This English translation of the financial report was prepared for reference purposes only and is qualified in its entirety by the original
Japanese version. The financial information contained in this report is derived from our unaudited consolidated financial statements
appearing in item 4 of this report.

SoftBank Group Corp.
Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022 (IFRS)Tokyo, May 12, 2022

1.

Financial Highlights(Millions of yen; amounts are rounded to the nearest million yen)

(1) Results of Operations(Percentages are shown as year-on-year changes)

Net sales

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2021

Incomebefore income tax

Net income
AmountAmount%Amount%¥6,221,534

10.5¥(869,562)- ¥(1,462,199)¥5,628,167

7.4¥5,670,456-

Net income
attributable toowners of the parent%¥5,078,236

Amount%Total
comprehensive
incomeAmount- ¥(1,708,029)-¥691,211 (87.6)¥4,987,962-¥5,578,244-

Basic earnings per share(Yen)

Diluted earnings per
share (Yen)

Ratio of net income
to equity,
attributable toowners of theparent (%)

Fiscal year ended
March 31, 2022¥(1,018.58)¥(1,025.67)(16.9)(1.9)

Fiscal year ended
March 31, 2021

¥2,619.61¥2,437.29

61.9

13.7

Notes:
1. Income on equity method investments
Fiscal year ended March 31, 2022:
Fiscal year ended March 31, 2021:%-

Ratio of income before
income tax to total assets(%)¥341,385 million¥616,432 million

2. Net sales and income before income tax are presented based on the amounts from continuing operations only.

(2) Financial Position
Total assets

Total equity

Equityattributable toowners of theparentRatio of equity
attributable toowners of the parent
to total assets (%)

Equity per share
attributable toowners of theparent (Yen)

As of March 31, 2022

¥47,544,670¥11,707,762¥9,975,674

21.0

5,755.92

As of March 31, 2021

¥45,750,453¥11,955,593¥10,213,093

22.3

5,588.80

Note:* “Equity per share attributable to owners of the parent” is based on “Equity attributable to owners of the parent” excluding the amount
not attributable to ordinary shareholders.

(3) Cash Flows

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2021

2.

Operating activities

Investing activities

Financing activities

Cash and cash
equivalents
at the end of the year

¥2,725,450¥(3,018,654)¥602,216¥5,169,001¥557,250¥(1,468,599)¥2,194,077¥4,662,725

Dividends
Dividends per shareFirst quarter

Second quarter

(Yen)

(Yen)

-

22.00

-

22.00

44.00

-

22.00

-

22.00

44.00

-

22.00

-

22.00

44.00

Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023 (Forecasted)(Millions of yen)%

Ratio of dividend
to equity
attributable toowners of theparent(Consolidated)%

79,592

1.7

1.1

73,929-0.8

Total amount ofdividends(Annual)Fiscal year ended
March 31, 2022
Fiscal year ending
March 31, 2023 (Forecasted)

Total

(Yen)

March 31, 2021

March 31, 2021

Fourth quarter(Yen)

Fiscal year ended

Fiscal year ended

Third quarter(Yen)

Payout ratio(Consolidated)-

* Notes(1) Significant changes in scope of consolidation (changes in scope of consolidation of specified subsidiaries): Yes
Newly consolidated: None
Excluded from consolidation: One entity: Boston Dynamics, Inc.
Notes:
1. Please refer to page 55 “(1) Significant Changes in Scope of Consolidation for the Fiscal Year Ended March 31, 2022” under“3. Notes to Summary Information” for details.
2. Foreign subsidiaries prepare stand-alone financial statements only under circumstances where it is necessary under their local
laws and practices. Applicability of Cabinet Office Ordinance on Disclosure of Corporate Affairs, etc. Article 19, Paragraph(10), Item (i) to (iii), is determined by using the financial statements.
On the other hand, for foreign subsidiaries that do not prepare stand-alone financial statements, information on the capital andnet assets for those companies is not available. Therefore, Cabinet Office Ordinance on Disclosure of Corporate Affairs, etc.
Article 19, Paragraph (10), Item (i) is used to determine whether the companies are the specified subsidiaries.
The applicability of Cabinet Office Ordinance on Disclosure of Corporate Affairs, etc. Article 19, Paragraph (10), Item (i) is
determined based on the percentage of total amount of purchase from SoftBank Group Corp. and dividend paid to SoftBank
Group Corp. to total amount of operating revenue of SoftBank Group Corp.
For fund-type subsidiaries, the amount of net assets based on financial statements prepared in accordance with the correspondinglaws and practices is used to determine the applicability of Cabinet Office Ordinance on Disclosure of Corporate Affairs, etc.
Article 19, Paragraph (10), Item (ii).
(2) Changes in accounting policies and accounting estimates[1] Changes in accounting policies required by IFRSs: No[2] Changes in accounting policies other than those in [1]: No[3] Changes in accounting estimates: Yes
Please refer to page 55 “(2) Changes in Accounting Estimates” under “3. Notes to Summary Information” for details.
(3) Number of shares issued (common stock)[1] Number of shares issued (including treasury stock):
As of March 31, 2022:
1,722,953,730 shares
As of March 31, 2021:
2,089,814,330 shares[2] Number of shares of treasury stock:
As of March 31, 2022:
As of March 31, 2021:

76,163,508 shares351,297,587 shares[3] Number of average shares outstanding during twelve-month period (April-March):
As of March 31, 2022:
1,708,988,647 shares
As of March 31, 2021:
1,892,538,088 shares

[For Reference]
Financial Highlights (Non-Consolidated)(1) Non-Consolidated Results of Operations(Percentages are shown as year-on-year changes)

Operating revenue

Operating income

Ordinary income

AmountAmount%Amount%

Net income%

Amount%Fiscal year ended
March 31, 2022

¥856,003(47.2)¥787,261(49.8)¥(200,263)-¥(352,390)-

Fiscal year ended
March 31, 2021

¥1,622,615-¥1,569,569-¥1,258,459-¥1,403,478-

Net income pershare-basic (Yen)

Fiscal year ended
March 31, 2022
Fiscal year ended
March 31, 2021

Net income pershare-diluted (Yen)¥(206.20)¥-¥741.58¥739.48

Note:* Net income per share-diluted for the fiscal year ended March 31, 2022 is not presented as net income per share-basic is negative.

(2) Non-Consolidated Financial Position
Total assets

Net Assets

Equity ratio (%)

Shareholders’ equity
per share (Yen)

As of March 31, 2022

¥22,412,112¥2,759,755

12.3¥1,669.10

As of March 31, 2021

¥19,234,339¥3,536,120

18.3¥2,027.26

Note:* Shareholders’ equity (Non-consolidated)
As of March 31, 2022:
As of March 31, 2021:¥2,748,655 million¥3,524,428 million(3) Differences in Non-Consolidated Operating Results from the Previous Fiscal YearThe decreases in operating revenue, operating income, ordinary income, and net income in the fiscal year ended March 31, 2022
from the previous fiscal year ended March 31, 2021 were mainly attributable to a ¥766,956 million year-on-year decrease individends from subsidiaries and associates.
Financial Highlights (Non-Consolidated) are prepared in accordance with Accounting Principles Generally Accepted in Japan.

* This consolidated financial report is not subject to audit procedures by certified public accountants or an auditing firm.
* Note to forecasts on the consolidated results of operations and other items
Descriptions regarding the future are estimated based on the information that the Company is able to obtain at the present point intime and assumptions which are deemed to be reasonable. However, actual results may be different due to various factors.
On May 12, 2022 (JST), the Company will hold an earnings results briefing for the media, institutional investors, and financial
institutions. This earnings results briefing will be broadcast live on the Company’s website in both Japanese and English athttps://group.softbank/en/ir. The Data Sheet will also be posted on the website in a few days at the same site.

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(Appendix)
Contents
1. Results of Operations .....................................................................................................................................
(1) Overview of Results of Operations ..........................................................................................................
a. Consolidated Results of Operations .......................................................................................................
b. Results by Segment ................................................................................................................................
(a) Investment Business of Holding Companies Segment .....................................................................
(b) SoftBank Vision Funds Segment .....................................................................................................
(c) SoftBank Segment ............................................................................................................................
(d) Arm Segment ....................................................................................................................................
(e) Latin America Funds Segment .........................................................................................................
(f) Other .................................................................................................................................................
(2) Overview of Financial Position ................................................................................................................
(3) Overview of Cash Flows ..........................................................................................................................
(4) Forecasts ...................................................................................................................................................

P.4
P.4
P.6
P.9
P.10
P.17
P.29
P.30
P.35
P.37
P.38
P.49
P.53

2. Basic Approach to the Selection of Accounting Standards............................................................................. P.54
3. Notes to Summary Information ...................................................................................................................... P.55
(1) Significant Changes in Scope of Consolidation for the Fiscal Year Ended March 31, 2022 ................... P.55
(2) Changes in Accounting Estimates ............................................................................................................ P.55
4. Consolidated Financial Statements and Primary Notes .................................................................................
(1) Consolidated Statement of Financial Position ..........................................................................................
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income .................
(3) Consolidated Statement of Changes in Equity .........................................................................................
(4) Consolidated Statement of Cash Flows ....................................................................................................
(5) Significant Doubt about Going Concern Assumption ..............................................................................
(6) Notes to Consolidated Financial Statements ............................................................................................

P.56
P.58
P.60
P.62
P.66
P.68
P.68

Disclaimer
This material does not constitute an offer to sell, or a solicitation of an offer to buy, limited partnership interests or comparable
limited liability equity interests in any funds (including SoftBank Vision Fund 1, SoftBank Vision Fund 2, and SoftBank Latin
America Funds) managed by any of the subsidiaries of SBG including SB Global Advisers Limited, SB Investment Advisers (UK)
Limited, SBLA Advisers Corp. or their respective affiliates, or any securities in any jurisdiction, nor should it be relied upon as suchin any way.
Notice Regarding PFIC Status
It is possible that SBG and certain subsidiaries of SBG may be a “passive foreign investment company” (“PFIC”) under the U.S.
Internal Revenue Code of 1986, as amended, for its current fiscal year due to the composition of its assets and the nature of its
income. For the fiscal year ended March 31, 2021, we believe that SBG and certain subsidiaries of SBG were PFICs. We
recommend that U.S. holders of SBG’s shares consult their tax advisors with respect to the U.S. federal income tax consequences tothem if SBG and its subsidiaries are classified as PFICs. SBG is not responsible for any tax treatments or consequences thereof withrespect to U.S. holders of SBG’s shares.

1

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Definition of Company Names and Abbreviations Used in This Appendix

Company names and abbreviations used in this appendix, unless otherwise stated or interpreted differently in thecontext, are as follows:
Company names / Abbreviations
Definition
SoftBank Group Corp. or SBG
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
SB Northstar LP*1
SoftBank Vision Fund 1 or SVF1
SoftBank Vision Fund L.P. and its alternative investment vehicles*1
SoftBank Vision Fund 2 or SVF2
SoftBank Vision Fund II-2 L.P. and its alternative investment vehicles
SVF2 LLC
SVF II Investment Holdings LLC
SBIA
SB Investment Advisers (UK) Limited
SBIA USSB Investment Advisers (US) Inc.
SBGASB Global Advisers Limited*2
SoftBank Latin America Funds
SBLA Latin America Fund LLC
SoftBank Latin America Fund 1
SBLA Holdings (Cayman) L.P. and SBLA Latin America Fund (Cayman)
L.P.
or SBLAF1
SoftBank Latin America Fund 2
SBLA Holdings II DE LLC and SLA Holdco I LLC
or SBLAF2
Arm
Arm Limited
Alibaba
Alibaba Group Holding Limited
MgmtCoMASA USA LLC
The first quarter
Three-month period ended June 30, 2021
The second quarter
Three-month period ended September 30, 2021
The third quarter
Three-month period ended December 31, 2021
The fourth quarter
Three-month period ended March 31, 2022
The fiscal year
Fiscal year ended March 31, 2022
The previous fiscal year
Fiscal year ended March 31, 2021
The previous fiscal year-end
March 31, 2021
Notes:
1. SoftBank Vision Fund 1 and SoftBank Vision Fund 2 are collectively referred to as SoftBank Vision Funds.
2. Includes SoftBank Latin America Fund 1 and SoftBank Latin America Fund 2

Exchange Rates Used for Translations

USD / JPY
Average rate for the quarter
Rate at the end of the period

Fiscal year ended March 31, 2021
Fiscal year ended March 31, 2022
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
¥107.74 ¥105.88 ¥104.45 ¥106.24 ¥110.00 ¥110.47 ¥113.60 ¥117.10¥110.71¥122.39CHANGES IN PRESENTATION OF CONSOLIDATED STATEMENT OF INCOME AND REPORTABLE
SEGMENTS
Establishment of the Latin America Funds Segment

SoftBank Latin America Funds, which were previously included within “Other,” are newly presented as anindependent reportable segment starting from the first quarter due to their greater financial significance. In line with
this, “gain (loss) on investments at Latin America Funds,” which were previously included in “gain (loss) on otherinvestments” in the Consolidated Statement of Income, are newly presented as an independent item. Information forthe previous fiscal year has been reclassified and presented accordingly. For details of the business, see“OVERVIEW” under “(e) Latin America Funds Segment” in “b. Results by Segment” in “(1) Overview of Results

2SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

of Operations” in “1. Results of Operations.”
Because SoftBank Latin America Funds will be managed by SBGA, which manages SVF2, the Latin America
Funds segment will be integrated into the SoftBank Vision Funds segment starting from the first quarter of the fiscal
year ending March 31, 2023 (the three-month period ending June 30, 2022).

3

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

1. Results of Operations(1) Overview of Results of Operations
1. Highlights of results◆ Loss on investments of ¥3,434.7 billion- ¥3,738.8 billion investment loss at SVF1, SVF2, and others (of which ¥972.7 billion was attributable tothird-party interests)· SVF1: Realized gain (net) of ¥1,226.1 billion was recorded mainly due to partial exits of listed portfolio
companies, of which ¥1,463.8 billion had been recorded as unrealized gains on investments (net) inprevious fiscal years. Unrealized loss on valuation (net) totaled ¥2,922.3 billion mainly due to a decline in
the share prices of most listed portfolio companies caused by multiple factors, including overhang
concerns, regulatory tightening, and the general avoidance of high-growth technology stocks in anticipationof higher interest rates. For the same reasons, growth in the fair value of unlisted portfolio companies was
also sluggish.
· SVF2: Recorded realized gain of ¥128.6 billion, of which ¥314.1 billion had been recorded as unrealized
gains on investments (net) in previous fiscal years, and unrealized loss on valuation (net) of ¥265.5 billion.
◆ Loss before income tax of ¥869.6 billion (deterioration of ¥6,540.0 billion yoy)

- Recorded finance cost of ¥382.5 billion and derivative gain (excluding gain (loss) on investments) of¥1,234.7 billion, which was mainly related to prepaid forward contracts using Alibaba shares.

◆ Net loss attributable to owners of the parent of ¥1,708.0 billion (deterioration of ¥6,696.0 billion yoy)1

2. New investments and share repurchases were made while maintaining LTV less than 25%, withproceeds generated by SoftBank Vision Funds, as well as flexible financing.
◆ Distributions from SoftBank Vision Funds- SVF1 and SVF2 distributed proceeds mainly from the partial sale and monetization of investments.
The Company received such proceeds of $6.79 billion from SVF1 and $8.43 billion from SVF2.

◆ Fund procurement- $13.17 billion (net) was raised through prepaid forward contracts using Alibaba shares, from new contracts
signed, rollovers and the early termination of existing contracts.
- $8.0 billion was raised through borrowings made using Arm shares (asset-backed finance).

◆ Investments*1- SVF1 made investments totaling $3.33 billion in the fiscal year and held 82 investments (including 22
listed portfolio companies) as of the fiscal year-end. 12 companies were newly listed in the fiscal year.
- SVF2 made new and follow-on investments totaling $40.82 billion in the fiscal year, bringing the fund’s total*2
cost to $47.54 billion. SVF2 held 250 investments (including 14 listed portfolio companies) as of the fiscal
year-end. 11 companies were newly listed in the fiscal year.
- SoftBank Latin America Funds made investments totaling $4.3 billion in the fiscal year including 65 new*3investments and held 101 investments as of the fiscal year-end.
◆ Share repurchase- Of a total ¥1 trillion authorized share repurchases approved in November 2021, SBG repurchased shares
totaling ¥344.6 billion as of March 31, 2022, and a cumulative total of ¥433.0 billion as of April 30, 2022.

◆ Dividends- The Board of Directors resolved to propose a year-end dividend of ¥22 per share at the Annual General
Meeting of Shareholders (to be held on June 24, 2022). The annual dividend for the fiscal year, including theinterim dividend, will be ¥44 per share, the same as the previous fiscal year. This will bring the total
dividend payout for the fiscal year to ¥73.9 billion.

3. Refinanced ¥1.2 trillion in bonds. Issued foreign currency-denominated straight bonds, taking
advantage of the low-interest-rate-environment in a timely manner.
- SBG issued domestic hybrid bonds of ¥405.0 billion and domestic subordinated bonds of ¥500.0 billion and¥550.0 billion. Domestic hybrid bonds of ¥455.6 billion and domestic subordinated bonds of ¥361.6 billionand ¥404.4 billion were redeemed.
- SBG issued foreign currency-denominated straight bonds of $3.85 billion and €2.95 billion.
Notes:
1. Includes two investments accounted for as subsidiaries of the Company.
2. Includes one investment accounted for as a subsidiary of the Company.
3. Includes one investment accounted for as a subsidiary of the Company.

4SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

IMPACT OF THE SITUATION IN RUSSIA AND UKRAINESBG and SoftBank Vision Funds have no direct investments in Russian or Ukrainian companies as of March 31,
2022. In addition, no Russian investors are included as third-party investors of SVF1. Although some groupcompanies and investees may have operating businesses in Russia or Ukraine or do business with Russiancompanies (including those that have already withdrawn or ceased operations or ceased transactions), the impact ofsuch operations or transactions on the Company’s consolidated financial statements is limited.
However, there are growing concerns of a global economic slowdown as energy prices have surged in the wakeof economic sanctions against Russia following its invasion of Ukraine, combined with the onset of monetary
tightening in the U.S. to curb inflation, and continued supply chain disruptions due to COVID-19. Thesemacroeconomic headwinds have led to increased global stock market volatility, which has adversely affected thevalue of the Company's equity holdings and NAV (net asset value, calculated as equity value of holdings – adjusted*1

net interest-bearing debt ). The Company remains committed to ensuring liquidity and diversity in its investment
portfolio while adhering to its financial policy of maintaining a prudent LTV and cash position. Like many otherinternational funds, SoftBank Vision Funds and Latin America Funds are not immune to changes in the external
environment, hence they continue to carefully construct and manage their investment portfolios by closely
monitoring the market and placing emphasis on assessing the fundamentals of the investees.
Note:
1. Equity value of holdings and net interest-bearing debt each exclude amounts to be settled at maturity or borrowings that are part ofasset-backed finance. The calculation of adjusted net interest-bearing debt also excludes interest-bearing debt and cash and cash
equivalents, etc. attributable to entities managed on a self-financing basis such as SoftBank Corp. (including Z Holdings Corporationand other subsidiaries), SoftBank Vision Fund 1, SoftBank Vision Fund 2, SoftBank Latin America Funds, Arm, and PayPay
Corporation, as well as SB Northstar, an asset management subsidiary.

5SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

a. Consolidated Results of Operations(Millions of yen)

Continuing operations
Net sales
Gross profit
Gain on investments
Gain on investments at Investment
Business of Holding Companies
Gain (loss) on investments at SVF1,
SVF2, and others
Gain on investments at Latin America
Funds
Gain on other investments
Total gain (loss) on investments
Selling, general and administrative
expensesFinance cost
Foreign exchange loss
Income on equity method investments
Derivative gain (loss)(excluding gain (loss) on investments)
Change in third-party interests in SVF1
and SVF2
Other gain
Income before income tax
Income taxes
Net income from continuing operations
Discontinued operations
Net income from discontinued operations
Net income
Net income attributable to owners of
the parent
Total comprehensive income
Comprehensive income attributable toowners of the parent

Fiscal year ended March 31
2021
2022

ChangeChange %5,628,167
2,874,929

6,221,534
3,265,574

593,367
390,645

10.5%
13.6%

945,944

104,362(841,582)(89.0%) B

6,292,024(3,738,825)(10,030,849)-

196,556
94,482
7,529,006

111,070
88,651(3,434,742)(85,486)(5,831)(10,963,748)(43.5%) D(6.2%)-(2,271,497)(307,250)(137,166)
616,432(2,551,722)(382,512)(706,111)
341,385(280,225)(75,262)(568,945)(275,047)

12.3%
24.5%
(44.6%)E
F
G
H(480,251)

1,234,708

1,714,959-

I(2,246,417)
92,6705,670,456(1,303,168)
4,367,288

972,674
391,184(869,562)(592,637)(1,462,199)

3,219,091
298,514(6,540,018)
710,531(5,829,487)

322.1%(54.5%) J-

710,948
5,078,236(1,462,199)(710,948)(6,540,435)-

4,987,962(1,708,029)(6,695,991)-

5,578,244

691,211(4,887,033)(87.6%)

5,482,739

449,419(5,033,320)(91.8%)ACK

The following is an overview of the main and noteworthy components.
A Net Sales
Net sales increased in the SoftBank and Arm segments.
B Gain on Investments at Investment Business of Holding Companies
Investment gain of ¥104,362 million was recorded. The Company recorded a gain related to settlement of prepaid
forward contracts using Alibaba shares of ¥199,972 million and gain on investments in T-Mobile and Deutsche
Telekom shares (derivative gain related to investments, unrealized valuation loss, and gain on sales of T-Mobile
shares) of ¥70,307 million. On the other hand, the Company recorded a loss of ¥229,504 million on investments inlisted stocks and other instruments. See “(a) Investment Business of Holding Companies Segment” under “b.
6SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Results by Segment” for details.
C Loss on Investments at SVF1, SVF2, and Others
Investment loss of ¥3,738,825 million was recorded, of which ¥972,674 million was attributable to third-party
2interests. SVF1 recorded realized gain on investments (net) of ¥1,226,097 million, mainly as a result of sales ofentire or partial shareholding positions of certain investments, of which ¥1,463,810 million had been recorded as
unrealized gains on investments (net) in previous fiscal years. In addition, SVF1 recorded unrealized loss on
valuation (net) totaling ¥3,632,168 million for listed portfolio companies, including losses of ¥1,645,327 million
recorded for Coupang, Inc. (“Coupang”) and ¥911,412 million for DiDi Global Inc. (“DiDi”). This reflected adecline in the share prices of most of its listed portfolio companies due to multiple factors, including overhang
concerns and regulatory tightening, in addition to the general avoidance of high-growth technology stocks led by an
anticipation of higher interest rates. For unlisted portfolio companies, SVF1 recorded unrealized gains on valuation(net) totaling ¥709,833 million, reflecting an overall increase in the fair values of certain portfolio companies in thefiscal year following successful funding rounds and strong business performance, while a wide range of portfolio
companies was written down in the fourth quarter reflecting a decline in the share prices of public market
comparable companies.
SVF2 recorded realized gain on investments of ¥128,577 million, of which ¥314,096 million had been recorded
as unrealized gains on investments (net) in previous fiscal years, mainly due to the partial sale of its investment in
KE Holdings Inc. (“KE Holdings”). In addition, SVF2 recorded unrealized loss on valuation (net) of ¥265,476
million due to a decline in the share price of KE Holdings and a decrease in fair values of unlisted portfolio
companies, offsetting an increase in the share price of AutoStore Holdings Ltd. (“AutoStore”), which listed in thethird quarter. See “(b) SoftBank Vision Funds Segment” under “b. Results by Segment” for details.
D Gain on Investments at Latin America Funds
Gain on investments at Latin America Funds was ¥111,070 million. Unrealized gain on valuation of investments(net) totaled ¥118,922 million, mainly due to an increase in fair values of unlisted portfolio companies, such as
QUINTOANDAR, LTD., Kavak Holdings Limited, and Creditas Financial Solutions, Ltd., while the share prices oflisted portfolio companies, such as Banco Inter S.A. and VTEX declined. See “(e) Latin America Funds Segment”
under “b. Results by Segment” for details.
Primarily as a result of B through D, total loss on investments was ¥3,434,742 million.
E Selling, General and Administrative Expenses
Selling, general and administrative expenses increased by ¥313,832 million in the SoftBank segment. This was dueto the impact of the consolidation of LINE Corporation in March 2021 and an increase in sales promotion and otherexpenses at Yahoo Japan Corporation.
F Finance Cost
Interest expenses increased by ¥58,512 million in the Investment Business of Holding Companies segment. This3

mainly reflected increases in interest expenses at SBG .
G Foreign Exchange Loss
Foreign exchange loss of ¥706,111 million (net) was recorded due to the weaker yen, mainly because the U.S.
dollar-denominated liabilities (such as borrowings from subsidiaries and foreign currency-denominated straight7

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

bonds) of SBG and fund procurement subsidiaries in Japan exceeded their U.S. dollar-denominated cash and cash
equivalents and loans receivable.
At foreign subsidiaries and associates whose functional currency is not Japanese yen (primarily U.S. dollars),such as SoftBank Vision Funds, the yen value of their net assets increased due to the weaker yen. However, thispositive impact is not included in foreign exchange gains; instead, it is included in the increase in exchange
differences from the translation of foreign operations of ¥2,176,948 million, which is listed under accumulated othercomprehensive income in equity of the Consolidated Statement of Financial Position.
H Income on Equity Method Investments
4

Income on equity method investments related to Alibaba was ¥387,911 million, a decrease of ¥184,605 million
year on year. This was mainly due to a decrease in investment gain on Alibaba’s investments classified as financial
assets at FVTPL. The result also reflected increased investments in growth initiatives, increased spending for user
enhancements, and increased support to e-commerce merchants.
Alibaba recorded an expense for the three-month period ended March 31, 2021 for the fine levied by China’s
State Administration for Market Regulation pursuant to China’s Anti-Monopoly Law. The Company had alreadyrecorded the expense in the fourth quarter of the previous fiscal year as a significant event during the applicable
period on a three-month time lag.
I Derivative Gain (Excluding Gain (Loss) on Investments)
Derivative gain of ¥1,132,994 million was recorded in connection with prepaid forward contracts using Alibaba
shares entered into in the fiscal years ended March 31, 2020, 2021, and 2022.
Within derivative gain (loss), gains and losses related to investing activities, such as acquisition and sale ofshares, are included in “gain (loss) on investments.” For example, this applies to derivative gains and losses arisingfrom long call options of listed stocks held by asset management subsidiaries. Conversely, those related to noninvesting activities, particularly gains and losses arising from derivatives used in fund procurement, are included in“derivative gain (loss) (excluding gain (loss) on investments).” For example, this applies to derivative gains andlosses related to prepaid forward contracts using Alibaba shares and T-Mobile shares. However, in cases where theprepaid forward contracts are settled using shares rather than cash, gains and losses arising from the reversal ofderivative financial assets or liabilities at settlement are included in “investment gain (loss)” as part of gains andlosses related to settlement of prepaid forward contracts using shares.
Primarily as a result of A through I, loss before income tax was ¥869,562 million, a deterioration of¥6,540,018 million year on year.
J Income Taxes
Current income taxes were recorded at SoftBank Corp. and Yahoo Japan Corporation. Meanwhile, deferred tax
expenses were recorded due to the recording of derivative gain related to prepaid forward contracts using Alibaba
shares.
K Net Income from Discontinued Operations
In the previous fiscal year, the Company recorded a gain of ¥720,842 million related to loss of control of Sprint
Corporation in connection with Sprint Corporation ceasing to be a subsidiary of the Company following thecompletion of the merger between Sprint Corporation and T-Mobile US, Inc.
Primarily as a result of A through K, net loss attributable to owners of the parent was ¥1,708,029 million, adeterioration of ¥6,695,991 million year on year.

8SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

b. Results by Segment
The Company’s reportable segments are the components of its business activities for which decisions on resource
allocation and assessments of performance are made. In the first quarter, the “Latin America Funds segment” wasnewly established. In the second quarter, the “SoftBank Vision Funds segment” was renamed from “SVF1 andOther SBIA-Managed Funds segment” due to change in the manager of SVF2 to SBGA. As of the fiscal year-end,
there are five reportable segments: Investment Business of Holding Companies, SoftBank Vision Funds, SoftBank,
Arm, and Latin America Funds.
The following is a summary of the reportable segments.
Segments
Reportable segments
Investment Businessof Holding
Companies

Main businesses

Core companies· Investment activities by SBG and its
subsidiaries

SoftBank Group Corp.
SoftBank Group Capital Limited
SoftBank Group Japan Corporation
SB Northstar LP

SoftBank Vision
Funds· Investment activities by SVF1 and SVF2

SB Investment Advisers (UK)
Limited
SoftBank Vision Fund L.P.
SB Global Advisers Limited
SoftBank Vision Fund II-2 L.P.

SoftBank· Consumer business: Provision of mobile
services, sale of mobile devices, and provisionof broadband services to retail customers inJapan· Enterprise business: Provision of mobile
communications and solutions services toenterprise customers in Japan· Distribution business: Provision of ICT
services products to enterprise customers andprovision of communication device-related
products and IoT equipment to retailcustomers· Yahoo! JAPAN/LINE business: Provision ofinternet advertising and e-commerce services

SoftBank Corp.
Z Holdings Corporation
Yahoo Japan Corporation
LINE Corporation

Arm· Design of microprocessor intellectual property Arm Limited
and related technology· Sale of software tools and provision of related
services· Investment activities by SoftBank Latin
SBLA Latin America Fund LLC
America Funds
SBLA Advisers Corp.
SBLA Latin America Fund
(Cayman) L.P.
SBLA Holdings (Cayman) L.P.
SBLA Holdings II DE LLC
SLA Holdco I LLC

Latin America Funds

Other· Smartphone payment business· Alternative investment management business· Fukuoka SoftBank HAWKS-related
businesses

PayPay Corporation
Fortress Investment Group LLC
Fukuoka SoftBank HAWKS Corp.

Because SoftBank Latin America Funds will be managed by SBGA, which manages SVF2, the Latin America
Funds segment will be integrated into the SoftBank Vision Funds segment starting from the first quarter of the fiscal
year ending March 31, 2023 (the three-month period ending June 30, 2022).
9

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(a) Investment Business of Holding Companies Segment
1. Gain on investments of ¥104.1 billion: Recorded ¥200.0 billion gain related to settlement of prepaid
forward contracts using Alibaba shares and a total of ¥70.3 billion investment gain in T-Mobile andDeutsche Telekom (derivative gain on investments, unrealized valuation loss, gain on sales of T-Mobile*1
shares), despite investment losses totaling ¥229.7 billion for listed stocks and other instruments.
2. Segment income of ¥965.9 billion, as a result of the recording of ¥1,133.0 billion derivative gain related toprepaid forward contracts using Alibaba shares.
Note:
1. Includes the impact of investments by SB Northstar in special purpose acquisition companies (SPACs) controlled by SBIA US,
which has been eliminated from the scope of consolidation.

OVERVIEWThis segment is led by SBG, which conducts investment activities, either directly or through its subsidiaries, as a
strategic investment holding company. The segment consists of SBG, SoftBank Group Capital Limited (“SBGC”),
SoftBank Group Japan Corporation (“SBGJ”), asset management subsidiary SB Northstar, and certain othersubsidiaries engaged in investment and financing activities. Gain and loss on investments at Investment Business of
Holding Companies comprises gains and losses on investments held by SBG either directly or through its
subsidiaries but does not include gains and losses on investments pertaining to subsidiaries’ shares, such as dividend
income from subsidiaries or impairment losses related to the subsidiaries’ shares.
The companies comprising this segment hold approximately 120 portfolio companies, including Alibaba, TMobile, and Deutsche Telekom, as well as investees of SB Northstar. They are either equity method associates (suchas Alibaba) or investments classified as financial assets at FVTPL. Regarding the financial results of portfolio
companies classified as equity method associates, income and losses are recorded as “income (loss) on equity
method investments” in proportion to equity interest. Investments classified as financial assets at FVTPL aremeasured at fair value every quarter, and any change in fair value is recorded in the Consolidated Statement of
Income as “gain (loss) on investments.”

Investment in listed stocks and other instruments by asset management subsidiaries
SB Northstar acquires and sells listed stocks and other instruments and engages in derivative and credit transactions
related to listed stocks, using surplus funds of SBG. However, its business scale is being downsized to reallocate
funds to investments under SVF2, which is currently the primary focus of the Company. The balance of SB*1

NorthStar’s shareholdings decreased from ¥2.2 trillion as of the previous fiscal year-end to ¥351.0 billion as of the
fiscal year-end. SBG indirectly holds 67% and SBG’s Representative Director, Corporate Officer, Chairman & CEO
Masayoshi Son indirectly holds 33% of interests in SB Northstar. Masayoshi Son’s interest is deducted from thegains and losses on investments at SB Northstar as a non-controlling interest; therefore, 67% of the gains and losses
on investments impacts net income attributable to owners of the parent. If, at the end of the fund life (12 years + 2year extension), SB Northstar has any unfunded repayment obligations to SBG, Masayoshi Son will pay his pro rata
share of any such unfunded obligations based upon his relative ownership percentage of SB Northstar.
Investment decisions of SB Northstar were made by the Company’s wholly owned subsidiary SB
MANAGEMENT LIMITED up until March 31, 2022; however, in conjunction with the downsizing of SB
Northstar’s business, SB Northstar’s investment decisions have been made by its general partner, a wholly owned
subsidiary of the Company, since April 1, 2022.
Note:
1. Includes NVIDIA Corporation shares held by SBG of ¥15.5 billion at the previous fiscal year-end and ¥35.1 billion at the fiscal yearend.

10SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

FINANCIAL RESULTS(Millions of yen)
Fiscal year ended March 31
2021
2022
Gain on investments at Investment Business of
Holding Companies
Gain relating to settlement of prepaid
forward contracts using Alibaba shares
Gain relating to sales of T-Mobile shares
Realized gain (loss) on investments at asset
management subsidiaries
Unrealized gain (loss) on valuation of
investments at asset management
subsidiaries
Derivative gain (loss) on investments at asset
management subsidiaries
Realized gain (loss) on investments
Unrealized gain on valuation of investments
Change in valuation for the fiscal year
Reclassified to realized gain (loss)*1
recorded in the past fiscal year
Derivative gain on investments*2
Effect of foreign exchange translation
Other
Selling, general and administrative expenses
Finance cost
Foreign exchange loss
Income on equity method investments
Derivative gain (loss)(excluding gain (loss) on investments)
Mainly due to prepaid forward contracts using
Alibaba shares
Other gain

Change Change %946,107104,131(841,976)(89.0%) A

421,755

199,972
3,149

199,972(418,606)(99.3%)(20,537)

54,85375,390-134,237(393,635)(527,872)-(610,690)
222,161
608,448609,734

89,476(265,897)
282,824(156,603)

700,166(488,058)(325,624)(766,337)(53.5%)-(1,286)
185,769
4,964(102,276)(218,604)(140,223)
601,364

439,427
101,524
12,486
19,379(85,742)(277,116)(705,108)
376,433

440,713(84,245)
12,486
14,415
16,534(58,512)(564,885)(224,931)(45.3%)
290.4%(16.2%)
26.8% B- C
(37.4%) D(477,536)
152,095

1,236,395
316,891

1,713,931
164,796108.4%

760,927

965,884

204,957

26.9%

Segment income (income before income tax)

E
F

Notes:
1. Unrealized gains and losses on valuation of investments recorded in previous fiscal years related to the investments realized in thefiscal year are reclassified as “realized gain (loss) on investments.”
2. Unrealized gains and losses on valuation of investments are translated using the average exchange rate for the quarter in which thegains and losses were incurred, while realized gains and losses on investments are translated using the average exchange rate for thequarter in which the shares were disposed. “Effects of foreign exchange translation” are amounts arising from the different foreign
currency exchange rates used for these unrealized gains and losses on valuation and realized gains and losses.

A Gain on investments at Investment Business of Holding Companies: ¥104,131 million· Gain relating to settlement of prepaid forward contracts using Alibaba shares of ¥199,972 million was recorded
due to the settlement of a portion of the contracts through the delivery of Alibaba shares.
· Gain relating to sales of T-Mobile shares of ¥3,149 million was recorded in conjunction with a partial sale of TMobile shares in September 2021. See “Partial Sale of T-Mobile Shares in September 2021” for details of the saletransaction. Cumulative losses pertaining to the 45.4 million T-Mobile shares that were the subject of this sale
were ¥13,447 million. This is the difference between the fair value of the 45.4 million shares as of June 26, 2020,
when T-Mobile was excluded from the Company's equity method associates, and the fair value of the 225.0

11SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

million Deutsche Telekom shares received as consideration upon completion of such sale.
· Realized gain of ¥54,853 million and unrealized valuation loss of ¥393,635 million were recorded on investments
at asset management subsidiaries. This was a result of investments in listed stocks and other instruments by SB
Northstar.
· Derivative gain on investments at asset management subsidiaries of ¥89,476 million was recorded. This was due tothe recording of gains at SB Northstar mainly related to long call options on listed stocks.
· Realized loss on investments of ¥265,897 million and unrealized gain on valuation of investments of ¥282,824
million were recorded. These were mainly due to the sale of shares of a wholly owned subsidiary that held theshares of WeWork Inc. (“WeWork”) from SBG to SVF2. Following the sale, the Company recorded a realized lossof ¥458,716 million in this segment, while also reclassifying a ¥478,059 million unrealized valuation loss recorded
in previous fiscal years as a realized gain. These gains and losses related to the sale are eliminated in consolidation
as an intercompany transaction. From the acquisition of the WeWork shares to the sale of such shares, theCompany recorded a cumulative loss of ¥636,135 million ($5,924 million) in the segment, which includes theabovementioned investment gains and losses as well as gains and losses related to investments accounted for using
the equity method. Unrealized gain (loss) on valuation of investments resulting from changes in valuation for the
fiscal year also included a ¥22,786 million gain for T-Mobile, a ¥90,653 million loss for Lemonade, Inc., a¥84,347 million loss for SoFi Technologies, Inc., and a ¥48,542 million loss for Deutsche Telekom.
· Derivative gain on investments of ¥101,524 million was recorded, mainly due to a gain of ¥93,039 million
recorded pertaining to the right to acquire T-Mobile shares for no additional consideration if certain conditions aremet.
B Finance cost: ¥277,116 million (increase of ¥58,512 million year on year)
3

Interest expenses increased by ¥56,026 million year on year at SBG to ¥266,675 million, due to an increase ininterest-bearing debt mainly resulting from the issuance of bonds, and borrowings made through margin loans.
C Foreign Exchange Loss: ¥705,108 million
Foreign exchange loss of ¥705,108 million (net) was recorded due to the weaker yen, mainly because the U.S.
dollar-denominated liabilities (such as borrowings from subsidiaries and foreign currency-denominated straightbonds) of SBG and fund procurement subsidiaries in Japan exceeded their U.S. dollar-denominated cash and cash
equivalents and loans receivable.
D Income on equity method investments: ¥376,433 million (decrease of ¥224,931 million year on year)
4

Income on equity method investments related to Alibaba was ¥387,911 million, a decrease of ¥184,605 million
year on year. This was mainly due a decrease in investment gain on Alibaba’s investments classified as financial
assets at FVTPL. The result also reflected increased investments in growth initiatives, increased spending for user
enhancements, and increased support to e-commerce merchants.
Alibaba recorded an expense for the three-month period ended March 31, 2021 for a fine levied by China’s State
Administration for Market Regulation pursuant to China’s Anti-Monopoly Law. The Company had already recorded
the expense in the fourth quarter of the previous fiscal year on a three-month time lag as a significant event during
the period.
E Derivative gain (excluding gain (loss) on investments): ¥1,236,395 million
Derivative gain of ¥1,132,994 million was recorded in connection with prepaid forward contracts using Alibaba
shares entered into in the fiscal years ended March 31, 2020, 2021, and 2022.
12

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

F Other gain: ¥316,891 million
Following the termination of the agreement with NVIDIA Corporation for the sale of all shares in Arm in February2022, the deposit of $1.25 billion, which the Company had received at the time of signing in September 2021, wasnon-refundable. Consequently, ¥109,796 million, which corresponds to 75.01% interests in Arm held by theCompany’s wholly owned subsidiary, SoftBank Group Capital Limited, was recognized as profit in the fourth
quarter.

13

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Partial sale of T-Mobile shares in September 2021
On September 6, 2021, the Company entered into a master framework agreement (the “Agreement”) with
Deutsche Telekom, pursuant to which Deutsche Telekom agreed to partially exercise its right to acquire theshares of T-Mobile in accordance with the terms of the fixed and floating call options (“Deutsche Telekom Call
Options”) granted by the Company to Deutsche Telekom in June 2020, and to amend certain execution
conditions associated with the floating call options. Following the exercise of Deutsche Telekom Call Options,the Company sold 45,366,669 of its 106,291,623 T-Mobile shares to Deutsche Telekom and received
225,000,000 Deutsche Telekom shares (the reference price: €20 per share; 4.5% of Deutsche Telekom’s
outstanding shares) as consideration. Under the Agreement, Deutsche Telekom also provided its consent for theCompany to have additional flexibility to pledge its T-Mobile shares in connection with entry into margin loans
and other monetization transactions. Following entry into the Agreement, the Company carried out the following
monetization transactions using T-Mobile and Deutsche Telekom shares.
On April 12, 2022, Deutsche Telekom exercised additional Deutsche Telekom Call Options, upon which theCompany sold an additional 21,153,145 of its T-Mobile shares to Deutsche Telekom for consideration of $2.4
billion. Of this amount, approximately $1.2 billion was used to partially prepay the margin loan which theseshares underlie. Following the transaction, the Company owns 39,771,809 T-Mobile shares.
Transaction

Procured amount

Execution
timing$4.38 billion

Jul 2020

Borrowings made using 106,291,623
T-Mobile shares pledged as collateral(margin loan)
Number of shares held as of June 30, 2021
b Fund procurement through prepaid forward
contracts using 17,935,000 T-Mobile sharesc Borrowings made using 42,989,954
T-Mobile shares pledged as collateral(margin loan)d Repayment of borrowings in “a” using
funds acquired in “b” and “c”
e 60-day loan using 45,366,669 T-Mobile
shares pledged as collateral (bridge loan)
f Sale of 45,366,669 T-Mobile shares to
Deutsche Telekom, receiving 225,000,000
Deutsche Telekom shares as consideration
Number of shares held as of September 30, 2021
g Fund procurement through collartransactions using 225,000,000 Deutsche
Telekom sharesh Repayment of borrowings in “e” using partof the funds acquired in “g”
Number of shares held as of December 31, 2021
i
Fund procurement through prepaid forward
contracts using 6,865,000 T-Mobile sharesjPartial repayment of borrowings in “c”
using part of the funds acquired in “i”
Number of shares held as of March 31, 2022
k Sale of 21,153,145 T-Mobile shares to
Deutsche Telekom, receiving $2.40 billion
as considerationlPartial repayment of borrowings in “c”
using part of the funds acquired in “k”

Number of shares held
T-Mobile
Deutscheshares Telekom shares(millions)(millions)

a

106.3

-

(45.4)
60.9

225.0
225.0

60.9

225.0

60.9

225.0

$1.81 billion$2.65 billion$(4.38) billion

Sep 2021$1.25 billion-$3.04 billion*

Oct 2021$(1.25) billion$0.68 billion

Mar 2022$(0.59) billion$2.40 billion$(1.20) billion*The euro equivalent of the amount procured is €2.64 billion.

14

Apr 2022(21.2)

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Impact of the asset management subsidiaries on the Company’s Consolidated Statement of Financial*1
Position(Millions of yen)March 31, 2022
Cash and cash equivalents
40,458Investments from asset management subsidiaries
313,982
Securities pledged as collateral in asset management subsidiaries
1,927
Derivative financial assets in asset management subsidiaries
48,466
Other financial assets
131,474
Other
1,880
Total assets
538,187
Interest-bearing debt
33,515Derivative financial liabilities in asset management subsidiaries
1,880
Other financial liabilities
170,320
Other
2,210
Total liabilities
207,925*2
Investments from Delaware subsidiaries
1,036,384
Equivalent amount of cash investments by SBG in Delaware subsidiaries
39,786Equivalent amount of loans to Delaware subsidiaries held by SBG(the amount entrusted by SBG related to asset management)
976,705
Equivalent amount of cash investments by Masayoshi Son in Delaware subsidiaries
19,893 A
Retained earnings(748,753) B
Exchange differences on translating foreign operations
42,631Equity330,262 C

Notes:
1. SB Northstar’s statement of financial position (excluding the impact of Alibaba shares contributed in kind to SB Northstar by SBG
via Delaware subsidiaries and investments made by SB Northstar in SPACs controlled by SBIA US) is presented for reference toshow the impact of SB Northstar on the Consolidated Statement of Financial Position of the Company.
2. Investments from the Company’s subsidiaries, Delaware Project 1 L.L.C., Delaware Project 2 L.L.C., and Delaware Project 3 L.L.C.
(“Delaware subsidiaries”), to the asset management subsidiary, SB Northstar(Calculation of non-controlling interests)
Equivalent amount of cash investments by Masayoshi Son in Delaware subsidiaries*3
Cumulative loss attributable to non-controlling interests
Exchange differences on translating foreign operations

Non-controlling interests (interests of Masayoshi Son)

(Millions of yen)
19,893 A(249,493)
11,461(218,139) D

Note:
3. One-third of B in the table(Interests in equity (C above))(Millions of yen)
548,401(218,139) DInterests of SBG
Non-controlling interests (interests of Masayoshi Son)

Equity330,262

15

C

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

MAIN INTEREST-BEARING DEBT AND LEASE LIABILITIES IN THE SEGMENT

Borrower
SBG

Type
Borrowings
Corporate bonds
Lease liabilities
Commercial paper

Wholly owned subsidiaries*1
conducting fund procurement

Borrowings using Arm shares(asset-backed finance)
Prepaid forward contracts using Alibaba
shares (floor contracts, collar contracts,and forward contracts)
Borrowings using Alibaba shares(margin loan)
Borrowings using SoftBank Corp. shares(margin loan)
Prepaid forward contracts using
T-Mobile shares (collar contracts)
Borrowings using T-Mobile shares(margin loan)
Collar transactions using Deutsche
Telekom shares

SB Northstar

Borrowings

Balance as of March 31, 2022
in Consolidated Statement of
Financial Position¥1,255.1 billion¥5,918.3 billion¥12.1 billion¥256.8 billion¥961.5 billion¥4,196.1 billion¥731.5 billion¥498.7 billion¥340.4 billion¥251.6 billion¥413.7 billion¥33.5 billion

Note:
1. Borrowings of wholly owned subsidiaries conducting fund procurement are non-recourse to SBG, except for borrowings using TMobile shares which SBG partially guarantees.

16

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(b) SoftBank Vision Funds Segment
1. Loss on investments (net) was ¥3,547.4 billion. Segment loss was ¥2,639.4 billion, after deductingchange in third-party interests◆ SVF1- ¥1,226.1 billion realized gain on investments (net), of which ¥1,463.8 billion had been recorded as
unrealized gains on investments (net) in previous fiscal years, mainly due to a partial sale of its interests inlisted portfolio companies such as DoorDash, Coupang, and Uber.
- ¥2,768.0 billion unrealized valuation loss (net) on investments held at the fiscal year-end· ¥3,632.2 billion valuation loss (net) for listed portfolio companies: Share prices declined in a wide rangeof listed portfolio companies, including Coupang, DiDi, and Grab, due to multiple factors, including
overhang concerns and regulatory tightening, in addition to the general avoidance of high-growthtechnology stocks led by an anticipation of higher interest rates.
· ¥864.2 billion valuation gain (net) for unlisted portfolio companies: Write-downs were recorded for awide range of portfolio companies in the fourth quarter, reflecting a decline in the share prices of publicmarket comparable companies. However, for the entire fiscal year, net valuation gains were recorded due
to an overall increase in the fair value of those with funding rounds, those that are expected to be listed
and those whose performance is progressing faster than expected.
◆ SVF2- ¥128.6 billion realized gain on investments. Of this, ¥314.1 billion had been recorded as unrealized gains
on investments (net) in previous fiscal years.
- ¥271.9 billion unrealized valuation loss on investments (net) held at the fiscal year-end· ¥128.6 billion valuation loss (net) for listed portfolio companies· ¥143.2 billion valuation loss (net) for unlisted portfolio companies
2. Status of investment activities◆ SVF1- Investments before exit: Held 82 investments (including 22 listed portfolio companies) as of the fiscal
year-end with fair value amounting to $78.57 billion, at investment cost totaling $70.37 billion.
*1- Cumulative gross gain since SVF1’s inception was $28.75 billion, including cumulative realized gain of$18.14 billion, cumulative derivative gain of $1.48 billion, and cumulative dividend income of $0.94 billion◆ SVF2- Held 250 investments (including 14 listed portfolio companies) as of the fiscal year-end with fair value
amounting to $45.98 billion, at investment cost totaling $46.59 billion.
*1- Cumulative gross gain since SVF2’s inception was $0.08 billion, including cumulative realized gain of$1.11 billion and cumulative derivative loss of $0.42 billion- Committed capital totaled $56.0 billion as of the fiscal year-end
Note:
1. Cumulative gross gain is before deducting third-party interests, tax, and expenses.

OVERVIEW
Segment results mainly include the results of the investment and operational activities of SoftBank Vision Fund 1(SVF1) and SoftBank Vision Fund 2 (SVF2).
SVF1 aims to maximize returns from a medium- to long-term perspective through large-scale investments inhigh-growth-potential companies leveraging AI, particularly in private companies valued at over $1 billion at thetime of investment, colloquially known as “unicorns.” SVF1 is managed by SBIA, a wholly owned subsidiary of theCompany established in the U.K., which is authorized and regulated by the Financial Conduct Authority. SVF1’s
investment period ended on September 12, 2019. The remaining undrawn capital is reserved for follow-on
investments in existing portfolio companies (including investments in joint ventures with them), fixed distributions,and operating expenses. In principle, the life of SVF1 is until November 20, 2029 (unless extended for two
additional one-year periods by SBIA).
SVF2 launched in October 2019 with committed capital from SBG, aiming to facilitate the continued accelerationof the AI revolution through investment in market-leading, tech-enabled growth companies across vintage years.

17SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

While SVF2 was previously managed by SBIA, the fund has been managed since the second quarter by SBGA, awholly owned subsidiary of the Company established in the U.K. Investment management decisions of SVF2 aremade through an investment committee established in SBGA. SBGA is headed by Rajeev Misra, CEO of SBIA,
who is also a member of the investment committee. SBGA outsources the majority of its investment and operating
functions to SBIA and SBIA continues to support the management of SVF2 under a service agreement. In addition,
MASA USA LLC (“MgmtCo”), an investment entity for the co-investment program, newly participated in the fund5in the second quarter. The interest attributable to MgmtCo is treated as a third-party interest in the Company’s
consolidated financial statements. As of the fiscal year-end, SVF2’s total committed capital is $56.0 billion.
In addition, SBIA US uses SPACs to complement its investments in listed and unlisted companies and to pursue awider range of investment opportunities beyond the investment mandates for the private funds. In the third quarter,SVF Investment Corp. 3, a SPAC controlled by SBIA US, announced a definitive merger agreement with Symbotic
LLC, a US developer of automated fulfillment solutions for retailers and distributors. SVF Investment Corp. 3 raised$320 million at the time of its initial public offering on NASDAQ in March 2021 and is expected to raise additional
funds from SVF2 and PIPE investors as a result of this merger. Upon completion of the merger, which is expected in
the first half of 2022, the combined company will operate under the “Symbotic Inc.” name and will trade on
NASDAQ under the ticker symbol “SYM.”
Co-investment program of SVF2
In the second quarter, SVF2 introduced a co-investment program with restricted rights to receive distributions (the“Program”). Under the Program, the Company’s management makes joint investments with the Company andshares both the profits and risks associated with the investments. The Program aims for the Company’s management
to further focus on SVF2 and contribute to the Company’s earnings growth.
The Program targets an approved selection of SVF2’s investments, including investments in private portfolio
companies held or intended to be held by SVF2 as of June 23, 2021, and any new investments executed on or afterJune 24, 2021 (excluding any follow-on investments in the portfolio companies outside of the Program’s scope).
Target investments are indirectly held by SVF II Investment Holdings LLC (“SVF2 LLC”), a subsidiary of the
6Company established beneath SVF2. SVF2 LLC issued equity to the Company and MgmtCo. Accordingly, theCompany holds 82.75% and MgmtCo holds 17.25% of the total equity interests. These equity interests are entitledto performance-based distributions that are allocated based on the proportion of respective equity contributions.
Distributions from SVF2 LLC to MgmtCo are subject to certain restrictions. Specifically, distribution will not bemade to MgmtCo until the sum of proceeds received by SVF2 LLC from realized investments plus the aggregate
fair market value of all of SVF2 LLC’s unrealized investments (net of borrowings) exceeds 130% of the aggregateacquisition cost of all of SVF2 LLC’s investments. After the ratio exceeds 130%, restrictions on distributions to
MgmtCo will be released proportionately in increments of 10%. When the ratio reaches 200%, all restrictions will
be released and MgmtCo will be entitled to receive the full amount of the distribution.
MgmtCo is entitled to make full or partial payment of its capital contribution in SVF2 LLC at any point in time7

and is required to pay a premium calculated at 3% per annum on the outstanding receivables of SVF2 LLC. Any
distributable amount from SVF2 LLC to MgmtCo is offset against receivables at the time of the distribution notice8

and no distribution payment will be made to MgmtCo until SVF2 LLC’s receivables are paid in full. Furthermore,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 of liquidation was applied
throughout the life of SVF2 LLC, then any such excess amounts will be subject to clawback from MgmtCo.
In parallel with the introduction of the Program, the Company has decided to invest in SVF2 LLC in the form of18

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022
6

preferred equity, which generates a fixed distribution of 8% per annum, to enhance the efficiency of recovery ofinvestment funds. The preferred equity interests have a priority right over the equity interests held by the Company
and MgmtCo under the Program in terms of distributions and return of contributions. The Company continues tohold 100% of the equity for the investments in portfolio companies outside of the Program's scope.

9

For details, see “(1) Introduction of Co-investment Program with Restricted Right to Receive Distributions andPreferred Equity to SVF2” under “4. SoftBank Vision Funds business” together with “20. Related party transactions
regarding a co-investment program with restricted rights to receive distributions” in “(6) Notes to Consolidated
Financial Statements” in “4. Consolidated Financial Statements and Primary Notes.”

19

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Outline of principal funds in the segment
As of March 31, 2022
SoftBank Vision Fund 1

SoftBank Vision Fund 2

Major limited partnership

SoftBank Vision Fund L.P.

SoftBank Vision Fund II-2 L.P.

Total committed capital(Billions of U.S. dollars)

98.6

56.0
*1

General partner

The Company: 33.1
Third-party investors: 65.5
SVF GP (Jersey) Limited(The Company’s wholly owned foreignsubsidiary)

The Company: 53.4
Third-party investor (MgmtCo): 2.6
SVF II GP (Jersey) Limited(The Company’s wholly owned foreignsubsidiary)

Investment period

Ended on September 12, 2019

To be determined by the general partner

Minimum fund life

Until November 20, 2029 (in principle)

Until October 4, 2032 (in principle)

Note:
1. The Company’s committed capital to SVF1 includes approximately $8.2 billion of an obligation that is satisfied by using Arm shares(all said shares have been contributed) and $2.5 billion to be used for an incentive scheme related to SVF1.
For a complete list of SVF1 and SVF2’s portfolio companies, see the Data Sheets in “Materials” under “Earnings Results Briefing”
on the Company’s website at https://group.softbank/en/ir/presentations/.

