial assets* Capitalization rate considering the most recent performance, revenue multiple of market comparable companies and
EBITDA multiple of market comparable companies are used for the measurement of the terminal value.

b. Sensitivity Analysis
Of the above unobservable inputs, the EBITDA multiple, the revenue multiple, the gross profit
multiple, the price to earnings ratio, the EBIT multiple, the price to sales ratio and the volatility
have a positive correlation with the fair value of financial assets subject to the valuation.
In contrast, the cost of capital and the capitalization rate have a negative correlation with thefair value of financial assets subject to the valuation.
c. Valuation processes(a) Valuation processes at SVF1, SVF2, and LatAm Funds
The valuations are prepared by the valuation team of SBIA under IFRS 13 “Fair Value
Measurement”, in accordance with the SBIA Global Valuation Policy and International Private
Equity and Venture Capital Valuation Guidelines on a quarterly basis, using the most appropriate
valuation techniques and inputs that reflect the nature, characteristics and risks of the financial
instruments that are subject to fair value measurement. The valuation team of SBIA may engage
external specialists with a high level of knowledge and experience as needed, in determining
the fair value of certain complex financial instruments. The valuations are then reviewed by the96Valuation and Financial Risk Committee (“VFRC”), established as a committee of SBIA and
SBGA. The VFRC reviews the reasonableness of significant inputs and assumptions as well as thevaluation results. In addition, the VFRC considers the appropriateness of the choice of valuation
methodology. The valuations of the portfolio companies performed by the aforementioned
procedures are then reviewed and approved by SBIA’s Board of Directors as manager of SVF1
and SBGA’s Board of Directors as manager of SVF2 and LatAm Funds with overall responsibility
for valuations on a quarterly basis.
(b) Valuation processes at entities other than SVF1, SVF2, and LatAm Funds
Fair value is measured by the Company’s personnel in the finance, treasury and accounting
departments based on internal guidelines on a quarterly basis, using the most appropriate
valuation techniques and inputs that reflect the nature, characteristics and risks of the financial
instruments subject to fair value measurement. For the fair value measurements of the financial
instruments that require both high level of knowledge and experiences where amounts arematerial, the Company may engage external specialists. Thereafter, management responsible forthe valuation processes approves the results of fair value measurements by the Company’s
personnel and the valuation by the external specialists performed at the end of each quarter
after reviewing the analysis of fair value changes and other content.
d. Reconciliation of financial instruments categorized as Level 3
Reconciliation of financial instruments categorized as Level 3 is as follows:

For the fiscal year ended March 31, 2023
(Millions of yen)

Investmentsfrom SVF(FVTPL)

Equity securities(excluding
investments from
SVF (FVTPL))

Bonds and loans(excluding
investments from
SVF (FVTPL))

Derivative
financialassetsOther¥9,969,250¥ 528,635¥ 186,299¥ 633,553¥ 513,562

Net income��������������������

(3,622,977)(108,019)(68,572)

167,984(45,991)

Other comprehensive income����

906,834

30,77914,51655,96528,234

Financial assets

As of April 1, 2022������������
Gains or (losses)

Purchases��������������������������

395,769

34,705

1,580–

62,506

Sales��������������������������������

(119,692)(11,221)(49,718)–(56,378)

Transfers to Level 1 due to listing����

(416,823)(5,986)–––

Other ������������������������������

3,858(9,576)

(262)

16

2,139

As of March 31, 2023��������

¥7,116,219¥ 459,317¥ 83,843¥ 857,518¥ 504,072

Gains or (losses) recognized in net
income on financial instruments
held at March 31, 2023����������

¥(3,610,537)¥ (104,445)¥ (68,811)¥ 169,956¥ (46,303)

Derivative
financialliabilities

Financial liabilities

As of April 1, 2022 ����������

¥29,816

Other¥

98,432(Gains) or losses

SoftBank Group Corp. Financial Report 2024

Net income ������������������

(740)

Other comprehensive income����

5,350

–

Other ������������������������������

(34,426)(33,795)

As of March 31, 2023������

¥–(Gains) or losses recognized in net
income on financial instruments
held at March 31, 2023����������

¥

(750)

(40,310)¥

24,327¥ (40,310)

97

For the fiscal year ended March 31, 2024
(Millions of yen)

Investmentsfrom SVF(FVTPL)

Financial assets

As of April 1, 2023������������

¥7,116,219

Equity securities(excluding
investments from
SVF (FVTPL))¥ 459,317

Bonds and loans(excluding
investments from
SVF (FVTPL))¥ 83,843

Derivative
financialassets¥ 857,518

Other¥ 504,072

Gains or (losses)(Thousands of U.S. dollars)

Investmentsfrom SVF(FVTPL)

Equity securities(excluding
investments from
SVF (FVTPL))

Bonds and loans(excluding
investments from
SVF (FVTPL))

Derivative
financialassetsOther$46,999,663$3,033,598$ 553,748$ 5,663,549$3,329,186

Financial assets

As of April 1, 2023������������
Gains or (losses)

Net income��������������������

(202,198)(13,233)(59,343)

239,971

8,528

Net income��������������������

(1,335,434)(87,398)(391,936)

1,584,909

56,324

Other comprehensive income����

939,599

34,311

9,999

41,93233,391Other comprehensive income����

6,205,660

226,61066,039276,943

220,534

Purchases��������������������������

227,160

149,273

122,443–

65,996

Purchases��������������������������

1,500,297

985,886

808,685–435,876

Sales��������������������������������

(156,062)(70,458)(29,330)–(46,159)

Sales��������������������������������

(1,030,725)(465,346)(193,712)–(304,861)

Lending*1 ������������������������

––210,182––

Lending*1 ������������������������

––1,388,165––

Transfers to Level 1 due to listing����

(84,257)(2,235)–––

Transfers to Level 1 due to listing����

(556,482)(14,761)–––

Acquisition of Level 1 listed shares*2��

–

–

–

(1,098,435)–

Acquisition of Level 1 listed shares*2��

–

–

–

(7,254,706)–

Transfer to Level 2 ������������

–

(11)

–

–

–

Transfer to Level 2 ������������

–

(73)

–

–

–

Conversion to equity securities������

–40,723(40,723)––

Conversion to equity securities������

–268,958(268,958)––

Other*1����������������������������

170(79,152)(207,054)

18,89047,975

Other*1����������������������������

1,124(522,766)(1,367,506)

124,761

316,854

As of March 31, 2024��������

¥7,840,631¥ 518,535¥ 90,017

59,876¥ 613,803

As of March 31, 2024��������

$51,784,103$ 3,424,708$ 594,525$ 395,456$4,053,913¥

Gains or (losses) recognized in net
income on financial instruments
held at March 31, 2024���������� $ (1,751,100)$ (152,612)$ (293,897)$$

Gains or (losses) recognized in net
income on financial instruments
held at March 31, 2024����������

¥ (265,134)

Financial liabilities

As of April 1, 2023 ����������

¥¥ (23,107)

Derivative
financialliabilities

Other

–

¥ 24,327(Gains) or losses¥ (44,499)¥¥

13,098

7,363

Financial liabilities

As of April 1, 2023 ����������

$Derivative
financialliabilities

Other

–

$ 160,670
34,720

7,758

5,257

Net income ������������������

51,238Other comprehensive income����

128–

Other comprehensive income����

845–

Other ������������������������������

(1)

14,929Other ������������������������������

(6)

98,6007,885¥ 44,513

As of March 31, 2024������

$52,077$ 293,990¥(Gains) or losses recognized in net
income on financial instruments
held at March 31, 2024����������

$51,238$(Gains) or losses recognized in net
income on financial instruments
held at March 31, 2024����������

48,630(Gains) or losses

Net income ������������������

As of March 31, 2024������

86,507

¥

¥

7,758

5,257

34,720*1 T he movements of “Bonds and loans (excluding investments from SVF (FVTPL))” primarily relate to loans to WeWork. The
allowance for the financial guarantee contract was allocated to loan receivables and it is included in “Other” movement.
The details are described in “*7” under “Note 41. Other gain (loss).”*2 T he conditions for the contingent consideration related to the acquisition of T-Mobile shares through the merger transaction between Sprint and T-Mobile US, Inc. were met and the Company acquired 48,751,557 shares of T-Mobile for no
additional consideration. The details of the transaction are described in “*4” in “Option contracts to which hedge
accounting is not applied” in “iii. Option contracts” in “(b) Price risk” in “a. Market risk” in “(2) Financial risk management” under “Note 28. Financial instruments.”
SoftBank Group Corp. Financial Report 2024

98

Gains or losses recognized in net income are included in “Gain (loss) on investments at
Investment Business of Holding Companies,” “Loss on investments at SoftBank Vision
Funds,” “Gain (loss) on other investments,” “Derivative gain (excluding gain (loss) on
investments),” and “Other gain (loss)” in the consolidated statement of profit or loss. Gainsor losses recognized in other comprehensive income, net of tax, are included in “Equity
financial assets at FVTOCI,” “Debt financial assets at FVTOCI” and “Exchange differences ontranslating foreign operations” in the consolidated statement of comprehensive income.
(3) Carrying amounts and fair values of financial instruments
The table below presents carrying amounts and fair values of financial instruments.

As of March 31, 2024
(Millions of yen)

Fair value
Carrying
amountLevel 1

Level 2

Level 3

Total–

¥ 1,728,079¥ 2,904,635¥ 4,632,714–

6,527,054–

6,527,054

Interest-bearing debt
(Non-current)Long-term borrowings���¥ 4,698,657

Corporate bonds �����

6,619,839¥(Thousands of U.S. dollars)

As of March 31, 2023

Fair value
Carrying
amount(Millions of yen)

Fair value
Carrying
amountLevel 1

Level 2

Level 3

Total

Interest-bearing debt
(Non-current)Long-term borrowings���¥ 4,164,682

Corporate bonds �����

6,257,455¥–¥ 3,003,771¥ 1,058,013¥ 4,061,784–

5,977,812–

5,977,812

Level 1

Level 2

Level 3

Total–

$11,413,242$19,183,905$ 30,597,147–

43,108,474–

43,108,474

Interest-bearing debt
(Non-current)Long-term borrowings���$31,032,673

Corporate bonds �����

43,721,280$

Financial instruments whose carrying amounts are reasonably similar to fair values are not includedin the table above. Financial instruments that are measured at fair value on a recurring basis arealso excluded because the carrying amounts approximate fair value.

SoftBank Group Corp. Financial Report 2024

99

Financial instruments whose carrying amounts are reasonably similar to fair values are not includedin the table above. Financial instruments that are measured at fair value on a recurring basis arealso excluded because the carrying amounts approximate fair value.
The major valuation techniques for fair value measurements of the above financial liabilities are
as follows:a. Long-term borrowings
Fair values of the non-current portion of long-term borrowings are measured using quoted
prices in active markets if such prices are available, and the measurement is categorized as
Level 1. Where such prices in active markets are not available, fair values of the non-current
portion of long-term borrowings are measured based on the discounted cash flow method
using observable inputs such as market interest rates, and the measurement is categorized as
Level 2. The measurement of non-current portion of long-term borrowings that the fairvalues are measured based on the discounted cash flow method using unobservable inputs
such as an interest rate including the credit spread that would be used for a borrowing withthe same terms and maturity are categorized as Level 3.
b. Corporate bonds (non-current portion)
Fair values of the non-current portion of corporate bonds are mainly categorized as Level 1
or Level 2. When the fair value is measured using quoted prices in active markets for identicalbonds, it is categorized as Level 1. When the fair value is measured using quoted prices thatare observable in markets that are not active for identical bonds, it is categorized as Level 2.

30. Transfers of financial assets
The Company enters into securitization transactions involving trade and installment receivables.
The major securitization transactions involve the securitization of receivables related to installment
receivables recognized from the mobile devices sales business.
For the transactions, the Company transfers receivables to financial institutions and acquires cash anda subordinate interest in the transferred receivables for financing purposes. The receivables sold are notderecognized because the Company retains a subordinate interest in each transaction and substantiallyretains all the risks and rewards of ownership of the transferred assets. Cash received from transferring
the receivables are included in “Interest-bearing debt” under current liabilities and non-current liabilities
as borrowings.
The following table presents the carrying amount of financial assets and related liabilities that aretransferred but do not meet the derecognition criteria, as well as the fair value where related liabilities
have recourse only to the transferred assets:
As of March 31, 2023

(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2024

As of March 31, 2024

Carrying amount of transferred assets �����

¥ 833,976¥ 891,223$ 5,886,157

Carrying amount of related liabilities �������

(802,334)(866,903)(5,725,533)(Fair value of financial assets and financial liabilities where related liabilities have recourse only to thetransferred assets)
Fair value of transferred assets �����������������

¥ 833,976¥ 891,223

Fair value of related liabilities �������������������

(802,022)(866,169)

Net position�������������������������������������������

¥31,954¥25,054$ 5,886,157(5,720,686)$

165,471

The difference between transferred assets and related liabilities is mainly the subordinate interest which
the Company retains on securitization.
In addition, the Company enters into securitization transactions involving a portion of the monthly
lump sum payment receivables included in loans in the card business. However, there are securitization
receivables for which the Company bears a credit risk until collection and is obligated to pay retrospectively if a debtor does not pay. Those securitization receivables are not derecognized because they do
not meet the derecognition criteria. Cash received from transferring the receivables are included in“Interest-bearing debt” under current liabilities as borrowings.
The carrying amount of the receivables transferred by the method not meeting the derecognition
criteria and the related liability as of March 31, 2024 is ¥8,292 million ($54,765 thousand) and¥200,000 million ($1,320,917 thousand), respectively (as of March 31, 2023, ¥6,169 million and¥170,000 million, respectively). The liability is settled without significant delay when a debtor pays forreceivables transferred, but the Company cannot utilize the receivables transferred until the settlementof the liability or payment from the debtor is completed. The discrepancy between receivablestransferred and related liabilities are mainly due to the amount of loan collection in card business.
SoftBank Group Corp. Financial Report 2024100

31. Offsetting financial assets and liabilities
The following table presents the amount of financial assets and liabilities offset in the consolidated statement of financial position, as well as the amount of financial assets and liabilities that are under enforceable
master netting agreements or similar contracts, but are presented gross, because they do not meet certain or all criteria of offsetting.
Rights to offset based on the enforceable master netting agreements or similar contracts are enforceable only in certain events such as bankruptcy or obligation default of the counterparty.
As of March 31, 2023
(Millions of yen)

Financial assets

Trade and other receivables������������������������������������������������������������������������������������������������
Derivative financial assets��������������������������������������������������������������������������������������������������
Total������������������������������������������������������������������������������������������������������������������������������

Gross amount offinancial assets

Gross amount of financial
liabilities offset against
financial assets

Net amount of financial assets
presented in the consolidated
statement of financial position

Amount not offset in the
consolidated statement offinancial position

Net amount¥190,254
82,305¥272,559¥ (97,420)–¥ (97,420)¥ 92,834
82,305¥175,139¥ (21,547)(7,961)¥ (29,508)¥ 71,287
74,344¥145,631

Gross amount offinancial liabilities

Gross amount of financial
assets offset against
financial liabilities

Net amount of financial liabilities
presented in the consolidated
statement of financial position

Amount not offset in the
consolidated statement offinancial position

Net amount¥285,707
8,196
712¥294,615¥ (97,420)––¥ (97,420)¥188,287
8,196
712¥197,195¥ (21,053)(7,979)(476)¥ (29,508)¥167,234217
236¥167,687(Millions of yen)

Financial liabilities

Trade and other payables ��������������������������������������������������������������������������������������������������
Derivative financial liabilities����������������������������������������������������������������������������������������������
Other financial liabilities ����������������������������������������������������������������������������������������������������
Total������������������������������������������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024101

As of March 31, 2024
(Millions of yen)

Financial assets

Trade and other receivables������������������������������������������������������������������������������������������������

Gross amount offinancial assets¥

228,480
243,770
472,250¥ (126,821)–¥ (126,821)

Gross amount offinancial liabilities

Gross amount of financial
assets offset against
financial liabilities

Derivative financial assets��������������������������������������������������������������������������������������������������
Total������������������������������������������������������������������������������������������������������������������������������

Gross amount of financial
liabilities offset against
financial assets¥

Net amount of financial assets
presented in the consolidated
statement of financial position¥

Amount not offset in the
consolidated statement offinancial position

101,659
243,770
345,429¥ (19,952)(1)¥ (19,953)

Net amount of financial liabilities
presented in the consolidated
statement of financial position

Amount not offset in the
consolidated statement offinancial position¥

Net amount¥¥81,707
243,769
325,476(Millions of yen)

Financial liabilities

Trade and other payables ��������������������������������������������������������������������������������������������������

¥Derivative financial liabilities����������������������������������������������������������������������������������������������
Other financial liabilities ����������������������������������������������������������������������������������������������������
Total������������������������������������������������������������������������������������������������������������������������������

¥929,9863
745
930,734¥ (126,821)––¥ (126,821)¥¥

803,1653745
803,913¥ (19,424)
(1)
(528)
¥ (19,953)

Net amount¥¥783,7412
217
783,960(Thousands of U.S. dollars)

Net amount of financial assets
presented in the consolidated
statement of financial position

Financial assets

Gross amount offinancial assets

Gross amount of financial
liabilities offset against
financial assets

Trade and other receivables������������������������������������������������������������������������������������������������

$ 1,509,015$ (837,600)$

671,415$ (131,775)$

Derivative financial assets��������������������������������������������������������������������������������������������������

1,609,999$ 3,119,014–$ (837,600)

1,609,999$ 2,281,414(7)$ (131,782)

1,609,992$ 2,149,632

Gross amount offinancial liabilities

Gross amount of financial
assets offset against
financial liabilities

Net amount of financial liabilities
presented in the consolidated
statement of financial position

Amount not offset in the
consolidated statement offinancial position

Net amount$ 6,142,171
20
4,920$ 6,147,111$ (837,600)––$ (837,600)$ 5,304,571
20
4,920$ 5,309,511$ (128,288)(7)(3,487)$ (131,782)$ 5,176,283
13
1,433$ 5,177,729

Total������������������������������������������������������������������������������������������������������������������������������

Amount not offset in the
consolidated statement offinancial position

Net amount

539,640(Thousands of U.S. dollars)

Financial liabilities

Trade and other payables ��������������������������������������������������������������������������������������������������
Derivative financial liabilities����������������������������������������������������������������������������������������������
Other financial liabilities ����������������������������������������������������������������������������������������������������
Total������������������������������������������������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024102

32. Foreign currency exchange rates
Exchange rates of the major currencies used for translating the financial statements of foreign
operations are as follows:

Impact of exchange differences on translating foreign operations (decrease in equity)(Millions of yen)

(1) Rate at the end of the period(Yen)

U.S. dollars������������������������������������������������������������������������������������

As of March 31, 2023

As of March 31, 2024

¥ 133.53¥ 151.41(2) Average rate for the quarter
For the fiscal year ended March 31, 2023

U.S. dollars���������������������������������������������������

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024¥(143,546)¥(203,979)$ (1,347,196)

As of March 31, 2023

As of March 31, 2024

7,200,000

7,200,000

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

1,722,954–(252,959)
1,469,995

1,469,995––
1,469,995

33. Equity(1) Common stocka. Shares authorized
The number of shares authorized to be issued is as follows:(Thousands of shares)(Yen)

U.S. dollars������������������
Chinese yuan* ������������

Three-month
period ended
June 30, 2022

Three-month
period ended
September 30, 2022

Three-month
period ended
December 31, 2022

Three-month
period ended
March 31, 2023

¥ 129.04
19.60¥ 138.68
20.19¥ 141.16–¥ 133.26–

Ordinary shares��������������������������������������������������������������������

b. Shares issued
Changes in the number of shares issued are as follows:(Thousands of shares)

For the fiscal year ended March 31, 2024
(Yen)

U.S. dollars������������������

Three-month
period ended
June 30, 2023

Three-month
period ended
September 30, 2023

Three-month
period ended
December 31, 2023

Three-month
period ended
March 31, 2024

Balance at the beginning of the year������������������������������������

¥ 138.11¥ 145.44¥ 147.00¥ 147.87

Decrease during the year* ��������������������������������������������������

* For the three-month period ended September 30, 2022, Alibaba ceased to be an equity method associate of the Company, and Chinese
yuan is no longer considered as a major currency used for translating the financial statements of foreign operations. Accordingly,
exchange rates of Chinese yuan are not presented since the three-month period ended December 31, 2022.

(3) Foreign exchange sensitivity analysis for exchange differences on translating foreign operations
The table below presents the effect of a 1% appreciation of the Japanese yen against the U.S. dollars,
which is the main foreign currency of the Company, regarding the translation of assets, liabilities, andinterests in net assets of foreign operations into the presentation currency, assuming that all otherfactors are constant.

SoftBank Group Corp. Financial Report 2024

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Increase during the year������������������������������������������������������
Balance at the end of the year ��������������������������������������������
Notes:
1. S hares issued by the Company are common stock with no par value.
2. Shares issued have been fully paid.

* For the fiscal year ended March 31, 2023, the decrease was made under the resolutions passed at the Board of Directors meeting
held on January 27, 2023. The Company retired its treasury stock of 252,959 thousand shares in total on March 30, 2023.

103

(2) Capital surplus
Capital surplus of the Company includes additional paid-in capital of SoftBank Group Corp., which is legal
capital surplus. Under the Companies Act of Japan (the “Companies Act”), at least 50% of the proceeds
upon issuance of equity instruments shall be credited to common stock. The remainder of the proceeds
shall be credited to additional paid-in capital. The Companies Act permits, upon approval at the general
meeting of shareholders, the transfer of amounts from additional paid-in capital to common stock.
For the fiscal year ended March 31, 2024
With the initial public offering of Arm shares on September 14, 2023, the Company sold a portion of
Arm shares (10.0% of the total number of outstanding shares) held by a wholly-owned subsidiary.
Therefore, the Company’s shareholding ratio in Arm was reduced to 90.0%.
As a result of the transaction, the amount of ¥674,370 million ($4,453,933 thousand) equivalent to
the gain on sale of Arm shares on a consolidation basis is recorded as “Changes in interests in
subsidiaries” under “Capital surplus.”(3) Other equity instruments
On July 19, 2017, SoftBank Group Corp. issued $2.75 billion of USD-denominated Undated
Subordinated Non-Call 6 years Resettable Notes and $1.75 billion of USD-denominated Undated
Subordinated Non-Call 10 years Resettable Notes (collectively, the “Hybrid Notes”).
The Hybrid Notes are classified as equity instruments in accordance with IFRSs because SoftBank
Group Corp. has the option to defer interest payments, the notes have no maturity date, and SoftBank
Group Corp. has an unconditional right to avoid delivering cash or another financial asset, except forthe distribution of residual assets on liquidation.
On October 12, 2022, SoftBank Group Corp. purchased a portion of the above USD-denominatedUndated Subordinated Non-Call 6 years Resettable Notes (face value of $0.75 billion) and retired themon the same date. Subsequently, on July 19, 2023, the first optional redemption date, the remaining
amount (face value of $2.0 billion) was fully redeemed. The amounts of ¥740 million ($4,887 thousand)and ¥56,164 million ($370,940 thousand) reduced from “Capital surplus” and “Retained earnings,”
respectively, as “Redemption and cancellation of other equity instruments” in the consolidated
statement of changes in equity for the fiscal year ended March 31, 2024 (for the fiscal year ended
March 31, 2023: ¥21,776 million reduced from “Retained earnings”), represents the difference
between the issue amount and the purchase amount, including foreign exchange effects.

¥15,440 million on July 19, 2022 and January 19, 2023 as payments of interest, and ¥1,517 million on
October 12, 2022 as payment of accrued interest on the purchased notes), respectively, as “Distribution
to owners of other equity instruments” in the consolidated statement of changes in equity.
In addition, accrued interest, which is not recognized as a distribution to owners of other equity
instruments because the payment has not yet been determined, is ¥3,643 million ($24,060 thousand)as of March 31, 2024 (¥6,418 million as of March 31, 2023).
(4) Retained earnings
Retained earnings of the Company include the reserve of SoftBank Group Corp. legally required as legal
retained earnings. The Companies Act provides that 10% of the dividend from retained earnings shallbe appropriated as legal capital surplus or as legal retained earnings until their aggregate amountequals 25% of common stock. The legal retained earnings may be used to eliminate or reduce a deficit
or be transferred to retained earnings upon approval at the general meeting of shareholders.
(5) Treasury stock
The Companies Act provides for companies to purchase treasury stock and dispose of such treasury
stock by resolution of the Board of Directors. The amount of treasury stock purchased cannot exceed
the amount available for distribution to the shareholders which is determined by a specific formula.
Changes in treasury stock are as follows:(Thousands of shares)

Balance at the beginning of the year����������������������������������������������
Increase during the year*1��������������������������������������������������������������
Decrease during the year*2������������������������������������������������������������
Balance at the end of the year ������������������������������������������������������

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

76,164
185,702(254,918)
6,948

6,948
1
(2,879)4,070*1 F or the fiscal year ended March 31, 2023, due to purchases of treasury stock under the resolutions passed at the Board of Directors
meeting held on November 8, 2021 and August 8, 2022, the number of treasury stock increased by 185,701 thousand shares (amountpurchased ¥1,055,426 million).
*2 F or the fiscal year ended March 31, 2023, the decrease was made mainly under the resolution passed at the Board of Directors
meeting held on January 27, 2023. The Company retired its treasury stock of 252,959 thousand shares in total on March 30, 2023. As
a result of the transaction, both retained earnings and treasury stock decreased by ¥1,412,374 million.

Payments of interest were completed on the interest payment dates, July 19, 2023 and January 19,
2024, and “Retained earnings” decreased by ¥16,708 million ($110,349 thousand) and ¥8,916 million($58,886 thousand) (for the fiscal year ended March 31, 2023: decreased by ¥19,723 million and

SoftBank Group Corp. Financial Report 2024

104

(6) Accumulated other comprehensive income
The changes in the accumulated other comprehensive income are as follows.
(Millions of yen)

Remeasurements ofdefined benefit plan

As of April 1, 2022����������������������������������������������������������������������������������������������������

¥–Equity financial assets
at FVTOCI¥

46,338Debt financial assets
at FVTOCI¥

298

Cash flow hedges

¥

1,696

Exchange differenceson translating foreign
operations¥

2,447,826

Other comprehensive income(attributable to owners of the parent)��������������������������������������������������������������������

450

(954)

(156)

(73,294)

1,337,214

Transfer to retained earnings����������������������������������������������������������������������������������

(450)(2,183)–––As of March 31, 2023������������������������������������������������������������������������������������������������

¥

–

¥

43,201¥

142¥(71,598)¥

3,785,040

Other comprehensive income(attributable to owners of the parent)��������������������������������������������������������������������

(9)

3,828

782

23,5682,009,461

Transfer to retained earnings����������������������������������������������������������������������������������

9

(604)

–

–

–

As of March 31, 2024������������������������������������������������������������������������������������������������

¥

–

¥

46,425¥924¥(48,030)¥

5,794,501

Total

¥

2,496,158
1,263,260(2,633)¥3,756,785
2,037,630(595)¥

5,793,820(Thousands of U.S. dollars)Remeasurements ofdefined benefit plan

Cash flow hedges938$ (472,875)$ 24,998,613$ 24,812,001

25,282

5,165

155,657

13,271,653

13,457,698(3,989)–––(3,930)$ 306,618$ 6,103$ (317,218)$ 38,270,266$ 38,265,769

Equity financial assets
at FVTOCI–$ 285,325

Other comprehensive income(attributable to owners of the parent)��������������������������������������������������������������������

(59)

Transfer to retained earnings����������������������������������������������������������������������������������

59–

As of March 31, 2023������������������������������������������������������������������������������������������������

As of March 31, 2024������������������������������������������������������������������������������������������������

$Exchange differenceson translating foreign
operations$

Debt financial assets
at FVTOCI

$

Total

The above amount is presented net of the tax effect. The amount of income taxes on each item in other comprehensive income is described in “Note 42. Other comprehensive income.”(7) Non-controlling interests
SoftBank Corp. issued ¥120,000 million ($792,550 thousand) of the Series 1 Bond-Type Class Shares (“Bond-Type Class Shares”) on November 1, 2023. Although dividends whose record date falls in fiscal year ending
on or before March 31, 2029, are fixed dividends (floating dividends thereafter) and any unpaid dividends shall be carried over to subsequent fiscal years, the Bond-Type Class Shares are classified as equity instruments
because SoftBank Corp. has the option to defer dividend payments, has no obligation to repurchase the Bond-Type Class Shares, and has unconditional right to avoid delivering cash or another financial asset, except
for the distribution of residual assets on liquidation.
The holders of the Bond-Type Class Shares only have the right to claim the distribution of residual assets up to the amount paid and the amount of accumulated unpaid dividends. The Company’s interests in
SoftBank Corp. does not change at the time of issuance, and therefore, for the fiscal year ended March 31, 2024, ¥120,000 million ($792,550 thousand) of the amount paid is recorded as “Issuance of other equity
instruments in subsidiaries” under “Non-controlling interests” in the consolidated statement of changes in equity.

SoftBank Group Corp. Financial Report 2024

105

34. Dividends
In accordance with the Companies Act, SoftBank Group Corp. has prescribed in its articles of incorporation that semiannual interim dividends may be paid once a year upon resolution by the Board of Directors.
Dividends paid are as follows:
For the fiscal year ended March 31, 2023
Dividends per share

Total dividends

Resolution

Class of shares(Yen)

Shareholders’ meeting held on June 24, 2022�����������������������

Common stock¥ 22(Millions of yen)

¥ 36,229

Board of directors’ meeting held on October 28, 2022���������

Common stock

22

34,098Resolution

Class of shares(Yen)

Shareholders’ meeting held on June 21, 2023�����������������������

Common stocks

Board of Directors’ meeting held on October 27, 2023���������

Common stocks

Record date

Effective date

March 31, 2022

June 27, 2022

September 30, 2022

December 9, 2022

Record date

Effective date

March 31,2023

June 22,2023

September 30, 2023

December 8, 2023

Record date

Effective date

March 31,2024

June 24,2024

For the fiscal year ended March 31, 2024
Dividends per share

Total dividends(U.S. dollars)(Millions of yen)(Thousands of U.S. dollars)¥ 22$ 0.15¥ 32,187$ 212,582

22

0.15

32,246

212,971

Dividends which will become effective during the fiscal year ending March 31, 2025 are as follows:
Dividends per share
Resolution

Class of shares

Shareholders’ meeting held on June 21, 2024�����������������������

Common stocks

SoftBank Group Corp. Financial Report 2024

(Yen)

¥ 22

Total dividends(U.S. dollars)(Millions of yen)

$ 0.15¥ 32,250(Thousands of U.S. dollars)$ 212,998

106

35. Share-based payment transactions
The Company grants stock options, restricted stock unit plans, restricted stock compensation plans andothers as share-based payment awards.
Share-based payment awards are granted to the Company’s directors and employees based on theterms resolved at the Company’s shareholders’ meeting or Board of Directors’ meeting.
Share-based payment awards are accounted for as equity-settled share-based payments or cash-settled share-based payments. Expense and liability amounts recognized from share-based payment
awards are as follows:
Expenses arising from share-based payments(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Equity-settled�����������������������������������������������

¥ 43,886¥ 121,647$ 803,428

Cash-settled�������������������������������������������������

30,983

15,551

102,708

Total���������������������������������������������������������

¥ 74,869¥ 137,198$ 906,136

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Liability arising from share-based payment ���¥ 42,931¥ 18,779$ 124,027

Liability vested in the above �������������������������

28,007

3,619

23,902

Liability arising from share-based payments(Millions of yen)(Thousands of U.S. dollars)(1) Stock option plana. Details of the stock option plan
The Company grants stock options as equity-settled share-based payments. The details of theCompany’s stock option plan for the years ended March 31, 2023 and 2024 are as follows:(a) S oftBank Group Corp.
SoftBank Group Corp. grants stock options to its directors and employees. Shares granted by
the exercise of stock options are those issued by SoftBank Group Corp.
The Company conducted a share split at a ratio of two-for-one effective June 28, 2019. The
amounts of “Stock options” for each fiscal year are recorded after adjustments of the share
split.

Year issued / Name

Grant dateDue date for exercise

2016 July Stock Acquisition Rights*1
2017 February Stock Acquisition Rights*1
2017 July Stock Acquisition Rights*1
2018 August Stock Acquisition Rights*2
2019 July Stock Acquisition Rights*32019 November Stock Acquisition Rights*42020 August Stock Acquisition Rights*42021 August Stock Acquisition Rights*42022 August Stock Acquisition Rights*42023 August Stock Acquisition Rights*4

July 28, 2016
February 27, 2017
July 28, 2017
August 31, 2018
August 13, 2019
December 23, 2019
August 28, 2020
August 27, 2021
August 29, 2022
August 29, 2023

July 31, 2022
February 28, 2023
July 31, 2023
August 31, 2025
August 31, 2025
December 31, 2026
August 31, 2027
August 31, 2028
August 31, 2029
August 31, 2030

*1 V esting condition
Stock options vest when the service period requirements are met, and the vesting period is approximately 2 years.
Vesting requires continuous service from the grant date to the vesting date. When an eligible person retires, vested acquisitionrights are forfeited.
*2 V esting condition
Stock options vest when the service period requirements are met, and the vesting period is 3 years.
The amount of the stock acquisition rights exercisable by an entitled person is limited as prescribed in “i” through “iv” below
when the number of shares granted by the stock acquisition rights initially allotted is over 400. Fractional points, if any, of theexercisable stock acquisition rights are rounded down.
i.	from September 1, 2021 through August 31, 2022: 25% of the allocated amount of stock acquisition rights
ii.	from September 1, 2022 through August 31, 2023: 50% of the allocated amount of stock acquisition rights along with thestock acquisition rights exercised in the period “i” aboveiii.	from September 1, 2023 through August 31, 2024: 75% of the allocated amount of stock acquisition rights along with thestock acquisition rights exercised in the period “i” and “ii” aboveiv.	from September 1, 2024 through August 31, 2025: 100% of the allocated amount of stock acquisition rights along withthe stock acquisition rights exercised in the period “i” through “iii” above
Vesting requires continuous service from the grant date to the vesting date. When an eligible person retires, vested acquisitionrights are forfeited.
*3 Vesting condition
Stock options vest when the service period requirements are met, and the vesting period is approximately 2 years.
The amount of the stock acquisition rights exercisable by an entitled person is limited as prescribed in “i” through “iv” below
when the number of shares granted by the stock acquisition rights initially allotted is over 800. Fractional points, if any, of theexercisable stock acquisition rights are rounded down.
i.	from September 1, 2021 through August 31, 2022: 25% of the allocated amount of stock acquisition rights
ii.	from September 1, 2022 through August 31, 2023: 50% of the allocated amount of stock acquisition rights along with thestock acquisition rights exercised in the period “i” aboveiii.	from September 1, 2023 through August 31, 2024: 75% of the allocated amount of stock acquisition rights along with thestock acquisition rights exercised in the period “i” and “ii” aboveiv.	from September 1, 2024 through August 31, 2025: 100% of the allocated amount of stock acquisition rights along withthe stock acquisition rights exercised in the period “i” through “iii” above
Vesting requires continuous service from the grant date to the vesting date. When an eligible person retires, vested acquisitionrights are forfeited.
*4 Vesting condition
Stock options vest when the service period requirements are met, and the vesting period is approximately 3 years.
Vesting requires continuous service from the grant date to the vesting date. When an eligible person retires, vested acquisitionrights are forfeited.

SoftBank Group Corp. Financial Report 2024

107

(b) SoftBank Corp.
SoftBank Corp. grants stock options to directors and employees of SoftBank Corp. or its
subsidiaries. Shares granted by the exercise of stock options are those issued by SoftBank Corp.
Year issued / Name

Grant dateDue date for exercise

2018 March Stock Acquisition Rights*1

March 30, 2018

March 31, 2025

2020 July Stock Acquisition Rights*2

July 31, 2020

July 31, 2027

2021 January Stock Acquisition Rights*3

January 22, 2021

March 31, 2028

2021 July Stock Acquisition Rights Item (i)*4

July 20, 2021

March 31, 2028

2021 July Stock Acquisition Rights Item (ii)*5

July 20, 2021

July 31, 2028

2022 July Stock Acquisition Rights*6

July 20, 2022

July 31, 2029

2023 July Stock Acquisition Rights*

July 20, 2023

July 31, 2030

7

*1 Vesting condition
In case the common stock of SoftBank Corp. is newly listed by March 31, 2020 on the financial instruments market
established by the financial instruments exchange, an entitled person is able to exercise these rights.
Also, the number of these rights which an entitled person is able to exercise is as follows:i. Where the total number of shares granted by the stock acquisition rights initially allotted is from 3,000 to less than 12,000
shares, the number of the stock acquisition rights which an entitled person is able to exercise is limited to the following
number during the following period.
a. up to 30% of the total allotted rights are exercisable from April 1, 2020 to March 31, 2021.
b. up to 60% of the total allotted rights including the rights exercised during the period of “a” are exercisable from April
1, 2021 to March 31, 2022.
c. up to 100% of the total allotted rights including the rights exercised during the period of “a” and “b” are exercisablefrom April 1, 2022 to March 31, 2025.
ii. Where the total number of shares granted by the stock acquisition rights initially allotted is 12,000 or more shares, thenumber of the stock acquisition rights which an entitled person is able to exercise is limited to the following number
during the following period.
a. up to 20% of the total allotted rights are exercisable from April 1, 2020 to March 31, 2021.
b. up to 40% of the total allotted rights including the rights exercised during the period of “a” are exercisable from April
1, 2021 to March 31, 2022.
c. up to 60% of the total allotted rights including the rights exercised during the period of “a” and “b” are exercisablefrom April 1, 2022 to March 31, 2023.
d. up to 80% of the total allotted rights including the rights exercised during the period of “a”, “b”, and “c” areexercisable from April 1, 2023 to March 31, 2024.
e. up to 100% of the total allotted rights including the rights exercised during the period of “a”, “b”, “c”, and “d” areexercisable from April 1, 2024 to March 31, 2025.
When an eligible person (director, employee or executive officer of SoftBank Corp. or its subsidiaries) retires, the unexercised
acquisition rights are forfeited. However, this shall not apply in the case of a good cause, such as resignation due to expirationof the term or mandatory retirement.
*2 Vesting condition
Stock options vest when the service period requirements are met, and the vesting period is approximately 2 years.
When an eligible person (director, employee or executive officer of SoftBank Corp. or its subsidiaries) retires, the unexercised
acquisition rights are forfeited. However, this shall not apply in the case of a good cause, such as resignation due to expirationof the term or mandatory retirement.
*3 Vesting condition
The number of these rights which an entitled person is able to exercise is as follows:

SoftBank Group Corp. Financial Report 2024

i. where the total number of shares granted by the stock acquisition rights initially allotted is from 3,000 to less than 12,000
shares, the number of the stock acquisition rights which an entitled person is able to exercise is limited to the following
number during the following period.
a. up to 30% of the total allotted rights are exercisable from April 1, 2023 to March 31, 2024.
b. up to 60% of the total allotted rights including the rights exercised during the period of “a” are exercisable from April
1, 2024 to March 31, 2025.
c. up to 100% of the total allotted rights including the rights exercised during the period of “a” and “b” are exercisablefrom April 1, 2025 to March 31, 2028.
ii. where the total number of shares granted by the stock acquisition rights initially allotted is 12,000 or more shares, thenumber of the stock acquisition rights which an entitled person is able to exercise is limited to the following number
during the following period. Fractional points, if any, of the exercisable stock acquisition rights are rounded down.
a. up to 20% of the total allotted rights are exercisable from April 1, 2023 to March 31, 2024.
b. up to 40% of the total allotted rights including the rights exercised during the period of “a” are exercisable from April
1, 2024 to March 31, 2025.
c. up to 60% of the total allotted rights including the rights exercised during the period of “a” and “b” are exercisablefrom April 1, 2025 to March 31, 2026.
d. up to 80% of the total allotted rights including the rights exercised during the period of “a”, “b”, and “c” areexercisable from April 1, 2026 to March 31, 2027.
e. up to 100% of the total allotted rights including the rights exercised during the period of “a”, “b”, “c”, and “d” areexercisable from April 1, 2027 to March 31, 2028.
When an eligible person (director, employee or executive officer of SoftBank Corp. or its subsidiaries) retires, the unexercised
acquisition rights are forfeited. However, this shall not apply in the case of a good cause, such as resignation due to expirationof the term or mandatory retirement.
*4 Vesting condition
The number of these rights which an entitled person is able to exercise during the following periods “i” through “v” is asfollows:
i. up to 20% of the total allotted rights are exercisable from April 1, 2023 to March 31, 2024.
ii.	up to 40% of the total allotted rights including the rights exercised during the period of “i” are exercisable from April 1,
2024 to March 31, 2025.
iii.	up to 60% of the total allotted rights including the rights exercised during the period of “i” and “ii” are exercisable from
April 1, 2025 to March 31, 2026.
iv.	up to 80% of the total allotted rights including the rights exercised during the period of “i”, “ii”, and “iii” are exercisablefrom April 1, 2026 to March 31, 2027.
v.	up to 100% of the total allotted rights including the rights exercised during the period of “i”, “ii”, “iii”, and “iv” areexercisable from April 1, 2027 to March 31, 2028.
When an eligible person (director, employee or executive officer of SoftBank Corp. or its subsidiaries) retires, the unexercised
acquisition rights are forfeited. However, this shall not apply in the case of a good cause, such as resignation due to expirationof the term or mandatory retirement.
*5 Vesting condition
Stock options vest when the service period requirements are met, and the vesting period is approximately 2 years through July
31, 2023.
When an eligible person (director, employee or executive officer of SoftBank Corp. or its subsidiaries) retires, the unexercised
acquisition rights are forfeited. However, this shall not apply in the case of a good cause, such as resignation due to expirationof the term or mandatory retirement.
*6 Vesting condition
Stock options vest when the service period requirements are met, and the vesting period is approximately 2 years through July
31, 2024.
When an eligible person (director, employee or executive officer of SoftBank Corp. or its subsidiaries) retires, the unexercised
acquisition rights are forfeited. However, this shall not apply in the case of a good cause, such as resignation due to expirationof the term or mandatory retirement.