Financing at SoftBank Vision Funds
SVF1 and SVF2 may independently make borrowings that are non-recourse to SBG, for the purpose of leveraging
and maintaining liquidity. As of the fiscal year-end, two types of borrowings were in place: asset-backed finance,
which utilizes assets held to enhance returns and distribute to limited partners; and fund-level facility, which
provides bridge funding by way of a revolving loan for the period between capital calls and arrivals of funds,
thereby allowing a quick execution of investment after the investment decision is made.

20

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Capital deployment
As of March 31, 2022
SVF1
Total
98.6
87.2
28.7
58.5
11.4

Committed capital (A)10Drawn capital (B)Return of capital (non-recallable) (C)Outstanding capital (D) = (B) – (C)Remaining committed capital (E) = (A) – (B)(Billions of U.S. dollars)
The Company Third-party investors
33.1
65.5
29.9
57.3
7.3
21.4
22.6
35.9
3.2
8.2

Note: The Company’s committed capital to SVF1 includes approximately $8.2 billion of an obligation that is satisfied by using Arm
shares (all said shares have been contributed) and $2.5 billion to be used for an incentive scheme related to SVF1.

SVF2(Billions of U.S. dollars)
Total
56.0
48.2
7.8

Committed capital (A)Drawn capital (B)Remaining committed capital (C) = (A) – (B)Note: Remaining committed capital includes recallable return of capital.

(Reference: Breakdown of committed capital as of March 31, 2022)
Total committed capital
The Company’s equity commitment to investments outside the scope of the Program
The Company’s preferred equity commitment to SVF2 LLC
The Company’s equity commitment to SVF2 LLC
MgmtCo’s equity commitment to SVF2 LLC
Note: As of the fiscal year-end, no capital has been paid by MgmtCo.

21

56.0
8.2
32.8
12.4
2.6

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

FINANCIAL RESULTS(Millions of yen)
Fiscal year ended March 31
2021
2022
Gain (loss) on investments at SVF1, SVF2, and*1othersRealized gain on investments
Unrealized gain (loss) on valuation of
investments
Change in valuation for the fiscal year
Reclassified to realized loss recorded in*2
the past fiscal year
Interest and dividend income frominvestments
Derivative gain (loss) on investments
Effect of foreign exchange translation
Selling, general and administrative expenses
Finance cost
Derivative gain (excluding gain (loss) on
investments)
Change in third-party interests in SVF1 andSVF2Other gain
Segment income (income before income tax)

Change(9,904,816)
935,034

Change %6,357,462
419,640(3,547,354)
1,354,674- A
222.8%

5,897,059
6,013,404(4,817,764) (10,714,823)(3,039,858) (9,053,262)-(116,345)(1,777,906)(1,661,561)-

29,8491,091
9,823(74,194)(10,419)

50,649(49,587)(85,326)(69,754)(31,616)

20,800(50,678)(95,149)
4,440(21,197)

69.7%(6.0%)
203.4%

-

2,056

2,056

-

(2,246,417)
391

972,674
34,591

3,219,091
34,200- B- C

4,026,823(2,639,403)(6,666,226)-

Notes:
1. Unrealized gains and losses associated with the change in valuation of SoftBank Vision Funds’ investment in shares in Arm andPayPay Corporation, which are subsidiaries of the Company, and dividend income received from such investments are included insegment income of the SoftBank Vision Funds segment as “gain (loss) on investments at SVF1, SVF2, and others,” but are
eliminated in consolidation and not included in “gain (loss) on investments at SVF1, SVF2, and others” in the Consolidated
Statement of Income.
2. Unrealized gains and losses on valuation of investments recorded in previous fiscal years related to the investments realized in thefiscal year are reclassified as “realized gain (loss) on investments.”2

During the fiscal year, SVF1 made new and follow-on investments totaling $3.33 billion and sold all of its interests
11in three portfolio companies and a portion of its interests in 13 portfolio companies for a total of $18.89 billion, of2

which the initial acquisition cost was $7.95 billion. SVF2 made new and follow-on investments totaling $40.82
billion and sold all of its interest in one portfolio company and a portion of its interests in three portfolio companies
for a total of $2.06 billion, of which the initial acquisition cost was $0.91 billion.
Segment income
A Loss on investments at SVF1, SVF2, and others: ¥(3,547,354) million· SVF1
2- Realized gain on investments (net) of ¥1,226,097 million was recorded, mainly due to the sale of all of its
interests in three portfolio companies and a portion of its interests in 13 portfolio companies including DoorDash
Inc (“DoorDash”), Coupang, and Uber Technologies, Inc. (“Uber”). Of the gain for the fiscal year, ¥1,463,810
million had been recorded as unrealized gains on investments (net) in previous fiscal years.
- Unrealized loss on valuation of investments held by SVF1 at the fiscal year-end was ¥2,768,000 million ($23,894
million, net) (see “SVF1” under “Investment performance” below for a breakdown). Valuation loss (net) totaling$31,788 million for listed portfolio companies was recorded due to a decline in the share prices of 19 portfolio

22SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

companies, including Coupang, DiDi, and Grab. This was caused by multiple factors, including overhang
concerns and regulatory tightening, in addition to the general avoidance of high-growth technology stocks led byan anticipation of higher interest rates, despite an increase in the share prices of three portfolio companies
including SenseTime Group Inc. (“SenseTime”), which was listed in the third quarter. Of the loss, $14,605
million was attributable to Coupang and $8,015 million was attributable to DiDi. In contrast, valuation gain (net)totaling $7,894 million was recorded for unlisted portfolio companies mainly due to an overall increase in the fairvalue of those with funding rounds, those that are expected to be listed and those whose performance isprogressing faster than expected, while a wide range of portfolio companies was written down in the fourth
quarter reflecting a decline in the share prices of public market comparable companies.
As of the fiscal year-end, cumulative gross gain since SVF1’s inception was $28.75 billion. See “SVF1” under“Investment performance” below for a breakdown.
· SVF2- Realized gain on investments of ¥128,577 million was recorded, as a result of the entire sale of its interest in one
portfolio company and a partial sale of its interest in KE Holdings. Of the gain for the fiscal year, ¥314,096
million had been recorded as unrealized gains on investments (net) in previous fiscal years.
- Unrealized loss on valuation of investments was ¥271,858 million ($2,202 million, net) (see “SVF2” under“Investment performance” below for a breakdown). Valuation loss (net) of $1,049 million for listed portfolio
companies was recorded. This was mainly due to a decline in the share price of KE Holdings in the fiscal year,
which offset an increase in the share price of AutoStore, which was newly listed in the third quarter. In addition,
valuation loss (net) of $1,153 million was recorded for unlisted portfolio companies, mainly due to decreases in
the fair values of a wide range of portfolio companies in the fourth quarter reflecting declines in the share pricesof public market comparable companies.
As of the fiscal year-end, cumulative gross gain since SVF2’s inception was $0.08 billion. See “SVF2” under“Investment performance” below for a breakdown.
B Change in third-party interests in SVF1 and SVF2: ¥972,674 million
This indicates the sum of distributions to third-party investors in proportion to their interests in fixed distributions
and performance-based distributions, which are based on the gains and losses on investments at SVF1 and SVF2,
net of (i) management and performance fees payable to SBIA from SVF1, (ii) management and performance-linked
management fees payable to SBGA from SVF2, and (iii) operating and other expenses of SVF1 and SVF2. For
details, see “(4) Third-party interests in SVF1 and SVF2” under “4. SoftBank Vision Funds business” in “(6) Notes
to Consolidated Financial Statements” in “4. Consolidated Financial Statements and Primary Notes.”
C Other gain: ¥34,591 million
Following the termination of the agreement with NVIDIA Corporation for the sale of all shares in Arm in February2022, the deposit of $1.25 billion, which the Company had received at the time of signing in September 2021, wasnon-refundable. Consequently, ¥36,579 million, which corresponds to 24.99% interests in Arm held by SVF1, wasrecognized as profit in the fourth quarter.

23

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Investments transferred from the Company to SVF2
The Company established a policy for handling the investment portfolio of SBG and its major investment
subsidiaries, and, in accordance with this policy, is proceeding with the transfer of unlisted investments to SVF2 inprinciple. The Company transferred the investments shown below to SVF2 through sale or in-kind contribution asof the fiscal year-end.

UPSIDE Foods, Inc.
Berkshire Grey, Inc.
Cybereason Inc.
InMobi Pte. Ltd.
Treasure Data, Inc.
WeWork Inc.
Ola Electric Mobility Private
LimitedPayPay Corporation
Kigen (UK) Limited*1
WeWork Inc. (warrants, etc.)

Transfer month
November 2020
March 2021
June 2021
June 2021
June 2021
August 2021

Transfer method
Sale
In-kind contribution
In-kind contribution
Sale
Sale
Sale

(Millions of U.S. dollars)
Transfer value
by the Company to SVF2
51
115
317
597
519
2,444

November 2021
December 2021
January 2022
March 2022

Sale
Sale
Sale
Sale / In-kind contribution

556
1,467
25
100

Total

6,191

Notes:* The value of investments transferred from the Company to SVF2 is based on either the Company’s carrying amount as of the quarterend immediately prior to the transfer date if the transfer is made by in-kind contribution, or on fair value available at the time of thetransfer if the transfer is made by a sale. Investment gains and losses that occurred prior to the transfer are recorded in the reportablesegment to which the investment belonged prior to the transfer.
1. Although WeWork Inc. listed in October 2021, its warrants were also transferred as SoftBank Vision Funds have historically invested
in the company.

24SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Investment performance
As of March 31, 2022
SVF1
(Billions of U.S. dollars)

Total ((1) + (2) + (3) + (4) below)
Cumulative
number ofinvestments
98

Cumulative
investment
cost
89.2

Cumulative
investment
return117.9

Cumulative
number ofinvestments

Cumulative
investment
cost

Cumulative
investment
return

(2)

(1.7)

(1.7)

Cumulative
*1
gain
0.0

(2)

-

-

-

Acetone Limited (Equity interest in Arm China JV)
Net of effects of share exchanges and*2, 394
dividends in kind

87.4

116.2

28.8

Fair value
30.6
48.0

Cumulative
unrealized
valuation gain
*4
(loss)(2.6)
10.8

Unrealized
valuation gain
(loss)
recorded forthe fiscal year
(31.8)
7.9

78.6

8.2

(23.9)

Exit price
20.0
16.9

Cumulative*1
realized gain
12.2
5.9

Realized gainrecorded forthe fiscal year
9.8
1.1

18.8

36.9

18.1

10.9

Derivative cost
0.0

Fair value /settlement
price
1.5

Cumulative
derivative gain
1.5

Derivative gainrecorded forthe fiscal year
0.0

0.0

1.5

1.5

0.0

Cumulative
income0.9Interest anddividend income
recorded forthe fiscal year
0.4

Cumulative
*1
gain
28.8

(Reference)

Effects of share exchanges

Uber Advanced Technologies Group and Aurora Innovation Inc.
PT Tokopedia and GoTo
Effects of dividends in kind
Treasure Data, Inc.

(1) Investments before exit (investments held at the fiscal year-end)

Listed companies
Unlisted companies
Total

Number ofinvestments Investment cost
22
33.2
60
37.2
82

70.4

(2) Exited investments

Partial exit
*5

Full exit
Total

Number ofinvestments Investment cost
7.8
16
11.0
16

(3) Derivative gain and loss related to investment

Unsettled
SettledTotal(4) Interest and dividend income from investments
Interest anddividend
income
0.9

Total

25

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Notes:* The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit.
1. Before deducting third-party interests, tax, and expenses
2. For investments in which share exchanges occurred, acquisition costs of new investments and disposal prices (sale prices) ofinvestments initially held are deducted for the purpose of presenting the cumulative net investment performance. Similarly,
investments acquired through dividends in kind from existing portfolio companies are deducted from investment count.
3. In addition to the share exchanges listed above, SVF1 exchanged all shares in two portfolio companies for shares in their affiliatedcompanies, which are also existing portfolio companies. Acquisition costs and disposal prices (sale prices) of these investments arealso deducted in this section.
4. For a certain investment that was initially determined to be transferred from the Company to SVF1 but later canceled, any unrealized
valuation gains and losses incurred for the period leading up to the decision to cancel the transfer are not included in the presentation.
5. Includes disposal (sale) through share exchanges.

SVF2(Billions of U.S. dollars)

Total ((1) + (2) + (3) + (4) below)
Cumulative
number ofinvestments
251

Cumulative
investment
cost
47.5

Cumulative
investment
return
47.6

Cumulative
*1
gain
0.1

(1) Investments before exit (investments held at the fiscal year-end)

Listed companies
Unlisted companies
Total

Number ofinvestments
14
236

Investment
*2
cost
8.5
38.1

Fair value
9.1
36.9

*2

Cumulative
unrealized
valuation gain
(loss)
0.6(1.2)

Unrealized
valuation loss
recorded for the
fiscal year
(1.0)
(1.2)

250

46.6

46.0

(0.6)

(2.2)

Exit price
2.0
0.1

Cumulative*1
realized gain
1.1
0.0

Realized gainrecorded forthe fiscal year
1.1
0.0

0.9

2.1

1.1

1.2

Derivative cost-

Fair value /Settlement
price
(0.4)
-

Cumulative
derivative loss
(0.4)-

Derivative loss
recorded forthe fiscal year
(0.4)
-

-

(0.4)

(0.4)

(0.4)

Cumulative
income0.0Interest anddividend income
recorded forthe fiscal year
0.0(2) Exited investments

Partial exit
Full exit
Total

Number ofinvestments Investment cost
0.9
1
0.0
1

(3) Derivative gain and loss related to investment

Unsettled
SettledTotal(4) Interest and dividend income from investments
Interest anddividend
income0.0

Total

Notes:* The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit.
1. Before deducting tax and expenses
2. The investment cost and fair value of investments before exit in SVF2 include those related to a minor SVF2 ownership percentage
in another portfolio company received as part of the consideration for SVF2’s investment in a portfolio company.

26

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(Reference) Investments before exit (investments held at the fiscal year-end)
As of March 31, 2022
SVF1
(Billions of U.S. dollars)

Number ofinvestments
14
1
7
10
11
8
13
9
9

Investment
cost
10.5
0.7
1.6
4.0
11.4
2.0
8.7
10.1
21.4

Fair value
28.8
0.1
2.3
2.4
15.1
2.5
13.8
3.6
10.0

Cumulative
unrealized
valuation gain
(loss)
18.3
(0.6)
0.7
(1.6)
3.7
0.5
5.1
(6.5)
(11.4)

82

70.4

78.6

8.2

(23.9)

Listed companies
a Coupangd One97 Communications (PayTM)
d OneConnect
d PB Fintech (Policybazaar)
e Energy Vault
e SenseTime
e Zymergen
f Guardant Healthf Relay Therapeutics
f Roivant Sciencesf Vir Biotechnology
g DoorDash
g Full Truck Allianceh Compassh Opendoorh Viewh WeWorki Aurora Innovationi Auto1i DiDii Grabi UberUnlisted companies

22

60

33.2
2.2
1.4
0.1
0.1
0.1
1.4
0.4
0.0
0.3
0.9
0.2
0.4
1.7
1.1
0.3
1.2
3.2
0.3
0.7
12.1
3.0
2.1
37.2

30.6
8.2
0.8
0.0
0.4
0.3
3.7
0.1
0.0
0.8
0.5
0.6
4.0
1.3
1.1
0.4
0.1
0.6
0.2
0.4
2.4
2.5
2.2
48.0

(2.6)
6.0
(0.6)
(0.1)
0.3
0.2
2.3
(0.3)
0.0
0.5
(0.4)
0.4
3.6
(0.4)
(0.0)
0.1
(1.1)
(2.6)
(0.1)
(0.3)
(9.7)
(0.5)
0.1
10.8

(31.8)(14.6)
(0.5)
(0.1)
0.2
0.2
2.1
(0.8)
(0.0)
(0.1)
(0.7)
(0.6)
(0.5)
(0.7)
(1.3)
(0.5)
(0.4)
(0.0)
(0.1)
(1.7)
(8.0)
(2.5)
(1.2)
7.9

Total

82

70.4

78.6

8.2

(23.9)

Sectora Consumerb Edtechc Enterprised Finteche Frontier Techf Health Techg Logistics
h Proptechi Transportation
Total

Unrealized
valuation gain
(loss) recorded forthe fiscal year
(8.7)
(1.0)
0.3
0.0
2.9
(1.4)
(0.8)
(2.1)
(13.1)(Reference)
*1

Note:
1. The letter corresponding to the listed companies indicates the sector to which the company belongs. Investments in that sector are notlimited to those listed companies.

27

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

SVF2
(Billions of U.S. dollars)

Sectora Consumerb Edtechc Enterprised Finteche Frontier Techf Health Techg Logistics
h Proptechi Transportation
j Other
Total

Number ofinvestments
55
10
57
35
18
38
15
8
9
5

Investment
cost
10.0
1.5
7.7
8.5
2.3
3.8
5.4
5.1
2.2
0.1

Fair value
9.3
1.4
7.6
7.4
2.0
3.4
6.7
5.0
3.1
0.1

Cumulative
unrealized
valuation gain
(loss)
(0.7)
(0.1)
(0.1)
(1.1)
(0.3)
(0.4)
1.3
(0.1)
0.9
0.0

Unrealized
valuation gain
(loss) recorded forthe fiscal year
(0.8)
(0.1)
(0.1)
(0.8)
(0.4)
(0.4)
1.4
(1.7)
0.7
0.0

250

46.6

46.0

(0.6)

(2.2)

14

9.1
0.0
0.0
0.1
0.1
0.0
0.3
0.1
0.1
4.8
0.2
0.1
0.3
0.5
2.5
36.9

0.6
(0.3)
(0.1)
(0.0)
0.0
(0.0)
(0.0)
0.0
(0.1)
2.0
(0.5)
(0.1)
(0.3)
(0.0)
(0.0)
(1.2)

(1.0)
(0.3)
(0.1)
(0.0)
0.0
(0.0)
(0.0)
0.1
(0.2)
2.0
(0.4)
(0.1)
(0.3)
(1.7)
(0.0)
(1.2)

46.0

(0.6)

(2.2)

(Reference)*1

Listed companies
a Dingdongb Zhangmen
c AInnovatione IonQe Qualtrics
f Exscientia
f Pear Therapeutics
f Seerg AutoStoreg Berkshire Greyg Full Truck Allianceg JD Logistics
h KE Holdingsh WeWork
Unlisted companies

236

8.5
0.3
0.1
0.1
0.1
0.0
0.3
0.1
0.2
2.8
0.7
0.2
0.6
0.5
2.5
38.1

Total

250

46.6

Note:
1. The letter corresponding to the listed companies indicates the sector to which the company belongs. Investments in that sector are notlimited to those listed companies.

28

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(c) SoftBank Segment
Segment income increased by 3.8% yoy mainly due to an increase in income in the Yahoo! JAPAN/ LINEand enterprise businesses, as well as the greater gain on investments, despite a decrease in income in the
consumer business and an increased loss on equity method investments.
(Millions of yen)
Fiscal year ended March 31
2021
2022
Net sales
Segment income (income before income tax)
Depreciation and amortization
Gain on investments
Finance cost*1
Loss on equity method investments

ChangeChange %5,204,350
847,933(729,914)
1,433(64,322)(45,048)

5,690,680
880,104(740,280)
41,946(62,445)(69,626)

486,330
32,171(10,366)
40,513
1,877(24,578)

9.3%
3.8%
1.4%
(2.9%)
-

410

750

340

82.9%

Derivative gain
(excluding gain (loss) on investments)

Note:
1. Includes losses on equity method investments related to PayPay Corporation of ¥30,570 million for the fiscal year and ¥36,580
million for the previous fiscal year. At SoftBank Corp., PayPay Corporation is classified as an equity method associate; however,
PayPay Corporation has consistently been classified as a subsidiary of SBG since its founding in June 2018 and its financial results
are included in “Other.” For this reason, loss on equity method investments related to PayPay Corporation recognized in the
SoftBank segment is eliminated in “Reconciliations” in segment information.

OVERVIEW
Segment results include the results of business activities conducted by SoftBank Corp. mainly in Japan, such asprovision of mobile services and sale of mobile devices, as well as provision of broadband and e-commerce
services. Under its Beyond Carrier strategy, SoftBank Corp. aims to strengthen its earnings base by going beyond
the confines of a conventional telecommunications carrier, while further growing the telecommunications business,and expanding its businesses in three fields: telecommunications business, Yahoo! JAPAN/ LINE business, and new
businesses.
FINANCIAL RESULTS
Segment income was ¥880,104 million, an increase of ¥32,171 million (3.8%) year on year. This was mainly due toan increase in income in the Yahoo! JAPAN/ LINE and enterprise businesses, and an increase in investment income,which absorbed a decrease in income in the consumer business and an increased loss on equity method investments.
Income in the Yahoo! JAPAN/ LINE business grew due to an increase in sales centered on advertising-related
services mainly associated with the consolidation of LINE Corporation. Income in the enterprise business increased,reflecting growth in mobile revenue following greater demand for remote working and growth in sales of cloud anddigital marketing advertising services as the digitization of enterprises accelerated. On the other hand, income in the
consumer business decreased due to the impact of cutting mobile service charges. The increase in gain on
investments was due to the recording of a valuation loss in the previous fiscal year on one of its investees, in which
SoftBank Corp. invested as part of its efforts to expand its telecommunications network globally, as well as theincrease in the fair value of the investment and gain on the exchange of shares of eBOOK Initiative Japan Co., Ltd.
The increased loss on equity method investments was due to the impact of Demae-can Co., Ltd. and foreign equity
method associates of LINE Corporation.
For more information on SoftBank Corp.’s financial results and business operations, please refer to its website athttps://www.softbank.jp/en/corp/ir/.

29

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(d) Arm Segment
1. Continuing strong revenue growth, positive segment income◆ Net sales increased by 43.0% yoy.
- Technology royalty revenue increased by 20.1% yoy (U.S. dollar-based) due to strong industry growth andmarket share gains.
- Technology non-royalty revenue increased by 61.0% yoy (U.S. dollar-based) due to the availability of Arm’s
newly developed products following years of planned R&D investment.
◆ The increase in segment income is due to the strong increase in revenue combined with slower
increases in R&D costs as Arm focused its investments on key growth areas.
2. More Arm customers chose to adopt Arm’s latest technology for their next generation products andservices
In the fourth quarter, Arm signed licenses for its CPU and GPU IP that its customers will use in a wide range
of end markets including automotive vision systems, networking equipment, servers and smartphones.
3. The Company announced that Arm will prepare for a future IPO.
(Millions of yen)
Fiscal year ended March 31
2021
2022
Net sales*1
Segment income (income before income tax)

209,848(33,873)300,013
41,200ChangeChange %90,16575,07343.0%-

Notes:* Since the fourth quarter of the previous fiscal year, the Internet-of-Things Services Group (ISG) business is managed separately fromthe Arm business and its results are therefore included in “Other” instead of the Arm segment.
1. Segment income included amortization expenses of ¥51,153 million for the fiscal year and ¥48,108 million for the previous fiscal
year. These expenses are related to intangible assets recognized in the purchase price allocation at the time of the acquisition of Arm.

OVERVIEW
Arm’s operations primarily consist of the licensing of semiconductor intellectual property (IP), including the designof energy-efficient microprocessors and associated technologies. Following acquisition by the Company, Armaccelerated investment in R&D by hiring more engineers. With the expansion of its engineering capability, Armdevelops new technologies with the intention to maintain or increase its share of the existing markets and expand
into new markets.
Industry trends and their impact
Semiconductor industry trends can have a significant impact on Arm’s financial results, both positively andnegatively. The semiconductor industry has grown very strongly due to long-term trends such as more products andservices depending on increasing amounts of embedded intelligence, such as cars providing more driver information
and assistance, and smartphones improving camera technology generation after generation for better photography.
Some markets have shown particularly strong growth in the fiscal year including 5G smartphones and networking
equipment as well as embedded and automotive applications, where Arm has good exposure. This growth has
benefited Arm’s technology royalty revenue as it grows with industry sales. Industry growth also accelerated Arm’s
customers’ design activity, creating new opportunities for Arm to license its latest technologies and thus driving
non-royalty revenue (technology licensing revenue and software and services revenue). The industry is vulnerable toother external factors, including trade disputes and sanctions against specific companies, as well as the impact of
temporary component shortages; for example, some automotive manufacturers and smartphone OEMs could notsource sufficient numbers of chips resulting in delays in the production of cars and phones. If shipments of30

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

consumer electronic devices weaken, it may lead to lower Arm’s technology royalty revenue, and if customers
facing reduced revenues choose to delay licensing decisions, it may lead to lower technology non-royalty revenue.
However, it is difficult to anticipate when these events may occur and the impact on the semiconductor industry ingeneral or Arm specifically.
Arm is expecting that, as consumer and enterprise electronics become more advanced, its technology will befurther utilized, and opportunities will expand over the long term.
FINANCIAL RESULTS
Net sales in U.S. dollars
Net sales in this section are presented in U.S. dollars as Arm’s revenue is primarily based in U.S. dollars.
(Millions of U.S. dollars)
Fiscal year ended March 31
2021
2022
Change Change %Technology royalty
1,278
1,536
258
20.1%
Technology non-royalty
702
1,129
427
61.0%
Total net sales

1,980

2,665

685

34.6%

Net sales increased by $685 million (34.6%) year on year due to increases in both technology royalty revenue andtechnology non-royalty revenue.
Technology royalty revenue
Technology royalty revenue increased by $258 million (20.1%) year on year. Royalty revenues were driven by thestrong ramp in shipments of Arm-based 5G smartphones, deployment of networking equipment into 5G basestations, and Arm’s customers gaining share in multiple markets such as automotive and servers. In addition, Arm’s
customers benefitted from the very high demand for computer chips enabling prices to increase, and as Arm’s
royalty revenue is often based on the price of chips, Arm is also benefiting from higher chip prices.
Technology non-royalty revenue
Technology non-royalty revenue increased by $427 million (61.0%) year on year. This increase is primarily due tothe availability of more Arm technology following the period of accelerated R&D spending since Arm was acquiredby the Company. Over the past few years, Arm has increased investment in R&D, which has now resulted in a
product portfolio that has expanded the breadth of Arm technology to include CPUs optimized for servers,
automotive electronics, and AI acceleration. This has led to a wider range of customers licensing Arm technology,
as well as existing customers having more Arm technology to choose from, both of which are helping to drive
licensing revenues. This included licenses for CPUs used by customers intending to build Arm-based server and PC
chips, smartphones, networking equipment, autonomous systems such as industrial robotics and self-driving
vehicles and for AI enabled microcontrollers. In addition, in the fiscal year, strong industry demand for Arm-based
chips encouraged Arm’s customers to invest in new R&D projects to develop more chips and therefore increased
demand for Arm CPU licenses.
NVIDIA Technology license
In September 2020, as part of the proposed acquisition of Arm by NVIDIA Corporation, Arm received $0.75 billion
as consideration for a technology license agreement. In the fourth quarter, it was announced that NVIDIA
Corporation was no longer planning to acquire Arm, nevertheless, the technology license remains extant withrevenue being recognized in the period of the agreement.

31

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Segment income
Segment income was ¥41,200 million, improving by ¥75,073 million year on year due to the strong revenue growth.
In the fourth quarter, Arm initiated a global restructuring of its non-engineering functions with the goal of
improving operational efficiency. The restructuring will involve some redundancies, and, in some countries,
redundancy proposals are subject to employee consultation processes according to local law. As the restructuring is
still ongoing, the only restructuring costs that became highly probable to be incurred were recorded in the fourth
quarter.
OPERATIONSRoyalty units

12(Billion)
Year ended December 31
2020
2021
25.3
29.2

Royalty units as reported by Arm’s licensees

Change Change %
3.9
15.4%

Arm’s licensees reported shipments of 29.2 billion Arm-based chips in the year ended December 31, 2021, an
increase of 15.4% year on year. This is the highest annual growth rate in four years.

32SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

TECHNOLOGY DEVELOPMENT
Arm considers the following as its primary areas for increased investment and is evolving technology in both its
mobile business and other businesses with strong growth potential.
Arm’s primary investment areas and main developments
Mobile computing
Opportunity
The first quarter

The third quarter

The fourth quarter: Arm already has over 95% share of the main chips in mobile devices and, over time,
has been successfully increasing royalties per chip.
: Arm introduced three new processors, Cortex-X2, Cortex-A710, and Cortex-A510,
based on Armv9, and three new graphics processors, Mali-G710, Mali-G510, andMali-G310, all targeting the smartphone and mobile computing segment.
: Mediatek Inc., Qualcomm Technologies, Inc. and Samsung Electronics Co., Ltd.
announced their first chips for smartphones based on Arm CPUs developed with the
Armv9 architecture. These chips should start to appear in smartphones in 2022.
: Lenovo Group Limited announced their first ThinkPad laptop based on an Arm-based
chip from Qualcomm Technologies, Inc. The Lenovo ThinkPad X13s uses four Arm
high-performance CPUs and four Arm high efficiency CPUs and has a long battery
life.

Infrastructure
Opportunity
The first quarter

The second quarter

The third quarter

The fourth quarter: Arm has a growing share in networking infrastructure and a nascent share in data
center servers.
: · Supercomputer Fugaku with Arm technology for servers, jointly developed by
RIKEN and Fujitsu Limited, has retained its number one ranking in the TOP500, a
global ranking based on calculation speed of supercomputers.
· Oracle Corporation announced that Oracle Cloud Infrastructure will include Armbased servers using chips from Ampere Computing LLC.
· NVIDIA Corporation and Marvell Technology, Inc. separately announced new 5G
networking infrastructure chips based on Arm processor technology.
: Cloudflare, Inc. announced a blueprint for a zero-emissions internet, assisted by the
deployment of low-power Arm-based technology. Cloudflare reported that it “achieved
more than 50% improvement in requests per watt by deploying Arm Neoverse-based
processors in its edge servers.”: · Alibaba announced Yitian 710, their first Arm-based chip for data centers, featuring
128 Armv9 cores.
· Amazon Web Services Inc. announced Graviton3, their next generation of Arm-based
chip for data centers, claiming 2-3x higher performance for certain workloads,
including cryptographic and machine learning, compared to Graviton2.
: Fujitsu Limited announced it had successfully developed the world’s fastest quantum
computer simulator capable of handling 36 qubit quantum circuits on a cluster systemusing the same Arm-based A64FX CPU that powers the world’s fastest
supercomputer, Fugaku.

Automotive
Opportunity

The first quarter: As vehicles become smarter, they require more computational capability. Arm is wellpositioned to gain market share by providing energy efficiency and Arm processor
technology has already been licensed by most companies that develop automotive
chips.
: Arm and leading automotive companies and technology providers, including Audi AG,
DENSO CORPORATION, and NXP Semiconductors N.V., have started a newcollaboration to create standards for self-driving vehicles.

33SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

The second quarter

The fourth quarter: Arm introduced a new automotive design platform to enable the development ofsoftware-defined cars in the future; software can be downloaded to modify theperformance and functionality of a car.
: Mobileye Technologies Limited, an Intel Corporation company and a pioneer in
automotive vision-safety technology, announced that it has licensed Arm’s newly
introduced Mali-C78AE ISP and Mali-G78AE GPU, for Mobileye’s next-generation
EyeQ technology.

IoT
Opportunity

The first quarter

The second quarter

The fourth quarter: For IoT to reach its full potential, it must be secure against hacking and robust against
faults. Arm has developed technology to secure and manage data in IoT device
networks.
: Arm announced an initiative to help reduce the time to develop software for Armbased microcontrollers by enabling more code-reuse and code-sharing between
developers.
: Arm announced Total Solutions for IoT, an initiative which includes virtual
development boards hosted on AWS, allowing software to be developed in parallel to a
new chip design. This initiative could help reduce the time needed to develop an IoTproduct by up to two years.
: Arm announced the new Cortex-M85 CPU for high-performance microcontrollers that
require AI functionality, such as smart cameras with object recognition or face
identification capability.

For more information about Arm, its business, and its technology, please refer to its website at https://www.arm.com.

34

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(e) Latin America Funds Segment
1. ¥111.1 billion gain on investments (net) was recorded due to increases in the fair values of unlisted
portfolio companies.
2. As of the fiscal year-end, SoftBank Latin America Funds held a total of 101 investments, including
13
seven listed portfolio companies. The investment cost totaled $6.9 billion with a fair value amounting
to $9.4 billion.

(Millions of yen)
Fiscal year ended March 31
2021
2022
Gain on investments at Latin America Funds
Realized loss on investments
Unrealized gain on valuation of investments
Change in valuation for the fiscal year
Reclassified to realized loss recorded*1in the past fiscal year

Change %196,556
196,186
196,186

111,070(9,114)
118,922
110,888(85,486)(9,114)(77,264)(85,298)(43.5%)(39.4%)(43.5%)

219
151(7,503)
(410)

8,034
(372)
364
1,270
(24,198)(1,661)

8,034
(591)
364
1,119
(16,695)(1,251)222.5%
305.1%

31

291(1,051)291(1,082)-

188,674

84,451(104,223)(55.2%)

Derivative gain (loss) on investments
Effect of foreign exchange translation
Other
Selling, general and administrative expenses
Finance cost
Derivative gain
(excluding gain (loss) on investments)
Other gain (loss)
Segment income (income before income tax)

ChangeNotes:* SoftBank Latin America Fund 1 has invested in one affiliated SPAC through the SPAC’s sponsor, which is the Company’s subsidiaryin this segment. The operating results of the SPAC, as a subsidiary of the Company, are included in this segment.
1. Unrealized gains and losses on valuation of investments recorded in previous fiscal years related to the investments realized in thefiscal year are reclassified as “realized gain (loss) on investments.”

OVERVIEW
Segment results include the results of the investments and operational activities of SoftBank Latin America Funds,
primarily SoftBank Latin America Fund 1 (SBLAF1) and SoftBank Latin America Fund 2 (SBLAF2), which aremanaged by the Company’s wholly owned U.S. subsidiary SBLA Advisers Corp. The Latin America Funds
segment will be integrated into the SoftBank Vision Funds segment starting from the first quarter of the fiscal year
ending March 31, 2023 (the three-month period ending June 30, 2022) as SoftBank Latin America Funds will be
managed by SBGA, which manages SVF2.
SBLAF1 and SBLAF2 were established with the objective of investing in companies using technologies in allindustries within rapidly developing Latin America. As of the fiscal year-end, total committed capital is $5.0 billion
14

for SBLAF1 and $2.3 billion for SBLAF2.
In the second quarter, SoftBank Latin America Funds introduced a co-investment program with restricted rights to15

receive distributions and preferred equity in the same way as SVF2. See “20. Related party transactions regardinga co-investment program with restricted rights to receive distributions” under “(6) Notes to Consolidated Financial
Statements” in “4. Consolidated Financial Statements and Primary Notes” for details.

35

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

FINANCIAL RESULTS
Unrealized gain on valuation of investments (net) totaled ¥118,922 million. This was mainly due to an increase in
the fair values of unlisted portfolio companies, such as QUINTOANDAR, LTD., Kavak Holdings Limited, andCreditas Financial Solutions, Ltd., partly caused by the value of local currencies rising against the U.S. dollar, while
the share price of listed portfolio companies, such as Banco Inter S.A. and VTEX, declined. In contrast, realized loss
on investments of ¥9,114 million was recorded for two portfolio companies of SBLAF1 in the second quarter. These
resulted in gain on investments of ¥111,070 million and segment income of ¥84,451 million. As of the fiscal yearend, SoftBank Latin America Funds held a combined total of 101 investments and invested a cumulative total of$6.9 billion, with a fair value of $9.4 billion.

For a list of portfolio companies of SoftBank Latin America Funds, see the Data Sheets in “Materials” under “Earnings Results
Briefing” to be posted in a few days on the Company’s website at https://group.softbank/en/ir/presentations/.

36SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(f) Other(Millions of yen)
Fiscal year ended March 31
2021
2022

ChangeChange %Net sales
Segment income (income before income tax)
Depreciation and amortization
Gain on investments
Finance cost
Income on equity method investments

238,774(96,049)(42,843)
92,685(16,211)
21,578260,550(22,347)(31,511)
46,402(13,709)19,456

21,77673,702
11,332(46,283)
2,502(2,122)

9.1%(26.5%)(49.9%)(15.4%)(9.8%)

Derivative loss
(excluding gain (loss) on investments)(3,972)(3,479)493-

Note: Since the fourth quarter of the previous fiscal year, the ISG business (including Treasury Data, Inc.) is managed separately fromthe Arm business and its operating results are therefore included in “Other” instead of the Arm segment. In the third quarter,
SBG’s shares of PayPay Corporation were transferred to SVF2. As PayPay Corporation continues to be a subsidiary of theCompany, its operating results are included in “Other.”Segment loss was ¥22,347 million. PayPay Corporation and Fortress Investment Group LLC recorded losses before
income tax of ¥60,464 million and ¥30,825 million, respectively, while a gain of ¥72,936 million was recorded
relating to the loss of control of Boston Dynamics, Inc. following its sale in June 2021. For details regarding thegain on loss of control of Boston Dynamics, Inc., see “7. Disposal group classified as held for sale” under “(6)Notes to Consolidated Financial Statements” in “4. Consolidated Financial Statements and Primary Notes.”
An overview of PayPay Corporation is as follows.
PayPay Corporation, which is engaged in smartphone payment services in Japan, recorded loss before income tax of¥60,464 million. This was mainly due to recording expenses associated with campaigns aimed at acquiring users
and promoting their use, as well as for the retention and expansion of stores where the service is available. On theother hand, loss before income tax narrowed year on year as revenues increased, mainly due to growth in grossmerchandise volume and an increase in payment fees following the introduction of payment fees to small andmedium-sized merchants in October 2021. PayPay Corporation’s payment services continued to see strong growth,with the number of payments for the fiscal year reaching 3,630 million, a 1.8-fold increase year on year.
Results of PayPay Corporation included in “Other”(Millions of yen)

Net sales
Loss before income taxes

Fiscal year ended March 31
2021
2022

ChangeChange %29,986(72,650)

27,451
12,186

91.5%-

57,437(60,464)

Note: In the fourth quarter, a lump-sum deduction of ¥6,399 million was made from net sales, including a portion of marketing costs forstores, which had been recorded as expenses in the first three quarters of the fiscal year. While the similar costs were incurred in
the previous fiscal years, no retrospective adjustments have been made as the amounts were insignificant.

37SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(2) Overview of Financial Position
1. Status of investment assets◆ Carrying amount of investments from SVF1 and SVF2 totaled ¥13,766.4 billion, an increase of*1¥119.6 billion from the previous fiscal year-end.
- Decrease at SVF1 of ¥4,038.0 billion: The balance decreased by $25.28 billion due to a decrease in thefair value of investments held at the fiscal year-end and by $21.62 billion mainly due to sales ofinvestments. These were partially offset by an increase of $3.05 billion due to new and follow-on
investments.
- Increase at SVF2 of ¥4,157.6 billion: The balance increased by $38.43 billion due to new and follow-on
investments, despite decreases of $3.87 billion in sales of investments and $2.16 billion in the fair value ofinvestments held at the fiscal year-end.
◆ Carrying amount of investment securities of ¥4,208.6 billion, an increase of ¥501.8 billion from theprevious fiscal year-end- T-Mobile shares: The balance decreased by ¥517.3 billion mainly due to the sales of shares to Deutsche
Telekom. Deutsche Telekom shares were received in return for the sale (fiscal year-end balance: ¥518.0
billion).
- SoftBank Latin America Funds: The balance increased by ¥682.2 billion mainly due to new investments.
◆ Carrying amount of stocks and other instruments held at asset management subsidiaries decreased

from ¥2,182.5 billion at the previous fiscal year-end to ¥315.9 billion mainly due to sales.
- The balance of investments from asset management subsidiaries was ¥314.0 billion, a decrease of¥441.3 billion.
- The balance of securities pledged as collateral in asset management subsidiaries was ¥1.9 billion, adecrease of ¥1,425.4 billion.
2. Changes in liabilities associated with fund procurement◆ Interest-bearing debt of SBG increased by ¥1,283.9 billion from the previous fiscal year-end.
- SBG issued domestic hybrid bonds of ¥405.0 billion and domestic subordinated bonds of ¥500.0 billionand ¥550.0 billion, as well as foreign currency-denominated straight bonds of $3.85 billion and €2.95
billion. Meanwhile, domestic hybrid bonds of ¥455.6 billion and domestic subordinated bonds of ¥361.6
billion and ¥404.4 billion were redeemed.
◆ Interest-bearing debt at wholly owned subsidiaries conducting fund procurement increased by¥2,433.8 billion from the previous fiscal year-end.
- Financial liabilities relating to sale of shares by prepaid forward contracts increased by ¥1,450.8 billion.
Borrowings increased by ¥983.0 billion mainly due to borrowings of $8.0 billion made using Arm shares(asset-backed finance).
◆ Borrowings at SVF2 increased by ¥731.5 billion from the previous fiscal year-end, due to asset-backed

finance.
3. Changes in equity◆ Equity decreased by ¥247.8 billion in total from the previous fiscal year-end.
- ¥1,708.0 billion net loss attributable to owners of the parent reduced retained earnings.
- ¥602.4 billion worth of shares were repurchased in the fiscal year (including ¥344.6 billion acquired out ofa maximum ¥1 trillion authorized in November 2021).
- ¥2,176.9 billion increase in exchange differences from the translation of foreign operations due to theweaker yen.
◆ Ratio of equity attributable to owners of the parent (equity ratio) was at 21.0% at the fiscal year-end,

down from 22.3% at the previous fiscal year-end.
Note:
1. Investments from SVF1 and SVF2 do not include their investments in the Company’s subsidiaries or investments that are transferredfrom the Company to the funds and continue to be accounted for using the equity method (and included in “investments accounted
for using the equity method”) prior to and after the transfer.

38

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Total assets
Total liabilities
Total equity

March 31, 2021
45,750,453
33,794,860

March 31, 2022
47,544,670
35,836,908

Change1,794,217
2,042,048(Millions of yen)
Change %3.9%
6.0%

11,955,593

11,707,762(247,831)(2.1%)(a) Assets

Cash and cash equivalents
Trade and other receivables
Investments from asset
management subsidiaries
Securities pledged as collateral inasset management subsidiaries
Derivative financial assets inasset management subsidiaries
Derivative financial assets
Other financial assets
Inventories
Other current assets
Assets classified as held for sale
Total current assets
Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Costs to obtain contracts
Investments accounted for using
the equity method
Investments from SVF1 and SVF2
accounted for using FVTPL
SVF1
SVF2
Investment securities
Derivative financial assets
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

March 31, 2021
4,662,725
2,216,434

March 31, 2022
5,169,001
2,361,149(Millions of yen)
Change506,276
144,715

658,227

158,094(500,133) A

1,427,286

1,927(1,425,359) B

188,056
383,315
671,907
126,830
446,739
38,647
10,820,166
1,668,578
1,147,020
4,684,419
2,308,370
246,996

48,466
1,050,446
762,638
142,767
334,101
10,028,589
1,842,749
914,743
4,897,913
2,427,580
330,899(139,590)
667,131
90,731
15,937(112,638)(38,647)(791,577)
174,171(232,277)
213,494
119,21083,903

4,349,971

5,234,519

884,548

J

13,646,774
12,403,286
1,243,488
3,706,784
908,660
1,919,262
206,069
137,384
34,930,287

13,766,391
8,365,274
5,401,117
4,208,567
1,333,787
2,250,640
163,255
145,038
37,516,081

119,617(4,038,012)
4,157,629
501,783
425,127
331,378(42,814)
7,654
2,585,794

K

45,750,453

47,544,670

1,794,217

39

C
D
E
F
G

H
I

L
M
N

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Reasons for changes by primary component
Components
Current assets
A Investments from asset
management subsidiaries

Main reasons for changes from the previous fiscal year-end
Listed stocks held by SB Northstar decreased primarily due to sales.

B Securities pledged as collateral Securities pledged as collateral decreased due to SB Northstar’s sale ofinvestments.
in asset management
subsidiaries
C Derivative financial assets inasset management subsidiaries

The fair value of long call options of listed stocks held by SB Northstar
decreased.

D Derivative financial assets

Derivative financial assets related to prepaid forward contracts using Alibaba
shares increased by ¥674,504 million, due to the recording of derivative
gains, the reclassified derivative financial assets with a remaining term of
one year or less from non-current assets, and newly concluded prepaid
forward contracts.

E Other financial assets· Following the early termination and repayment of a portion of the collar
contracts among the prepaid forward contracts using Alibaba shares in
April 2021, restricted cash recorded at the previous fiscal year-end in
relation to the contract termination decreased by ¥361,355 million. For
details, see “(2) Transactions for sale of Alibaba shares by prepaid forward
contracts” under “9. Interest-bearing debt” in “(6) Notes to Consolidated
Financial Statements” in “4. Consolidated Financial Statements andPrimary Notes.”· Trust accounts at SPACs increased by ¥326,062 million due to thereclassifying funds that were raised through initial public offerings by
SPACs sponsored by the Company’s subsidiaries to current assets as the
SPACs had a remaining life of one year or less. Since use of the procured
funds is restricted to the merger of a SPAC or repayment of contribution toinvestors during its life (24 months from procurement), these funds had
been recorded as other financial assets under non-current assets.

F Other current assets

Taxes receivable decreased by ¥103,125 million, partially due to a refund of
a withholding income tax in July 2021, which was paid in the previous fiscal
year in relation to dividends paid from SBGJ to SBG.

G Assets classified as held for sale

Boston Dynamics, Inc.’s assets were presented in this category at theprevious fiscal year-end in conjunction with the classification of thecompany in the disposal group classified as held for sale; however, theseassets were derecognized following the completion of the sale in the firstquarter.

Non-current assets
H Goodwill

I Intangible assets

Goodwill of Arm increased by ¥276,576 million due to the weaker yen
against the U.S. dollar.
Yahoo Japan Corporation entered into an agreement with Oath Holdings Inc.
and other parties, with whom it had previously entered into a license
agreement, to acquire trademarks in Japan related to Yahoo!, Yahoo!
JAPAN, etc. for ¥178.5 billion. Intangible assets increased as a result of thisacquisition.

40

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Components
Main reasons for changes from the previous fiscal year-end
J Investments accounted for using The consolidated carrying amount for Alibaba increased due to the weaker
the equity method
yen against the Chinese yuan and the recording of gain on equity method
investments, offsetting a decrease due to the settlement in kind of certain
prepaid forward contracts.
K Investments from SVF1 andSVF2 accounted for using
FVTPL· The carrying amount of investments at SVF1 decreased by ¥4,038.0
billion. This reflected a decrease of $25.28 billion due to decreases in thefair value of portfolio companies held at the fiscal year-end and a decreaseof $21.62 billion mainly due to the sale of investments. These werepartially offset by an increase of $3.05 billion due to new and follow-on
investments in existing portfolio companies.
· The carrying amount of investments at SVF2 increased by ¥4,157.6 billion.
This reflected an increase of $38.43 billion due to new and follow-on
investments in existing portfolio companies, partially offset by a decreaseof $3.87 billion due to the sale of investments and $2.16 billion due todecreases in the fair value of portfolio companies held at the fiscal yearend.
For details of the status of investments at SVF1 and SVF2, see “(b) SoftBank
Vision Funds Segment” under “b. Results by Segment” in “(1) Overview ofResults of Operations.”

L Investment securities· The carrying amount of T-Mobile shares decreased by ¥517,301 million.
This mainly reflected the sale to Deutsche Telekom of 45.4 million TMobile shares held by the Company due to Deutsche Telekom’s partial
exercise of call options for T-Mobile shares.
· The Company received 225 million Deutsche Telekom shares as
consideration for the sale of T-Mobile shares (fiscal year-end balance:¥517,960 million).
· The carrying amount of investments from SoftBank Latin America Funds
increased by ¥682,191 million due to new and follow-on investments, aswell as increases in the fair values of portfolio companies (fiscal year-end
balance: ¥1,123,199 million).

M Derivative financial assets· Derivative financial assets related to prepaid forward contracts using
Alibaba shares increased by ¥194,259 million due to the recording ofderivative gains and newly concluded prepaid forward contracts, whileassets with a remaining term of one year or less were reclassified as current
assets.
· The fair value of the contingent consideration related to T-Mobile shares
increased by ¥130,720 million (fiscal year-end balance: ¥591,429 million).

N Other financial assets· Accounts receivable of ¥423,326 million was recorded against MgmtCo.
For details, see “Note 2” under “6. Other financial assets” in “(6) Notes toConsolidated Financial Statements” in “4. Consolidated Financial
Statements and Primary Notes.”· Trust accounts in SPACs decreased by ¥327,569 million due to thereclassifying funds that were raised through initial public offerings by
SPACs sponsored by the Company’s subsidiaries to current assets, since
the SPACs had a remaining life of one year or less.

41SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(Reference) Cash and cash equivalents by entity
March 31, 2021

March 31, 2022

(Millions of yen)
Change2,202,778
1,948,177

2,569,355
2,502,626

366,577
554,449

33,320221,281

26,27140,458(7,049)(180,823)

67,58063,47025,89547,754150,462
19,898(19,826)
86,992(5,997)

302,539
420,941
861,412718,110318,661
383,093845,038
834,740

16,122(37,848)(16,374)
116,630

4,662,725

5,169,001

506,276

SoftBank Group Corp. / Wholly owned
subsidiaries conducting fund procurement/ SB Northstar
SoftBank Group Corp.
Wholly owned subsidiaries conducting fundprocurement
SB Northstar
SoftBank Vision Funds segment
SVF1
SVF2
SBIA, SBGASoftBank segment
SoftBank Corp.
*1
Z Holdings Corporation*2
OthersOthers
Total

Notes:
1. Includes Yahoo Japan Corporation and LINE Corporation.
2. Includes PayPay Bank Corporation, whose balance of cash and cash equivalents was ¥334,387 million at the fiscal year-end.

42

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(b) Liabilities

Interest-bearing debt
Lease liabilities
Deposits for banking business
Trade and other payables
Derivative financial liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Liabilities directly relating to assets
classified as held for sale
Total current liabilities
Interest-bearing debt
Lease liabilities
Third-party interests in SVF1 and SVF2
Derivative financial liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities

March 31, 2021
7,735,239
307,447
1,109,240
1,970,275
322,21365,958391,930
24,939952,443

March 31, 2022
7,328,862
240,241
1,331,385
1,968,864
119,592554,814
183,388
34,056620,260(Millions of yen)
Change(406,377)(67,206)
222,145(1,411)(202,621) A
488,856 B(208,542) C
9,117(332,183) D

11,271
12,890,955
10,777,736
727,554
6,601,791
32,692415,407
110,586
2,030,651
207,488
20,903,905

12,381,462
14,128,570
625,9075,559,835
174,003
210,512
107,9612,436,034
212,624
23,455,446(11,271) E(509,493)
3,350,834(101,647)(1,041,956)
141,311(204,895) F(2,625)405,383 G
5,136
2,551,541

33,794,860

35,836,908

2,042,048

43

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Reasons for changes by primary component
Components
Main reasons for changes from the previous fiscal year-end*See “(Reference)” on the following page for a breakdown of interest-bearing debt.
Current liabilities
A Derivative financial liabilities· Derivative financial liabilities decreased by ¥101,067 million mainly due tothe partial exercise of call options for T-Mobile shares by Deutsche
Telekom (fiscal year-end balance: ¥103,754 million).
· With the completion of the tender offer for WeWork shares in April 2021,
the Company reversed a derivative financial liability of ¥76,823 million
recorded at the previous fiscal year-end as the difference between (1) the
valuation amount of common stock and preferred stock expected to beacquired and(2) the planned acquisition amount. For details, see “(1)Option contracts” and “(3) Forward contracts” under “11. Financial
instruments” in “(6) Notes to Consolidated Financial Statements” in “4.
Consolidated Financial Statements and Primary Notes.”

B Other financial liabilities

Non-controlling interests with redemption options increased by ¥307,144
million. This was mainly due to the reclassifying the interests of investorsother than the sponsor related to SPACs sponsored by the Company’s
subsidiaries from non-current liabilities, since the SPACs had a remaining
life of one year or less.

C Income taxes payable

SBGJ paid income tax of ¥197,432 million based on taxable income
including a gain on sale of shares of SoftBank Corp. generated in theprevious fiscal year.

D Other current liabilities· Withholding income tax of ¥245,053 million was paid in relation todividends paid from SBGJ to SBG in the previous fiscal year.
· The deposit of $1.25 billion that had been received for the sale of Arm wasderecognized and recorded as profit.

E Liabilities directly relating toassets classified as held for sale

Boston Dynamics, Inc.’s liabilities were presented in this category at theprevious fiscal year-end in conjunction with the classification of thecompany in the disposal group classified as held for sale; however, theseliabilities were derecognized following the completion of the sale in the firstquarter.

Non-current liabilities
F Other financial liabilities

G Deferred tax liabilities

Non-controlling interests with redemption options decreased by ¥298,092
million. This was due to the reclassifying the interests of investors other than
the sponsor related to SPACs sponsored by the Company’s subsidiaries tocurrent liabilities, since the SPACs had a remaining life of one year or less.
Deferred tax liabilities increased due to an increase in the fair value ofderivative financial assets related to prepaid forward contracts using Alibaba
shares concluded in the fiscal years ended March 31, 2020, 2021, and 2022.

44

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(Reference) Interest-bearing debt and lease liabilities (total of current liabilities and non-current liabilities)
March 31, 2021

March 31, 2022

(Millions of yen)
Change12,984,650
6,158,350
1,152,934
4,745,549
13,367
246,500

14,869,325
7,442,237
1,255,116
5,918,265
12,056
256,800

1,884,675
1,283,887
102,182
1,172,716 A(1,311)
10,3004,959,779
1,874,040

7,393,573
2,857,000

2,433,794
982,960

3,085,739
1,866,521
1,866,521

4,536,573
33,51533,5151,450,834 C(1,833,006)(1,833,006) D

444,227444,227363
363

336,535
336,535
731,540
731,540339
339(107,692)(107,692) E
731,540
731,540 E
(24)
(24)

4,166,323
3,037,229
260,000
706,393
162,701
1,030,980
442,406
543,992
44,582494,747

4,236,453
3,085,954
469,252
559,846
121,401
1,170,856
481,678
603,977
35,20150,000592,116

70,13048,725
209,252(146,547)(41,300)
139,876
39,272
59,985(9,381)50,00097,369334,917
91,769296,166
90,250(38,751)(1,519)19,547,976

22,323,580

2,775,604

SoftBank Group Corp. / Wholly owned
subsidiaries conducting fund procurement /SB Northstar
SoftBank Group Corp.
Borrowings
Corporate bonds
Lease liabilities
Commercial paper
Wholly owned subsidiaries conducting
fund procurement*1
Borrowings
Financial liabilities relating to sale of sharesby prepaid forward contracts
SB Northstar
Borrowings
SoftBank Vision Funds segment
SVF1
Borrowings
SVF2
Borrowings
SBIA
Lease liabilities
SoftBank segment
SoftBank Corp.
Borrowings
Corporate bonds
Lease liabilities
Commercial paper*2
Z Holdings Corporation
Borrowings
Corporate bonds
Lease liabilities
Commercial paper
Other
OthersOther interest-bearing debt
Lease liabilities
Total

B

Notes:
1. The interest-bearing debt of wholly owned subsidiaries conducting fund procurement is non-recourse to SBG. However, $2.06 billionof borrowings made using T-Mobile shares is exceptionally guaranteed by SBG up to a limit of $0.57 billion. As a precondition for
SBG to fulfill its guarantee obligations, the lenders are obligated to first recover the amount to the maximum extent possible from
Alibaba shares that have been pledged as collateral.
2. Includes Yahoo Japan Corporation and LINE Corporation.