108

*7 Vesting condition
Stock options vest when the service period requirements are met, and the vesting period is approximately 2 years through July
31, 2025.
When an eligible person (director, employee or executive officer of SoftBank Corp. or its subsidiaries) retires, the unexercised
acquisition rights are forfeited. However, this shall not apply in the case of a good cause, such as resignation due to expirationof the term or mandatory retirement.

(c) LY Corporation
LY Corporation grants stock options to directors and employees of LY Corporation and its
group companies. Shares granted by the exercise of stock options are those issued by LY
Corporation.
Year issued / Name

Grant dateDue date for exercise

2012 1st*1
2020 LINE 22nd*2,3

May 16, 2012

May 2, 2022
From July 29, 2022
through July 8, 2029
From July 29, 2022
through July 8, 2029
From July 29, 2022
through July 8, 2029
From November 5, 2023
through November 5, 2030
From November 5, 2023
through November 5, 2030
From November 11, 2024
through October 24, 2031
From August 19, 2025
through August 3, 2032

2020 LINE 24th*2,42020 LINE 25th*2,42020 LINE 26th*2,52020 LINE 28th*6
2021 LINE 29th*7
2022 Z Holdings 1st*8

March 1, 2021
March 1, 2021
March 1, 2021
March 1, 2021
March 30, 2021
November 10, 2021
August 18, 2022

*1 Vesting condition
Share options mainly vest in stages beginning after two years from the grant date.
One-half of the total granted shares vests after two years from the grant date, and one-fourth vests per year for thesubsequent two years.
Vesting requires continuous service from the grant date to the vesting date. When the holder of vested share options
retires, those vested share options are forfeited.
*2 Stock acquisition rights to be provided for LY Corporation’s participants
Based on the capital alliance contract stipulated under the LY Corporation group’s governance control after businessintegration entered into on December 23, 2019, LY Corporation granted alternative stock options to directors andemployees of LY Corporation and its group companies substituted for the stock options which A Holdings Corporation(formerly LINE Corporation) was granting to directors and employees of A Holdings Corporation and its groupcompanies.
*3 Vesting condition
An entitled person must hold the position of director of LY Corporation or its affiliated companies at the time of
exercising the rights. However, this shall not apply in cases where the person retires from office due to expiration of theterm of office, or the Board of Directors of LY Corporation deems that there is a justifiable reason. If stock price of LY
Corporation’s common stock meets the following “i” to “iii”, the number of shares of stock acquisition rights specified
in “i”, “ii”, and “iii” is exercisable.
i.	At any of July 29, 2022 through July 29, 2025, including 10 days before the last business day (excluding the day of
unclosing transaction of LY Corporation’s common stock. Same as the following “i” to “iii”), if the average ofclosing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds ¥640

SoftBank Group Corp. Financial Report 2024(“Basic Stock Price”); up to 20% of the total allotted rights is exercisableii.	At any of July 29, 2023 through July 29, 2026, including 10 days before the last business day, if the average ofclosing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds Basic
Stock Price; up to 30% of the total allotted rights is exercisableiii.	At any of July 29, 2024 through July 29, 2027, including 10 days before the last business day, if the average ofclosing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds Basic
Stock Price; up to 50% of the total allotted rights is exercisable
Regardless of the exercise period (from July 29, 2022 to July 8, 2029. If the last day of the exercise period conflicts witha holiday of LY Corporation, its last business day shall be the last day of the exercise period), the holder of stockacquisition rights is able to exercise the stock acquisition rights during the period specified in “a”, “b” and “c”(including the first day and the last day), to the extent the number specified in “a”, “b” and “c”, deducting the numberof stock acquisition rights already exercised. In this case, if a fraction of less than one unit arises from the number of
exercisable stock acquisition rights calculated based on such ratio, only the number of stock acquisition rights rounded
down to the nearest whole number can be exercised.
a. up to 20% of the total allotted rights, exercisable from July 29, 2022 to July 8, 2029
b. up to 50% of the total allotted rights, exercisable from July 29, 2023 to July 8, 2029
c. up to 100% of the total allotted rights, exercisable from July 29, 2024 to July 8, 2029
*4 Vesting condition
An entitled person must hold the position of director, auditor, executive officer, corporate officer or be an employee of
LY Corporation or its affiliated companies at the time of exercising the rights. However, this shall not apply in cases
where the person retires from office due to expiration of the term of office, or the Board of Directors of LY Corporation
deems that there is a justifiable reason. Regardless of the exercise period (from July 29, 2022 to July 8, 2029. If the last
day of the exercise period conflicts with a holiday of LY Corporation, its last business day shall be the last day of theexercise period), the holder of stock acquisition rights is able to exercise the stock acquisition rights during the period
specified in “i”, “ii” and “iii” (including the first day and the last day), to the extent the number specified in “i”, “ii”
and “iii”, deducting the number of stock acquisition rights already exercised. In this case, if a fraction of less than one
unit arises from the number of exercisable stock acquisition rights calculated based on such ratio, only the number ofstock acquisition rights rounded down to the nearest whole number can be exercised.
i.	up to 20% of the total allotted rights, exercisable from July 29, 2022 to July 8, 2029
ii.	up to 50% of the total allotted rights, exercisable from July 29, 2023 to July 8, 2029
iii.	up to 100% of the total allotted rights, exercisable from July 29, 2024 to July 8, 2029
*5 V esting condition
An entitled person must hold the position of director of LY Corporation or its affiliated companies at the time of
exercising the rights. However, this shall not apply in cases where the person retires from office due to expiration of theterm of office, or the Board of Directors of LY Corporation deems that there is a justifiable reason. If stock price of LY
Corporation’s common stock meets the following “i” to “iii”, the number of shares of stock acquisition rights specified
in “i”, “ii”, and “iii” is exercisable.
i.	At any of November 5, 2023 through November 5, 2026, including 10 days before the last business day (excluding
the day of unclosing transaction of LY Corporation’s common stock. Same as the following “i” to “iii”), if theaverage of closing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds¥640 (“Basic Stock Price”); up to 20% of the total allotted rights is exercisableii.	At any of November 5, 2024 through November 5, 2027, including 10 days before the last business day, if theaverage of closing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds
Basic Stock Price; up to 30% of the total allotted rights is exercisableiii.	At any of November 5, 2025 through November 5, 2028, including 10 days before the last business day, if theaverage of closing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds
Basic Stock Price; up to 50% of the total allotted rights is exercisable
Regardless of the exercise period (from November 5, 2023 to November 5, 2030. If the last day of the exercise period
conflicts with a holiday of LY Corporation, its last business day shall be the last day of the exercise period), the holder ofstock acquisition rights is able to exercise the stock acquisition rights during the period specified in “a”, “b” and “c”(including the first day and the last day), to the extent the number specified in “a”, “b” and “c”, deducting the numberof stock acquisition rights already exercised. In this case, if a fraction of less than one unit arises from the number of109exercisable stock acquisition rights calculated based on such ratio, only the number of stock acquisition rights rounded
down to the nearest whole number can be exercised.
a. up to 20% of the total allotted rights, exercisable from November 5, 2023 to November 5, 2030
b. up to 50% of the total allotted rights, exercisable from November 5, 2024 to November 5, 2030
c. up to 100% of the total allotted rights, exercisable from November 5, 2025 to November 5, 2030

b. Fair value of stock options granted during the period
Weighted-average fair value and fair value measurement at the measurement date of the stock
options granted during the period are as follows:*6 Vesting condition
An entitled person must hold the position of director, auditor, executive officer, corporate officer or be an employee of
LY Corporation or its affiliated companies at the time of exercising the rights. However, this shall not apply in cases
where the person retires from office due to expiration of the term of office, or the Board of Directors of LY Corporation
deems that there is a justifiable reason. Regardless of the exercise period (from November 5, 2023 to November 5,2030. If the last day of the exercise period conflicts with a holiday of LY Corporation, its last business day shall be thelast day of the exercise period), the holder of stock acquisition rights is able to exercise the stock acquisition rights
during the period specified in “i”, “ii” and “iii” (including the first day and the last day), to the extent the number
specified in “i”, “ii” and “iii”, deducting the number of stock acquisition rights already exercised. In this case, if afraction of less than one unit arises from the number of exercisable stock acquisition rights calculated based on suchratio, only the number of stock acquisition rights rounded down to the nearest whole number can be exercised.
i.	up to 20% of the total allotted rights, exercisable from November 5, 2023 to November 5, 2030
ii.	up to 50% of the total allotted rights, exercisable from November 5, 2024 to November 5, 2030
iii.	up to 100% of the total allotted rights, exercisable from November 5, 2025 to November 5, 2030(a) SoftBank Group Corp.
For the fiscal year ended March 31, 2024, the weighted-average fair value at the measurement date of the stock options granted during the period is ¥6,472 ($42.74) (for the fiscal
year ended March 31, 2023: ¥5,365).

*7 Vesting condition
An entitled person must hold the position of director, auditor, executive officer, corporate officer or be an employee of
LY Corporation or its affiliated companies at the time of exercising the rights. However, this shall not apply in cases
where the person retires from office due to expiration of the term of office, or the Board of Directors of LY Corporation
deems that there is a justifiable reason. If stock price of LY Corporation’s common stock meets the following “i” to “iii”,
the number of shares of stock acquisition rights specified in “i”, “ii”, and “iii” is exercisable.
i.	At any of November 11, 2024 through November 11, 2027, including 10 days before the last business day (excluding
the day of unclosing transaction of LY Corporation’s common stock. Same as the following “i” to “iii”), if theaverage of closing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds¥640 (“Basic Stock Price”); up to 20% of the total allotted rights is exercisableii.	At any of November 11, 2025 through November 11, 2028, including 10 days before the last business day, if theaverage of closing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds
Basic Stock Price; up to 30% of the total allotted rights is exercisableiii.	At any of November 11, 2026 through November 11, 2029, including 10 days before the last business day, if theaverage of closing price of LY Corporation’s common stock ordinary transaction on the Tokyo Stock Exchange exceeds
Basic Stock Price; up to 50% of the total allotted rights is exercisable
Regardless of the exercise period (from November 11, 2024 to October 24, 2031. If the last day of the exercise period
conflicts with a holiday of LY Corporation, its last business day shall be the last day of the exercise period), the holder ofstock acquisition rights is able to exercise the stock acquisition rights during the period specified in “a”, “b” and “c”(including the first day and the last day), to the extent the number specified in “a”, “b” and “c”, deducting the numberof stock acquisition rights already exercised. In this case, if a fraction of less than one unit arises from the number of
exercisable stock acquisition rights calculated based on such ratio, only the number of stock acquisition rights rounded
down to the nearest whole number can be exercised.
a. up to 20% of the total allotted rights, exercisable from November 11, 2024 to October 24, 2031
b. up to 50% of the total allotted rights, exercisable from November 11, 2025 to October 24, 2031
c. up to 100% of the total allotted rights, exercisable from November 11, 2026 to October 24, 2031
*8 Vesting condition
An entitled person must hold a position of director, auditor, executive officer, or corporate executive officers, or be an
employee of LY Corporation or its affiliated companies at the time of exercising the rights. However, this shall not apply
in the case of a good cause, such as expiration of the term. Other conditions for the exercise of stock acquisition rights
shall be as specified in the “Stock Acquisition Rights Allotment Agreement,” which LY Corporation enters into with anentitled person.

SoftBank Group Corp. Financial Report 2024

Fair value is measured as follows:
Fiscal year ended March 31, 2023

Year issued / Name

2022 August Stock Acquisition Rights

Valuation method used

Black-Scholes model(Yen)

Key inputs and assumptions:
Weighted-average stock price�����

¥5,496Weighted-average exercise price���¥Volatility of stock price*�����

50.82%

1

Estimated residual period���3 years

Estimated dividend �����������

¥44/per share

Risk-free interest rate��������

(0.08%)
Fiscal year ended March 31, 2024

Year issued / Name

2023 August Stock Acquisition Rights

Valuation method used
Key inputs and assumptions:
Weighted-average stock price �����
Weighted-average exercise price���Volatility of stock price*�����

Black-Scholes model
(Yen)

(USD)

¥6,604$43.62¥$ 0.01

1

39.12%

Estimated residual period���3 years

Estimated dividend �����������

¥44/per share $0.29/per share

Risk-free interest rate��������

0.08%* Volatility of the stock price is calculated based on the performance of the stock price for the most recent period depending on
the period to maturity.

110(b) SoftBank Corp.
For the fiscal year ended March 31, 2024, the weighted-average fair value at the measurement date of the stock options granted during the period is ¥1,375 ($9.08) (for the fiscal
year ended March 31, 2023: ¥1,387).

(c) LY Corporation
For the fiscal year ended March 31, 2023, the weighted-average fair value at the measurement date of the stock options granted during the period is ¥158. For the fiscal year ended
March 31, 2024, there are no stock options granted during the period.

Fair value is measured as follows:

Fair value is measured as follows:

Fiscal year ended March 31, 2023

Year issued / Name

2022 July Stock Acquisition Rights

Valuation method used

Black-Scholes model(Yen)

Key inputs and assumptions:
Weighted-average stock price����

¥1,551

Fiscal year ended March 31, 2023

Year issued / Name

2022 Z Holdings 1st

Valuation method used

Binomial model

Key inputs and assumptions:
Stock price������������������������

¥440.4

Exercise price������������������

¥ 454

(Yen)

Weighted-average
exercise price��������������������

¥Volatility of stock price*����

35.43%

Volatility of stock price*�����

15.44%

Duration to maturity��������

9.97 years

Estimated residual period��

2 years

Estimated dividend yield����

1.26%

Estimated dividend ������������

¥86/per share

Risk-free interest rate�������

0.181%

Risk-free interest rate ��������

(0.08%)

1* Volatility of the stock price is calculated based on the performance of the stock price for the most recent period depending on
the period to maturity.

Fiscal year ended March 31, 2024

Year issued / Name

2023 July Stock Acquisition Rights

Valuation method used
Key inputs and assumptions:
Weighted-average stock price����
Weighted-average
exercise price��������������������
Volatility of stock price*�����

Black-Scholes model
(Yen)

(USD)

¥1,539$10.16¥$ 0.01

1(a) SoftBank Group Corp.
Fiscal year ended March 31, 2023
Weighted-average
exercise price13.14%

Estimated residual period��

2 years

Estimated dividend ������������

¥86/per share $0.57/per share

Risk-free interest rate ��������

(0.04%)* Volatility of the stock price is calculated based on the performance of the stock price for the most recent period depending on
the period to maturity.

SoftBank Group Corp. Financial Report 2024

c. Changes in stock options during the period and the condition of stock options at the period end
Changes in stock options during the period and the condition of stock options at the period end
are as follows:

Fiscal year ended March 31, 2024
Weighted-average
exercise price

Number of shares(Yen)

Number of shares

(Yen)

(USD)

Beginning balance –Unexercised �����������������

6,559,600¥3,4284,602,800¥3,360$22.19Granted �������������������������

126,400

1

160,200

1

0.01

Forfeited�������������������������

(46,300)

2,493(32,100)

598

3.95

Exercised�������������������������

(1,959,700)

3,402(2,878,900)

4,093

27.03

Matured�������������������������

(77,200)

3,080(764,800)

4,791

31.64

Ending balance –Unexercised �����������������

4,602,800¥3,3601,087,200¥1$ 0.01Ending balance –Exercisable �������������������

3,493,600¥4,427

334,800¥

1$ 0.01

111

The unexercised options as of March 31, 2024 are as follows:
Range of exercise price
(Yen)
(USD)

¥

1

$ 0.01(c) LY Corporation

Weighted-average exercise price
(Yen)
(USD)

Number of shares

1,087,200¥

1

Weighted-averageremaining contract period(year)$ 0.01

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2023

Number of shares

Weighted-average
exercise price(Yen)

Weighted-average
exercise price
(Yen)
(USD)

Number of Shares

Beginning balance –Unexercised �����������������

183,743,400¥ 1,082

158,387,600¥1,143$ 7.55Granted �������������������������

547,400

1

492,000

1

0.01

Forfeited�������������������������

(3,077,700)

1,246(2,199,500)

1,261

8.33

Exercised�������������������������

(22,825,500)

614(31,908,800)

942

6.22

Ending balance –Unexercised �����������������

158,387,600¥ 1,143

124,771,300¥1,188$ 7.85Ending balance –Exercisable �������������������

25,058,600¥

46,791,300

621¥1,070$ 7.07The unexercised options as of March 31, 2024 are as follows:
Range of exercise price
(Yen)
(USD)

¥

Weighted-average exercise price
(Yen)
(USD)

Number of shares

Weighted-averageremaining contract period(year)

1$ 0.01

1,227,1001$ 0.01

5.5

623

4.11

29,532,000

623

4.11

1.0

1,366

9.02

83,512,200

1,366

9.02

4.0

1,497

9.89

10,500,000

1,497

9.89

4.0

Total����������������������������

124,771,300¥1,188$ 7.85

3.3

SoftBank Group Corp. Financial Report 2024¥

Number of shares

Weighted-average
exercise price(Yen)

Number of shares

Beginning balance –Unexercised ����������������� 220,003,100¥ 448

224,138,375¥ 452

Granted �������������������������

13,605,400

454

–

–

–

Forfeited�������������������������

(7,950,050)

386(37,072,650)

605

4.00

Exercised�������������������������

(1,509,475)

298(3,567,300)

299

1.97

Matured �����������������������

(10,600)

254

–

–

–

Ending balance –Unexercised ����������������� 224,138,375¥ 452

183,498,425¥ 424$ 2.80Ending balance –Exercisable �������������������

¥ 298

32,605,075¥ 686$ 4.53

3.1(b) SoftBank Corp.

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2023

10,327,075

Weighted-average
exercise price
(Yen)
(USD)

$ 2.99The unexercised options as of March 31, 2024 are as follows:
Range of exercise price

Weighted-average exercise price

Weighted-averageremaining contract period

(Yen)

(USD)

Number of shares

(Yen)

(USD)

(year)¥201 - ¥300

$1.33 - $1.98

86,196,825

¥298

$1.97

5.3

401 - 500

2.65 - 3.30

78,689,600

477

3.15

6.9

701 - 800

4.63 - 5.28

18,612,000

783

5.17

7.6

Total���������������������������������������

183,498,425

¥424

$2.80

6.2

112

d. Stock options exercised during the period
Weighted-average stock prices at exercise for those stock options exercised during the period are
as follows:(b) SoftBank Corp.

(a) SoftBank Group Corp.
Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2023

Year issued / Name

Number ofshares exercised2016 – July
Stock Acquisition
Rights2017 – February
Stock Acquisition
Rights2017 – July
Stock Acquisition
Rights2018 – August
Stock Acquisition
Rights2019 – July
Stock Acquisition
Rights2019 – November
Stock Acquisition
Rights637,600

44,800940,200

Weighted-averagestock priceat exercise(Yen)¥ 5,483

6,010
5,941

245,600

5,797

56,0005,720

35,5005,862Year issued / Name

2017 - July Stock
Acquisition
Rights2018 - August
Stock
Acquisition
Rights2019 - July Stock
Acquisition
Rights2019 - November
Stock
Acquisition
Rights2020 - August
Stock Acquisition
RightsNumber ofshares exercised

2,459,200

271,600
42,800Year issued / Name

Weighted-averagestock price at exercise
(Yen)
(USD)

¥ 6,582

6,845
6,495

$ 43.47

Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2023

2018 March
Stock Acquisition
Rights2020 July
Stock Acquisition
RightsNumber ofshares exercised

Weighted-averagestock priceat exercise(Yen)

22,507,000¥ 1,500

318,500

1,514

45.21
42.90

6,300

6,189

40.88

99,000

6,638

43.84

Year issued / Name

2018 March Stock
Acquisition
Rights2020 July Stock
Acquisition
Rights2021 January
Stock Acquisition
Rights2021 July Stock
Acquisition
Rights Item (i)2021 July Stock
Acquisition
Rights Item (ii)

Number ofshares exercised

Weighted-averagestock price at exercise
(Yen)
(USD)

17,528,100¥1,688$11.15

40,100

1,602

10.58

12,905,600

1,743

11.51

1,000,000

1,954

12.91

435,000

1,659

10.96

(c) LY Corporation
Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2023

Number ofshares exercised

Weightedaveragestock priceat exercise
(Yen)

2012

9,000

¥ 515

2012

–

2020

1,500,475

440

2020

3,567,300

Year issued / Name

Year issued / Name

Number ofshares exercised

Weighted-averagestock price at exercise
(Yen)
(USD)

¥

–

$

426

–
2.81

(2) Restricted stock unit plan
The Company adopts restricted stock unit (“RSU”) plans where the Company grants shares ascompensation on the vesting date if certain conditions are met.
The details of the Company’s RSU plans for the fiscal year ended March 31, 2023 and 2024 areprimarily as follows:Arma. The Arm Limited All Employee Plan 2019 (“2019 AEP”)
In December 2019, the 2019 AEP was established to grant RSUs to all employees of Arm and its
group companies. Under this plan, it is determined whether to be settled by ordinary shares of

SoftBank Group Corp. Financial Report 2024

113

Arm or cash dependent on future conditions based on the terms of the plan. The Company
considered it to be settled by ordinary shares of Arm on the premise of an IPO and accounted forthe compensation plan as an equity-settled share-based payment transaction.
RSUs vest upon the achievement of certain performance thresholds of the enterprise value at
the IPO. The fair value of the RSUs is measured using the Monte Carlo option pricing model at thetime of grant. The RSUs are forfeited if the employee leaves the Arm Group before the RSUs vest.

cash-settled share-based payment transaction and upon the IPO, each Executive Award wasconverted into variable number of shares based on the closing ADS price of Arm at the IPO date.
RSUs for All Employee Awards require continuous service through the vesting date, and are
subject to graded vesting over time. RSUs for a portion of Executive Awards require a three-year
continuous service period and vest over the period, and another portion of Executive Awards issubject to continuous service and satisfaction of certain performance conditions, and vest upon
the satisfaction of performance metrics.

The table below identifies award activity under 2019 AEP:
Unit

Awards

Unexercised as of March 31, 2022 �����������������������������������
Granted�������������������������������������������������������������������������
Cancelled and forfeited�������������������������������������������������
Vested���������������������������������������������������������������������������
Unexercised as of March 31, 2023 �����������������������������������
Granted�������������������������������������������������������������������������
Cancelled and forfeited�������������������������������������������������
Vested���������������������������������������������������������������������������
Unexercised as of March 31, 2024 �����������������������������������

13,326,100
198,081(1,648,383)(419,934)
11,455,864
2,603(240,814)(11,217,653)–

U.S. dollars

$

$

$

14.36
15.71
18.49
19.02
13.64
50.20
13.84
13.64
–

b. 2022 Arm Limited RSU Award Plan (“2022 RSU Plan”)
In June 2022, the 2022 RSU Plan was established to grant RSUs to all employees of Arm and its
group companies (“All Employee Awards”) and to grant two types of executive awards to certainof Arm’s executive officers (“Executive Awards”).
Under All Employee Awards, RSUs were granted as a fixed number of units, and vested RSUs
are basically to be settled by ordinary shares of Arm while the 2022 RSU Plan allows for either
cash or share settlement of the RSU awards by tranche at the discretion of Arm. The Company
accounted for the compensation plan, except for certain units expected to be settled by cash, as
an equity-settled share-based payment transaction, and for units expected to be settled by cash
are accounted as a cash-settled share-based payment transaction. The fair value of the RSUs
accounted as an equity-settled share-based payment transaction is measured by taking into
account the lack of marketability to a calculated entity valuation at the time of grant while thefair value of the RSUs accounted as a cash-settled share-based payment transaction is measured
at every quarter.
Under Executive Awards, RSUs were granted as a fixed amount of cash or, upon the occurrenceof a change in control or an IPO, a variable number of ordinary shares of Arm equal to a fixedamount of cash in November 2022. Executive Awards granted were originally accounted for as

SoftBank Group Corp. Financial Report 2024

The table below identifies award activity under the 2022 RSU Plan:

Weighted averagefair value

Unit

Equity-settled

Unexercised as of March 31, 2022 �����������������������������������
Granted�������������������������������������������������������������������������
Cancelled and forfeited�������������������������������������������������
Reclassification to Cash-settled �������������������������������������
Unexercised as of March 31, 2023 �����������������������������������
Granted�������������������������������������������������������������������������
Cancelled and forfeited�������������������������������������������������
Vested���������������������������������������������������������������������������
Executive Awards conversion�����������������������������������������
Unexercised as of March 31, 2024 �����������������������������������

Awards–
18,011,664(927,323)(6,306,872)
10,777,469
17,126,122(621,895)(6,400,480)
2,491,899
23,373,115

U.S. dollars

Weighted averagefair value

$

–
35.58
33.66
35.58
$ 35.74
43.66
43.40
37.52
51.00
$ 42.42

114

Unit

Cash-settled

Unexercised as of March 31, 2022 �����������������������������������
Reclassification from Equity-settled �������������������������������
Cancelled and forfeited�������������������������������������������������
Vested���������������������������������������������������������������������������
Unexercised as of March 31, 2023 �����������������������������������
Granted�������������������������������������������������������������������������
Cancelled and forfeited�������������������������������������������������
Vested���������������������������������������������������������������������������
Unexercised as of March 31, 2024 �����������������������������������

Awards–6,306,872(454,246)(5,500,361)
352,265
8,362(9,605)(351,022)–

U.S. dollars

–
35.58
–
41.50
$ 41.50
–
–
47.99
$
–

Unit

$

c. Omnibus Incentive Plan
In August 2023, the Omnibus Incentive Plan was established to grant incentive awards toemployees, executive directors, and non-employees of Arm and its subsidiaries. The types of
incentive awards granted under the Omnibus Incentive Plan and vesting conditions applicable toeach award are determined by Arm.
For all periods presented, the maximum number of ordinary shares that may be issued under
the Omnibus Incentive Plan is equal to the sum of (i)20,500,000 ordinary shares and (ii) an annual
increase on April 1 of each year beginning on April 1, 2024 and ending on April 1, 2028, equal to
the lesser of (A) 2% of the aggregate number of ordinary shares outstanding on March 31 of theimmediately preceding fiscal year and (B) such smaller number of ordinary shares as determined
by Arm.
For the fiscal year ended March 31, 2024, Arm granted RSUs and performance stock units(“PSUs”) under the Omnibus Incentive Plan to employees, including executives of Arm. The
Omnibus Incentive Plan allows for either cash or share settlement of the awards by tranche, if
applicable, at the discretion of Arm. At the time of issuance, the Company intended to settle the
RSUs and PSUs in shares at the vesting date and such awards are accounted for as equity-settled
share-based payment transactions.
The RSUs were granted to existing employees and new hires of Arm and its subsidiaries, requirecontinuous service through the vesting date and are subject to graded vesting over time.
PSUs were awarded to executives of Arm and include a portion that require three-year
continuous service period and another portion that is subject to continuous service and satisfaction of certain performance conditions. The time-based portion of the PSUs vest over a three-year
period. The PSUs that are subject to continuous service and satisfaction of certain performance
conditions vest upon the satisfaction of performance metrics.

SoftBank Group Corp. Financial Report 2024

The table below identifies award activity under the Omnibus Incentive Plan:

Weighted averagefair valueAwards

Unexercised as of March 31, 2023 �����������������������������������
Granted�������������������������������������������������������������������������
Cancelled and forfeited�������������������������������������������������
Vested���������������������������������������������������������������������������
Unexercised as of March 31, 2024 �����������������������������������

U.S. dollars

Weighted averagefair value–
1,957,636(11,105)(50,784)
1,895,747

$

–
68.17
57.01
71.03
$ 68.16(3) Restricted stock compensation plan
The Company adopts restricted stock compensation plans where the Company grants stocks, thetransfer of which is restricted.
The details of the Company’s restricted stock compensation plans for the fiscal year ended March 31,
2023 and 2024 are primarily as follows:
SoftBank Corp.
SoftBank Corp. adopts a restricted stock compensation plan where SoftBank Corp. grants stocks, thetransfer of which is restricted. The fair value of restricted stocks granted is calculated based on thecommon stock price of SoftBank Corp. on the grant date. The plan is accounted for as equity-settled
share-based payment.
The plan is vested on the day when shares of restricted stocks are granted, and the granted shares ofrestricted stocks shall not be transferred, pledged as collateral or disposed of from the grant day to the
day of resignation from the eligible directors of SoftBank Corp.
The details of the plan for the fiscal year ended March 31, 2023 and 2024 are as follows:
Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2024

Five directors

Five directors

Four corporate executive officers

Four corporate executive officers

Number of shares granted �����������

1,421,700

1,117,100

Weighted-average fair value ofshares granted ���������������������������

¥1,541¥1,538($10.16)

Eligible director(s)�������������������������

115

36. Net sales(1) Breakdown of net sales
The components of net sales are as follows.
(Millions of yen)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

SoftBank segment*1

business)” were changed, and certain services were transferred between “Media” and “Other.” In addition, for the three-month
period ended December 31, 2023, following the completion of the intragroup reorganization among Z Holdings Corporation,
LINE Corporation, Yahoo Japan Corporation and others, certain service categories under “Media & EC business” were changed.
Accordingly, sales under “Media & EC business” for the fiscal year ended March 31, 2023 are reclassified among the categories*3 S ince the three-month period ended June 30, 2023, “License revenue” and “Other” have been combined into “License and otherrevenue” under the Arm segment. Sales for the fiscal year ended March 31, 2023 are reclassified accordingly.

(2) Contract balance
The components of contract balances are as follows.

Consumer business
Service revenues
Mobile communications�����������������

¥1,502,112¥1,507,678(Millions of yen)(Thousands of U.S. dollars)

As of April 1, 2022

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Receivables arising fromcontracts with customers ������

¥1,015,459¥1,102,918¥1,137,705$7,514,068

Contract assets������������������������

51,88350,549114,884

758,761

Contract liabilities��������������������

265,276

335,898364,354

2,406,406$ 9,957,585

Broadband�������������������������������������

396,745404,765

2,673,304

Electricity ���������������������������������������

392,550

261,666

1,728,195

Revenues from sales of goods and others�

579,765

635,437

4,196,797

Enterprise business���������������������������������

729,494

762,924

5,038,795

Distribution business�������������������������������

516,188568,790

3,756,621

Media��������������������������������������������������

665,778

680,078

4,491,632

Commerce�������������������������������������������

788,800

816,597

5,393,283

Strategy�����������������������������������������������

74,04384,395557,394

Other���������������������������������������������������

4,372

5,511

36,398Financial business�����������������������������������

174,135

215,862

1,425,679

Media & EC business*2

Other �����������������������������������������������������

129,392

137,580

908,659

Subtotal �����������������������������������������

5,953,374

6,081,283

40,164,342

License and other revenue*3�������������������

140,032

207,749

1,372,096

Royalty revenue �������������������������������������

241,714

256,276

1,692,596

Subtotal �����������������������������������������

381,746

464,025

3,064,692

Other���������������������������������������������������������

235,319

211,192

1,394,835

Total�����������������������������������������������

¥6,570,439¥6,756,500$44,623,869

Arm segment

Contract assets generally increase when the Company transfers goods or services to a customer(excluding claims for which the right to remuneration is unconditional) before the customer pays theconsideration or before the payment becomes due and decrease when the Company bills thecustomer.
Contract liabilities generally increase when the Company receives consideration from a customer
prior to the transfer of goods or services to the customer and decrease when the Company meets its
performance obligations.
For the fiscal year ended March 31, 2024, impairment loss on receivables related to revenue fromcontracts with customers was ¥14,871 million ($98,217 thousand) (for the fiscal year ended March
31, 2023: ¥6,216 million).
Of the net sales recognized for the fiscal year ended March 31, 2024, ¥136,076 million ($898,725
thousand) was included in the beginning balance of contract liabilities as of that date (for the fiscal
year ended March 31, 2023: ¥124,938 million). Also, for the fiscal year ended March 31, 2024, net
sales recognized from previously satisfied performance obligations in prior reporting periods was¥269,561 million ($1,780,338 thousand) (for the fiscal year ended March 31, 2023: ¥230,686
million) which primarily represent royalties earned during the period in the Arm segment.

The above amount of net sales for the fiscal year ended March 31, 2024 includes ¥197,147 million($1,302,074 thousand) (for the fiscal year ended March 31, 2023: ¥148,353 million) of revenue arisingfrom other sources than those arising from IFRS 15 “Revenue from Contracts with Customers”, such aslease contracts at Finance business and Enterprise business under the SoftBank segment.
*1 S ince the three-month period ended June 30, 2023, name of a service category under the SoftBank segment has been changed
from “Yahoo! JAPAN/LINE business” to “Media & EC business.”*2 For the three-month period ended June 30, 2023, the service categories under “Media & EC business (formerly Yahoo! JAPAN/LINE

SoftBank Group Corp. Financial Report 2024

116

(3) Transaction price allocated to unsatisfied performance obligations
The aggregate amount of transaction prices allocated to unsatisfied (or partially unsatisfied)
performance obligations as of March 31, 2024 is ¥515,619 million ($3,405,449 thousand) (as ofMarch 31, 2023: ¥378,510 million).
Of this, the unsatisfied performance obligations of ¥376,167 million ($2,484,426 thousand) as ofMarch 31, 2024 (as of March 31, 2023: ¥227,023 million) arise primarily from license contracts
related to Arm’s technology in the Arm segment and of ¥139,449 million ($921,003 thousand) as ofMarch 31, 2024 (as of March 31, 2023: ¥150,980 million) arise primarily from mobile services andmobile device rental services in the SoftBank segment.
Under the Arm segment, the Company has elected to exclude potential future royalty receipts fromthe disclosure. In certain arrangements, Arm’s right to consideration may not correspond directly withthe performance of obligations. Revenue recognition occurs upon delivery or beginning of license
term, whichever is later. Accordingly, the analysis between time bands below has been estimated, but
the final timing may differ from these estimates. In the absence of sufficient information, where thetiming of satisfaction of the remaining performance obligations is dependent on a customer’s action,
the transaction price allocated to such performance obligation is included in the outer-year time band
unless contract or option expiration aligns with an earlier period or category. In the Arm segment, theCompany expects to recognize approximately 28% of remaining performance obligations as revenue
over the next 12 months, approximately 14% over the subsequent 13-to 24-month period, and theremainder thereafter.
The unsatisfied performance obligations in the SoftBank segment are expected to be recognized asrevenue primarily within three years.
The Company applies practical expedients. Transaction prices of contracts with an original durationof one year or less and transaction prices of contracts in which considerations are received from
customers directly corresponding to the volume of service delivered are not included in the transaction prices allocated to the residual performance obligations mentioned above.

SoftBank Group Corp. Financial Report 2024

37. Cost of sales and selling, general and administrative expenses
The components of cost of sales and selling, general and administrative expenses are as follows:(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Cost of goods sold�������������������������������������������������

¥(1,765,752)¥(1,708,728)$(11,285,437)

Employees benefit cost�����������������������������������������

(870,743)(1,114,941)(7,363,721)

Depreciation and amortization �����������������������������

(893,488)(858,620)(5,670,828)

Sales commissions and sales promotion expenses���(465,489)(461,113)(3,045,459)

Service outsourcing expenses �������������������������������

(363,876)(359,262)(2,372,776)

Amortization of contract acquisition cost andcontract performance cost ���������������������������������

(247,887)(255,146)(1,685,133)

Telecommunications equipment usage fees�����������

(251,752)(249,243)(1,646,146)

Other�������������������������������������������������������������������

(1,078,738)(1,189,438)(7,855,743)

Total���������������������������������������������������������

¥(5,937,725)¥(6,196,491)$(40,925,243)“Depreciation and amortization” includes disposal of “Property, plant and equipment,” “Right-of-use
assets,” and “Intangible assets” as well as amortization of long-term prepaid expenses which arerecorded in “Other non-current assets” in the consolidated statement of financial position.

117

38. Gain on investments(1) Gain and loss on investments at Investment Business of Holding Companies
The components of gain and loss on investments at Investment Business of Holding Companies are as follows:
Fiscal year ended
March 31, 2023

(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Gain relating to settlement of prepaid forward
contracts using Alibaba shares*1���������������������������

¥4,838,251

Gain relating to sales of T-Mobile shares*2���������������

24,842––

Realized loss on investments at asset management
subsidiaries ���������������������������������������������������������

(73,950)(90,360)(596,790)

Unrealized gain (loss) on valuation of investments at
asset management subsidiaries�����������������������������

(67,122)

12,692

83,825Derivative loss on investments at asset management
subsidiaries ���������������������������������������������������������

(5,102)(792)(5,231)

Realized gain (loss) on investments* �����������������������

(237,980)

38,037251,219

Unrealized loss on valuation of investments*3 ���������

(142,380)(666,967)(4,405,039)

Derivative gain on investments* �����������������������������

205,506

226,050

1,492,966

Other �������������������������������������������������������������������

18,43522,295147,249

Total ���������������������������������������������������������

¥4,560,500¥(459,045)$(3,031,801)

3

4

¥

–

$

–

*1 D
 uring the course of the physical settlement under the board resolution in August 2022, the Company lost significant influence
over Alibaba because the voting power against Alibaba held by the Company decreased to below 20%, and Alibaba ceased to bean equity method associate of the Company for the three-month period ended September 30, 2022. At the same time, Alibaba
shares held by the Company as of the date the Company lost significant influence over Alibaba (“remaining Alibaba shares”) wereremeasured based on the stock price of that day and were included in “Investment securities” in the consolidated statement offinancial position.
As a result of the physical settlement under the board resolution in August 2022 and the remeasurement of remaining Alibaba
shares, for the three-month period ended September 30, 2022, ¥584,796 million of gain on settlement of prepaid forward
contracts using Alibaba shares and ¥3,996,668 million of gain from remeasurement of Alibaba shares were recognized.
In the schedule above, gain on settlement of prepaid forward contracts using Alibaba shares is divided into “Gain relating to settlement of
prepaid forward contracts using Alibaba shares” and “Realized gain (loss) on investments,” depending on whether a physical settlement
is completed before Alibaba ceases to be an equity method associate of the Company or not, and the gain from remeasurement ofremaining Alibaba shares is included in “Gain relating to settlement of prepaid forward contracts using Alibaba shares.”Also, before the physical settlement under the board resolution in August 2022, for the six-month period ended September 30,
2022, certain prepaid forward contracts using Alibaba shares were settled by Alibaba shares and ¥132,157 million of gain on
settlement of prepaid forward contracts using Alibaba shares was recognized. The gain is included in “Gain relating to settlementof prepaid forward contracts using Alibaba shares.”*2 On April 12, 2022, Deutsche Telekom exercised options to purchase T-Mobile shares granted by the Company to Deutsche Telekom
and the Company sold 21,153,145 of T-Mobile shares held by the wholly-owned subsidiary of the Company to Deutsche Telekom.
In connection with the exercise, the wholly-owned subsidiary of the Company received $2.40 billion as consideration for the saleof T-Mobile shares. As a result, ¥24,842 million of gain relating to sales of T-Mobile shares was recorded for the fiscal year ended
March 31, 2023. Cumulative gains on T-Mobile shares and the options associated with this transaction are ¥22,528 million. Of this,¥6,012 million of loss was recorded for the fiscal year ended March 31, 2021, and ¥3,698 million of gain was recorded for the fiscal
year ended March 31, 2022.
*3 E ffects of stock price changes for the remaining Alibaba shares after being remeasured are included in “Realized gain (loss) on
investments” or “Unrealized loss on valuation of investments” rather than “Gain relating to settlement of prepaid forward contracts
using Alibaba shares.”
For the fiscal year ended March 31, 2024, ¥46,779 million ($308,956 thousand) (for the fiscal year ended March 31, 2023: ¥210,919
million) of realized loss on investments and ¥913,156 million ($6,031,015 thousand) (for the fiscal year ended March 31, 2023:

SoftBank Group Corp. Financial Report 2024

¥254,356 million) of unrealized loss on valuation of investments were recognized. The realized loss on investments is arising from thephysical settlement of prepaid forward contracts using shares. Due to the physical settlement, ¥8,641 million ($57,070 thousand) of
unrealized loss on valuation of investments recognized in the past fiscal year is transferred to a realized loss on investments.
*4 F or the fiscal year ended March 31, 2024, the conditions for the contingent consideration related to the acquisition of T-Mobile
shares through the merger transaction between Sprint and T-Mobile US, Inc. were met, and the Company acquired 48,751,557
shares of T-Mobile for no additional consideration. ¥227,012 million ($1,499,320 thousand) of derivative gain on investments wasrecorded due to changes in the fair value of the derivative asset up to the acquisition date for those T-Mobile shares (for the fiscal
year ended March 31, 2023: ¥189,874 million was recorded for the changes in the fair value of the contingent consideration). The
details of the transaction are described in “*4” in “Option contracts to which hedge accounting is not applied” in “iii. Option
contracts” in “(b) Price risk” in “a. Market risk” in “(2) Financial risk management” under “Note 28. Financial instruments.” In
addition, the effects of stock price changes for those T-Mobile shares acquired through the transaction are included in “Unrealized
loss on valuation of investments.”(2) Gain and loss on investments at SoftBank Vision Funds
The details of gain and loss on investments at SoftBank Vision Funds are described in “(1) Income andloss arising from the SoftBank Vision Funds business” under “Note 7. SoftBank Vision Funds business.”