45

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Reasons for changes from the previous fiscal year-end at core companies
Components

Details

SBG / Wholly owned subsidiaries conducting fund procurement / SB Northstar
SBG
A Corporate bonds· Domestic hybrid bonds of ¥405.0 billion were issued in the first quarter, while ¥455.6
billion was redeemed in the second quarter.
· Foreign currency-denominated straight bonds of $3.85 billion and €2.95 billion were issued
in the second quarter.
· Domestic subordinated bonds were issued in the amounts of ¥500.0 billion in the firstquarter and ¥550.0 billion in the fourth quarter, while ¥361.6 billion was redeemed in thethird quarter and ¥404.4 billion in the fourth quarter.
Wholly owned subsidiaries conducting fund procurement
B Borrowings
Through Arm shares· $8.0 billion was borrowed through asset-backed finance in the fourth quarter.
Through Alibaba shares· $1.88 billion was borrowed through margin loans in the first quarter.
· $10.0 billion was repaid and $6.0 billion was newly borrowed in margin loans in the third
quarter.
Through T-Mobile shares· In the second quarter, $2.65 billion was borrowed through a margin loan, and in the samequarter, $4.38 billion, which was borrowed through a margin loan in the previous fiscal
year, was repaid early. In the fourth quarter, $0.68 billion procured through prepaid
forward contracts (collar contracts) was used to repay $0.59 billion borrowed through amargin loan in the second quarter.
Through Deutsche Telekom shares· €2.64 billion was raised in the third quarter through collar transactions.
For details, see “Note 1,” “Note 4,” and “Note 6” under “(1) Components of interest-bearingdebt” in “9. Interest-bearing debt” in “(6) Notes to Consolidated Financial Statements” in “4.
Consolidated Financial Statements and Primary Notes.”
C Financial liabilities Through Alibaba shares
relating to sale of · Certain collar contracts, among the prepaid forward contracts, were terminated early and$2.86 billion was settled in cash in the first quarter. In addition, $3.0 billion was raised byshares by prepaid
concluding new collar contracts.
forward contracts· Certain details of collar contracts, among the prepaid forward contracts, were amended in
the second quarter. In addition, $7.35 billion was raised by concluding new collar andforward contracts.
· $2.21 billion was raised in the third quarter by concluding prepaid forward contracts(forward contracts).
· In the third and fourth quarters, certain prepaid forward contracts were settled in kind by
delivering Alibaba shares. Consequently, financial liabilities of ¥784,197 million related tosale of shares by prepaid forward contracts were derecognized.
· $4.13 billion was raised in the fourth quarter by concluding prepaid forward contracts(forward contracts).
For details, see “(2) Transactions for sale of Alibaba shares by prepaid forward contracts”
under “9. Interest-bearing debt” in “(6) Notes to Consolidated Financial Statements” in “4.
Consolidated Financial Statements and Primary Notes.”Through T-Mobile shares· $1.81 billion was raised in the second quarter by concluding prepaid forward contracts(collar contracts).
· $0.68 billion was raised in the fourth quarter by concluding prepaid forward contracts(collar contracts).
46

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Components
SB Northstar
D Borrowings

Details· Short-term borrowings decreased by ¥1,170,410 million.
· $6.0 billion was repaid among margin loans using Alibaba shares.
3

SoftBank Vision Funds segment*
SVF1
E Borrowings
Borrowings made through asset-backed finance decreased by $1.26 billion.
SVF2
E Borrowings

Borrowings made through asset-backed finance increased by $5.98 billion.

Note:
3. For financing at SVF1 and SVF2, see “Financing at SoftBank Vision Funds” under “OVERVIEW” in “(b) SoftBank Vision Funds
segment” in “b. Results by Segment” in “(1) Overview of Results of Operations” in “1. Results of Operations.”47

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(c) Equity

Common stock
Capital surplus
Other equity instruments
Retained earnings
Treasury stock
Accumulated other comprehensive income
Accumulated other comprehensive income
directly relating to assets classified as held for sale

March 31, 2021 March 31, 2022
238,772
238,7722,618,504
2,634,574
496,876
496,876
8,810,422
4,515,704(2,290,077)(406,410)
338,3292,496,158(Millions of yen)
Change16,070(4,294,718) A
1,883,667 B
2,157,829 C

267

-

(267)

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

10,213,093
1,742,500

9,975,674
1,732,088(237,419)(10,412)

Total equity

11,955,593

11,707,762(247,831)

Reasons for changes by primary component
Components
A Retained earnings

Main reasons for changes from the previous fiscal year-end· Net loss attributable to owners of the parent of ¥1,708,029 million wasrecorded.
*1· ¥2,475,817 million was deducted following the retirement of 366,860,600
shares of treasury stock in May 2021 (equivalent to 17.6% of the total number
of issued shares as of April 30, 2021).

B Treasury stock· SBG repurchased 25,980,400 of its own shares for ¥257,777 million from April
1 to May 12, 2021, in accordance with a Board resolution on July 30, 2020,
completing the share repurchase under that resolution. SBG also repurchased
67,257,900 of its own shares for ¥344,573 million from November 10, 2021 toMarch 24, 2022, in accordance with a Board resolution on November 8, 2021 torepurchase the Company’s own shares up to ¥1 trillion.
· SBG retired treasury stock in May 2021.

C Accumulated othercomprehensive income· Exchange differences from the translation of foreign operations, which arise
from translating foreign subsidiaries and associates into yen, increased by¥2,176,948 million due to a weaker yen against the U.S. dollar and the Chinese
yuan.

Note:
1. The number of shares retired is the same as the number of shares acquired from the share repurchase (the “Share Repurchase”)
conducted in accordance with respective resolutions of the Board of Directors in March, May, June, and July 2020. However,
because the retirement amount is calculated based on the carrying amounts, including treasury stock held by the Company prior to
the Share Repurchase, the retirement amount differs from the total repurchase amount of the Share Repurchase.

48

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(3) Overview of Cash Flows
1. Cash flows from operating activities◆ Net cash inflows from operating activities of ¥2,725.5 billion; contributed to by an increase in cash
inflows of ¥2,044.5 billion mainly due to the recovery of funds from the sale of investments in SB
Northstar as a result of the downsizing of the business.
2. Cash flows from investing activities◆ Net cash outflow of ¥3,018.7 billion from investing activities, mainly due to new investments by SVF2
and sale of investments by SVF1
- Payments for acquisition of investments by SVF1 and SVF2: ¥4,077.5 billionof which ¥3,865.8 billion was by SVF2
- Proceeds from sale of investments by SVF1 and SVF2: ¥2,221.8 billion· ¥1,997.6 billion by SVF1; mainly due to partial sale of its interests in listed portfolio companies including
Uber, DoorDash, and Coupang· ¥224.2 billion by SVF2; mainly due to partial sale of its interests in KE Holdings
3. Cash flows from financing activities◆ Net cash inflow of ¥602.2 billion from financing activities, due to cash inflows through various
financing activities exceeding cash outflows for debt repayment, etc.
- Proceeds from interest-bearing debt: ¥12,881.0 billion· Proceeds from financing using assets held: ¥5,201.4 billion
Which represents the total of proceeds from asset-backed finance using shares of Alibaba, Arm,
T-Mobile, Deutsche Telekom, and assets held by SVF1 and SVF2
· Proceeds from issuance of bonds: ¥2,580.2 billionof which ¥2,269.7 billion was by SBG- Payments for interest-bearing debt and repayment in short-term interest-bearing debt (net; cash outflow):¥9,971.5 billion· Repayment of funds procured using assets held: ¥2,737.0 billion
Which represents the total of repayments for asset-backed finance using shares of Alibaba, T-Mobile, andassets held by SVF1 and SVF2
· Redemption of corporate bonds: ¥1,267.1 billionof which ¥1,226.6 billion was by SBG· Repayment in short-term interest-bearing debt (net; cash outflow): ¥1,173.8 billion- Distribution/repayment of ¥1,228.7 billion from SVF1 to third-party investors- Purchase of treasury stock of ¥602.4 billion- Cash dividends of ¥309.6 billion paid to non-controlling interests(Millions of yen)

Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities

Fiscal year ended March 31
2021
2022
557,250
2,725,450(1,468,599)(3,018,654)
2,194,077
602,216

Change2,168,200(1,550,055)(1,591,861)(a) Cash Flows from Operating Activities
Cash flows from operating activities increased by ¥2,168,200 million year on year. This is mainly due to sale andrecovery of investments by SB Northstar pertaining to the downsizing of its business, which had an incremental
impact on cash inflows of ¥2,044,495 million.
The amount of income taxes paid (cash outflow) increased by ¥285,102 million year on year. This was mainly
due to payment in the first quarter of corporate taxes on taxable income at SBGJ including gains on the sale of
SoftBank Corp. shares generated in the previous fiscal year, as well as payment of withholding income tax on
dividends from SBGJ to SBG. Of this, the withholding income tax was refunded in the second quarter.

49

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(b) Cash Flows from Investing Activities
Primary components
Components
Payments for acquisition of
investments¥(993,490) million

Primary details· SoftBank Latin America Funds made new and follow-on investments
totaling ¥471,398 million ($4.19 billion).
· The Company acquired preferred stock and common stock of WeWork bytender offer, completed in April 2021, for ¥101,377 million.
· The unpaid acquisition price of ¥115,274 million for shares of A Holdings
Corporation established through the business integration of Z Holdings
Corporation and LINE Corporation was paid after the shares were acquired
from non-controlling interests in the previous fiscal year.

Payments for acquisition of· SVF2 made new and follow-on investments totaling ¥3,865,823 million
investments by SVF1 and SVF2($34.58 billion).
¥(4,077,451) million· SVF1 made follow-on investments totaling ¥211,628 million ($1.89
billion).
Proceeds from sales of· SVF1 sold a portion of its interests mainly in listed portfolio companies,
including Uber, DoorDash, and Coupang.
investments by SVF1 and SVF2
· SVF2 sold all of its interest in one portfolio company and a portion of its¥2,221,771 million
interests in three portfolio companies including KE Holdings.
Purchase of property, plant andequipment and intangible assets¥(835,073) million· SoftBank Corp. purchased telecommunications equipment.
· Yahoo Japan Corporation purchased intangible assets following an
execution of an agreement with Oath Holdings Inc. and other parties, withwhom it had previously entered into a license agreement, to acquire
trademarks in Japan related to Yahoo! and Yahoo! JAPAN etc. and paid
¥178.5 billion.

Proceeds from withdrawal ofrestricted cash
¥486,820 million

In April 2021, restricted cash (a deposit of $3.3 billion required for the earlytermination of a portion of the collar contracts out of the prepaid forward
contracts using Alibaba shares) recorded at the previous fiscal year-end waswithdrawn. In the same month, a payment of ¥313,411 million ($2.86 billion)
was completed for the early termination, and the cash outflow associated withthe transaction was recorded as “repayment of interest-bearing debt” (cashflows from financing activities).

50

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022(c) Cash Flows from Financing Activities
Primary components
Components
Proceeds (repayment) in shortterm interest-bearing debt, net*1¥(1,173,787) million(Proceeds and payments for interestbearing debt (current liabilities) with
fast turnover and short maturities)

Primary details· Short-term borrowings at SB Northstar decreased by ¥1,183,150 million(net).
· SoftBank Corp.’s short-term borrowings decreased by ¥132,234 million(net).
· PayPay Card Corporation and LINE Corporation issued commercial paperof ¥88,000 million (net) and ¥44,000 million (net), respectively.

Proceeds from interest-bearing debt (total of A through C below)¥12,880,985 million
A Proceeds from borrowings · SBG made short-term borrowings of ¥2,884,276 million.
*2¥8,144,423 million· Wholly owned subsidiaries conducting fund procurement made thefollowing borrowings.
- ¥936,800 million ($8.0 billion) was borrowed through asset-backed
finance using Arm shares.
- A total of ¥205,594 million ($1.88 billion) was borrowed through marginloans using Alibaba shares.
- ¥292,494 million ($2.65 billion) was borrowed through margin loans and¥138,088 million ($1.25 billion) was borrowed through a bridge loan, bothusing T-Mobile shares. ¥346,265 million (€2.64 billion) was borrowed
through collar transactions using Deutsche Telekom shares.
· SVF1 and SVF2 borrowed ¥332,036 million ($3.0 billion) and ¥793,769*3million ($7.0 billion) through asset-backed finance, respectively.
· SoftBank Corp. issued commercial paper of ¥137,400 million and procured¥1,060,199 million mainly through the securitization of installment salesreceivables and sale-and-leaseback transactions.
· Z Holdings Corporation borrowed ¥329,520 million.

B Proceeds from issuance of · SBG issued domestic hybrid bonds of ¥405,000 million, foreign currencydenominated straight bonds totaling ¥814,745 million ($3.85 billion andcorporate bonds€2.95 billion), and domestic subordinated bonds totaling ¥1,050,000¥2,580,245 million
million.
· SoftBank Corp. issued domestic straight bonds of ¥210,000 million.
· Z Holdings Corporation issued domestic straight bonds of ¥100,000 million.
C Proceeds fromprocurement by prepaid
forward contracts using
shares¥2,156,317 million

The Company’s wholly owned subsidiaries conducting fund procurement
raised an aggregate amount of ¥1,876,660 million ($16.69 billion) throughprepaid forward contracts using Alibaba shares. An aggregate amount of¥279,657 million ($2.49 billion) was also raised through prepaid forward
contracts using T-Mobile shares.

51

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Components
Primary details
Repayment of interest-bearing debt (total of D through F below)¥(8,797,688) million

D Repayment of borrowings · SBG repaid short-term borrowings of ¥2,796,305 million.
*2¥(7,209,092) million· SB Northstar repaid a margin loan using Alibaba shares of ¥662,820
million ($6.0 billion).
· Wholly owned subsidiaries conducting fund procurement made thefollowings repayments.
- In margin loans using Alibaba shares, existing borrowings of $10.0 billion
was repaid and $6.0 billion was newly borrowed in the third quarter. As
the settlement was made on a net basis, ¥454,680 million ($4.0 billion)
was recorded as a cash outflow for repayment of borrowings.
- A margin loan using T-Mobile shares of ¥483,772 million ($4.38 billion),
which was borrowed in the previous fiscal year, was repaid early. A
bridge loan of ¥142,000 million ($1.25 billion) borrowed in the second
quarter, was also repaid. In addition, a margin loan of ¥68,503 million($0.59 billion) was repaid using $0.68 billion raised through prepaid
forward contracts (collar contracts) concluded in the fourth quarter.
· SVF1 and SVF2 repaid ¥495,760 million ($4.28 billion) and ¥107,879
million ($0.97 billion), respectively, in borrowings made through asset*3
backed finance.
· SoftBank Corp. repaid ¥127,700 million in commercial paper and ¥899,392
million in borrowings made mainly through the securitization of
installment sales receivables and sale-and-leaseback transactions.
· Z Holdings Corp. repaid ¥204,550 million in borrowings.
E Redemption of corporate
bonds¥(1,267,059) million

SBG redeemed domestic hybrid bonds of ¥455,600 million and domestic
subordinated bonds totaling ¥765,969 million.

F Payment of settlement of
The Company paid ¥313,411 million ($2.86 billion) in connection with early
prepaid forward contracts termination of a portion of the collar contracts among the prepaid forward
contracts using Alibaba shares in April 2021.
¥(321,537) million
Distribution/repayment from
SVF1 to third-party investors¥(1,228,703) million

SVF1 made distributions to third-party investors.

Purchase of treasury stock¥(602,361) million

SBG repurchased 25,980,400 of its own shares for ¥257,777 million from
April 1 to May 12, 2021 in accordance with a Board resolution on July 30,
2020, completing the share repurchase under that resolution. In addition, SBG
repurchased 67,257,900 of its own shares for ¥344,573 million from
November 10, 2021 to March 24, 2022 in accordance with a Board resolution
on November 8, 2021 to repurchase its own shares up to ¥1 trillion.

Cash dividends paid to
non-controlling interests¥(309,649) million

SoftBank Corp., A Holdings Corporation, and Z Holdings Corporation paid
dividends to non-controlling interests.

Notes:
1. “Proceeds (repayment) in short-term interest-bearing debt, net” presents cash flows from financing activities that meet therequirement of “Reporting cash flows on a net basis” under IFRSs.
2. “Proceeds from borrowings” and “repayment of borrowings” include proceeds of ¥4,152,853 million and outlays of ¥4,097,720
million related to borrowings with a contracted term of one year or less.
3. For financing at SVF1 and SVF2, see “Financing at SoftBank Vision Funds” under “OVERVIEW” in “(b) SoftBank Vision Funds
Segment” in “b. Results by Segment” in “1. Results of Operations.”

52

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(4) Forecasts
The Company does not provide forecasts of consolidated results of operations as they are difficult to project due tonumerous uncertainties affecting earnings.

53

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Notes regarding “1. Overview of Results of Operations”
1

2

3
4

5

6

7
8

9
10
11
12

13
14
15

The ratio of liabilities to holding assets, calculated as adjusted net interest-bearing debt divided by equity value of holdings.
The Company strives to maintain this ratio below 25% in normal times in financial markets, with an upper threshold of 35% intimes of emergency. Equity value of holdings and adjusted net interest-bearing debt each exclude amounts to be settled atmaturity or borrowings that are part of asset-backed finance. The calculation of adjusted net interest-bearing debt also excludes
interest-bearing debt and cash and cash equivalents, etc. attributable to entities managed on a self-financing basis such as
SoftBank Corp. (including its subsidiaries such as Z Holdings Corporation), SoftBank Vision Fund 1, SoftBank Vision Fund 2,
SoftBank Latin America Funds, Arm, and PayPay Corporation, as well as SB Northstar, an asset management subsidiary.
Includes a share exchange. In the first quarter, SVF1 exchanged all of its shares in PT Tokopedia (“Tokopedia”) for shares in
GoTo, a newly formed company as a result of a merger between Tokopedia and PT Aplikasi Karya Anak Bangsa. This shareexchange is treated as a full exit (entire sale) from the investment and an acquisition of a new investment, with the sale priceand acquisition cost being recorded in gross, respectively, and with the difference between the acquisition cost of shares
initially held and sale price (acquisition cost of the exchanged shares) being recorded as realized gain and loss on theinvestments.
Interest expenses of SBG include interest expenses of its wholly owned subsidiaries conducting fund procurement.
The Company applied the equity method to Alibaba’s consolidated financial statements (the Company’s economic interests in
Alibaba as of December 31, 2021: 24.28%) for each reporting period on a three-month time lag because it is impractical toalign reporting periods with Alibaba due to contracts with the company, among others. Necessary adjustments are made toreflect significant transactions and events announced by Alibaba during the period on a three-month time lag.
As of the fiscal year-end, only Masayoshi Son, SBG’s Representative Director, Corporate Officer, Chairman & CEO, invests in
MgmtCo. Participation by members of management other than Masayoshi Son was undecided as of April 30, 2022; however,such participation is planned for the future.
For the nature of equity and preferred equity, see “(1) Introduction of Co-investment Program with Restricted Right to Receive
Distributions and Preferred Equity to SVF2” under “4. SoftBank Vision Funds business” in “(6) Notes to Consolidated
Financial Statements” in “4. Consolidated Financial Statements and Primary Notes.”
As of the fiscal year-end, none of the investment amounts from MgmtCo has been paid.
SVF2 LLC’s receivables include the transaction amounts incurred in connection with the acceptance of MgmtCo’s capital
contribution. Such transaction amounts include (i) MgmtCo's interest of 17.25% of the aggregate of the initial acquisition costof investments held by SVF2 LLC and amounts of contributions made by the Company to SVF2 to meet other costs, (ii)increase in fair market value of the investments from its initial acquisition cost at SVF2 to June 30, 2021 multiplied by
MgmtCo's interest of 17.25%, and (iii) adjustments equivalent to the interest incurred for the period from the Company's
contribution to SVF2 until June 30, 2021.
For investments outside the scope of the co-investment program, see the Data Sheets in “Materials” under “Earnings Results
Briefing” on the Company’s website at https://group.softbank/en/ir/presentations/.
Drawn capital of SVF1 excludes the amount repaid to limited partners due to investment plan changes and other reasons after
the capital was drawn.
After deducting transaction fees, etc.
This analysis is based on the actual shipments of royalty units (chips incorporating Arm technology) by Arm licensees for the
12-month period ended December 31, 2021, as reported by licensees in royalty reports. Arm’s licensees report their actual
shipments of royalty units one quarter in arrears, and therefore, the royalty unit analysis for the fiscal year is based on chips
shipped for ended December 31, 2021. In contrast, royalty revenues are accrued in the same quarter the chips are shipped,
based on estimates. In the fourth quarter, previously announced royalty unit data has been restated based on information
received by Arm from its licensees.
Includes a SPAC invested but not sponsored by the Company
In addition to the Company’s commitment, a co-investment program of employees involved in the management of SBLAF1
committed $7 million to the fund. The program ended in the fourth quarter after distributing to employees.
For SBLAF1, investments in unlisted companies made on or after June 24, 2021 are subject to these.

2. Basic Approach to the Selection of Accounting Standards
The Company adopts International Financial Reporting Standards (IFRSs).

54

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

3. Notes to Summary Information(1) Significant Changes in Scope of Consolidation for the Fiscal Year Ended March 31, 2022
(Specified subsidiary (one entity) excluded from the scope of consolidation)
On June 21, 2021, the Company sold the majority of shares in Boston Dynamics, Inc. (“Boston Dynamics”)
held by the Company through a wholly-owned subsidiary to Hyundai Motor Company and its affiliates(collectively, the “Hyundai Motor Group”) and Euisun Chung, Chairman of Hyundai Motor Group. On thesame date, Hyundai Motor Group and Euisun Chung subscribed for additional shares of Boston Dynamics.
Upon completion of the transaction, Boston Dynamics, which was a specified subsidiary of the Company, wasno longer considered as a subsidiary of the Company. The details are described in “Note 7. Disposal groupclassified as held for sale” in “(6) Notes to Consolidated Financial Statements” under “4. Consolidated
Financial Statements and Primary Notes.”(2) Changes in Accounting Estimates(Reversal of impairment losses on equity method investments)
Reversal of impairment losses on equity method investments was recorded for the equity method investment in
WeWork Inc., an equity method associate of the Company. The details are described in “Notes 4” in “Note 17.
Other gain” in “(6) Notes to Consolidated Financial Statements” under “4. Consolidated Financial Statements
and Primary Notes.”

55

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

4. Consolidated Financial Statements and Primary Notes(Definitions of company names and abbreviations used in the consolidated financial statements and primary notes)
Company names and abbreviations used in the consolidated financial statements and primary notes, unlessotherwise stated or interpreted differently in the context, are as 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

SB Northstar LP

SVF1

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

SVF2

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

SVF2 LLC

SVF II Investment Holdings LLC

SBIA

SB Investment Advisers (UK) Limited

SBGA

SB Global Advisers Limited

Arm

Arm Limited

SoftBank Latin America Funds

SBLA Latin America Fund LLC

Fortress

Fortress Investment Group LLC

SprintSprint Corporation

Alibaba

Alibaba Group Holding Limited

WeWork

WeWork Inc.

MgmtCoMASA USA LLC

56

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

From the three-month period ended June 30, 2021, the account of consolidated statement of cash flows has beenchanged as follows:
Consolidated Statement of Cash Flows
Previous
Proceeds from sales of investments by SVF1

Current
Proceeds from sales of investments by SVF1 and SVF2

From the three-month period ended September 30, 2021, the names of accounts and a reportable segment havebeen changed as follows:
Consolidated Statement of Financial Position
Previous
Third-party interests in SVF1

Current
Third-party interests in SVF1 and SVF2

Consolidated Statement of Income
Previous
Change in third-party interests in SVF1

Current
Change in third-party interests in SVF1 and SVF2

Consolidated Statement of Cash Flows
Previous
Change in third-party interests in SVF1

Current
Change in third-party interests in SVF1 and SVF2

Segment information
Previous
SVF1 and Other SBIA-Managed Funds segment

Current
SoftBank Vision Funds segment

57SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(1) Consolidated Statement of Financial Position(Millions of yen)

As ofMarch 31, 2021

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Investments from asset management subsidiaries
Securities pledged as collateral in asset management
subsidiaries
Derivative financial assets in asset management
subsidiaries
Derivative financial assets
Other financial assets
Inventories
Other current assets
Subtotal
Assets classified as held for sale
Total current assets
Non-current assets
Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Costs to obtain contracts
Investments accounted for using the equity method
Investments from SVF1 and SVF2 accounted for using
FVTPL
Investment securities
Derivative financial assets
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

58

As of
March 31, 2022

4,662,725
2,216,434
658,227

5,169,001
2,361,149
158,094

1,427,286

1,927

188,056

48,466383,315
671,907
126,830
446,739
10,781,519
38,647
10,820,166

1,050,446
762,638
142,767
334,101
10,028,589
10,028,589

1,668,578
1,147,020
4,684,419
2,308,370
246,996
4,349,971

1,842,749
914,743
4,897,913
2,427,580
330,899
5,234,519

13,646,774

13,766,391

3,706,784
908,660
1,919,262
206,069
137,384
34,930,287
45,750,453

4,208,567
1,333,787
2,250,640
163,255
145,038
37,516,081
47,544,670

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(Millions of yen)

As ofMarch 31, 2021

Liabilities and equity
Current liabilities
Interest-bearing debt
Lease liabilities
Deposits for banking business
Trade and other payables
Derivative financial liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Subtotal
Liabilities directly relating to assets classified as held forsale
Total current liabilities
Non-current liabilities
Interest-bearing debt
Lease liabilities
Third-party interests in SVF1 and SVF2
Derivative financial liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
EquityEquity attributable to owners of the parent
Common stock
Capital surplus
Other equity instruments
Retained earnings
Treasury stock
Accumulated other comprehensive income
Subtotal
Accumulated other comprehensive income directly
relating to assets classified as held for sale
Total equity attributable to owners of the parent
Non-controlling interests
Total equity
Total liabilities and equity

59

As of
March 31, 2022

7,735,239
307,447
1,109,240
1,970,275
322,21365,958391,930
24,939952,443
12,879,684

7,328,862
240,241
1,331,385
1,968,864
119,592554,814
183,388
34,056620,260
12,381,462

11,271-

12,890,955

12,381,462

10,777,736
727,554
6,601,791
32,692415,407
110,586
2,030,651
207,488
20,903,905
33,794,860

14,128,570
625,9075,559,835
174,003
210,512
107,9612,436,034
212,624
23,455,446
35,836,908

238,7722,618,504
496,876
8,810,422(2,290,077)
338,329
10,212,826

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

267-

10,213,093

9,975,674

1,742,500
11,955,593
45,750,453

1,732,088
11,707,762
47,544,670

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income(Millions of yen)

Fiscal year ended
March 31, 2021

Continuing operations
Net sales
Cost of sales
Gross profit
Gain on investments
Gain on investments at Investment Business of Holding
Companies
Gain (loss) on investments at SVF1, SVF2, and others
Gain on investments at Latin America Funds
Gain on other investments
Total gain on investments

Fiscal year ended
March 31, 2022

5,628,167(2,753,238)
2,874,929

6,221,534(2,955,960)
3,265,574

945,944

104,362

6,292,024
196,556
94,482
7,529,006(3,738,825)
111,070
88,651(3,434,742)(2,271,497)(307,250)(137,166)
616,432(2,551,722)(382,512)(706,111)
341,385(480,251)

1,234,708(2,246,417)
92,6705,670,456(1,303,168)
4,367,288

972,674
391,184(869,562)(592,637)(1,462,199)

Discontinued operations
Net income from discontinued operations
Net income

710,948
5,078,236(1,462,199)

Net income attributable to
Owners of the parent
Net income from continuing operations
Net income from discontinued operations

4,987,962
4,276,729
711,233(1,708,029)(1,708,029)-

Non-controlling interests
Net income from continuing operations
Net income from discontinued operations
Net income

90,27490,559(285)
5,078,236

245,830
245,830(1,462,199)

2,243.80
375.81
2,619.61(1,018.58)(1,018.58)

2,062.55
374.742,437.29(1,025.67)(1,025.67)

Selling, general and administrative expenses
Finance cost
Foreign exchange loss
Income on equity method investments
Derivative gain (loss) (excluding gain (loss) on
investments)
Change in third-party interests in SVF1 and SVF2
Other gain
Income before income tax
Income taxes
Net income from continuing operations