39. Finance cost
The components of finance cost are as follows:

Interest expenses* �����������������������������������������������

(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥ (555,902)¥ (556,004)$ (3,672,175)* “Interest expenses” are incurred mainly by financial liabilities measured at amortized cost. For the fiscal year ended March 31, 2024,
the amount of lease expenses incurred from lease liabilities which was recorded in “Interest expenses” was ¥ (14,177) million ($(93,633) thousand) (for the fiscal year ended March 31, 2023: ¥ (13,586) million).

40. Derivative gain (excluding gain (loss) on investments)
For the fiscal year ended March 31, 2024, derivative gain of ¥1,517,350 million ($10,021,465
thousand) (for the fiscal year ended March 31, 2023: derivative gain of ¥24,933 million) was recorded
for the prepaid forward contracts using Alibaba shares and the call spread contracts relating to prepaid
forward contracts using Alibaba shares. The details of the contracts are described in “(2) Transactions
for sale of Alibaba shares by prepaid forward contracts” under “Note 22. Interest-bearing debt.” Theabove gain for the fiscal year ended March 31, 2023 includes ¥790,145 million of derivative gainrecorded for the three-month period ended September 30, 2022 related to the prepaid forward
contracts using Alibaba shares subject to the physical settlement under the board resolution in August2022. The details of the physical settlement are described in “*1” in “(1) Gain and loss on investments
at Investment Business of Holding Companies” under “Note 38. Gain on investments.”118

41. Other gain (loss)
The components of other gain and loss are as follows:(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Interest income�����������������������������������������������������

¥ 114,368¥ 207,848$1,372,749

Gain relating to loss of control over subsidiaries*1���

22,872

119,473

789,069

Dilution gain from changes in equity interest*2 �

84,79920,300134,073

Provision for loss relating to litigation*3�����������������

(19,176)

19,176

126,649

Gain on redemption of corporate bonds*4 �����������

44,063

4,249

28,063

Impairment loss on equity method investments*5,6 ���(67,162)(54,196)(357,942)

Loss relating to credit support for WeWork*7 �(142,226)(42,072)(277,868)

Loss on derecognition of unsecured notes issued
by WeWork*8�����������������������������������������������������

–(21,579)(142,520)

Provision for allowance for doubtful accounts*9 ���(110,409)(5,098)(33,670)

Gain (loss) on liabilities for short put options overnon-controlling interests*10���������������������������������

40,310(5,257)(34,720)

Provision for allowance for loan commitment
losses*11�������������������������������������������������������������

(20,444)––

Other�������������������������������������������������������������������

28,867

(124)

(818)

Total���������������������������������������������������������

¥ (24,138)¥ 242,720$1,603,065*1 F or the fiscal year ended March 31, 2024, primarily, as a result of the sale of 85% of shares in SB Energy Corp., a wholly-owned
subsidiary of the Company, the gain arising from the loss of control over the entity was recorded. Subsequently, SB Energy Corp.
(currently, Terras Energy Corporation) became an equity method associate of the Company after the transaction. In addition, on
April 30, 2024, the Company sold all 15% of its shares in Terras Energy Corporation. As a result, Terras Energy Corporation is nolonger considered as an equity method associate of the Company.
*2 The amount is primarily related to the dilution gain arising from changes in Alibaba’s equity interest held by the Company due tothe exercise of stock options in Alibaba, before Alibaba ceased to be an equity method associate.
*3 W ith respect to the litigation in which SoftBank Corp. and Japan Post Information Technology Co., Ltd. (“JPiT”) were involved as
parties, in relation to a project to migrate the communications network connecting 27,000 sites (postal offices, etc.) countrywide
to a new network, the 5th PNET, on September 9, 2022, the Tokyo District Court rendered a judgment ordering SoftBank Corp. to
pay remuneration for the damages and delay damages to JPiT. As a result of the judgment, the provision for the loss relating tolitigation was recorded for ¥19,176 million in SoftBank Corp. for the fiscal year ended March 31, 2023. On September 22, 2022,
SoftBank Corp. appealed the judgment to the Tokyo High Court, and on March 21, 2024, the Tokyo High Court rendered a
judgment ordering JPiT to pay remuneration for the additional services and delay damages to SoftBank Corp. and dismissing all
claims against SoftBank Corp. by JPiT. In accordance with the judgment, the entire provision of ¥19,176 million ($126,649
thousand) for the loss relating to litigation, which was recorded for the fiscal year ended March 31, 2023, is reversed in SoftBank
Corp. for the fiscal year ended March 31, 2024.
*4 T he amount is related to foreign-currency-denominated notes purchased by SoftBank Group Corp.
*5 For the fiscal year ended March 31, 2024, ¥22,345 million ($147,579 thousand) (for the fiscal year ended March 31, 2023: ¥31,304
million) of impairment loss was recorded as the carrying amount of equity method investments in DEMAE-CAN CO., LTD. wasreduced to the recoverable amount.
*6 F or the fiscal year ended March 31, 2023, ¥22,809 million of impairment loss was recorded as the fair value of WeWork commonshares accounted for using the equity method decreased.
*7 W ith respect to the credit support (financial guarantee contract) for a letter of credit facility $1.43 billion (notional amount of a
Junior LC $0.47 billion and notional amount of a Senior LC $0.96 billion) to WeWork provided by financial institutions, on October

SoftBank Group Corp. Financial Report 2024

31, 2023, SVF2 paid and fully satisfied the Junior LC and thereby acquired a subrogation claim against WeWork, and also
deposited the full amount into the restricted cash account as collateral to fully satisfy the Senior LC.
On November 6, 2023, WeWork filed for bankruptcy protection under Chapter 11 of the United States Bankruptcy Code. On
December 19, 2023, WeWork entered into certain Senior Secured Debtor-In-Possession Credit Agreement with SVF2 and certain
financial institutions. Based on the agreement, to continue to support certain letter of credit obligations of WeWork during theChapter 11 process, SVF2 converted $0.67 billion from the restricted cash that was already deposited as collateral for the Senior
LC into the form of a term loan to WeWork to continue to support such letter of credit obligations.
As of March 31, 2024, the loan receivable including the subrogation claim that was acquired as a result of the fulfilment of theguarantee obligations amounted to $1.43 billion (the balance presented was related to LC notional amount only, excluding
claimed fees and expenses). For the six-month period ended September 30, 2023, for the financial guarantee contract, losses wererecorded for ¥42,072 million ($277,868 thousand) considering the financial position of WeWork. As a result, the allowance wasrecorded for the entire financial guarantee contract totaling $1.43 billion, together with amounts reserved as of March 31, 2023.
For the three-month period ended December 31, 2023, the allowance for the financial guarantee contract was allocated to theloan receivable. As of March 31, 2024, the carrying amount of the loan receivable was zero.
For the fiscal year ended March 31, 2023, ¥142,226 million of provision for allowance for financial guarantee contract losses
related to a credit facility for WeWork provided by financial institutions was recorded mainly due to an increase in the credit
spread for WeWork’s unsecured notes distributed in the market from March 31, 2022. ¥142,226 million presented as “Provision
for allowance for financial guarantee contract losses” for the fiscal year ended March 31, 2023 is reclassified as “Loss relating tocredit support for WeWork.”
On June 11, 2024, WeWork emerged from Chapter 11 bankruptcy. As a result, WeWork was no longer an associate of theCompany as of that date due to a decrease in the percentage of voting rights held by the Company.
*8 F or the fiscal year ended March 31, 2024, unsecured notes issued by WeWork were exchanged into shares and convertible bonds
newly issued by WeWork. The unsecured notes were derecognized and ¥21,579 million ($142,520 thousand) of loss was recorded.
*9 F or the fiscal year ended March 31, 2023, ¥77,191 million of provision for allowance for doubtful accounts related to unsecured
notes issued by WeWork was recorded as the expected credit losses were higher than the amount recorded as of March 31, 2022
due to an increase in the credit spread for WeWork’s unsecured notes distributed in the market.
*10 T he Company recognizes short put options granted to owners of non-controlling interests in subsidiaries of the Company asfinancial liabilities at fair value through profit or loss. The amount primarily represents the valuation gain or loss due to thefluctuation of fair value in the financial liabilities related to Fortress.
*11 F or the fiscal year ended March 31, 2023, ¥20,444 million of provision for allowance for loan commitment losses related toacquiring senior secured notes to be issued by WeWork was recorded.

11942. Other comprehensive income
The table below presents the amount arising during the year, reclassification adjustments to profit or loss and the income tax effect of each item in other comprehensive income.
For the fiscal year ended March 31, 2023
(Millions of yen)Amount arisingduring the year

Reclassification
adjustments

Before tax effect

Income tax effect

¥

¥

¥

¥

After tax effectItems that will not be reclassified to profit or loss
Remeasurements of defined benefit plan������������������������������������������������������������������������
Equity financial assets at FVTOCI������������������������������������������������������������������������������������
Share of other comprehensive income of associates�������������������������������������������������������
Total ��������������������������������������������������������������������������������������������������������������������������

4,088
4,098
356
8,542

–
–
–
–

4,088
4,098
356
8,542

(848)
2,096
–
1,248

¥

3,240
6,194
356
9,790

Items that may be reclassified subsequently to profit or loss
Debt financial assets at FVTOCI��������������������������������������������������������������������������������������Cash flow hedges����������������������������������������������������������������������������������������������������������
Exchange differences on translating foreign operations��������������������������������������������������
Share of other comprehensive income of associates�������������������������������������������������������
Total ��������������������������������������������������������������������������������������������������������������������������
Total other comprehensive income ������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024¥

(1,491)
25,830512,039
28,416564,794573,336629(100,494)
497,325
91,059488,519¥ 488,519¥(862)(74,664)
1,009,364
119,475
1,053,313
1,061,855

¥

264
1,873
211,885(19,184)
194,838
196,086¥(598)(72,791)
1,221,249
100,291
1,248,151
1,257,941

120

For the fiscal year ended March 31, 2024
(Millions of yen)Amount arisingduring the year

Reclassification
adjustments

Before tax effect

Income tax effect

After tax effectItems that will not be reclassified to profit or loss
Remeasurements of defined benefit plan������������������������������������������������������������������������

¥Equity financial assets at FVTOCI������������������������������������������������������������������������������������
Share of other comprehensive income of associates�������������������������������������������������������
Total ��������������������������������������������������������������������������������������������������������������������������

(507)
11,984326
11,803

¥

–
–
–
–

¥

(507)
11,984326
11,803¥199(1,207)–(1,008)¥(308)
10,777326
10,795

Items that may be reclassified subsequently to profit or loss
Debt financial assets at FVTOCI��������������������������������������������������������������������������������������Cash flow hedges����������������������������������������������������������������������������������������������������������
Exchange differences on translating foreign operations��������������������������������������������������
Share of other comprehensive income of associates�������������������������������������������������������
Total ��������������������������������������������������������������������������������������������������������������������������
Total other comprehensive income ������������������������������������������������������������������������������������

¥963
139,709
1,979,444(3,463)
2,116,653
2,128,456¥(1,361)(116,337)
21,092
467(96,139)(96,139)¥(398)
23,3722,000,536(2,996)2,020,514
2,032,317

¥

112
635
380
(212)
915
(93)

(286)
24,0072,000,916(3,208)2,021,429¥ 2,032,224(Thousands of U.S. dollars)

Amount arisingduring the year

Reclassification
adjustments

Before tax effect

Income tax effect

$

$

$

After tax effectItems that will not be reclassified to profit or loss
Remeasurements of defined benefit plan������������������������������������������������������������������������
Equity financial assets at FVTOCI������������������������������������������������������������������������������������
Share of other comprehensive income of associates�������������������������������������������������������
Total ��������������������������������������������������������������������������������������������������������������������������

$(3,349)79,1502,152
77,953––––(3,349)79,1502,152
77,953

1,315(7,972)–(6,657)$(2,034)
71,1782,152
71,296

740
4,194
2,511
(1,400)
6,045
(612)

(1,889)158,556
13,215,218(21,188)
13,350,697$13,421,993

Items that may be reclassified subsequently to profit or loss
Debt financial assets at FVTOCI��������������������������������������������������������������������������������������Cash flow hedges����������������������������������������������������������������������������������������������������������
Exchange differences on translating foreign operations��������������������������������������������������
Share of other comprehensive income of associates�������������������������������������������������������
Total ��������������������������������������������������������������������������������������������������������������������������
Total other comprehensive income ������������������������������������������������������������������������������������

SoftBank Group Corp. Financial Report 2024

6,360
922,720
13,073,403(22,872)
13,979,611$ 14,057,564(8,989)(768,358)
139,304
3,084(634,959)$ (634,959)(2,629)154,362
13,212,707(19,788)
13,344,652$ 13,422,605$

121

43. Earnings per share
Basic earnings per share and diluted earnings per share are as follows:(1) Basic earnings per share
Fiscal year ended
March 31, 2023

(2) Diluted earnings per share(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

Net income attributable to ordinary
shareholders of the parent
Net income attributable to owners of theparent�����������������������������������������������������
Net income not-attributable to ordinary
shareholders of the parent*1�������������������
Net income used in the calculation of basic
earnings per share�����������������������������������

(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥ (1,006,257)¥(250,495)(4,706)(31,081)¥(255,201)$ (1,685,496)

Diluted net income attributable to ordinary
shareholders of the parent¥ (970,144)¥$ (1,503,507)

Net income used in the calculation of basic
earnings per share�����������������������������������

(150,908)

Effect of dilutive securities issued bysubsidiaries and associates�����������������������

(15,500)

Total���������������������������������������������������������

¥ (1,021,757)(22,849)(36,113)¥(1,006,257)(227,646)¥(250,495)$ (1,654,415)$ (1,654,415)(Thousands of shares)(Thousands of shares)

Weighted-average number of ordinary
shares���������������������������������������������������������

1,464,957

1,542,474(Yen)

Basic earnings per share�������������������������

¥ (652.37)

Weighted-average number of ordinary sharesused in the calculation of diluted earnings
per share

(Yen)

¥

(170.99)(USD)$(1.13)

Weighted-average number of ordinary
shares�����������������������������������������������������

1,464,957

1,542,474

Adjustments
Stock acquisition rights*2�����������������������

––Total �����������������������������������������������������

1,542,474

1,464,957(Yen)

Diluted earnings per share���������������������

¥(662.41)(Yen)¥(174.20)(USD)$(1.15)*1 N
 et income not-attributable to ordinary shareholders of the parent represents net income attributable to owners of other equity
instruments issued by SoftBank Group Corp.
*2 F or the fiscal year ended March 31, 2023 and 2024, stock acquisition rights are not included in the calculation for “Diluted earnings
per share” as it has an antidilutive effect for the calculation.

SoftBank Group Corp. Financial Report 2024122

44. Supplemental information to the consolidated statement of cash flows(1) Scope of purchase of property, plant and equipment and intangible assets“Purchase of property, plant and equipment, and intangible assets” includes cash outflows fromlong-term prepaid expenses that are included in “Other non-current assets” in the consolidated
statement of financial position.
(2) Income taxes paid and income taxes refunded
For the fiscal year ended March 31, 2023
Payment of withholding income tax related to dividends within the group companies of ¥109,330
million is included in “Income taxes paid.” In addition, refunded withholding income tax related todividends within the group companies of ¥92,895 million is included in “Income taxes refunded.”
For the fiscal year ended March 31, 2024
Payment of withholding income tax related to dividends within the group companies of ¥143,790
million ($949,673 thousand) is included in “Income taxes paid.” In addition, refunded withholding
income tax related to dividends within the group companies of ¥56,629 million ($374,011
thousand) is included in “Income taxes refunded.”(3) Proceeds from sales/redemption of investments
For the fiscal year ended March 31, 2023
¥309,696 million of proceeds received from sales of T-Mobile shares is included in “Proceeds fromsales/redemption of investments.”(4) Payments for acquisition of control over subsidiaries
For the fiscal year ended March 31, 2024
“Payments for acquisition of control over subsidiaries” is mainly due to the acquisition of Cubic
Telecom Ltd. by SoftBank Corp.

(6) Redemption of non-controlling interests subject to possible redemption
For the fiscal year ended March 31, 2023
“Redemption of non-controlling interests subject to possible redemption” is the repayment of all
the proceeds to the public market investors of the SPACs. The repayment was required because the
SPACs sponsored by the Company were unable to complete a merger within 24 months from thedate of the initial public offering and ceased all operations.
(7) Proceeds from the partial sales of shares of subsidiaries to non-controlling interests
For the fiscal year ended March 31, 2024
“Proceeds from the partial sales of shares of subsidiaries to non-controlling interests” is mainly due
to the sales of Arm shares.
(8) Purchase of shares of subsidiaries from non-controlling interests
For the fiscal year ended March 31, 2024
“Purchase of shares of subsidiaries from non-controlling interests” is mainly due to the purchase oftreasury stock by SoftBank Corp.
(9) Redemption of other equity instruments
For the fiscal year ended March 31, 2024
“Redemption of other equity instruments” is due to the full redemption of USD-denominatedUndated Subordinated Non-Call 6 years Resettable Notes.
(10) Proceeds from the issuance of other equity instruments in subsidiaries
For the fiscal year ended March 31, 2024
“Proceeds from the issuance of other equity instruments in subsidiaries” is due to the issuance of
the Series 1 Bond-Type Class Shares by SoftBank Corp. The details are described in “(7) Noncontrolling interests” under “Note 33. Equity.”(5) Proceeds from withdrawal of trust accounts in SPACs
For the fiscal year ended March 31, 2023
“Proceeds from withdrawal of trust accounts in SPACs” is proceeds from withdrawal of proceeds,
received from public market investors and held in trust accounts, in a SPAC sponsored by theCompany. The proceeds were withdrawn for redemption to the public market investors when the
SPACs ceased all operations.

SoftBank Group Corp. Financial Report 2024

123

(11) Changes in liabilities arising from financing activities
Changes in liabilities arising from financing activities are as follows:
For the fiscal year ended March 31, 2023
(Millions of yen)

As of April 1, 2022������������������������������������������������������������������������������������������������������������

Interest-bearing debt

Lease liabilities

Derivatives related tocorporate bondThird-party
interests in SVF

Non-controlling interests
subject to possible
redemption*3¥21,457,432¥866,148¥(47,566)¥5,640,498¥307,144(a) Changes arising from financing cash flows
Repayment of short-term interest-bearing debt, net����������������������������������������������������

(73,371)

–

–

–

–

Proceeds from interest-bearing debt����������������������������������������������������������������������������

9,176,112

–

–

–

–

Repayment of interest-bearing debt ����������������������������������������������������������������������������

(6,299,554)

–

4,563

–

–

Repayment of lease liabilities���������������������������������������������������������������������������������������

–(266,423)–––

Contributions into SVF from third-party investors ��������������������������������������������������������

–

–

–

17,857–

Distribution/repayment from SVF to third-party investors����������������������������������������������

–

–

–

(544,242)–

Redemption of non-controlling interests subject to possible redemption����������������������

–

–

–

–

(319,401)(35,464)

Other��������������������������������������������������������������������������������������������������������������������������

–

–

3,374

–

(b) Changes from acquisition or loss of control over subsidiaries and other businesses��������

(158,534)

(32)

–

–

(2,448)(c) The effect of changes in foreign exchange rates������������������������������������������������������������

1,019,581

5,064

–

513,205

32,380(d) Changes in fair values ��������������������������������������������������������������������������������������������������

––(32,922)––(e) Changes in third-party interests in SVF��������������������������������������������������������������������������

–

–

–

(1,127,949)–(f) Non-cash transactions*1,2 ����������������������������������������������������������������������������������������������

(5,538,147)

270,186–––(g) Other changes��������������������������������������������������������������������������������������������������������������

(105,325)(37,946)347–

17,789As of March 31, 2023��������������������������������������������������������������������������������������������������������

¥19,478,194¥836,997¥(72,204)¥4,499,369¥–*1 T he decrease in interest-bearing debt is due to the physical settlement of prepaid forward contracts using Alibaba shares. The details are described in “*1” in “(1) Gain and loss on investments at Investment Business of Holding Companies” under “Note 38. Gain on investments.”*2 The increase in lease liabilities is mainly due to remeasurement remeasurement of the lease liabilities and the lease transactions executed during the period.
*3 Non-controlling interests subject to possible redemption decreased as SPACs sponsored by the Company ceased operations due to its inability to complete the merger with the operating company within 24 months of its listing, and as a result, the Company redeemed all of
its investments to public market investors.

SoftBank Group Corp. Financial Report 2024

124

For the fiscal year ended March 31, 2024
(Millions of yen)

As of April 1, 2023 ������������������������������������������������������������������������������������������������������������������������������������������

Interest-bearing debt

Lease liabilities¥ 19,478,194¥ 836,997

Derivatives related tocorporate bond¥

(72,204)

Third-party
interests in SVF¥ 4,499,369(a) Changes arising from financing cash flows
Proceeds in short-term interest-bearing debt, net ����������������������������������������������������������������������������������������

182,874–––

Proceeds from interest-bearing debt������������������������������������������������������������������������������������������������������������

5,914,090–––

Repayment of interest-bearing debt������������������������������������������������������������������������������������������������������������

(5,903,403)–

14,217–

Repayment of lease liabilities ����������������������������������������������������������������������������������������������������������������������

–(211,231)––

Distribution/repayment from SVF to third-party investors������������������������������������������������������������������������������

–

–

–

(783,522)

Other ��������������������������������������������������������������������������������������������������������������������������������������������������������

–

–

7,393

–

(b) Changes from acquisition or loss of control over subsidiaries and other businesses��������������������������������������

(3,436)(15,529)––(c) The effect of changes in foreign exchange rates ����������������������������������������������������������������������������������������

1,182,095

12,432–588,519(d) Changes in fair values ������������������������������������������������������������������������������������������������������������������������������

––(189,135)–(e) Changes in third-party interests in SVF ������������������������������������������������������������������������������������������������������

–

–

–

390,137(f) Non-cash transactions*1,2 ��������������������������������������������������������������������������������������������������������������������������

(356,925)

208,517––(g) Other changes������������������������������������������������������������������������������������������������������������������������������������������

74,035(36,679)

191–

As of March 31, 2024��������������������������������������������������������������������������������������������������������������������������������������

¥ 20,567,524¥ 794,507¥ (239,538)¥ 4,694,503

SoftBank Group Corp. Financial Report 2024

125

(Thousands of U.S. dollars)Interest-bearing debt

Lease liabilities$ 128,645,360$ 5,528,017

Proceeds in short-term interest-bearing debt, net ����������������������������������������������������������������������������������������

1,207,807

Proceeds from interest-bearing debt������������������������������������������������������������������������������������������������������������

39,060,102

Repayment of interest-bearing debt������������������������������������������������������������������������������������������������������������

Derivatives related tocorporate bond

(476,877)$ 29,716,459

–

–

–

–

–

–

(38,989,519)–

93,898–

Repayment of lease liabilities ����������������������������������������������������������������������������������������������������������������������

–(1,395,093)––

Distribution/repayment from SVF to third-party investors������������������������������������������������������������������������������

–

–

–

(5,174,837)–

As of April 1, 2023 ������������������������������������������������������������������������������������������������������������������������������������������

$Third-party
interests in SVF(a) Changes arising from financing cash flows

Other ��������������������������������������������������������������������������������������������������������������������������������������������������������

––48,828(b) Changes from acquisition or loss of control over subsidiaries and other businesses��������������������������������������

(22,693)(102,563)––(c) The effect of changes in foreign exchange rates ����������������������������������������������������������������������������������������

7,807,245

82,108–3,886,923(d) Changes in fair values ������������������������������������������������������������������������������������������������������������������������������

––(1,249,158)–(e) Changes in third-party interests in SVF ������������������������������������������������������������������������������������������������������

–

–

–

2,576,692(f) Non-cash transactions*1,2 ��������������������������������������������������������������������������������������������������������������������������

(2,357,341)

1,377,168––(g) Other changes������������������������������������������������������������������������������������������������������������������������������������������

488,970(242,249)

1,260

–

As of March 31, 2024��������������������������������������������������������������������������������������������������������������������������������������

$ 135,839,931$ 5,247,388$ (1,582,049)$ 31,005,237*1 The decrease in interest-bearing debt is due to the physical settlement of prepaid forward contracts using Alibaba shares. The details are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 22. Interest-bearing debt.”*2 The increase in lease liabilities is mainly due to remeasurement of the lease liabilities and the lease transactions executed during the period.

SoftBank Group Corp. Financial Report 2024

126

(12) Cash outflows related to lease
For the fiscal year ended March 31, 2024, the total amount of cash outflows related to lease is¥224,901 million ($1,485,377 thousand) (for the fiscal year ended March 31, 2023: ¥278,951
million).
(13) Significant non-cash transactions
Significant non-cash transactions (investing and financing transactions that do not require the useof cash and cash equivalents) are as follows:

Increase in right-of-use assets related to leasetransactions �����������������������������������������������

(Millions of yen)(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥267,680¥203,323$1,342,864

In addition to the above, the following non-cash transactions were conducted.
For the fiscal year ended March 31, 2023
a. The physical settlement of prepaid forward contracts using Alibaba shares
Based on the board resolution in August 2022 or the reached settlement date for a portion of
prepaid forward contracts, ¥5,538,147 million of financial liabilities relating to sale of shares by
prepaid forward contracts, ¥1,874,305 million of derivative financial assets, and ¥13,376 million ofderivative financial liabilities, were settled by Alibaba shares. The details are described in “*1” in “(1)Gain and loss on investments at Investment Business of Holding Companies” under “Note 38. Gainon investments.”
For the fiscal year ended March 31, 2024
a. The physical settlement of prepaid forward contracts using Alibaba shares
As certain prepaid forward contracts using Alibaba shares matured, ¥356,925 million ($2,357,341
thousand) of financial liabilities relating to sale of shares by prepaid forward contracts and ¥231,618
million ($1,529,740 thousand) of derivative financial assets were settled by Alibaba shares. The
details of the transaction are described in “(2) Transactions for sale of Alibaba shares by prepaid
forward contracts” under “Note 22. Interest-bearing debt.”b. Acquisition of T-Mobile shares for no additional consideration as contingent consideration
The Company acquired $7,744 million (¥1,098,435 million) of T-Mobile shares for no additional
consideration on December 28, 2023 as the conditions were met for the contingent consideration related to the acquisition of T-Mobile shares through the merger transaction with Sprint
and T-Mobile US, Inc. The details of the transaction are described in “*4” in “Option contracts

SoftBank Group Corp. Financial Report 2024

to which hedge accounting is not applied” in “iii. Option contracts” in “(b) Price risk” in “a.
Market risk” in “(2) Financial risk management” under “Note 28. Financial instruments.”

45. Related party transactions(1) Related party transactions and balances
For the fiscal year ended March 31, 2023, Rajeev Misra resigned from his position as the Corporate
Officer, Executive Vice President in SoftBank Group Corp. on August 31, 2022.
After the resignation, he is not a related party of the Company. However, transactions during theterm in which he was a related party of the Company and transactions during the term from theresignation date to date when the balances outstanding as of the resignation date were settled,
and their balance as of March 31, 2023 are disclosed.
Related party transactions of the Company are as follows:a. Co-investment program with restricted rights to receive distributions
MgmtCo, which is the investor in SVF2 LLC (a subsidiary of the Company under SVF2) and the investor in
SLA LLC (a subsidiary of the Company under the LatAm Funds), is a company controlled by Masayoshi
Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., and a related
party of the Company. The co-investment program with restricted rights to receive distributions to SVF2
and LatAm Funds has been introduced from the three-month period ended September 30, 2021 for the
purpose of enabling Masayoshi Son to make a co-investment in SVF2 and LatAm Funds with theCompany, sharing risk of losses as well as benefit of profits in the success of SVF2 and LatAm Funds, andleading to enhanced focus on the management of investments held by them, which in turn is intended tocontribute to increases in the Company’s earnings. In making a co-investment in SVF2 and LatAm Funds
under the terms of the program, MgmtCo both receives the benefit of profits and assumes the risk oflosses from SVF2 and LatAm Funds, and MgmtCo’s right to receive distributions from its investment issubject to certain restrictions.
Contributions to SVF2 LLC and SLA LLC are classified as “Equity” and “Preferred Equity” depending on
the terms and conditions of distribution. SVF2 LLC and SLA LLC each have issued Equity entitled toperformance-based distributions that are allocated to the Company and MgmtCo based on the
proportion of their respective contributions. The Company’s Equity interest in each of SVF2 LLC and SLA
LLC is 82.75%, and MgmtCo’s Equity interest in each of SVF2 LLC and SLA LLC is 17.25%. The
Company’s investment in SVF2 LLC is made through SoftBank Vision Fund II-2 L.P. and its subsidiaries, andits investment in SLA LLC is made through SBLA Latin America Fund LLC and its subsidiaries.

127

(a) Transactions between SVF2 and related parties
For the fiscal year ended March 31, 2023

For the fiscal year ended March 31, 2024
(Millions of yen)

Name of the company orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature of relationship

Nature of transaction

Chairman & CEO of
SoftBank Group
Corp. and related
entities of which
he holds more than
one-half of thevoting rights

Receipt of capital contributionin SVF2 LLC and related
adjustments*1,2
The premium received on SVF2
LLC’s receivables

Fiscal year ended
March 31, 2023

As of March
31, 2023

Amount oftransaction

Balance atperiod-end

MgmtCo’s Equity interests in
SVF2 LLC*5,6–

Net balance at period end(Receivables in SVF2 LLC less
MgmtCo’s Equity interests in SVF2 LLC)*7

Name of the company orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))–¥11,185*3(Millions of yen)

¥384,870*3,4

Nature of relationship

Nature of transaction

Chairman & CEO of
SoftBank Group
Corp. and related
entities of which
he holds more than
one-half of thevoting rights

Receipt of capital contributionin SVF2 LLC and related
adjustments*1,2–

The premium received on SVF2
LLC’s receivables

Fiscal year ended
March 31, 2024

As of March
31, 2024

Amount oftransaction

Balance atperiod-end–¥11,964*3

MgmtCo’s Equity interests in
SVF2 LLC*5,6–

Net balance at period end(Receivables in SVF2 LLC less
MgmtCo’s Equity interests in SVF2 LLC)*7

384,870(Thousands of U.S. dollars)Name of the company orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature of relationship

Nature of transaction

Chairman & CEO of
SoftBank Group
Corp. and related
entities of which
he holds more than
one-half of thevoting rights

Receipt of capital contributionin SVF2 LLC and related
adjustments*1,2
The premium received on SVF2
LLC’s receivables

Fiscal year ended
March 31, 2023

As of March
31, 2023

Amount oftransaction*8

Balance atperiod-end*8$ 82,506*3

MgmtCo’s Equity interests in
SVF2 LLC*5,6
Net balance at period end(Receivables in SVF2 LLC less
MgmtCo’s Equity interests in SVF2 LLC)*7

SoftBank Group Corp. Financial Report 2024–

$2,882,270*3,4–

2,882,270–

448,931(Thousands of U.S. dollars)Name of the company orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))–¥448,931*3,4

Nature of relationship

Nature of transaction

Chairman & CEO of
SoftBank Group
Corp. and related
entities of which
he holds more than
one-half of thevoting rights

Receipt of capital contributionin SVF2 LLC and related
adjustments*1,2
The premium received on SVF2
LLC’s receivables

Fiscal year ended
March 31, 2024

As of March
31, 2024

Amount oftransaction*8

Balance atperiod-end*8–$ 82,732*3

MgmtCo’s Equity interests in
SVF2 LLC*5,6
Net balance at period end(Receivables in SVF2 LLC less
MgmtCo’s Equity interests in SVF2 LLC)*7–$2,965,003*3,4–

2,965,003128

*1	Restrictions on rights of MgmtCo to receive distributions
MgmtCo’s right to receive distributions from its investment is subject to certain restrictions. Distributions from SVF2 LLC to
MgmtCo are fully restricted and are not paid until the sum of proceeds received by SVF2 LLC from realized investments plus theaggregate fair value of all of SVF2 LLC’s unrealized investments (net of borrowings) exceeds 130% of the aggregate acquisition
cost of all of SVF2 LLC’s investments. After the ratio exceeds 130%, restrictions on distributions to MgmtCo are released
proportionately in increments of 10%, and when the ratio reaches 200%, all restrictions are released and MgmtCo is entitled toreceive the full amount of the distribution. In the event that, upon the liquidation of SVF2 LLC, the amount of the distributions
received by MgmtCo exceeds the amount that would have been distributed to MgmtCo if the ratio in effect at the time ofliquidation was applied throughout the life of SVF2 LLC, then any such excess amounts will be subject to clawback from
MgmtCo.
*2	Nature of the Equity contribution by MgmtCo
The Equity interests contributed by the Company and MgmtCo are subordinated to the Preferred Equity contributed separatelyby the Company to SVF2 LLC. If there is a shortfall in the amount of return of Preferred Equity contributions and the amount of
fixed distributions to be received by the Preferred Equity holders at the time of the final profit distribution by SVF2 LLC, then
MgmtCo is obligated to pay the shortfall proportional to Equity interests’ ratio up to the total amount of return of Equity
contributions and the distributions received by MgmtCo.
*3	Balance at period end of receivables from MgmtCo for receipt of capital contribution and related adjustments
Balance at period end is the balance of SVF2 LLC’s receivables which consists of the balance related to receipt of capital
contribution, related adjustments, and premiums received from MgmtCo, less any decrease in receivables due to offsetting
settlement with distributions to MgmtCo. The amount of the transaction for “Receipt of capital contribution in SVF2 LLC andrelated adjustments” at the inception of the program is MgmtCo’s Equity Acquisition Amount in SVF2 LLC, which consists of theamount calculated based on MgmtCo’s Equity interests of 17.25% in the SVF2’s initial acquisition costs of the relevant portfolio
companies held by SVF2 LLC and related adjustments calculated based on 17.25% interest in the increase in the portfolio
companies’ fair value from the initial acquisition costs at SVF2 to June 30, 2021, and the adjustment equivalent to interests forthe period from the Company’s contribution to SVF2 until June 30, 2021.
MgmtCo is entitled to make full or partial payment of its Equity Acquisition Amount at any point in time, at its discretion, fromthe date it became an investor in SVF2 LLC to the end of the company life of SVF2 LLC. MgmtCo is required to pay a premiumof 3% per annum on the unpaid Equity Acquisition Amount until the unpaid amount is paid in full. “The premium received on
SVF2 LLC’s receivables” refers to the amount of such premium accrued in the current period. MgmtCo is also entitled to makefull or partial payment of the premium at any point in time, at its discretion, on the same terms and conditions as Equity
Acquisition Amount.
Any distributable amount from SVF2 LLC to MgmtCo is offset against the receivables at the time of the distribution notice andno distribution payments to MgmtCo are made until the SVF2 LLC’s receivables are paid in full.
*4	Collateral and other credit protection for receivables
In order to secure the receivables of SVF2 LLC related to Equity Acquisition Amount and the premium thereon, all of the Equity
interests in SVF2 LLC held by MgmtCo are pledged as collateral. In the event that MgmtCo pays into the receivables or offsets
such receivables with distributions due to it from SVF2 LLC, the collateral is released to the extent that the cumulative amountsof payments and offsets exceed the balance of the receivables after deduction of such cumulative amounts. Masayoshi Son also
provides a personal guarantee to the receivables up to the balance of the receivables. In addition, as of March 31, 2024,
8,897,100 shares of SoftBank Group Corp. are deposited in SVF2 LLC by Masayoshi Son (as of March 31, 2023: 8,897,100
shares). The deposited shares of SoftBank Group Corp. will be released only when the entire amount of receivables is settled.
SVF2 LLC may acquire the deposited SoftBank Group Corp. shares without consideration where there are any unpaid receivables
in SVF2 LLC after the enforcement of the collateral and personal guarantees by SVF2 LLC.
*5	MgmtCo’s Equity interest in SVF2 LLC
The amount represents SVF2 LLC’s net assets attributable to MgmtCo (before deduction of receivables), which is included in“Third-party interests in SVF” in the consolidated statement of financial position.
*6	Management fees and performance-linked management fees to be charged to MgmtCo
The terms of the management fees and performance-linked management fees to be charged to MgmtCo are the same as thoseto be charged to the Company as an Equity investor in SVF2 LLC.
*7	Net balance at period end
Net balance at period end is the balance of receivables held by SVF2 LLC less MgmtCo’s Equity interest in SVF2 LLC.
*8	The amounts represent the original transaction amounts and the outstanding balances recorded in U.S. dollars, and are not thetranslations of Japanese yen amounts into U.S. dollar amounts.

SoftBank Group Corp. Financial Report 2024(b) Transactions between LatAm Funds and related parties
For the fiscal year ended March 31, 2023
(Millions of yen)

Name of the company orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature of relationship

Nature of transaction

Chairman & CEO of
SoftBank Group
Corp. and related
entities of which
he holds more than
one-half of thevoting rights

Receipt of capital contribution
in SLA LLC and related
adjustments*1,2
The premium received on SLA
LLC’s receivables

Fiscal year ended
March 31, 2023

As of March
31, 2023

Amount oftransaction

Balance atperiod-end–¥ 2,641*3

MgmtCo’s Equity interests in
SLA LLC*5,6–

Net balance at period end(Receivables in SLA LLC less
MgmtCo’s Equity interests in SLA LLC)*7¥90,606*3,4
28,652

61,954(Thousands of U.S. dollars)Name of the company orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature of relationship

Nature of transaction

Chairman & CEO of
SoftBank Group
Corp. and related
entities of which
he holds more than
one-half of thevoting rights

Receipt of capital contribution
in SLA LLC and related
adjustments*1,2
The premium received on SLA
LLC’s receivables

Fiscal year ended
March 31, 2023

As of March
31, 2023

Amount oftransaction*8

Balance atperiod-end*8–$19,479*3

MgmtCo’s Equity interests in
SLA LLC*5,6
Net balance at period end(Receivables in SLA LLC less
MgmtCo’s Equity interests in SLA LLC)*7–$678,545*3,4
214,570

463,975129

For the fiscal year ended March 31, 2024
(Millions of yen)

Name of the company orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature of relationship

Nature of transaction

Chairman & CEO of
SoftBank Group
Corp. and related
entities of which
he holds more than
one-half of thevoting rights

Receipt of capital contribution
in SLA LLC and related
adjustments*1,2
The premium received on SLA
LLC’s receivables

Fiscal year ended
March 31, 2024

As of March
31, 2024

Amount oftransaction

Balance atperiod-end–¥ 2,799*3

MgmtCo’s Equity interests in
SLA LLC*5,6–

Net balance at period end(Receivables in SLA LLC less
MgmtCo’s Equity interests in SLA LLC)*7¥105,278*3,4
14,086

91,192(Thousands of U.S. dollars)Name of the company orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature of relationship

Nature of transaction

Chairman & CEO of
SoftBank Group
Corp. and related
entities of which
he holds more than
one-half of thevoting rights

Receipt of capital contribution
in SLA LLC and related
adjustments*1,2
The premium received on SLA
LLC’s receivables

Fiscal year ended
March 31, 2024

As of March
31, 2024

Amount oftransaction*8

Balance atperiod-end*8–$19,355*3

MgmtCo’s Equity interests in
SLA LLC*5,6
Net balance at period end(Receivables in SLA LLC less
MgmtCo’s Equity interests in SLA LLC)*7