Earnings per share
Basic earnings per share (Yen)Continuing operations
Discontinued operations
Total basic earnings per share
Diluted earnings per share (Yen)Continuing operations
Discontinued operations
Total diluted earnings per share

60SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Consolidated Statement of Comprehensive Income(Millions of yen)

Fiscal year ended
March 31, 2021
5,078,236

Fiscal year ended
March 31, 2022
(1,462,199)(40)
29,49529,455(114)
30,32730,213554
33,775502,085(65,861)
470,553
500,008
5,578,244(1,378)(40,962)2,217,469(51,932)
2,123,197
2,153,410
691,211

Total comprehensive income
Comprehensive income from continuing operations
Comprehensive income from discontinued operations

5,070,088
508,156

691,211-

Total comprehensive income attributable to
Owners of the parent
Comprehensive income from continuing operations
Comprehensive income from discontinued operations
Non-controlling interests
Total comprehensive income

5,482,739
4,974,298
508,441
95,505
5,578,244

449,419
449,419
241,792
691,211Net income
Other comprehensive income, net of tax
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plan
Equity financial assets at FVTOCI
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
Cash flow hedges
Exchange differences on translating foreign operations
Share of other comprehensive income of associates
Total items that may be reclassified subsequently to profit or loss
Total other comprehensive income, net of tax
Total comprehensive income

61SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(3) Consolidated Statement of Changes in Equity
For the fiscal year ended March 31, 2021
(Millions of yen)

Equity attributable to owners of the parent

As of April 1, 2020

Commonstock

Capitalsurplus

Other equity
instruments

Retainedearnings

Treasurystock

Accumulated
othercomprehensive
incomeSubtotal

238,772

1,490,325

496,876

3,945,820(101,616)(362,259)

5,707,918

Comprehensive income
Net income
Other comprehensive income

-

-

-

4,987,962--

700,472

4,987,962
700,472

Total comprehensive income

-

-

-

4,987,962-

700,472

5,688,434---(86,841)--(86,841)---(30,139)--(30,139)

-

-

-

(383)

-

383

-

-

-

-

(2,452)(2,188,461)-(2,190,913)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,126,469

-

-

-

-

1,126,469

-

4,794

-

-

-

-

4,794

-

(3,278)

-

-

-

-

(3,278)

-

-

-

-

-

(267)

(267)

-

194

-

(3,545)--(3,351)-

1,128,179-(123,360)(2,188,461)

116(1,183,526)

238,7722,618,504

496,876

8,810,422(2,290,077)

338,329

10,212,826

Transactions with owners andother transactions
Cash dividends
Distribution to owners of other
equity instruments
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal oftreasury stock
Changes from businesscombination
Changes from loss of control
Changes in interests in
subsidiaries
Changes in associates’ interestsin their subsidiaries
Share-based paymenttransactions
Transfer of accumulated othercomprehensive income held
for sale
Other
Total transactions withowners and othertransactions
As of March 31, 2021

62SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(Millions of yen)

Equity attributable to owners of theparentAccumulated othercomprehensive income
directly relating to assets
classified as held for sale

As of April 1, 2020

Total

Noncontrollinginterests

Total equity

205,695

5,913,613

1,459,304

7,372,917-

4,987,962

90,274

5,078,236

Comprehensive income
Net income
Other comprehensive income(205,695)

494,777

5,231

500,008

Total comprehensive income(205,695)

5,482,739

95,505

5,578,244-(86,841)(219,698)(306,539)-(30,139)-(30,139)

-

-

-

-

-

(2,190,913)-(2,190,913)--

265,219

265,219--(424,226)(424,226)-

1,126,469

559,955

1,686,424

-

4,794

-

4,794

-

(3,278)

3,777

499

267

-

-

-

-

(3,351)

2,664

(687)

267

(1,183,259)

187,691(995,568)

267

10,213,093

1,742,500

11,955,593

Transactions with owners andother transactions
Cash dividends
Distribution to owners of other
equity instruments
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal oftreasury stock
Changes from businesscombination
Changes from loss of control
Changes in interests in
subsidiaries
Changes in associates’ interestsin their subsidiaries
Share-based paymenttransactions
Transfer of accumulated othercomprehensive income held
for sale
Other
Total transactions withowners and othertransactions
As of March 31, 2021

63

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

For the fiscal year ended March 31, 2022
(Millions of yen)

Equity attributable to owners of the parent

As of April 1, 2021

Commonstock

Capitalsurplus

Other equity
instruments

Retainedearnings

Treasurystock

Accumulated
othercomprehensive
income338,329

10,212,826

Subtotal

238,7722,618,504

496,876

8,810,422(2,290,077)

Comprehensive income
Net income
Other comprehensive income

-

-

-

(1,708,029)--(1,708,029)

-

-

-

-

-

2,157,715

2,157,715

Total comprehensive income

-

-

-

(1,708,029)-

2,157,715

449,686---(75,947)--(75,947)---(32,043)--(32,043)

-

-

-

(114)

-

114

-

-

-

-

(2,768)(592,150)-(594,918)---(2,475,817)

2,475,817

-

-

-

-

-

-

-

-

-

-

15,897----

15,897-(1,489)

-

-

-

-

(1,489)

-

1,605

-

-

-

-

1,605

-

57

-

-

-

-

57

owners and othertransactions-

16,070-(2,586,689)

1,883,667

114(686,838)

As of March 31, 2022

238,772

2,634,574

496,876

4,515,704(406,410)

2,496,158

9,975,674

Transactions with owners andother transactions
Cash dividends
Distribution to owners of other
equity instruments
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal oftreasury stock
Retirement of treasury stock
Changes from loss of control
Changes in interests in
subsidiaries
Changes in associates’ interestsin their subsidiaries
Share-based paymenttransactions
Other

Total transactions with64SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(Millions of yen)

Equity attributable to owners of theparentAccumulated othercomprehensive income
directly relating to assets
classified as held for sale

Total

Noncontrollinginterests

Total equity

As of April 1, 2021

267

10,213,093

1,742,500

11,955,593

Comprehensive income
Net income
Other comprehensive income-(1,708,029)

245,830(1,462,199)(267)

2,157,448(4,038)2,153,410(267)

449,419

241,792

691,211-(75,947)(303,172)(379,119)-(32,043)-(32,043)

-

-

-

-

-

(594,918)-(594,918)

-

-

-

-

-

-

(18,156)(18,156)-

15,89738,01353,910-(1,489)-(1,489)-1,605

26,221

27,826

-

57

4,890

4,947

-

(686,838)(252,204)(939,042)-

9,975,674

1,732,088

11,707,762

Total comprehensive income
Transactions with owners andother transactions
Cash dividends
Distribution to owners of other
equity instruments
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal oftreasury stock
Retirement of treasury stock
Changes from loss of control
Changes in interests in
subsidiaries
Changes in associates’ interestsin their subsidiaries
Share-based paymenttransactions
Other
Total transactions withowners and othertransactions
As of March 31, 2022

65

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(4) Consolidated Statement of Cash Flows(Millions of yen)

Cash flows from operating activities
Net income from continuing operations
Net income from discontinued operations
Net income
Depreciation and amortization
Gain on investments at Investment Business of Holding
Companies(Gain) loss on investments at SVF1, SVF2, and others
Gain on investments at Latin America Funds
Finance cost
Foreign exchange loss
Income on equity method investments
Derivative loss (gain) (excluding (gain) loss on investments)
Change in third-party interests in SVF1 and SVF2
Gain on other investments and other gain
Income taxes
Decrease in investments from asset management subsidiaries
Increase/decrease in derivative financial assets and derivative
financial liabilities in asset management subsidiaries(Increase) decrease in securities pledged as collateral in asset
management subsidiaries
Increase in borrowed securities in asset management subsidiaries
Increase in trade and other receivables
Decrease (increase) in inventories
Increase in trade and other payables
Gain relating to loss of control over discontinued operations
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refunded
Net cash provided by operating activities

66

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

4,367,288
710,948
5,078,236
851,316(1,462,199)(1,462,199)
852,424(1,441,509)(237,702)(6,292,024)(196,556)
309,294
137,166(616,177)
480,184
2,246,417(171,759)
1,305,251
1,631,430

3,738,825(111,070)
382,512706,111(341,385)(1,234,708)(972,674)(479,835)
592,637
514,478(168,405)

136,989(1,351,311)

1,423,990

14,235(288,416)
6,276
199,064(722,004)
108,467
1,119,175
27,639(265,104)(588,615)
264,155
557,250

106,512(406,313)(11,623)
295,202
167,125
3,659,296
37,260(381,770)(873,717)
284,3812,725,450

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(Millions of yen)

Cash flows from investing activities
Payments for acquisition of investments
Proceeds from sales/redemption of investments
Payments for acquisition of investments by SVF1 and SVF2
Proceeds from sales of investments by SVF1 and SVF2
Payments for acquisition of investments by asset management
subsidiaries
Proceeds from acquisition of control over subsidiaries
Proceeds from loss of control over subsidiaries
Payments for acquisition of marketable securities for short-term
trading
Proceeds from sales/redemption of marketable securities for
short-term trading
Purchase of property, plant and equipment, and intangible assets
Payments for loan receivables
Collection of loan receivables
Payments into restricted cash
Proceeds from withdrawal of restricted cash
Payments into trust accounts in SPACs
Other
Net cash used in investing activities
Cash flows from financing activities
Proceeds (repayment) in short-term interest-bearing debt, net
Proceeds from interest-bearing debt
Repayment of interest-bearing debt
Repayment of lease liabilities
Contributions into SVF1 from third-party investors
Distribution/repayment from SVF1 to third-party investors
Proceeds from non-controlling interests subject to possible
redemption
Proceeds from the partial sales of shares of subsidiaries to noncontrolling interests
Purchase of shares of subsidiaries from non-controlling interests
Distribution to owners of other equity instruments
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Other
Net cash provided by financing activities
Effect of exchange rate changes on cash and cash equivalents
Decrease in cash and cash equivalents relating to transfer ofassets classified as held for sale
Increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year

67

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

(4,186,663)
3,845,787(856,608)
856,408(993,490)
430,168(4,077,451)
2,221,771(95,616)(155,515)

312,791
30,106890
143,079(107,890)(118,600)

257,255

118,219(646,888)(293,669)
42,970(351,343)
11,031(350,990)
64,720(1,468,599)(835,073)(132,247)
84,997(131,936)
486,820(5,500)(54,786)(3,018,654)

1,575,327
7,965,114(5,790,901)(402,257)
979,266(1,362,066)(1,173,787)
12,880,985(8,797,688)(330,276)
277,824(1,228,703)

345,466

5,500

1,552,957

458(101,222)(30,139)(2,226,229)(86,760)(220,313)(4,166)2,194,077
12,230(46,592)(32,043)(602,361)(75,847)(309,649)
34,395602,216
197,264(1,248)-1,293,710
3,369,015
4,662,725

506,276
4,662,725
5,169,001

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(5) Significant Doubt about Going Concern Assumption
There are no applicable items.
(6) Notes to Consolidated Financial Statements
1. Changes in presentation(Consolidated statement of financial position)“Derivative financial assets (current),” which was included in “Other financial assets (current)” in the past fiscal
year, is separately presented for the fiscal year ended March 31, 2022 since the amount increased and became
significant. In order to reflect the change in presentation, ¥383,315 million, which was included in “Other
financial assets (current)” as of March 31, 2021, is reclassified as “Derivative financial assets (current).”(Consolidated statement of income and consolidated statement of comprehensive income)a. “Gain on investments at Latin America Funds,” which was included in “Gain on other investments” in the pastfiscal year, is separately presented for the fiscal year ended March 31, 2022 since the amount increased andbecame significant. In order to reflect the change in presentation, ¥196,556 million, which was included in“Gain on other investments” for the fiscal year ended March 31, 2021, is reclassified as “Gain on investments
at Latin America Funds.” The details of Latin America Funds are described in “Note 3. Segment information.”b. “Foreign exchange loss,” which was included in “Other loss” in the past fiscal year, is separately presented forthe fiscal year ended March 31, 2022 since the amount increased and became significant. In order to reflect
the change in presentation, ¥(137,166) million, which was included in “Other loss” for the fiscal year ended
March 31, 2021, is reclassified as “Foreign exchange loss.”(Consolidated statement of cash flows)a. “Gain on investments at Latin America Funds” and “Foreign exchange loss,” which were included in “Gain onother investments and other loss” under cash flows from operating activities in the past fiscal year, areseparately presented for the fiscal year ended March 31, 2022 since the amounts increased and became
significant. In order to reflect the changes in presentation, ¥(196,556) million and ¥137,166 million, whichwere included in “Gain on other investments and other loss” for the fiscal year ended March 31, 2021, arereclassified as “Gain on investments at Latin America Funds” and “Foreign exchange loss,” respectively. In
addition, “Increase in borrowed securities in asset management subsidiaries,” which was included in “Other”
under cash flows from operating activities in the past fiscal year, is separately presented for the fiscal year
ended March 31, 2022 since the amount increased and became significant. In order to reflect the change inpresentation, ¥14,235 million, which was included in “Other” for the fiscal year ended March 31, 2021, isreclassified as “Increase in borrowed securities in asset management subsidiaries.”
b. “Proceeds from loss of control over subsidiaries” and “Proceeds from withdrawal of restricted cash,” whichwere included in “Other” under cash flows from investing activities in the past fiscal year, are separately
presented for the fiscal year ended March 31, 2022 since the amounts increased and became significant. In
order to reflect the changes in presentation, ¥30,106 million and ¥11,031 million, which were included in“Other” for the fiscal year ended March 31, 2021, are reclassified as “Proceeds from loss of control oversubsidiaries” and “Proceeds from withdrawal of restricted cash,” respectively.
68SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

2. Significant accounting policies(1) Significant accounting policies for the SoftBank Vision Funds segment
For SVF1 and SVF2, the Company applies the following accounting policies.
a. Consolidation of SVF1 and SVF2 by the Company
SVF1 and SVF2 are limited partnerships established by their respective general partners which are whollyowned subsidiaries of the Company (SVF2 owns limited liability companies including SVF2 LLC) as its
subsidiaries and by their forms of organization, qualify as structured entities. SVF1 and SVF2 areconsolidated by the Company for the following reasons.
As of March 31, 2022, SVF1 and SVF2 are managed by SBIA and SBGA, respectively, which are whollyowned subsidiaries of the Company in the UK. SVF2 was previously managed by SBIA and has been
managed by SBGA since September 2021. 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.
Inter-company transactions such as management fees and performance fees to SBIA and management feesand performance-linked management fees to SBGA paid or to be paid, as applicable, from SVF1 or SVF2 are
eliminated in consolidation.

69

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

b. Portfolio company investments made by SVF1 and SVF2(a) Investments in subsidiaries
Of the portfolio company investments made by SVF1 and SVF2, the portfolio companies that theCompany is deemed to control under IFRS 10 “Consolidated Financial Statements” are subsidiaries of theCompany. Accordingly, their results of operations, assets and liabilities 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 and SVF2
are eliminated in consolidation.
(b) Investments in associates and joint ventures
Of the portfolio company investments made by SVF1 and SVF2, the portfolio companies over which theCompany has significant influence under IAS 28 “Investments in Associates and Joint Ventures” areassociates of the Company, and the portfolio companies that are joint ventures of SVF1 and SVF2 when,as defined under IFRS 11 “Joint Arrangements,” SVF1 and SVF2 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 and SVF2 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 SVF1 and SVF2 accounted for using FVTPL” inthe consolidated statement of financial position. The payments for these investments are presented as“Payments for acquisition of investments by SVF1 and SVF2” and the proceeds from sales of theseinvestments are presented as “Proceeds from sales of investments by SVF1 and SVF2” 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 or SVF2 were accounted for using the equity method prior to the transfer, theseinvestments continue to be accounted for using the equity method after the transfer to SVF1 or SVF2 andpresented as “Investments accounted for using the equity method” in the consolidated statements offinancial position. Gain and loss on the investments which were recognized in SVF1 or SVF2 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 statements of income.
(c) Other investments
Investments other than those in associates or joint ventures of the Company made by SVF1 and SVF2 are
accounted for as financial assets at FVTPL. The presentation of these investments in the consolidated
statement of financial position and the consolidated statement of cash flows are the same as the above “(b)Investments in associates and joint ventures.”70SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

c. Contribution from limited partners in SVF1 and SVF2 and investors in SVF2 LLC (collectively “SVF
Investors”)
The Company introduced a co-investment program with restricted rights to receive distributions to SVF2 inAugust 2021. Accordingly, SVF Investors other than the Company have invested in SVF2 for the purpose of
the program since the three-month period ended September 30, 2021. The details are described in “(1)Introduction of Co-investment Program with Restricted Rights to Receive Distributions and Preferred Equity
to SVF2” under “Note 4. SoftBank Vision Funds business.”(a) Contribution from SVF Investors other than the Company (“Third-Party Investors,” and each a “ThirdParty Investor”)
The interests attributable to Third-Party Investors in SVF1 and SVF2 are classified as financial liabilities,“Third-party interests in SVF1 and SVF2” in the consolidated statement of financial position, due to thepredetermined 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 and SVF2. The liabilities are classified
as “financial liabilities measured at amortized cost” upon initial recognition. The carrying amounts
attributable to Third-Party Investors represent the amounts that would be distributed in accordance withthe constitutional agreements in a theoretical liquidation scenario at the end of each quarter.
Third-Party Investor in SVF2 is entitled to make full or partial payment of their investment and related
adjustments at any point in time, at its discretion, from the date it became an investor in SVF2 LLC to theend of company life of SVF2 LLC, and as of March 31, 2022, the Company has recognized receivablesfrom Third-Party Investor. The receivables are included in “Other financial assets (non-current)” in the
consolidated statement of financial position.
“Third-party interests in SVF1 and SVF2” fluctuates due to the results of SVF1 and SVF2 in addition tocontributions from Third-Party Investors, and distributions and repayments of investments to Third-Party
Investors, respectively. The fluctuations due to the results of SVF1 and SVF2 are presented as “Change inthird-party interests in SVF1 and SVF2” in the consolidated statement of income.
Contributions from Third-Party Investors to SVF1 are included in “Contributions into SVF1 from thirdparty investors” under cash flows from financing activities in the consolidated statement of cash flows.
The distributions and repayments of investments to Third-Party Investors are included in“Distribution/repayment from SVF1 to third-party investors” under cash flows from financing activities in
the consolidated statement of cash flows. No cash contributions into SVF2 from Third-Party Investor andno cash distribution/repayment from SVF2 to Third-Party Investor were made as of March 31, 2022.
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 of financial position.
(b) Contribution from the Company
Contributions to SVF1 and SVF2 from the Company are eliminated in consolidation.

71

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(2) Significant accounting policies for the asset management subsidiary
SB Northstar, a subsidiary of the Company, is engaged in various transactions such as acquisition and sale oflisted stocks, derivative transactions related to listed stocks, credit transactions, and others for diversification of
the assets held and management of surplus funds. “The asset management subsidiary” described in the
consolidated financial statements and the notes indicates SB Northstar.
For SB Northstar, the Company applies the following accounting policies.
a. Investments from the asset management subsidiary
The investments in securities made by SB Northstar (except for investments in associates accounted for using
the equity method) are accounted for as financial assets at FVTPL as the investments meet the definition offinancial assets held for sale in accordance with IFRS 9 “Financial Instruments” and presented as“Investments from assets management subsidiaries” under current assets in the consolidated statement offinancial position. At initial recognition, the investments are measured at fair value and transaction costs
directly arising from the acquisition of financial assets are recognized as net of profit and loss. Subsequent toinitial recognition, they are measured at fair value and valuation gains and losses arising from changes in fairvalue and dividend income are included in “Gain (loss) on investments at Investment Business of Holding
Companies” in the consolidated statement of income. In addition, the changes in investment amounts due toacquisition and sale of investments from SB Northstar are presented as net of “(Increase) decrease ininvestments from asset management subsidiaries (cash flows from operating activities)” in the consolidated
statement of cash flows. Of the investments in associates of the Company made by SB Northstar, investments
in associates accounted for using the equity method are included in “Investments accounted for using theequity method” in the consolidated statement of financial position.
The investments in convertible bonds and others made by SB Northstar are accounted for as financial assets
at FVTPL and are included in “Other financial assets (non-current)” in the consolidated statement of financial
position. Valuation gains and losses arising from changes in fair value and dividend income are included in“Gain (loss) on investments at Investment Business of Holding Companies” in the consolidated statement ofincome. In addition, payments for acquisition of convertible bonds and others made by SB Northstar arepresented as “Payments for acquisition of investments by asset management subsidiaries (cash flows frominvesting activities)” in the consolidated statement of cash flows.
b. Securities pledged as collateral in the asset management subsidiary
Of securities pledged as collateral, securities which the recipient can sell or pledge them as re-collateral are
separated from “Investments from asset management subsidiaries” and presented as “Securities pledged ascollateral in asset management subsidiaries” in the consolidated statement of financial position. In addition,changes in the securities pledged as collateral in SB Northstar are presented as net of “(Increase) decrease in
securities pledged as collateral in asset management subsidiaries (cash flows from operating activities)” in the
consolidated statement of cash flows.

72SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

c. Restricted cash
Restricted cash in SB Northstar is the deposit pledged as collateral to the brokers for acquisition transactionsof investments using borrowings, derivative transactions, and credit transactions and its usage is restricted.
The restricted cash is included in “Other financial assets (current)” in the consolidated financial position andchanges in restricted cash in SB Northstar are included under cash flows from operating activities in the
consolidated statement of cash flows.
d. Margin deposits
Margin deposits in SB Northstar are the deposits pledged as collateral for unsettled balance for acquisitionand sale of investments and unsettled derivatives to the brokers and are included in “Other financial assets(current)” in the consolidated statement of financial position. At initial recognition, they are measured at fairvalue and subsequent to initial recognition, they are measured at amortized cost. In addition, changes inmargin deposits in SB Northstar are included under cash flows from operating activities in the consolidated
statement of cash flows.
e. Borrowed securities
The securities borrowed for short credit transactions have obligations for delivery of future financial assets
and meet the definition of financial liabilities held for sale in accordance with IFRS 9 “Financial
Instruments.” Therefore, they are accounted for as financial instruments at FVTPL and included in “Other
financial liabilities (current)” in the consolidated statement of financial position. At initial recognition andsubsequent to initial recognition, they are measured at fair value and valuation gains and losses arising fromchanges in fair value are included in “Gain (loss) on investments at Investment Business of Holding
Companies” in the consolidated statement of income. In addition, changes in borrowed securities in SB
Northstar are included under cash flows from operating activities in the consolidated statement of cash flows.

73SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

3. 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 inorder to make decisions about the allocation of resources and assess its performance.
For the fiscal year ended March 31, 2021, the Company had four reportable segments, the Investment Businessof Holding Companies segment, the SoftBank Vision Funds segment, the SoftBank segment, and the Armsegment. The Latin America Funds segment previously included in “Other” has been added to the reportablesegments from the three-month period ended June 30, 2021 since the materiality has increased. The SVF1 andOther SBIA-Managed Funds segment was renamed to the SoftBank Vision Funds segment from the threemonth period ended September 30, 2021.
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 in Japan 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 (“SBGC”), SoftBank Group Japan
Corporation, SB Northstar that is an asset management subsidiary, and certain subsidiaries of the Company
that conduct investment or funding. SB Northstar is engaged in various transactions such as acquisition andsale of listed stocks, derivative transactions related to listed stocks, credit transactions, and others fordiversification of the assets held and management of surplus funds. Gain and loss on investments at Investment
Business of Holding Companies consist of gain and loss arising from investments held directly by SoftBank
Group Corp. or through subsidiaries of the Company. However, gain and loss on investments relating toinvestments in subsidiaries including dividend income from subsidiaries and impairment loss on investments in
subsidiaries are excluded.
The SoftBank Vision Funds segment conducts, mainly through SVF1 and SVF2, investment activities in awide range of technology sectors. Primarily, gain and loss on investments at SVF1, SVF2, and others consistof gain and loss arising from investments held by SVF1 and SVF2 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, and through Yahoo Japan Corporation and Line
Corporation, internet advertising and e-commerce services.
The Arm segment provides, through Arm, designs of microprocessor intellectual property and related
technology, the sale of software tools, and related services.
The Latin America Funds segment conducts, mainly through SoftBank Latin America Funds, investment
activities all over the Latin America region. Primarily, gain and loss on investments at the Latin America
Funds consist of gain and loss arising from investments held by SoftBank Latin America Funds. In addition,from the three-month period ending June 30, 2022, as a result of the revision for its segment classifications, theLatin America Funds segment will be integrated into the “SoftBank Vision Funds Segment” since SoftBank
Latin America Funds will be managed by SBGA, which manages SVF2.

74

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Information on business segments which are not included in the reportable segments is classified in “Other.”“Other” includes mainly PayPay Corporation, Fortress, and the Fukuoka SoftBank HAWKS-related operations.
“Reconciliations” includes an elimination of intersegment transactions, as well as an elimination of gain andloss 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, and an elimination of income and loss on equity method investments recognized relating to PayPay
Corporation, which is included in segment income of the SoftBank segment.
Segment information for the fiscal year ended March 31, 2021 is presented based on the reportable segments
after the aforementioned change.
(2) Net sales and income of reportable segments
Income of reportable segments is defined as “Income before income tax.” As in the consolidated statement ofincome, “Gain (loss) on investments” included in segment income includes realized gain and loss frominvestments in financial assets at FVTPL for which investment performance is measured at fair value,
unrealized gain and loss on valuation of investments, dividend income from investments, derivative gain andloss 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.
Intersegment transaction prices are determined under the same general business conditions as applied forexternal customers.