SoftBank Group Corp. Financial Report 2024–

$695,317*3,4
93,032602,285*1	Restrictions on rights of MgmtCo to receive distributions
MgmtCo’s right to receive distributions from its investment is subject to certain restrictions. Distributions from SLA LLC to
MgmtCo are fully restricted and are not paid until the sum of proceeds received by SLA LLC from realized investments plus theaggregate fair value of all of SLA LLC’s unrealized investments (net of borrowings) exceeds 130% of the aggregate acquisition
cost of all of SLA LLC’s investments. After the ratio exceeds 130%, restrictions on distributions to MgmtCo are released proportionately in increments of 10%, and when the ratio reaches 200%, all restrictions are released and MgmtCo is entitled to receive
the full amount of the distribution. In the event that, upon the liquidation of SLA LLC, the amount of the distributions receivedby MgmtCo exceeds the amount that would have been distributed to MgmtCo if the ratio in effect at the time of liquidation
was applied throughout the life of SLA LLC, then any such excess amounts will be subject to clawback from MgmtCo.
*2	Nature of the Equity contribution by MgmtCo
The Equity interests contributed by the Company and MgmtCo are subordinated to the Preferred Equity contributed separatelyby the Company to SLA LLC. If there is a shortfall in the amount of return of Preferred Equity contributions and the amount of
fixed distributions to be received by the Preferred Equity holders at the time of the final profit distribution by SLA LLC, then
MgmtCo is obligated to pay the shortfall proportional to Equity interests’ ratio up to the total amount of return of Equity
contributions and the distributions received by MgmtCo.
*3	Balance at period end of receivables from MgmtCo for receipt of capital contribution and related adjustments
Balance at period end is the balance of SLA LLC’s receivables which consists of the balance related to receipt of capital contribution, related adjustments, and premiums received. The amount of the transaction for “Receipt of capital contribution in SLA LLC
and related adjustments” at the inception of the program is MgmtCo’s Equity Acquisition Amount in SLA LLC, which consists of
the amount calculated based on MgmtCo’s Equity interests of 17.25% in the LatAm Funds’ initial acquisition costs of theportfolio companies held by LatAm Funds and related adjustments calculated based on 17.25% interest in the increase in theportfolio companies’ fair value from the initial acquisition costs at LatAm Funds to June 30, 2021, and the adjustment equivalent
to interests for the period from the Company’s contribution to LatAm Funds until June 30, 2021.
MgmtCo is entitled to make full or partial payment of its Equity Acquisition Amount at any point in time, at its discretion, fromthe date it became an investor in SLA LLC to the end of the company life of SLA LLC. MgmtCo is required to pay a premium of
3% per annum on the unpaid Equity Acquisition Amount until the unpaid amount is paid in full. “The premium received on SLA
LLC’s receivables” refers to the amount of such premium accrued in the current period. MgmtCo is also entitled to make full or
partial payment of the premium at any point in time, at its discretion, on the same terms and conditions as Equity Acquisition
Amount.
Any distributable amounts from SLA LLC to MgmtCo are offset against the receivables at the time of the distribution notice andno distribution payments to MgmtCo are made until the SLA LLC’s receivables are paid in full.
*4	Collateral and other credit protection for receivables
In order to secure the receivables of SLA LLC related to Equity Acquisition Amount and the premium thereon, all of the Equity
interests in SLA LLC held by MgmtCo are pledged as collateral. In the event that MgmtCo pays into the receivables or offsets
such receivables with distributions due to it from SLA LLC, the collateral is released to the extent that the cumulative amounts of
payments and offsets exceed the balance of the receivables after deduction of such cumulative amounts. Masayoshi Son also
provides a personal guarantee to the receivables up to the balance of the receivables. In addition, as of March 31, 2024,
2,168,500 shares of SoftBank Group Corp. are deposited in SLA LLC by Masayoshi Son (as of March 31, 2023: 2,168,500
shares). The deposited shares of SoftBank Group Corp. will be released only when the entire amount of receivables is settled.
SLA LLC may acquire the deposited SoftBank Group Corp. shares without consideration where there are any unpaid receivables
in SLA LLC after the enforcement of the collateral and personal guarantees by SLA LLC.
*5	MgmtCo’s Equity interest in SLA LLC
The amount represents SLA LLC’s net assets attributable to MgmtCo (before deduction of receivables), which is included in“Third-party interests in SVF” in the consolidated statement of financial position.
*6	Management fees, performance-linked management fees, and performance fees to be charged to MgmtCo
The terms of the management fees, performance-linked management fees, and performance fees to be charged to MgmtCo are
the same as those to be charged to the Company as an Equity investor in SLA LLC.
*7	Net balance at period end
Net balance at period end is the balance of receivables held by SLA LLC less MgmtCo’s Equity interest in SLA LLC.
*8	The amounts represent the original transaction amounts and the outstanding balances recorded in U.S. dollars, and are not thetranslations of Japanese yen amounts into U.S. dollar amounts.

130b. Incentive program
The Company provides loans to certain executives of the Company as a part of the incentive
program, which was designated for use for the purchase of SoftBank Group Corp. shares.

For the fiscal year ended March 31, 2024
(Millions of yen)(a) Incentive program approved in April and July 2018
Regarding the incentive program approved in April and July 2018, the amount of the transactions
between the Company and the related parties and the outstanding balance are as follows.

Nature of relationship

Nature of transaction

Amount oftransaction

Balance atperiod-end

Ken Miyauchi

Director

Collection of loans receivable*1,3,4¥ 5,555¥

Interest receipt*1,3,4

Fiscal year ended
March 31, 2023

As of March
31, 2023
Balance atperiod-end¥

Name of the company orindividual

Nature of relationship

Nature of transaction

Amount oftransaction

Yoshimitsu Goto

Director

Collection of loans receivable*1¥ 5,554

Former Corporate
Officer

SoftBank Group Corp. Financial Report 2024–

Interest receipt*1

50

Repayment of loans payable*1

900

–

8

–

Lending of funds*1,3,4

–

5,555

Interest receipt*1,3,4

80

67Interest payment*1

Rajeev Misra

Collection of loans receivable*

2

Interest receipt*2

30

–
–

(Thousands of U.S. dollars)(Millions of yen)

Director

As of March
31, 2024

Name of the company orindividual

For the fiscal year ended March 31, 2023

Ken Miyauchi

Fiscal year ended
March 31, 2024–

10,992–187–

Fiscal year ended
March 31, 2024

As of March
31, 2024

Name of the company orindividual

Nature of relationship

Nature of transaction

Amount oftransaction

Balance atperiod-end

Ken Miyauchi

Director

Collection of loans receivable*1,3,4$ 36,688$

Interest receipt*

1,3,4

198

–
–

*1	The interest rates for the loans are the 1.45% of fixed rate, which was rationally determined in reference to market interest rates andactual interest rates of SoftBank Group Corp. for other borrowings with periods similar to the period of the loans. The maturity date
for the loans is May 31, 2023, and the borrowers are required to make a single payment at maturity. However, SoftBank Group Corp.
and the borrowers may agree to extend the term of the loan for two additional five-year periods to May 31, 2033, and the borrowers
may prepay all or any portion of the loans at any time voluntarily. Additionally, the borrowers may deposit with SoftBank Group Corp.
any amount of cash equal to or less than the then-outstanding principal amount of the loans, and SoftBank Group Corp. will accountfor the deposit as loan payables on the balance sheet. The interest rates for the deposits are the same as the rates for the loans. In
May 2023, the maturity date for the loan between the Company and Ken Miyauchi has been extended to May 31, 2028. After theextension of the maturity date, the loan was fully repaid in August 2023.
*2	The interest rate for the loan is 2.94% of the fixed rate, which was rationally determined in reference to market interest rates andactual interest rates of SoftBank Group Corp. for other borrowings with periods similar to the period of the loans. The maturity date
for the loans is May 31, 2028, and the borrower is required to make a single payment at maturity. However, SoftBank Group Corp.
and the borrower may agree to extend the term of the loan for an additional five-year period to May 31, 2033, and the borrower may
prepay all or any portion of the loan at any time voluntarily. Additionally, the borrower may deposit with SoftBank Group Corp. any
amount of cash equal to or less than the then-outstanding principal amount of the loan, and SoftBank Group Corp. will account forthe deposit as loan payables on the balance sheet. The interest rate for the deposit is the same as the rate for the loan.
*3	The following assets of the borrower are pledged as collateral in the transactions.
• Shares of SoftBank Group Corp. purchased with the funds of loans, and all proceeds of the shares.
Also, when default occurs, SoftBank Group Corp. is entitled to receive the part of future cash compensation for the borrowers
payable by SoftBank Group Corp. and subsidiaries, as repayment of the loan.
*4	Total shortfall calculated by deducting the amount received through fully exercised rights in respect to collateral and rights to receive
the part of future cash compensation for the borrowers payable by SoftBank Group Corp. and subsidiaries as repayment of the loan
from all amounts that become due and payable by the borrowers is guaranteed by Masayoshi Son, who is Representative Director of
SoftBank Group Corp.

131

(b) Incentive program approved in February 2020
Regarding the incentive program approved in February 2020, the amount of the transactions
between the Company and the related parties and the outstanding balance are as follows.
For the fiscal year ended March 31, 2023
(Millions of yen)

Name of the company orindividual

Rajeev Misra(Giantstep Holdings
Limited)Fiscal year ended
March 31, 2023

As of March
31, 2023

Nature of relationship

Nature of transaction

Amount oftransaction

Balance atperiod-end

Former Corporate Officer andrelated entities of which heholds more than one-half ofthe voting rights

Collection of loans
receivable*¥1,066¥

Interest receipt*

0c. Transfer of T-Mobile shares
As a part of the transaction related to transfer of T-Mobile shares, the Company entered into
agreements with certain executive for transferring T-Mobile shares and for the loan which was
designated for the use for the purchase of T-Mobile shares in June 2020.
Regarding the transactions associated with the transfer of T-Mobile shares, the amount of thetransactions between the Company and the related parties and the outstanding balance are as
follows.
For the fiscal year ended March 31, 2023
(Millions of yen)––*	The interest rate for the loan is 1.93% of the fixed rate, which was rationally determined in reference to market interest rates andactual interest rates of SoftBank Group Corp. for other borrowings with periods similar to the period of the loans. The borrower isrequired to pay the outstanding principal amount of the loan in a single payment on the seventh anniversary of the funding date.
Additionally, the borrower may deposit with SoftBank Group Corp. any amount of cash equal to or less than the then-outstanding
principal amount of the loan, and SoftBank Group Corp. will account for the deposit as loan payables on the balance sheet. Theinterest rate for the deposit is the same as the rate for the loan.

Name of the company orindividual

Rajeev Misra(Brightstart
Consultants
Limited)Fiscal year ended
March 31, 2023

As of March
31, 2023
Balance atperiod-end

Nature of relationship

Nature of transaction

Amount oftransaction

Former Corporate Officer
and related entity ofwhich he holds morethan one-half of thevoting rights

Collection of loans
receivable*1,2¥59,012($475 million)

Interest receipt*

325($2 million)

1,2

¥

–
–

*1	The borrower is an entity of which the executive holds more than one-half of the voting rights. The repayment of the loan andinterest is secured by a first priority pledge of 100% of the borrower’s equity interests. The executive guarantees the repaymentof the loan and interest to full recourse. Also, the purchaser of T-Mobile shares is the borrower.
*2	The interest rate for the loan is 1.93% of the fixed rate, which was rationally determined in reference to market interest rates
and actual interest rates of SoftBank Group Corp. for other borrowings with periods similar to the period of the loans. The
maturity dates are July 1, 2024 for the loan made in June 2020 and September 1, 2024 for the loan made in August 2020, andthe borrower is required to make a single payment at maturity. Prior to the maturity date the borrower may prepay all or any
portion of the outstanding principal amount of the loan, along with any accrued but unpaid interest on such principal amount at
any time. Additionally, on April 4, 2022, the Company and Brightstart Consultants Limited, which is a company controlled by
Rajeev Misra, entered into an amended agreement regarding the loan interest rate. The amended loan interest rate will be thehigher of 1.93% or HMRC Official Rate for each year. Also, on April 5, 2022, the Company loaned $11 million to Brightstart
Consultants Limited at the same loan interest rate mentioned above. Additionally, the entire outstanding balance as of March
31, 2022 related to Brightstart Consultants Limited and the entire amount of this additional loan were repaid by June 14, 2022.

SoftBank Group Corp. Financial Report 2024

132

d. Other related party transactions
Related party transactions of the Company were as follows:
For the fiscal year ended March 31, 2023
(Millions of yen)

Name of the company orindividual

Nature of relationship

Nature of transaction

WeWorkAssociate

Receipt of WeWork warrants
with exercise price of USD
0.01 per share*1

Masayoshi Son(Son AssetManagement
LLC and 7 othercompanies)

Ken Miyauchi

SoftBank Group Corp. Financial Report 2024

As of March
31, 2023

Amount oftransaction

Balance atperiod-end–¥ 5,299($40 million)

Receipt of WeWork warrants
with exercise price of USD
0.02 per share*2–525($4 million)

Purchase of unsecured
notes*3–

181,826($1,362 million)¥

Credit support for letter ofcredit facility*4––

Purchase of senior secured
notes*5

33,315($250 million)

32,959($247 million)

21,871–172–

Representative Director of Dividend paid from SoftBank
SoftBank Group Corp.
Group Corp.
and related entities of
Dividend paid from SoftBank
which he holds more
Corp.
than one-half of thevoting rights
Exercise of stock acquisitionrights of SoftBank Corp.

Director

Fiscal year ended
March 31, 2023

498–

Payment for equipment
usage*67

1Receipt of guarantees forclaims against subsidiariesof the Company*7,8––Exercise of stock acquisitionrights of SoftBank Corp.

498–

Dividend paid from SoftBank
Group Corp.

111–

Dividend paid from SoftBank
Corp.

208

–

(Millions of yen)

Name of the company orindividual

AI & Company, Inc.
(Yutaka Matsuo)

Nature of relationshipFiscal year ended
March 31, 2023

As of March
31, 2023

Amount oftransaction

Balance atperiod-end

Nature of transaction

Related entities ofReceipt of capitalwhich Director ofcontribution to a
SoftBank Group Corp. subsidiary*9
holds more than
one-half of the voting
rightsRajeev Misra

Former Corporate
Officer

Advance payment for
temporary expense

Taizo Son
(Son Estate LLC
and 6 othercompanies*11)

Relative of Representative Sale of shares of the
Director of SoftBank
Company’s subsidiary*13
Group Corp. and related
Lending of funds*14
entities of which therelative holds more than
Dividend paid from SoftBank
one-half of the voting
Group Corp.
rights*12
Receipt of capital
contribution to a
subsidiary*15
Receipt of deposits to a
subsidiary*16

¥

3

¥

77*10

69

–

–

–

–

–

146

–

12

463*10–9133

*1	WeWork warrants that are convertible into common shares at an exercise price of $0.01 per share, which the Company
received for the fiscal year ended March 31, 2022 as a consideration for conversion of WeWork preferred shares into WeWorkcommon shares of the new company at the time of the merger of WeWork and SPAC (39,133,649 shares) and for theextension of credit support for a letter of credit facility provided by financial institutions (11,923,567 shares).
*2	WeWork warrants that are convertible into common shares at an exercise price of $0.02 per share, which the Company
received for the fiscal year ended March 31, 2020 as a consideration for the purchase of unsecured notes issued by WeWork
and for the credit support for a letter of credit facility provided by financial institutions.
*3	Balance at period end represents the outstanding balance of unsecured notes which the Company purchased in the
consolidated statement of financial position as of March 31, 2023.
*4	SVF2 provides WeWork the credit support for letter of credit facility provided by financial institutions. The details are describedin “(2) Credit guarantees” under “Note 46. Contingency.”*5	SVF2 is obliged to purchase up to $0.5 billion in senior secured notes to be issued by WeWork. Amount of transaction
represents the amount of senior secured notes which SVF2 purchased for the fiscal year ended March 31, 2023. Balance atperiod end represents the outstanding balance of senior secured notes in the consolidated statement of financial position as ofMarch 31, 2023. The details are described in “Note 41. Other gain (loss).”*6	Equipment usage fees are determined based on the ratio of usage.
*7	All indebtedness occurred by November 10, 2020 including indebtedness for or in respect of borrowed money, stock or
securities lending, and any other guarantees and indemnities which Delaware subsidiaries, SB Northstar and its subsidiaries(“guaranteed subsidiaries”) owe to the Company are guaranteed and indemnified by Masayoshi Son, Son Asset Management
LLC and Son Wealth Management Inc. as principal obligor, in proportion to the ownership interest against SB Northstar at thetime the relevant guaranteed obligations were incurred. At the time of winding up of SB Northstar, Masayoshi Son, Son AssetManagement LLC and Son Wealth Management Inc. indemnify guaranteed obligations not being recoverable for any reason or
any failure of guaranteed subsidiaries to perform any of its obligations or liabilities in proportion to the ownership interest
against SB Northstar at the time the relevant guaranteed obligations were incurred.
Regarding any indebtedness occurred after November 11, 2020, it will be subject to this guarantee and indemnity agreement,
to the extent that Masayoshi Son’s prior consent has been obtained.
*8	In the event that Masayoshi Son is unable to perform, on a prolonged or permanent basis, his role with involvement in theinvestment management decisions of the SB Northstar, the Company has a call option to cause Masayoshi Son, Son AssetManagement LLC and Son Wealth Management Inc. to sell all of their interests in the Delaware subsidiaries at the fair market
value. If the call option is exercised, SoftBank Group Corp. will discuss the termination of the guarantee and indemnity
agreement mentioned above with Masayoshi Son, Son Asset Management LLC and Son Wealth Management Inc.
*9	This represents the received amount of contribution to DEEPCORE TOKYO 1 by AI & Company, Inc. and the terms andconditions of the transaction are determined as same as other limited liability union members.
*10	The balance at period end represents the total investment amount less cumulative investment partnership losses and added
cumulative investment partnership gains as of March 31, 2023.
*11	Mr. Taizo Son, relative of Representative Director Masayoshi Son, holds over half of the voting rights of this company.
*12	For the fiscal year ended March 31, 2023, a service agreement was entered into between SBGA and Mr. Taizo Son and he has
been a member of the investment committee of SVF2.
*13	The Company and The EDGEof Korea Co., Ltd. (“EDGEof Korea”), which is controlled by Mr. Taizo Son, entered into a definitive
agreement to sell all of its 3,600,000 shares in SoftBank Ventures Asia Corp. (“SBVA”) to EDGEof Korea for KRW 124,000
million. This transaction is subject to regulatory approvals and the satisfaction of other closing conditions. The transaction price
was determined based on negotiation with reference to the corporate valuation by an independent third-party valuation
agency. In June 2023, the regulatory approvals and the other closing conditions were satisfied and subsequently the Company
sold all of its shares in SBVA to EDGEof Korea.
*14	In April 2023, the Company and EDGEof Korea entered into a loan agreement of KRW 60,760 million which is equivalent to
49% of sales price of shares in SBVA for which the interest rate is equal to the overdraft interest rate prescribed by theOrdinance of the Ministry of Economy and Finance of Korea (as of March 31, 2023: 4.6%) and the maturity date is on the fifth
anniversary of the closing date of the agreement. The loan is guaranteed by Mistletoe Singapore Pte. Ltd. and other two
entities which are controlled by Mr. Taizo Son, and 49% of SBVA shares held by EDGEof Korea are pledged as collateral for theloan. The voting rights against SBVA are retained by EDGEof Korea.
*15	This represents the received amount of contribution to DEEPCORE TOKYO 1 by Mistletoe Venture Partners, Inc. and the terms
and conditions of the transaction are determined as same as other limited liability union members.
*16	This represents the received amount of deposits to PayPay Bank Corporation, a subsidiary of the Company, by GEUDA General
Incorporated Association and the terms and conditions of the transactions are determined as same as other depositors.

SoftBank Group Corp. Financial Report 2024

For the fiscal year ended March 31, 2024
(Millions of yen)

Name of the company orindividualFiscal year ended
March 31, 2024

As of March
31, 2024

Nature of relationship

Nature of transaction

Amount oftransaction

Balance atperiod-end

ARM Technology(China) Co., Ltd.

Associate

Revenue under the terms of
the IP license agreement¥ 96,060¥ 44,628

WeWorkAssociate

Receipt of WeWork warrants
with exercise price of USD
0.01 per share*1––

Receipt of WeWork warrants
with exercise price of USD
0.02 per share*2––

Receipt of shares andconvertible bonds *3

94,122–

Purchase/Redemption of thesenior secured notes
Purchase of the notes *4

7,272

–

Lending of funds related tocredit support for letter ofcredit facility *5

210,182–0484,512

21,480

–

241

–

8

1

–

–

105

–

11

1

479

–

GreenBox Systems
LLC

Joint Venture

Fulfillment of investmentcommitment*6

Masayoshi Son(Son AssetManagement
LLC and 9 othercompanies)

Representative Director of Dividend paid from SoftBank
SoftBank Group Corp.
Group Corp.
and related entities of
Dividend paid from SoftBank
which he holds more
Corp.
than one-half of thevoting rights
Payment for equipment
usage*7
Receipt of guarantees forclaims against subsidiariesof the Company*8,9Related entities ofIncome from subleasing of
which the relativeequipments at a subsidiaryof Representative
Payment of outsourcing fees
Director of SoftBankfrom a subsidiaryGroup Corp.holds
more than one-halfof the voting rights or
has joint control

Yoshimitsu Goto

Director

Exercise of stock acquisitionrights of SoftBank Group
Corp.

134

(Millions of yen)

Name of the company orindividual

Nature of relationship

Nature of transaction

Ken Miyauchi

Director

Dividend paid from SoftBank
Corp.

AI & Company, Inc.
(Yutaka Matsuo)

Related entities ofReceipt of capitalwhich Director ofcontribution to a
SoftBank Group Corp. subsidiary*10
holds more thanfrom aone-half of the voting Distribution 10
subsidiary*rights

KOEI TECMOGAMES CO., LTD.
(Keiko Erikawa)

Related entities of which
Director of SoftBank
Group Corp. and therelative hold more than
one-half of the voting
rightsRelative of Representative
Taizo Son
Director of SoftBank(Son Estate LLC
Group Corp. and related
and 7 othercompanies*13)*20,21 entities of which therelative holds more than
one-half of the voting
rights*14

Fiscal year ended
March 31, 2024

As of March
31, 2024

Amount oftransaction

Balance atperiod-end

¥

297

1
2

¥

(Thousands of U.S. dollars)Name of the company orindividual$ 294,748

Revenue under the terms of
the IP license agreement

WeWorkAssociate

86*

Receipt of WeWork warrants
with exercise price of USD
0.01 per share*1

–

–

–

Receipt of WeWork warrants
with exercise price of USD
0.02 per share*2

–

–

11

13,008–

Lending of funds*

6,374

6,836

Interest receipt*16

245

251

Dividend paid from SoftBank
Group Corp.

422

–

7

514*
–

Brand royalty revenue*

18

19

Receipt of deposits to a
subsidiary*19–

1

681,499*22–

Purchase/Redemption of thesenior secured notes
Purchase of the notes *450,000*22–

Lending of funds related tocredit support for letter ofcredit facility *5

1,430,000*22–

Joint Venture

Masayoshi Son(Son AssetManagement
LLC and 9 othercompanies)

Representative Director of Dividend paid from SoftBank
SoftBank Group Corp.
Group Corp.
and related entities of
Dividend paid from SoftBank
which he holds more
Corp.
than one-half of thevoting rights
Payment for equipment
usage*711

14

Receipt of shares andconvertible bonds *3

GreenBox Systems
LLC

Fulfillment of investmentcommitment*6

Receipt of guarantees forclaims against subsidiariesof the Company*8,9Related entities ofIncome from subleasing of
which the relativeequipments at a subsidiaryof Representative
Payment of outsourcing fees
Director of SoftBankfrom a subsidiaryGroup Corp.holds
more than one-halfof the voting rights or
has joint control
Yoshimitsu Goto

SoftBank Group Corp. Financial Report 2024

$ 662,645*22

Associate

Sale of shares of theCompany’s subsidiary*15

18

Balance atperiod-end

ARM Technology(China) Co., Ltd.

–

64

Distribution from a
subsidiary*17

Amount oftransaction

Nature of transaction

232

Receipt of capital
contribution to a
subsidiary*17

As of March
31, 2024

Nature of relationshipFees to content providers*12

16

Fiscal year ended
March 31, 2024

Director

Exercise of stock acquisitionrights of SoftBank Group
Corp.

0

3,200,000

141,866

–

1,592

–

53

7

–

–

693

–

73

7

3,164

–

135

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2024

As of March
31, 2024
Balance atperiod-end

Name of the company orindividual

Nature of relationship

Nature of transaction

Amount oftransaction

Ken Miyauchi

Director

Dividend paid from SoftBank
Corp.

$

AI & Company, Inc.
(Yutaka Matsuo)

Related entities ofReceipt of capitalwhich Director ofcontribution to a
SoftBank Group Corp. subsidiary*10
holds more thanfrom aone-half of the voting Distribution 10
subsidiary*rights

KOEI TECMOGAMES CO., LTD.
(Keiko Erikawa)

Related entities of which
Director of SoftBank
Group Corp. and therelative hold more than
one-half of the voting
rightsRelative of Representative
Taizo Son
Director of SoftBank(Son Estate LLC
Group Corp. and related
and 7 othercompanies*13)*20,21 entities of which therelative holds more than
one-half of the voting
rights*14$–7

568*11

13

–

1,532

423

Sale of shares of theCompany’s subsidiary*15

85,912–

Lending of funds*

42,09845,149Interest receipt*16

1,618

1,658

Dividend paid from SoftBank
Group Corp.

2,787

–

46

3,395*11

92–

Brand royalty revenue*

119

125

Receipt of deposits to a
subsidiary*19–

7

Fees to content providers*12

16

Receipt of capital
contribution to a
subsidiary*17
Distribution from a
subsidiary*17
18

SoftBank Group Corp. Financial Report 2024

1,962

*1	WeWork warrants that are convertible into common shares at an exercise price of $0.01 per share, which the Company
received for the fiscal year ended March 31, 2022 as a consideration for conversion of WeWork preferred shares into WeWorkcommon shares of the new company at the time of the merger of WeWork and SPAC (978,340 shares) and for the extension of
credit support for a letter of credit facility provided by financial institutions (298,089 shares). The number of shares is thenumber of shares after the reverse stock split implemented in September 2023. Balance at period end represents the amountrecorded in the consolidated statement of financial position as of March 31, 2024 and the amount is recorded at zero.
*2	WeWork warrants that are convertible into common shares at an exercise price of $0.02 per share, which the Company
received for the fiscal year ended March 31, 2020 as a consideration for the purchase of unsecured notes issued by WeWork
and for the credit support for a letter of credit facility provided by financial institutions. Balance at period end represents theamount recorded in the consolidated statement of financial position as of March 31, 2024 and the amount is recorded at zero.
*3	For the fiscal year ended March 31, 2024, shares and convertible bonds were received in exchange for the unsecured notes.
Balance at period end represents the amount recorded in the consolidated statement of financial position as of March 31, 2024
and the amount is recorded at zero.
*4	For the fiscal year ended March 31, 2024, SVF2 purchased additional $0.05 billion of senior secured notes issued by WeWork
and $0.3 billion of senior secured notes, which was sum of the above and $0.25 billion purchased previously, were fully
redeemed by WeWork. The remaining $0.2 billion of unfunded loan commitment for the senior secured notes was canceled. In
addition, SVF2 newly entered into the loan commitment contract with WeWork and SVF2 purchased $0.3 billion of the notes
issued by WeWork. Amount of transaction represents the net amount of the notes purchased and redeemed for the fiscal year
ended March 31, 2024. Balance at period end represents the amount recorded in the consolidated statement of financial
position as of March 31, 2024 and the amount is recorded at zero.
*5	SVF2 provided the loan to WeWork due to execution of the credit support. The details are described in “*7” under “Note 41.
Other gain (loss)”. Balance at period end represents the amount recorded in the consolidated statement of financial position asof March 31, 2024. The amount is recorded at zero as the allowance was fully allocated to the loan.
*6	In July 2023, GreenBox Systems LLC (“GreenBox”) was established by the Company and Symbotic Inc. The Company hasentered into an agreement regarding capital commitment of $3.2 billion to fund GreenBox. The amount of transaction
represents the amount the Company invested in GreenBox for the fiscal year ended March 31, 2024, and the balance at period
end represents the unfunded capital commitment as of March 31, 2024.
*7	Equipment usage fees are determined based on the ratio of usage.
*8	All indebtedness occurred by November 10, 2020 including indebtedness for or in respect of borrowed money, stock or
securities lending, and any other guarantees and indemnities which Delaware subsidiaries, SB Northstar and its subsidiaries(“guaranteed subsidiaries”) owe to the Company are guaranteed and indemnified by Masayoshi Son, Son Asset Management
LLC and Son Wealth Management Inc. as principal obligor, in proportion to the ownership interest against SB Northstar at thetime the relevant guaranteed obligations were incurred. At the time of winding up of SB Northstar, Masayoshi Son, Son AssetManagement LLC and Son Wealth Management Inc. indemnify guaranteed obligations not being recoverable for any reason or
any failure of guaranteed subsidiaries to perform any of its obligations or liabilities in proportion to the ownership interest
against SB Northstar at the time the relevant guaranteed obligations were incurred.
Regarding any indebtedness occurred after November 11, 2020, it will be subject to this guarantee and indemnity agreement,
to the extent that Masayoshi Son’s prior consent has been obtained.
*9	In the event that Masayoshi Son is unable to perform, on a prolonged or permanent basis, his role with involvement in theinvestment management decisions of the SB Northstar, the Company has a call option to cause Masayoshi Son, Son AssetManagement LLC and Son Wealth Management Inc. to sell all of their interests in the Delaware subsidiaries at the fair market
value. If the call option is exercised, SoftBank Group Corp. will discuss the termination of the guarantee and indemnity
agreement mentioned above with Masayoshi Son, Son Asset Management LLC and Son Wealth Management Inc.
*10	This represents the received amount of contribution to DEEPCORE TOKYO 1 by AI & Company, Inc. and the terms andconditions of the transaction are determined as same as other limited liability union members.
*11	The balance at period end represents the total investment amount less cumulative investment partnership losses and added
cumulative investment partnership gains as of March 31, 2024.
*12	Terms and conditions of the transaction was negotiated and determined, considering the market price and contents of theservices.
*13	Mr. Taizo Son, relative of Representative Director Masayoshi Son, holds over half of the voting rights of this company.
*14	A service agreement was entered into between SBGA and Mr. Taizo Son in the fiscal year ended March 31, 2023, and he has
been a member of the investment committee of SVF2.
*15	The Company sold all of its 3,600,000 shares in SBVA to EDGEof Korea, which is controlled by Mr. Taizo Son, for KRW 124,000
million on June 14, 2023. The transaction price was determined based on negotiation with reference to the corporate valuation
by an independent third-party valuation agency.

136

*16	The Company and EDGEof Korea entered into a loan agreement of KRW 60,760 million which is equivalent to 49% of sales
price of shares in SBVA for which the interest rate is equal to the overdraft interest rate prescribed by the Ordinance of the
Ministry of Economy and Finance of Korea (as of March 31, 2024: 4.6%) and the maturity date is on the fifth anniversary of
the closing date of the agreement. The loan is guaranteed by Mistletoe Singapore Pte. Ltd. and other two entities which arecontrolled by Mr. Taizo Son, and 49% of SBVA shares held by EDGEof Korea are pledged as collateral for the loan. The voting
rights against SBVA are retained by EDGEof Korea.
*17	This represents the received amount of contribution to DEEPCORE TOKYO 1 by Mistletoe Venture Partners, Inc. and the terms
and conditions of the transaction are determined as same as other limited liability union members.
*18	It is calculated by a rate applied for SBVA’s operating revenue. The rate is determined by a reasonable standard.
*19	This represents the received amount of deposits to PayPay Bank Corporation, a subsidiary of the Company, by GEUDA General
Incorporated Association and the terms and conditions of the transactions are determined as same as other depositors.
*20	Other than transactions included in the table above, the Company had entered into limited partnership agreements with SBVA
for several funds which are managed by SBVA as a general partner. As a result of the sales transaction of SBVA mentioned
above, SBVA became an entity controlled by Mr. Taizo Son and transactions regarding the limited partnership agreements are
identified as related party transactions. As of the date of identification, the total commitment amount and unfunded
commitment amount of the Company to the funds were ¥29,145 million ($192,491 thousand) and ¥1,031 million ($6,809
thousand), respectively. Also, for the fiscal year ended March 31, 2024, the Company entered into a limited partnershipagreement for a fund which is managed by an entity controlled by Mr. Taizo Son as a general partner and changed the limited
partnership agreement for an existing fund which is managed by an entity controlled by Mr. Taizo Son as a general partner. As
of March 31, 2024, the total commitment amount and unfunded commitment amount of the Company to the funds were¥38,709 million ($255,657 thousand) and ¥7,023 million ($46,384 thousand), respectively. Under the limited partnershipagreements, management fees are to be paid as 0.5% - 2.3% of the commitment amounts or funded amounts, and successfees are to be paid as distributions of the amount equivalent to the equity owned at the liquidation or 20% - 30% ofinvestment gains which is subject to the achievement of certain IRR.
*21	In addition to the table above, on May 31, 2024, the Company sold certain investment securities to a fund which is managed
by an entity controlled by Mr. Taizo Son as a general partner for $20 million. The sales price was determined based on the
recent transaction price of the investment securities.
*22	The amounts represent the original contract amounts recorded in U.S. dollars, and are not the translations of Japanese yenamounts into U.S. dollar amounts.

(2) Remuneration for executives
Remuneration for executives is as follows:(Millions of yen)

Short-term benefits���������������������������������������
Share-based payments ���������������������������������
Retirement benefits���������������������������������������
Total���������������������������������������������������������

(Thousands of U.S. dollars)

Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Fiscal year ended
March 31, 2024

¥ 1,495651–¥ 2,146¥ 2,9292,415
2¥ 5,346$ 19,345

15,95013$ 35,308

For the fiscal year ended March 31, 2023
Remuneration for major executives represents remuneration for the directors of SoftBank Group
Corp. (including external directors) and Rajeev Misra as the Corporate Officer, Executive Vice
President.
Rajeev Misra resigned from his position as the Corporate Officer, Executive Vice President at
SoftBank Group Corp. on August 31, 2022. He is not an executive of the Company since
September 1, 2022.

For the fiscal year ended March 31, 2024
Remuneration for major executives represents remuneration for the directors of SoftBank Group
Corp. (including external directors).
Since Kentaro Kawabe resigned from his position as a director at SoftBank Group Corp. on June21, 2023, the remuneration during his term of office is included in the table above.

SoftBank Group Corp. Financial Report 2024

137

46. Contingency(1) Lending commitments
Lending commitments that the Company is engaged in are as follows:(Millions of yen)(Thousands of U.S. dollars)

As of March 31, 2023

As of March 31, 2024

As of March 31, 2024

Lending commitments ���������������������������������

¥12,270,942¥13,435,497$88,735,863

Funded���������������������������������������������������������

1,050,583

1,039,913

6,868,192

Unfunded�����������������������������������������������������

¥11,220,359¥12,395,584$81,867,671

The lending commitments that the Company is engaged in are mainly shopping and cashing credit
limits provided to the credit card members in the SoftBank segment.
The unfunded balance of the shopping limit and cashing limit does not indicate that the total
amount of the balance will be used in the future because customers may use the credit card up to
the limit at any time and do not always use the full amount of the limit and the Company may
change the limit arbitrarily. Also, maturities of unfunded lending commitments are within one year
because they are payable on demand.
Expected credit loss that could arise resulting from the execution of the above loan commitments
are described in “b. Credit risk” in “(2) Financial risk management” under “Note 28. Financial
instruments.”(2) Credit guarantees
Guarantees that the Company provides are as follows:(Millions of yen)

As of March 31, 2023

Total amount of financial guarantee contract���
Guarantee balance���������������������������������������

¥196,243
194,625

As of March 31, 2024¥

16,03013,238a. Credit Suisse Litigation
On April 11, 2023, Credit Suisse Virtuoso SICAV-SIF (hereinafter referred to as “Credit SuisseFund”) and Glas Trust Corporation Limited (together with Credit Suisse Fund, hereinafterreferred to as “Plaintiffs”) filed a claim in the English High Court of Justice against SoftBank
Group Corp., SoftBank Vision Fund I and II (together with SoftBank Group Corp., hereinafterreferred to as “SoftBank Party”), and Greensill Limited in relation to certain transactions
involving supply chain finance firm Greensill Capital (UK) Limited and Greensill Limited, andthe US construction company Katerra Inc. (hereinafter referred to as “Katerra”). Plaintiffs
allege that SoftBank Party orchestrated restructuring transactions between Greensill Limited
and Katerra with respect to notes purchased by Credit Suisse Fund from Greensill Capital (UK)
Limited in 2020 that were backed by accounts receivable purchased by Greensill Limited from
Katerra, for the purpose of depriving Credit Suisse Fund of these accounts receivables, and as
a result, Credit Suisse Fund suffered a loss of $440 million. SoftBank Party believes theallegations raised by Plaintiffs are wholly without merit and is vigorously contesting theplaintiff’s claim.

(Thousands of U.S. dollars)

As of March 31, 2024$

105,871
87,431

SVF2 provided credit support (financial guarantee contract) for a $1.43 billion letter of credit
facility to WeWork by financial institutions. As of March 31, 2023, the total amount of financial
guarantee contract and the guarantee balance are ¥190,948 million. For the fiscal year ended
March 31, 2024, the financial guarantee contract was terminated as SVF2 fully fulfilled theguarantee. The details are described in “*7” under “Note 41. Other gain (loss).”
As of March 31, 2024, the amount of allowance for financial guarantee contract losses was zero(as of March 31, 2023: ¥152,365 million included in “Other financial liabilities (current)”).

SoftBank Group Corp. Financial Report 2024

(3) Litigation
SoftBank Group Corp. and certain of its subsidiaries are a party to a number of currently pending
legal and administrative proceedings. As it is difficult to reasonably estimate the final results ofsuch matters, reserves have not been recorded. Based on the information currently available, we do
not expect that the results of these proceedings will have a material adverse effect on our financial
position or results of operations.

b. Litigation in which SoftBank Corp. is involved as a Party(a) On April 30, 2015, SoftBank Corp. filed a lawsuit with the Tokyo District Court against
JPiT, claiming for payment of remuneration for additional services provided in connection
with the installation of telecommunication lines as well as other items, that were orderedby JPiT in relation to a project to migrate the communication network connecting
approximately 27,000 sites (postal offices, etc.) existing countrywide to a new network, the
5th PNET.
Pursuant to a contract dated February 7, 2013, SoftBank Corp. was requested by JPiT to
carry out, among other services, installation services for telecommunication lines for Japan
Post Group’s business sites existing countrywide. SoftBank Corp. performed such services,and upon JPiT’s request, SoftBank Corp. also performed services that exceeded the scopeof services stipulated in the contract.
Although SoftBank Corp. negotiated with JPiT over an extended period regarding the
remuneration, for these additional services, SoftBank Corp. and JPiT were unable to arrive
at a settlement. Accordingly, SoftBank Corp. duly filed the lawsuit, claiming for payment of
remuneration, for such additional services.
138

(b) On April 30, 2015, JPiT filed a lawsuit against SoftBank Corp. and Nomura ResearchInstitute, Ltd. (“NRI”) as codefendants. In this lawsuit, JPiT alleges that SoftBank Corp. and
NRI delayed performance of the ordered services related to the project for migration to the
5th PNET mentioned in (a) above and alleges that such delay caused damages to JPiT. JPiTmade joint and several claims against both SoftBank Corp. and NRI for the allegeddamages.

47. Purchase commitments
The Company has commitments to purchase services and goods of ¥1,516,295 million($10,014,497 thousand) as of March 31, 2024 (¥992,152 million as of March 31, 2023). Purchasecommitments are mainly outstanding contracts related to investments and purchases of telecommunications equipment. As of March 31, 2024, the above mentioned commitments include¥484,512 million ($3,200,000 thousand) (as of March 31, 2023: none) of investment commitments
for joint ventures.

An order to consolidate the lawsuits described in items (a) and (b) above was made on July29, 2015.
On September 9, 2022, the Tokyo District Court rendered a judgment ordering SoftBank
Corp. to pay JPiT remuneration for the damages and delay damages. As a result of thejudgment, SoftBank Corp. recorded ¥19,716 million of the provisions for loss relating tolitigation for the fiscal year ended March 31, 2023.
On September 22, 2022, SoftBank Corp. appealed the judgment to the Tokyo High
Court. On March 21, 2024, the Tokyo High Court rendered a judgment ordering JPiT to pay
SoftBank Corp. remuneration for the additional services and delay damages, and dismissing
all claims against SoftBank Corp. filed by JPiT. As a result of the judgment, for the fiscal
year ended March 31, 2024, SoftBank Corp. reversed the full amount of ¥19,176 million($126,649 thousand) that had been recorded in the provision for loss relating to litigation
for the fiscal year ended March 31, 2023.

SoftBank Group Corp. Financial Report 2024

48. Subsequent events
There have been no material subsequent events to date.

49. Approval of consolidated financial statements
The consolidated financial statements have been approved by the Company’s Representative
Director, Corporate Officer, Chairman & CEO, Masayoshi Son, on June 21, 2024.

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Published on July 29, 2024 Copyright © 2024 SoftBank Group Corp. All Rights Reserved. Printed in Japan