75

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

For the fiscal year ended March 31, 2021
(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds

SoftBank

Latin America
Funds

Arm

Net sales
Customers
Intersegment--

5,190,976
13,374208,917
931

-

-

-

5,204,350

209,848-

760,927

4,026,823

847,933(33,873)

188,674(2,304)(535)(729,914)(71,225)(111)

946,1076,357,462

1,433

364

196,556(218,604)(10,419)(64,322)(1,044)(410)(140,223)

200

708

-

50

601,364-(45,048)

1,958-(477,536)

-

410

847

-

Reconciliations

Consolidated

Total
Segment income
Depreciation andamortization
Gain (loss) on
investments
Finance cost
Foreign exchange gain
(loss)
Income (loss) on equity
method investments
Derivative gain (loss)(excluding gain (loss)
on investments)

Total

Other

Net sales
Customers
Intersegment

5,399,893
14,305228,274
10,500(24,805)

5,628,167-

Total

5,414,198

238,774(24,805)

5,628,167

Segment income
Depreciation andamortization
Gain (loss) on
investments
Finance cost
Foreign exchange gain

5,790,484(96,049)(23,979)

5,670,456(804,089)(42,843)-(846,932)

7,501,922

92,685(65,601)

7,529,006(294,799)(16,211)3,760(307,250)(139,265)

2,099

-

(137,166)

558,274

21,57836,580616,432(476,279)(3,972)-(480,251)(loss)
Income (loss) on equity
method investments
Derivative gain (loss)(excluding gain (loss)
on investments)

76SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

For the fiscal year ended March 31, 2022
(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds*SoftBank

Latin America
Funds

Arm

Net sales
Customers
Intersegment--

5,677,748
12,932299,516
497

-

-

-

5,690,680

300,013-965,884(2,639,403)

880,104

41,20084,451(4,435)(603)(740,280)(75,443)(152)

104,131(3,547,354)

41,946

7,769

111,070(277,116)(31,616)(62,445)(816)(1,661)(705,108)

(406)

555

-

15

376,433-(69,626)

1,198-

1,236,395

2,056

750

(1,305)291

Total
Segment income
Depreciation andamortization
Gain (loss) on
investments
Finance cost
Foreign exchange gain
(loss)
Income (loss) on equity
method investments
Derivative gain (loss)(excluding gain (loss)
on investments)

Total

Other

Reconciliations

Consolidated

Net sales
Customers
Intersegment

5,977,264
13,429244,270
16,280(29,709)

6,221,534-

Total

5,990,693

260,550(29,709)

6,221,534

Segment income
Depreciation andamortization
Gain (loss) on
investments
Finance cost
Foreign exchange gain

(667,764)(22,347)(179,451)(869,562)(820,913)(31,511)-(852,424)(3,282,438)

46,402(198,706)(3,434,742)(373,654)(13,709)

4,851(382,512)(704,944)(1,167)-(706,111)

308,005

19,456

13,924

341,385

1,238,187(3,479)-1,234,708(loss)
Income (loss) on equity
method investments
Derivative gain (loss)(excluding gain (loss)
on investments)

Note:* The details of the difference between “Gain (loss) on investments” in the SoftBank Vision Funds segment and “Gain (loss) on
investments at SVF1, SVF2, and others” in the consolidated statement of income are described in “Note 4. SoftBank Vision Funds
business.”77SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

4. SoftBank Vision Funds business(1) Introduction of Co-investment Program with Restricted Rights to Receive Distributions and Preferred Equity to
SVF2
a. Co-investment Program with Restricted Rights to Receive Distributions
The Board of Directors of SoftBank Group Corp. resolved to introduce a co-investment program withrestricted rights to receive distributions to SVF2. In July 2021, based on the resolution, the Company
established SVF2 LLC, a wholly-owned subsidiary of the Company, beneath SVF2 for the program. SVF2
LLC has entered into a definitive agreement in August 2021 with the Company and MgmtCo, a participant in
the program, which resulted in MgmtCo becoming an investor in SVF2 LLC.
MgmtCo 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 details of the related party
transactions between the Company and MgmtCo are described in “Note 20. Related party transactions
regarding a co-investment program with restricted rights to receive distributions.”(a) Purpose of the program
The program has been introduced for the purpose of enabling Masayoshi Son to make a co-investment in
SVF2, sharing risk of losses as well as benefit of profits in the success of SVF2, and leading to enhanced
focus on the management of SVF2 investments, which in turn is intended to contribute to increases in the
Company’s earnings. In making a co-investment in SVF2 under the terms of the program, MgmtCo both
receives the benefit of profits from SVF2 and assumes the risk of losses from SVF2, and MgmtCo’s right toreceive distributions from its investment is subject to certain restrictions.
(b) Overview of the program
Contributions by SVF Investors are classified as “Equity” and “Preferred Equity” depending on the terms
and conditions of distribution. Overview of the program is as follows:i. Investment in SVF2 LLC
Based on the definitive agreement entered into in August 2021, SVF2 LLC has issued Equity to theCompany and MgmtCo. The Company (through SoftBank Vision Fund II-2 L.P. and its subsidiaries) holds
82.75% of the total Equity interests in SVF2 LLC and MgmtCo holds 17.25% of the total Equity interests in
SVF2 LLC. The Equity interests held by the Company and MgmtCo are entitled to performance-based
distributions that are allocated to each investor based on the proportion of their respective Equity
contributions.
ii. Transfer of portfolio companies
After the definitive agreement signed in August 2021, for the purpose of the program, unlisted portfolio
companies that were held or planned to be held by SVF2 as of June 23, 2021 have in principle beentransferred to SVF2 LLC. As a result, the transfers of the portfolio companies had been conducted78SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

sequentially, and as of March 31, 2022, the transfers have been completed.
iii. Investment from MgmtCo
Upon the completion of the transfers of the relevant portfolio companies from SVF2 to SVF2 LLC, theEquity for each portfolio company is issued from SVF2 LLC to the Company and MgmtCo. As a result, asof March 31, 2022, the total amount of capital contribution made by MgmtCo was $2.6 billion and the total
amount after adding the related adjustments to the capital contribution (the “Equity Acquisition Amount”)
was $2.9 billion, respectively.
iv. Receivables and premiums accrued on Equity Acquisition Amount
MgmtCo is entitled to make full or partial payment of its Equity Acquisition Amount at any point in time,at its discretion, from the date it became an investor in SVF2 LLC to the end of the company life of SVF2
LLC. MgmtCo is required to pay a premium of 3% per annum on the unpaid Equity Acquisition Amountuntil the unpaid amount is paid in full. MgmtCo is also entitled to make full or partial payment of thepremium at any point in time, at its discretion on the same terms and conditions as Equity Acquisition
Amount. As of March 31, 2022, no cash payment has been made from MgmtCo for the Equity Acquisition
Amount and the premium. The details of the receivables related to the Equity Acquisition Amount and thepremium as of March 31, 2022 are described in “(b) Third-party interests in SVF2 and receivables” in “b.
Changes in interests attributable to Third-Party Investors” under “(4) Third-party interests in SVF1 and
SVF2.” Any distributable amount from SVF2 LLC to MgmtCo is offset against the receivables at the timeof the distribution notice and no distribution payments to MgmtCo are made until SVF2 LLC’s receivables
are paid in full.
v. Collateral and other credit protection for receivables
In order to secure the receivables of SVF2 LLC, all of the Equity interests in SVF2 LLC held by MgmtCo
were 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
amounts of payments and offsets exceeds 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 thereceivables. In addition, as of March 31, 2022, 8,897,100 shares of SoftBank Group Corp. are deposited in
SVF2 LLC by Masayoshi Son. The deposited shares of SoftBank Group Corp. will be released only where
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.
vi. Restrictions on rights to receive distributions to MgmtCoDistributions 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 the aggregate 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 andMgmtCo is entitled to receive the full amount of the distributions. In the event that, upon the liquidation of79

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

SVF2 LLC, the amount of the distribution received by 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
SVF2 LLC, then any such excess amounts will be subject to clawback from MgmtCo.
vii. Nature of the Equity contribution by the Company and MgmtCo
The Equity interests held by the Company and MgmtCo are subordinated to the Preferred Equity of SVF2
LLC described in “b. Preferred Equity Contribution to SVF2 by the Company.” If there is a shortfall in theamount 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.
viii. Management fee and performance-linked management fees to be charged to MgmtCo
The terms of the management fee and the performance-linked management fees to be charged to MgmtCo
are the same as those to be charged to the Company as an Equity investor in SVF2 LLC. The details of the
management fee and the performance-linked management fees to be charged to MgmtCo are described in“b. Management fees and performance-linked management fees in SVF2” under “(5) Management fees andperformance fees.”b. Preferred Equity Contribution to SVF2 by the Company
SoftBank Group Corp. has resolved at a meeting of its Board of Directors that SVF2 LLC issues to theCompany (through SoftBank Vision Fund II-2 L.P. and its subsidiaries) a new class of Preferred Equity
interests that is subject to fixed distribution separate from the Equity under the program. The purpose of
issuing the Preferred Equity is to enhance the efficiency of recovery of investment funds. The Preferred Equity
interests in the amount of $24.1 billion have been issued to the Company from the introduction of Preferred
Equity to March 31, 2022. The Preferred Equity interests have a priority right over the Equity interests held by
the Company and MgmtCo under the program in terms of its distributions and return of the contributions, andthe Company receives a fixed distribution amount calculated at 8% per annum on the amount of Preferred
Equity contributions by the Company. The Company’s contributions to SVF2 LLC for new investments on
and after June 24, 2021 are Preferred Equity contributions.
c. Committed capital
After the introduction of the program and Preferred Equity, $2.6 billion was reduced from the Company’scommitted capital and MgmtCo’s committed capital was increased by the same amount. As a result, the totalcommitted capital for SVF2 as a whole amount after the introduction of the program was $40 billion.

80SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

d. Structure
Please refer to the following scheme diagram for “a. Co-investment Program with Restricted Rights to
Receive Distributions” and “b. Preferred Equity Contribution to SVF2 by the Company.”(a) Structure prior to the introduction of the program and Preferred Equity(b) Structure after the introduction of the program and Preferred Equity

Notes:
1. From the introduction of the program and Preferred Equity to March 31, 2022, the committed capital for SVF2 was increased
by $16.0 billion, which is attributable to the Company as an investor in SVF2. As a result, the total commitment capital for
SVF2 as a whole was $56.0 billion as of March 31, 2022.
2. Includes portfolio companies publicly filing for listing as of June 23, 2021, and portfolio companies that were approved by the
Board of Directors to be excluded from the program. The Company continues to hold 100% of Equity for investments in theportfolio companies that are outside of the program’s scope.

81

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(2) Change of a manager of SVF2
SVF2 was previously managed by SBIA and has been managed by SBGA, which is a wholly-owned subsidiaryof the Company, since September 2021. SBGA outsources most of its operations to SBIA and SBIA continues
to support the management of SVF2 as an outsourced service provider.
(3) 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 thenet 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 the amount after deducting management
fees, performance-linked management fees, and performance fees, as applicable, that SBIA and SBGA receivefrom SVF1 and SVF2, respectively.
The amount of the net profits attributable to Third-Party Investors that is deducted from the segment income ispresented as “Change in third-party interests in SVF1 and SVF2.”
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)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2021
Gain (loss) on investments at SVF1, SVF2, andothers1
Realized gain on investments
Unrealized gain (loss) on valuation of investments
2
Change in valuation for the fiscal year
Reclassified to realized gain recorded in the past3
fiscal year
Interest and dividend income from investments
Derivative gain (loss) on investments
4
Effect of foreign exchange translation
Subtotal
Selling, general and administrative expenses
Finance cost (interest expenses)
Derivative gain (excluding gain (loss) on
investments)
Change in third-party interests in SVF1 and SVF2
Other gain
Segment income arising from the SoftBank Vision
Funds business (income before income tax)

82

419,640

1,354,674

6,013,404(3,039,858)(116,345)(1,777,906)

29,8491,091

50,649(49,587)

9,823(85,326)

6,357,462(3,547,354)(74,194)(10,419)(69,754)(31,616)-

2,056(2,246,417)
391

972,674
34,591

4,026,823(2,639,403)

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Notes:
1. In addition to the realized gain and loss on sales by cash consideration, the realized gain and loss by share exchange areincluded.
2. SVF1 recorded ¥154,525 million of unrealized gain on valuation for the fiscal year ended March 31, 2022 upon the fair value
estimation of Arm held by SVF1.
The unrealized gain on valuation arising from Arm shares held by SVF1 is included in “Gain (loss) on investments at SVF1,
SVF2, and others” (in Change in valuation for the fiscal year under Unrealized gain (loss) on valuation of investments) in theabove-mentioned segment income. However, the unrealized gain on valuation is eliminated in consolidation as Arm is a
subsidiary of the Company.
For the three-month period ended June 30, 2021, Arm transferred 75.01% of the shares of Treasure Data, Inc. to theCompany’s wholly-owned foreign subsidiary and 24.99% of the shares to SVF1 as dividends in kind. The 75.01% ofTreasure Data, Inc. shares were transferred through sales from the Company’s wholly-owned foreign subsidiary to SVF2. As
a result, the fair value of Treasure Data, Inc. shares, which was included in the fair value of Arm shares as of March 31, 2021,
is not included in the fair value of Arm shares as of March 31, 2022.
¥19,019 million of shares of Treasure Data, Inc. received as dividends in kind which SVF1 received from Arm is included in“Gain (loss) on investments at SVF1, SVF2, and others” (in Interest and dividend income from investments) in the abovementioned segment income, however, the dividends are 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
common shares and the common shares are continuously accounted for using the equity method on a consolidation basis after
the transfer. ¥1,375 million of the unrealized gain on valuation after the transfer date arising from WeWork common shares
held by SVF2 is included in “Gain (loss) on investments at SVF1, SVF2, and others” (in Change in valuation for the fiscal
year under Unrealized gain (loss) on valuation of investments) in the above-mentioned segment income. However, theunrealized gain on valuation is eliminated in consolidation as WeWork is an equity method associate of the Company.
The unrealized gain and loss on valuation and the dividends, that are eliminated in consolidation, are not included in “Gain(loss) on investments at SVF1, SVF2, and others” in the consolidated statement of income.
3. It represents the unrealized gain and loss on valuation of investments recorded as “Gain (loss) on investments at SVF1, SVF2,
and others” in the past fiscal years, which are reclassified to “Realized gain (loss) on investments” due to the realization for
the fiscal year ended March 31, 2022.
4. Unrealized gain and loss on valuation of investments are translated using the average exchange rate for the quarter in which
the gain and loss were recognized, while realized gain and loss on investments are translated using the average exchange rate
for the quarter 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.

(4) Third-party interests in SVF1 and SVF2
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 andconditions of distribution. Preferred Equity is prioritized over Equity with regard to distribution and return ofcontribution.
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, as applicable, of SVF1 and83

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

SVF2. The net proceeds from SVF1 are also allocated to the performance fees attributed to SBIA using themethod specified in the limited partnership agreement. The amount of performance-based distribution
attributed to SVF Investors are allocated to each of the SVF Investors based on the proportion of theirrespective Equity contribution. The amount of performance-based distributions is paid to each of the SVF
Investors after SVF1 and SVF2, as applicable, receive cash through dividend, or disposition or monetizationof investments.
In SVF1, fixed distributions are defined as distributions of Preferred Equity holders which are calculated
equal to a 7% rate per annum based on their contributions. The fixed distributions are made every lastbusiness 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 are described in “a. Co-investment Program with Restricted
Rights to Receive Distributions” under “(1) Introduction of Co-investment Program with Restricted Rights to
Receive Distributions and Preferred Equity to SVF2.” There are no Third-Party Investors who contributed toPreferred Equity in SVF2.
In the following table, Third-Party Investors contributing Equity are defined as “Investors entitled toperformance-based distribution” and Third-Party Investors contributing Preferred Equity are defined as“Investors entitled to fixed distribution.”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 SVF1
and SVF2” 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 statement
Consolidated statement ofof income
cash flows(Negative figures represent (Negative figures represent
expenses)
payments)(Breakdown)
As of April 1, 2021
Contributions from third-party
investors
Changes in third-party interests
Attributable to investors entitled to
fixed distribution
Attributable to investors entitled toperformance-based distribution
Distribution/repayment to third-party
investors
Exchange differences on translating
third-party interests*
As of March 31, 2022

6,601,791
277,824-

277,824(910,582)

910,582-(1,228,703)-(1,228,703)

549,424--

153,509(1,064,091)

5,289,754

84

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Note:
* Exchange differences were included in “Exchange differences on translating foreign operations” in the consolidated
statement of comprehensive income.

(b) Third-party interests in SVF2 and receivables
Changes in interests attributable to Third-Party Investor in SVF2 (included in “Third-party interests in SVF1
and SVF2” in the consolidated statement of financial position) are as follows: Third-party Investor in SVF2 isthe investor entitled to performance-based distribution.
(Millions of yen)(For reference purposes only)
Links with the consolidated
financial statements
Third-party
Consolidated
Consolidated
interests in SVF2
statement of cash
statement
flows(Total of currentof incomeliabilities and non- (Negative figures (Negative figurescurrent liabilities) represent expenses) represent payments)
As of April 1, 2021
Acquisition of interest by third-party investor
Changes in third-party interests
Distribution/repayment to the third-party
investor (Offsetting against the receivables)
Exchange differences on translating thirdparty interests*
As of March 31, 2022

325,292(62,092)

62,092-(19,104)--

25,985--270,081Note:* Exchange differences were included in “Exchange differences on translating foreign operations” in the consolidated
statement of comprehensive income.

The Company has receivables from Third-party Investor in SVF2. The changes in the receivables from ThirdParty Investor in SVF2 (included in “Other financial assets (non-current)” in the consolidated statements offinancial position) are as follows: The details of the receivables from Third-Party Investor in SVF2 aredescribed in “a. Co-investment Program with Restricted Rights to Receive Distributions” under “(1)Introduction of Co-investment Program with Restricted Rights to Receive Distributions and Preferred Equity
to SVF2.”

As of April 1, 2021
Increase of receivables from Equity Acquisition Amount and accrued
premiums charged to third-party investor
Reduction of receivables by offsetting distribution/repayment to thirdparty investor
Exchange differences on receivables
As of March 31, 2022

85

(Millions of yen)
Receivables from third-party
investor in SVF2
332,629(19,104)
29,138342,663

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

c. Uncalled committed capital from Third-Party Investors
Uncalled committed capital from SVF1’s Third-Party Investors as of March 31, 2022 was $8.2 billion.
(5) Management fees and performance fees
Terms and conditions of management fees, performance-linked management fees, and performance fees,
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 and paid 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 iscalculated using the allocation method as specified in the limited partnership agreement. SBIA is entitled toreceive the performance fees when SVF1 receives cash through disposition, dividend and monetization of aninvestment.
From the inception of SVF1 to March 31, 2022, the cumulative amount of performance fees paid to SBIA was$439 million. For the fiscal year ended March 31, 2022, no performance fees were paid to SBIA.
In addition, the performance fees received are subject to clawback provisions which are triggered undercertain conditions based on future investment performance.
b. Management fees and performance-linked management fees in SVF2
Management fees to SBGA from SVF2 are, in accordance with the constitutional agreements, calculated bymultiplying 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 theinvestment 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 theinvestment performance measurement specified in the constitutional agreement provided that there areavailable cash proceeds through disposition, dividend and monetization of an investment in SVF2.
From the inception of SVF2 to March 31, 2022, no performance-linked management fees were paid to SBGA.

86

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

5. Business combinations
For the fiscal year ended March 31, 2021
Acquisition of LINE Corporation and business integration of LINE Group and Z Holdings Corporation(1) Overview of the business combination
SoftBank Corp., a subsidiary of the Company, consolidated LINE Corporation and implemented the businessintegration of LINE Corporation and Z Holdings Corporation for the purpose of maximizing synergy in eachbusiness field pertaining to Z Holdings Corporation and LINE Group, aggregating management resources andenhancing growth in the new business fields.
Through this acquisition, SoftBank Corp. first transferred all the Z Holdings Corporation shares held by
SoftBank Corp. to Shiodome Z Holdings Co., Ltd (subsequently, its corporate form was changed to Shiodome
Z Holdings G.K.), and SoftBank Corp. and NAVER J.Hub Corporation wholly owned by NAVER
Corporation, major shareholder of LINE Corporation, conducted a joint tender offer for the common stock ofLINE Corporation and implemented squeeze-out procedures of minority shareholders as well as making
adjustments of ownership interests toward the LINE Corporation shares held by SoftBank Corp. and NAVER
J.Hub Corporation. As a result, SoftBank Corp. acquired 26,220 thousand common stock of LINE Corporationfor ¥172,992 million excluding transaction costs and therefore the ratio of voting rights held by SoftBank
Corp. in LINE Corporation became 11.2% as of February 25, 2021 (Refer to (a) under Structure Diagram
below.)
LINE Corporation conducted a tender offer for the common stock of Z Holdings Corporation and anabsorption-type merger with Shiodome Z Holdings G.K. As a result, the ratio of voting rights held by
SoftBank Corp. and NAVER Corporation in LINE Corporation became 50.0% respectively as of February 26,
2021. Effective February 28, 2021, LINE Corporation transitioned all the business to LINE Split Preparation
Corporation through a company split (absorption-type company split) and changed its name to A Holdings
Corporation. Under the joint venture agreement entered into with NAVER Corporation, SoftBank Corp. owns
the rights to appoint the majority of the Board of Directors of A Holdings Corporation. As a result, A
Holdings Corporation and LINE Split Preparation Corporation are considered substantially controlled by theCompany, through SoftBank Corp., a subsidiary of the Company, and became subsidiaries of the Company,
effective February 28, 2021, on which the legally binding joint venture agreement was entered into by
conducting the absorption-type merger. Also, through A Holdings Corporation, SoftBank Corp., a subsidiaryof the Company, owns the rights to appoint the majority of the Board of Directors of Z Holdings Corporation
and accordingly, Z Holdings Corporation is considered continuously controlled by SoftBank Corp. (Refer to(b) under Structure Diagram below.)
In addition, effective March 1, 2021, a share exchange of common stock of LINE Split Preparation
Corporation was conducted between Z Holdings Corporation and A Holdings Corporation (the exchange
ratio: allotted ratio of Z Holdings Corporation shares to be exchanged for one share of the LINE Split
Preparation Corporation is 11.75 and the allotted number of Z Holdings Corporation shares is 2,831,284,030
shares) whereby LINE Split Preparation Corporation became the wholly-owned subsidiary of Z Holdings
Corporation. As a result, the ratio of voting rights held by A Holdings Corporation in Z Holdings Corporation
became 65.3%. Subsequently, LINE Split Preparation Corporation changed its name to LINE Corporation(Refer to (c) under Structure Diagram below.)87

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Structure Diagram(a) Joint tender offer for LINE Corporation sharesand squeeze-out(b) Tender offer for Z Holdings Corporation shares andabsorption-type merger between Shiodome Z
Holdings G.K. and LINE Corporation (currently A
Holdings Corporation) as well as LINE businessdemerger(c) Share exchange between Z Holdings Corporation and
A Holdings Corporation(2) Summary of acquiree
Name
Nature of businessLINE Corporation*

Advertising service based on the mobile messenger application “LINE,” corebusiness including the sales of stamp and game services, and strategic
business including Fintech, AI, and commerce service

Note:* Refer to LINE Corporation, surviving company through the absorption-type merger conducted by Shiodome Z Holdings G.K.
As described in “Structure Diagram (b)” under “(1) Overview of the business combination,” LINE Corporation, acquiree,transitioned all the business to LINE Split Preparation Corporation (currently LINE Corporation) and changed its name to A
Holdings Corporation, effective February 28, 2021.

(3) Acquisition dateFebruary 28, 2021

88SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(4) Consideration transferred and the component(Millions of yen)
Acquisition date(February 28, 2021)
Fair value of common shares in LINE Corporation already held at thetime of acquisition of control
Fair value of common shares in Shiodome Z Holdings G.K.

172,922
689,150transferred at the time of acquisition of control
A

Total consideration transferred

862,072

Acquisition-related costs incurred for the business combination were ¥1,970 million, of which ¥932 millionand ¥1,038 million are included in “Selling, general and administrative expenses” in the consolidated
statement of income for the fiscal year ended March 31, 2020 and for the fiscal year ended March 31, 2021,
respectively. In addition, as a result of remeasuring interests in LINE Corporation held by SoftBank Corp.
based on the fair value as of the acquisition date, difference on the step acquisition of ¥(70) million isrecognized. The amount is included in “Equity financial assets at FVTOCI” in the consolidated statement ofcomprehensive income.
1(5) Fair value of assets and liabilities, non-controlling interests and goodwill on the acquisition date(Millions of yen)
Acquisition date(February 28, 2021)
Cash and cash equivalents

312,791
67,553
46,687
21,90562,940395,947
167,873
104,809

Trade and other receivables
Other (current)
Property, plant and equipment
Right-of-use assets
2
Intangible assets
Investments accounted for using the equity method
Other (non-current)
Total assets

1,180,505

Interest-bearing debt (current and non-current)
Lease liabilities (current and non-current)
Trade and other payables
Other (current)
Deferred tax liabilities
Other (non-current)

181,308
62,940233,671
49,169150,504
20,745

Total liabilities

698,337

Net assets
3

Non-controlling interests
Goodwill

489B

482,168

C

250,760

A-(B-C)630,664

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Notes:
1. Amendment of provisional amounts
The consideration for acquisition is allocated to the acquired assets and the assumed liabilities based on the fair value on
the acquisition date. For the three-month period ended September 30, 2021, the allocation of the consideration for
acquisition has been completed. The main effects of the adjustments from the provisional amounts comprise of decrease inproperty, plant and equipment of ¥2,762 million, decrease in intangible assets including identifiable intangible assets of¥14,092 million, decrease in deferred tax liabilities of ¥5,352 million, decrease in non-controlling interests of ¥5,861
million, and increase in goodwill of ¥5,861 million.
2. The amount of intangible assets includes ¥394,413 million of identifiable assets and the table below shows the breakdownof the identifiable assets. The estimated useful lives of customer relationships and technology assets are from 12 to 18
years and 8 years, respectively. The trademarks are classified as intangible assets with indefinite useful lives. The amountof intangible assets recognized from business combinations is measured based on assumptions such as estimated future
cash flows, discount rate, attrition rate of existing customers, future sales forecast generated by trademarks, and royalty
rate.
(Millions of yen)
Acquisition date(February 28, 2021)
Intangible assets with indefinite useful lives
Trademarks
Intangible assets with definite useful lives
Customer relationships
Technology assets

160,116
232,019
2,278

Total

394,413

3. Non-controlling interests are measured at the fair values of the acquiree’s identifiable net assets as of the acquisition date,multiplied by the ratio of the non-controlling interests.
4. Goodwill reflects the ability to generate excess earnings resulting from expected future business development andsynergies between the Group and the acquiree.

(6) Proceeds from acquisition of control over subsidiaries(Millions of yen)
Acquisition date(February 28, 2021)
Cash and cash equivalents held by the acquiree at the time ofacquisition of control
Proceeds in cash from the acquisition of control over the subsidiary90

312,791
312,791

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

6. Other financial assets
The components of other financial assets are as follows:(Millions of yen)
As ofMarch 31, 2021

As ofMarch 31, 2022

Current
Trust accounts in SPACs
1
Restricted cash
Marketable securities
Time deposits (maturities of more than threemonths)Other
Allowance for doubtful accounts
Total
Non-current
Installment receivables
Loan receivables
Deposits for banking business
2
Receivables from MgmtCo
Investments from asset management subsidiaries
Trust accounts in SPACs
Other
Allowance for doubtful accounts
Total

480,100
80,797

326,062
142,246
107,104

36,31584,41585,630(10,935)

118,549(15,738)

671,907762,638

481,943
390,073384,394
97,023
327,569
320,859(82,599)

463,440
445,977
441,260
423,326
155,888392,419(71,670)

1,919,262

2,250,640

Notes:
1. On April 13, 2021, the Company paid ¥313,411 million ($2.9 billion) from ¥361,355 million ($3.3 billion) of restricted cash
which was required to be maintained in a segregated custody account as of March 31, 2021, for the early termination of the
prepaid forward contract using Alibaba shares by cash. Accordingly, the Company completed the settlement of the prepaid
forward contract using Alibaba shares. Also, ¥47,944 million of the rest of the restricted cash was released from usage limit
and transferred to “Cash and cash equivalents” for the fiscal year ended March 31, 2022. The details are described in “(2)Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 9. Interest-bearing debt.”
2. Receivables 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 SoftBank Latin America Funds. The receivables of SVF2
and SoftBank Latin America Funds are ¥342,663 million and ¥80,663 million, respectively. The details of receivables aredescribed in “(1) Introduction of Co-investment Program with Restricted Rights to Receive Distributions and Preferred
Equity to SVF2” under “Note 4. SoftBank Vision Funds business” and “Note 20. Related party transactions regarding a coinvestment program with restricted rights to receive distributions.”

91SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

7. Disposal group classified as held for sale
As of December 11, 2020, the Company agreed on main terms of a transaction with South Korea-based Hyundai
Motor Company and its affiliates (collectively “Hyundai Motor Group”) and Euisun Chung, Chairman ofHyundai Motor Group, pursuant to which (i) the Company would sell the majority of its shares held in Boston
Dynamics, Inc. (“Boston Dynamics”), to Hyundai Motor Group and Euisun Chung, and (ii) Hyundai Motor
Group and Euisun Chung would subscribe for additional shares of Boston Dynamics. Upon this agreement, it was
highly probable that Boston Dynamics would no longer be a subsidiary of the Company. Accordingly, assets,
liabilities, and accumulated other comprehensive income of Boston Dynamics were reclassified as a disposalgroup classified as held for sale for the fiscal year ended March 31, 2021. The disposal group classified as held
for sale was measured at the carrying amount as the consideration from the sale transaction was higher than the
carrying amount of Boston Dynamics. The carrying amounts of assets, liabilities, and accumulated othercomprehensive income in Boston Dynamics were ¥38,647 million, ¥11,271 million, and ¥267 million,
respectively as of March 31, 2021.
In addition, the transaction was completed following regulatory approval and satisfaction of certain conditions on
June 21, 2021. Boston Dynamics is no longer a subsidiary of the Company from the same date and the sharescontinuously held as a minority shareholder are measured at fair value and accounted for as financial instruments
at FVTPL. Accordingly, for the fiscal year ended March 31, 2022, the difference between the consideration fromthe sale transaction (excluding the cost to sell) and the fair value of shares continuously held, and the carrying
amount of Boston Dynamics (assets, liabilities, accumulated other comprehensive income, and non-controllinginterests) was recorded as a gain relating to loss of control over subsidiaries for ¥72,936 million under “Other
gain” in the consolidated statement of income.
8. Income taxes
For the fiscal year ended March 31, 2022
Due to the enactment of the UK Finance Act of 2021 in June 2021, the corporate tax rate of the UK was increased
from 19% to 25% on or after April 1, 2023. As a result, the Company reversed a deferred tax liability of ¥38,029
million (translated at the exchange rate as of March 31, 2021). In addition, credits of income taxes (profit) andother comprehensive income (profit) were recorded for ¥31,953 million and ¥5,890 million, respectively. This is
primarily due to the fact that certain subsidiaries based in the UK, which were applicable for the calculation of
aggregation of income earned by controlled foreign companies in SoftBank Group Corp., will be expected to be
exempt from the calculation on or after April 1, 2023.

92SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

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

As of
March 31, 2021
Current
1,2
Short-term borrowings
Commercial paper2
Current portion of long-term borrowings
Current portion of corporate bonds
Current portion of financial liabilities relating to3sale of shares by prepaid forward contracts

2,637,401
409,201
2,085,348
804,356

1,551,238
527,201
2,377,864
519,870

1,798,701

2,352,539

232

150

7,735,239

7,328,862

4,745,058
4,745,184

5,472,605
6,471,624

1,287,038

2,184,034

456

307

10,777,736

14,128,570

Current portion of installment payables
Total
Non-current
1,2,4
Long-term borrowings
5
Corporate bonds
Financial liabilities relating to sale of shares by
3,6
prepaid forward contracts
Installment payables
Total

March 31, 2022

Notes:
1. For the fiscal year ended March 31, 2022, Kronos I (UK) Limited, a wholly-owned subsidiary of the Company, entered into a
facility agreement with financial institutions and made a borrowing of $8.0 billion in total (combination of term facility loansof $7.1 billion and bridge facility loans of $0.9 billion) providing 75.01% (other than 24.99% held by SVF1) of Arm Limited
shares held by SBGC, a wholly-owned subsidiary of the Company, 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. As of March 31, 2022, the term facility loans of ¥852,570 million and the bridge facility
loans of ¥108,948 million are included in long-term borrowings and short-term borrowings, respectively.
The term facility loans and the bridge facility loans shall be repaid in full on their maturity, which is the earlier of the datefalling three months after the effective date of the listing of Arm and the date falling twenty-four months after the borrowing
for the term facility loans, and the earlier of the date falling three months after the effective date of the listing of Arm and thedate falling three months after the borrowing for the bridge facility loans, with an up to twelve months extension option forterm facility loans which requires lender’s consent, and an up to three months extension option for the bridge facility loans.
The interest rates of both facility loans shall step-up based on the term of the loans.
The facility agreement includes mandatory prepayment provisions for a part or whole loans, which may be triggered undercertain circumstances such as sales of Arm shares upon occurrence of a listing and adjusted EBITDA of Arm being lower than
the threshold, and an additional cash collateral provision, which may be triggered if a fair value of Arm shares pledged ascollateral decreases significantly at designated test date. In addition, Kronos I (UK) Limited is required to reserve an amountequivalent to interest for a certain period in the designated account. The borrowings of Kronos I (UK) Limited are nonrecourse debts, and therefore, SoftBank Group Corp. will not be responsible for the borrowings.

93

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

2. The short-term borrowings, current portion of long-term borrowings, and long-term borrowings as of March 31, 2022 include¥11,500 million, ¥120,447 million, and ¥204,588 million (as of March 31, 2021: ¥444,227 million of long-term borrowings) of
borrowings in SVF1, respectively. The current portion of long-term borrowings and long-term borrowings as of March 31,
2022 include ¥13,183 million and ¥718,357 million of borrowings in SVF2, respectively.
3. These are primarily financial liabilities relating to sale of shares by prepaid forward contracts using Alibaba shares. The detailsof contracts are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts.”
4. For the fiscal year ended March 31, 2022, long-term borrowings decreased by ¥481,260 million as an early repayment wasmade for all of its borrowings of $4.38 billion using T-Mobile shares held by a wholly-owned subsidiary and Alibaba shares
held by the Company pledged as collateral. Accordingly, on the same date, the collaterals for T-Mobile shares and Alibaba
shares were released. T-Mobile shares pledged as collateral are recorded for ¥1,474,356 million as “Investment securities” inthe consolidated statement of financial position as of March 31, 2021. In addition, Alibaba shares pledged as collateral arerecorded for ¥42,381 million as “Investments accounted for using the equity method” in the consolidated statement offinancial position as of March 31, 2021. “T-Mobile” indicates T-Mobile US, Inc. after merging with Sprint.
For the fiscal year ended March 31, 2022, the wholly-owned subsidiary of the Company made a borrowing of $2.06 billion byusing T-Mobile shares held as collateral. As of March 31, 2022, ¥567,478 million of T-Mobile shares is pledged as collateralfor ¥251,587 million of the long-term borrowing. T-Mobile shares pledged as collateral are included in “Investment securities”
in the consolidated statement of financial position as of March 31, 2022. In addition, related to the transaction, Alibaba shares
held by the Company are pledged as collateral. Alibaba shares pledged as collateral are recorded for ¥25,136 million as“Investments accounted for using the equity method” in the consolidated statement of financial position as of March 31, 2022.
For the fiscal year ended March 31, 2022, the wholly-owned subsidiary of the Company procured €2.64 billion by collartransactions using Deutsche Telekom AG (“Deutsche Telekom”) shares held. As of March 31, 2022, ¥517,960 million of
Deutsche Telekom shares is pledged as collateral for ¥413,702 million of the long-term borrowings. Deutsche Telekom shares
pledged as collateral are included in “Investment securities” in the consolidated statement of financial position as of March 31,
2022. The details of the acquisition of Deutsche Telekom shares are described in “Note 21. Additional information.” In
addition, the collar contracts are classified as hybrid financial instruments with embedded derivatives and the embedded
derivatives are measured at fair value.
5. Primarily, SoftBank Group Corp. issued the 5th unsecured subordinated bonds with interest deferrable clause and early
redeemable option (with a subordination provision) with June 21, 2021, as the due date for payment. Also, SoftBank Group
Corp. issued USD-denominated Senior Notes due 2025, 2026, 2028, and 2031, and Euro-denominated Senior Notes due 2024,
2027, 2029, and 2032 with July 6, 2021, as the due date for payment, and issued the 4th unsecured subordinated corporatebond (with a subordination provision) with September 16, 2021, as the due date for payment, the 3rd unsecured subordinatedcorporate bond (with a subordination provision) with September 30, 2021, as the due date for payment, and the 5th unsecured
subordinated corporate bond (with a subordination provision) with February 4, 2022, as the due date for payment. As a result,corporate bonds increased by ¥2,237,667 million.
6. For the fiscal year ended March 31, 2022, a wholly-owned subsidiary entered into prepaid forward contracts by using TMobile shares and procured $2.49 billion. As of March 31, 2022, the Company pledges ¥389,577 million of T-Mobile shares
held as collateral for ¥340,433 million of financial liabilities relating to sale of shares by prepaid forward contracts. The shares
pledged as collateral are included in “Investment securities” in the consolidated statement of financial position as of March 31,
2022.
The number of T-Mobile shares settled by the prepaid forward contracts is determined by reference to the market price of theshares at the valuation dates prior to the settlement dates. A cap and a floor are set for the price of shares settled. In addition,
the prepaid forward contracts are collar contracts and classified as hybrid financial instruments with embedded derivatives andthe embedded derivatives are measured at fair value.

(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

94

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

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 or determined by reference tomarket 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 of wholly-owned subsidiaries of the Company entering into prepaid
forward contracts with financial institutions to procure funds using Alibaba shares (“Entities for fundprocurement by using Alibaba shares”), in addition to the prepaid forward contracts, enter into the call spread(combination of long 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 with embedded
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 to sale of shares by prepaid
forward contracts then measured at amortized cost and 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 recognized from 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 recognized from the
prepaid forward contracts and the call spread contracts are described in “(1) Option contracts” and “(3)Forward contracts” under “Note 11. Financial Instruments.”
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 fundprocurement by using Alibaba shares elect cash settlement, Entities for fund procurement by using Alibaba
shares will pay the cash equivalent to the fair value of the number of shares 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 as collateral inaccordance with all of the prepaid forward contracts, and except for a certain contract, the Company granted
right of use to the financial institutions with respect to such shares. However, the collateral can be released bycash settlement at the discretion of Entities for fund procurement by using Alibaba shares. Alibaba continues tobe an equity method associate of the Company after the completion of these transactions because the Company
still has significant influence over Alibaba via voting rights.
(For the fiscal year ended March 31, 2021)
For the fiscal year ended March 31, 2021, Entities for fund procurement by using Alibaba shares had
exercised the option to settle the prepaid forward contract by cash and provided a notice to the counterparty
for early termination in April 2021. Under the prepaid forward contract, Entities for fund procurement byusing Alibaba shares are required to maintain cash that would exceed expected early termination amounts in asegregated custody account as restricted cash before the expected early termination date. ¥361,355 million($3.3 billion) of the restricted cash is recognized as “Other financial assets (current)” in the consolidated
statement of financial position as of March 31, 2021.

95

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

On April 13, 2021, Entities for fund procurement by using Alibaba shares paid ¥313,411 million ($2.9 billion)
from restricted cash and completed the settlement of the transactions. ¥285,780 million of current portion offinancial liabilities relating to sale of shares by prepaid forward contracts and ¥28,096 million of “Derivative
financial liabilities (current),” which were recognized in the consolidated statement of financial position as ofMarch 31, 2021, were derecognized. Accordingly, on the same date, ¥61,633 million of Alibaba shares
recognized in the consolidated statement of financial position as of March 31, 2021 was released from thecollateral.
(For the fiscal year ended March 31, 2022)
Entities for fund procurement by using Alibaba shares procured ¥329,852 million ($3.0 billion) in total
entering into collar contracts for the three-month period ended June 30, 2021, ¥812,502 million ($7.4 billion)
in total entering into collar contracts and a forward contract for the three-month period ended September 30,
2021, ¥251,045 million ($2.2 billion) entering into a forward contract for the three-month period ended
December 31, 2021, and ¥483,260 million ($4.1 billion) entering into forward contracts for the three-month
period ended March 31, 2022.
Also, for the three-month period ended September 30, 2021, a part of prepaid forward contracts has been
amended in terms of the cap and floor for the price of shares settled and the term of the contracts. The
amendments of the contracts are applicable for as exchanges of debt instruments with substantially different
terms under IFRS 9 “Financial Instruments,” and accounted for as extinguishments of the original financial
liabilities relating to sale of shares by prepaid forward contracts and the recognition of new financial liabilities
relating to sale of shares by prepaid forward contracts.
As a result of the amendments, upon the extinguishment of the original contracts, ¥776,580 million offinancial liabilities relating to sale of shares by prepaid forward contracts and ¥235,475 million of derivative
financial assets are derecognized. On the other hand, ¥514,172 million of new financial liabilities relating tosale of shares by prepaid forward contracts and ¥45,476 million of derivative financial assets are newly
recognized and ¥72,616 million of cash is paid as a difference in exchange value between the original and newcontracts. Further, along with the fluctuation of derivative financial assets, ¥62,674 million of deferred tax
liabilities is decreased and the same amount of income taxes is recognized as a gain, representing the tax
effect.
Further, for the three-month period ended December 31, 2021 and the three-month period ended March 31,
2022, the settlement date of a part of prepaid forward contracts arrived and were settled by Alibaba shares. As
a result, ¥784,197 million of current portion of financial liabilities relating to sale of shares by prepaid forward
contracts, ¥436,641 million of “Derivative financial assets (current),” and ¥156,971 million of Alibaba shares
included in “Investments accounted for using the equity method” were derecognized from the consolidated
statement of financial position, and ¥199,972 million of “Gain on investments at Investment Business of
Holding Companies” was recorded in the consolidated statement of income. Alibaba continues to be an equity
method associate of the Company after the completion of this transaction because the Company still has
significant influence over Alibaba via voting rights.
As of March 31, 2022, the Company set ¥1,420,349 million of Alibaba shares, which is recognized as“Investments accounted for using the equity method” in the consolidated statement of financial position, as
collateral for ¥2,352,539 million of current portion of financial liabilities relating to sale of shares by prepaid
forward contracts and ¥1,843,601 million of financial liabilities relating to sale of shares by prepaid forward
contracts.
96SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(3) Components of proceeds (repayment) in short-term interest-bearing debt, net
The components of “Proceeds (repayment) in short-term interest-bearing debt, net” in the consolidated statementof cash flows are as follows:(Millions of yen)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2021
Net increase (decrease) of short-term borrowings
Net increase of commercial paper
Total

1,452,826
122,501(1,280,587)
106,800

1,575,327(1,173,787)(4) 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, 2022

Fiscal year ended
March 31, 2021
Proceeds from borrowings
Proceeds from issuance of corporate bonds
Proceeds from procurement by prepaid forward
contracts using shares*
Total

5,707,162
597,000

8,144,423
2,580,245

1,660,952

2,156,317

7,965,114

12,880,985

Note:* The amount was procured under the prepaid forward contracts using Alibaba shares and T-Mobile shares. The details aredescribed in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts” and in “Notes 6” under “(1)Components of interest-bearing debt.”(5) 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)
Fiscal year ended
March 31, 2022

Fiscal year ended
March 31, 2021
Repayment of borrowings
Redemption of corporate bonds
Repayment of settlement of prepaid forward contracts
using shares*
Total(5,223,271)(567,630)(7,209,092)(1,267,059)-(321,537)(5,790,901)(8,797,688)

Note:* Primarily, the amount was paid due to the early settlement related to the prepaid forward contract using Alibaba shares. The
details are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts.”

97SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

10. Other financial liabilities
The components of other financial liabilities are as follows:(Millions of yen)
As ofMarch 31, 2022

As ofMarch 31, 2021
Current
Non-controlling interests subject to possible
1
redemption
Borrowed securities in asset management2
subsidiaries
Allowance for financial guarantee contract losses
Derivative financial liabilities in asset management
subsidiaries
Other
Total
Non-current
Third-party interests in SoftBank Latin America
Funds
Non-controlling interests subject to possible
1
redemption
Other
Total

-

307,144

8,713

125,004

24,381

22,28014,6731,880

18,191

98,506

65,958554,814-80,663

298,092-

117,315

129,849

415,407

210,512

Notes:
1. The equity interest of public market investors (investors other than the Company as sponsors ) in SPACs formed by theCompany.
2. The details are described in “e. Borrowed securities” in “(2) Significant accounting policies for the asset management
subsidiary” under “Note 2. Significant accounting policies.”

98SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

11. Financial instruments(1) Option contracts
The details of option contracts are mainly as follows:
Option contracts to which hedge accounting is not applied
As ofMarch 31, 2021

(Millions of yen)
As ofMarch 31, 2022

Carrying amount(fair value)

Carrying amount(fair value)

Assets1

Liabilities

AssetsLiabilities

Prepaid forward contracts using Alibaba shares

661,615(28,096)

1,379,801-

Call spread contracts relating to prepaid forward1
contracts using Alibaba shares

42,059

-

2,302

-

Contingent consideration relating to acquisition of2
T-Mobile shares

460,709-591,429-

Short call option for T-Mobile shares to Deutsche
3
Telekom-(204,821)-(103,754)

176,627-

48,466--(9,283)--

Long call option of listed stocks in asset
management subsidiaries
Short call option of listed stocks in asset
management subsidiaries

Notes:
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 9. Interestbearing debt.”
2. Acquired due to the merger transaction with Sprint and T-Mobile US, Inc. on April 1, 2020 and the Company has the right toacquire 48,751,557 shares of T-Mobile for no additional consideration if certain conditions are met.
3. The decrease was primarily due to the partial exercise of the call options by Deutsche Telekom. The details are described in “Note
21. Additional information.”

99

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(2) Swap contracts
The details of swap contracts are mainly as follows:
Swap contracts to which hedge accounting is not applied
As ofMarch 31, 2021

(Millions of yen)
As ofMarch 31, 2022

Carrying amount(fair value)

Carrying amount(fair value)

AssetsTotal return swap contracts of listed stocks in asset
management subsidiaries

Liabilities

7,057

Assets(5,390)Liabilities--(3) Forward contracts
The details of forward contracts are mainly as follows:
Forward contracts to which hedge accounting is not applied

As ofMarch 31, 2021

(Millions of yen)
As ofMarch 31, 2022

Carrying amount(fair value)

Carrying amount(fair value)

Assets1

Liabilities

AssetsLiabilities

Prepaid forward contracts using Alibaba shares--

190,334(67,672)

Forward contracts of listed stocks and others in
asset management subsidiaries

4,372

-

-

(1,880)-(76,823)--2

Tender offer for WeWork shares

Notes:
1. 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 9. Interest-bearing debt.”
2. In March 2021, a wholly-owned subsidiary of the Company other than SVF1 commenced a tender offer to purchase WeWorkcommon shares and preferred shares from certain shareholders other than the Company at a price of $19.19 per share for the total
amount of $922 million. The tender offer is considered as forward contracts and accounted for as derivatives. The difference
between the valuation amount of common shares and preferred shares expected to purchase and the expected acquisition amount
was recorded as “Derivative financial liabilities (current)” as of March 31, 2021. The tender offer was completed in April 2021
and the derivative financial liabilities are reversed and reduced from the initially recognized amount of the purchased commonshares and preferred shares for the fiscal year ended March 31, 2022.

100

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

12. Foreign currency exchange rates
Exchange rates of the major currencies used for translating financial statements of foreign operations are as
follows:(1) Rate at the end of the year
(Yen)
As of
March 31, 2021

As ofMarch 31, 2022

110.71
16.84

122.39
19.26

USD
CNY

(2) Average rate for the quarter
For the fiscal year ended March 31, 2021
(Yen)

USD
CNY

Three-month period
endedJune 30, 2020Three-month period
ended
September 30, 2020Three-month period
ended
December 31, 2020Three-month period
ended
March 31, 2021

107.7415.16

105.8815.27

104.4515.71

106.2416.31

For the fiscal year ended March 31, 2022
(Yen)

USD
CNY

Three-month period
endedJune 30, 2021

Three-month period
ended
September 30, 2021

Three-month period
ended
December 31, 2021

Three-month period
ended
March 31, 2022

110.0017.01

110.4717.09

113.6017.75

117.1018.43

101SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

13. Equity(1) Other equity instruments
On July 19, 2017, the Company issued USD-denominated Undated Subordinated Non-Call 6 years Resettable
Notes and 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 the Company has theoption to defer interest payments, the notes have no maturity date, and the Company has an unconditional rightto avoid delivering cash or another financial asset except for distribution of residual assets on liquidation.
(2) Treasury stock
Changes in treasury stock are as follows:
Fiscal year ended
March 31, 2021
Balance at the beginning of the year
1
Increase during the year
Decrease during the year

2

Balance at the end of the year

(Thousands of shares)
Fiscal year ended
March 31, 2022

21,818351,298

336,166

93,240(6,686)(368,374)

351,298

76,164

Notes:
1. For the fiscal year ended March 31, 2022, due to purchases of treasury stock under the resolutions passed at the Board of
Directors meetings held on July 30, 2020, the number of treasury stock increased by 25,980 thousand shares (amountpurchased ¥257,777 million) as part of “SoftBank announces ¥4.5 trillion ($41 billion) program to repurchase shares andreduce debt” announced on March 23, 2020 (the “¥4.5 trillion program”). In addition, the purchases of treasury stock up to ¥2
trillion have been completed based on the ¥4.5 trillion program with the completion of purchases of treasury stock under the
resolution. Moreover, due to purchases of treasury stock under the resolutions passed at the Board of Directors meeting held
on November 8, 2021, the number of treasury stock increased by 67,258 thousand shares (amount purchased ¥344,573
million.)
2. For the fiscal year ended March 31, 2022, the decrease was made mainly under the resolutions passed at the Board of
Directors meeting held on April 28, 2021 and May 12, 2021. The Company retired its treasury stock of 366,860 thousand
shares in total on May 11, 2021 and May 20, 2021. As a result of the transaction, retaining earnings and treasury stock
decreased by ¥2,475,817 million, respectively.

102

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(3) Accumulated other comprehensive income
The components of accumulated other comprehensive income are as follows:
As ofMarch 31, 2021
Equity financial assets at FVTOCI
Debt financial assets at FVTOCI
Cash flow hedges
Exchange differences on translating foreign
operations*
Total(Millions of yen)
As ofMarch 31, 2022

24,099390
42,962

46,338298
1,696

270,878

2,447,826

338,3292,496,158

Note:* The increase was primarily due to a weaker yen against the major currencies such as the U.S. dollar and Chinese yuan
compared with the exchange rates as of March 31, 2021.

103SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

14. 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:(Millions of yen)

Fiscal year ended
March 31, 2021
Gain relating to settlement of prepaid forward1
contracts using Alibaba shares
2
Gain relating to sales of T-Mobile shares
Realized gain (loss) on investments at asset
management subsidiaries
Unrealized gain (loss) on valuation of investments at
asset management subsidiaries
Derivative gain (loss) on investments at asset
management subsidiaries
Realized gain on investments
Unrealized gain (loss) on valuation of investments
3
Derivative gain on investments
Other
Total

Fiscal year ended
March 31, 2022-

199,972

421,755

3,149(20,537)

54,853134,074(393,404)(610,690)

89,476

220,875
609,734
185,769
4,964

79,336(50,179)
101,524
19,635945,944

104,362

Notes:
1. A part of prepaid forward contracts using Alibaba shares was settled by Alibaba shares. The details of contracts are describedin “(2) Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 9. Interest-bearing debt.”
2. On September 23, 2021, Deutsche Telekom partially exercised the call options over 45,366,669 shares out of 101,491,623
shares of T-Mobile held through a wholly-owned subsidiary of the Company and the wholly-owned subsidiary acquired
newly issued 225,000,000 shares of Deutsche Telekom as its consideration. As a result, ¥3,149 million of gain relating tosales of T-Mobile shares was recorded for the fiscal year ended March 31, 2022. Cumulative losses on T-Mobile shares andthe call options associated with the transaction are ¥13,447 million. Of this, ¥16,596 million of loss was recorded for the
fiscal year ended March 31, 2021. The details are described in “Note 21. Additional information.”
3. For the fiscal year ended March 31, 2022, ¥93,039 million of derivative gain on investments was recorded due to changes in
the fair value of contingent consideration related to the acquisition of T-Mobile shares through the merger transaction withSprint and T-Mobile US, Inc. The details of contingent consideration are described in “Notes 2” in “(1) Option contracts”
under “Note 11. Financial instruments.”(2) Gain and loss on investments at SVF1, SVF2, and others
The details are described in “Note 4. SoftBank Vision Funds business.”

104SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(3) Gain and loss on investments at Latin America Funds
The components of gain and loss on investments at Latin America Funds are as follows:(Millions of yen)

Fiscal year ended
March 31, 2021
Realized loss on investments
Unrealized gain on valuation of investments
Change in valuation for the fiscal year
Reclassified to realized loss recorded in the past1
fiscal year
Derivative gain (loss) on investments
2
Effect of foreign exchange translation
Other
Total

Fiscal year ended
March 31, 2022-

(9,114)

196,186

110,888

-

8,034

219
151

(372)
364
1,270

196,556

111,070

Notes:
1. It represents the unrealized gain and loss on valuation of investments recorded as “Gain (loss) on investments at Latin
America Funds” in the past fiscal years, which are reclassified to “Realized gain (loss) on investments” due to the realization
for the fiscal year ended March 31, 2022.
2. Unrealized gain and loss on valuation of investments are translated using the average exchange rate for the quarter in which
the gain and loss were recognized, while realized gain and loss on investments are translated using the average exchange rate
for the quarter 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.

Also, in SoftBank Latin America Funds, SoftBank Group Corp. introduced a co-investment program withrestricted rights to receive distributions in September 2021. The details are described in “Note 20. Related
party transactions regarding a co-investment program with restricted rights to receive distributions.”

15. Finance cost
The components of finance cost are as follows:
Fiscal year ended
March 31, 2021
Interest expenses(307,250)(Millions of yen)
Fiscal year ended
March 31, 2022
(382,512)

16. Derivative gain (loss) (excluding gain (loss) on investments)
For the fiscal year ended March 31, 2022, derivative gain of ¥1,132,994 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 9. Interest-bearing debt.”

105

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

17. Other gain
The components of other gain and loss are as follows:(Millions of yen)

Fiscal year ended
March 31, 2021
Interest income
1
Gain relating to the agreement for sale of Arm sharesFiscal year ended
March 31, 2022

18,352-35,047
146,375

1,376

121,690

Dilution gain from changes in equity interest

54,941

71,741

Reversal of impairment losses on equity method4
investments

21,63435,706

Gain on liquidation of subsidiaries
Impairment loss on equity method investments
Impairment loss
Reversal of allowance for loan commitment losses

45,257(68,215)(21,160)
61,312

7,838(26,436)(17,806)-

58,208-(17,853)(61,182)

17,02992,670391,1842

Gain relating to loss of control over subsidiaries
3

Reversal of allowance for financial guarantee
contract losses
Loss on redemption of corporate bonds
Other
Total

Notes:
1. On September 13, 2020 (U.S. time), SBGC, a wholly-owned subsidiary, and SVF1 entered into a definitive agreement (the“Agreement”) with NVIDIA Corporation (“NVIDIA”), a U.S.-based semiconductor manufacturer, whereby the Company
would sell all of its shares in Arm, a wholly-owned subsidiary, held by SBGC and SVF1 to NVIDIA (the “Transaction”).
However, NVIDIA and the Company have agreed to terminate the Agreement on February 8, 2022, because of significant
regulatory challenges preventing the consummation of the Transaction, despite good faith efforts by the parties. In accordancewith the terms of the Agreement, the deposit of $1.25 billion received by SBGC at the time of signing was non-refundable
and therefore such amount was recorded as profit. 24.99% of that profit was attributable to SVF1 in accordance with theownership ratio of Arm shares.
2. For the fiscal year ended March 31, 2022, primarily, the gain was recorded as Boston Dynamics was no longer a subsidiary of
the Company. The details are described in “Note 7. Disposal group classified as held for sale.”
3. Primarily represents the dilution gain arising from changes in Alibaba’s equity interest held by the Company due to theexercise of stock options in Alibaba.
4. For the fiscal year ended March 31, 2022, ¥35,706 million of reversal of impairment losses was recorded as the fair value of
WeWork shares accounted for using the equity method increased.

106SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

18. Earnings per share(1) Basic earnings per share

Net income attributable to ordinary shareholders of the parent(Millions of yen)
Net income attributable to owners of the parent
Net income not-attributable to ordinary shareholders of the1parent
Net income used in the calculation of basic earnings per share
Net income used in the calculation of basic earnings per share
Net income from continuing operations attributable toordinary shareholders of the parent
Net income from discontinued operations attributable toordinary shareholders of the parent
Total
Weighted-average number of ordinary shares (Thousands ofshares)Basic earnings per share (Yen)Continuing operations
Discontinued operations
Total

107

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

4,987,962(1,708,029)(30,246)(32,709)

4,957,716(1,740,738)

4,246,483(1,740,738)

711,233-

4,957,716(1,740,738)

1,892,538

1,708,989

2,243.80
375.81(1,018.58)-

2,619.61(1,018.58)

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(2) Diluted earnings per share

Diluted net income attributable to ordinary shareholders of theparent (Millions of yen)
Continuing operations
Net income from continuing operations used in thecalculation of basic earnings per share
Effect of dilutive securities issued by subsidiaries andassociates
Subtotal
Discontinued operations
Net income from discontinued operations used in thecalculation of basic earnings per share
Subtotal
Total

Fiscal year ended
March 31, 2021

Fiscal year ended
March 31, 2022

4,246,483(1,740,738)(331,927)(12,127)

3,914,556(1,752,865)

711,233-

711,233-

4,625,789(1,752,865)

1,892,538

1,708,989

5,385

-

1,897,923

1,708,989

2,062.55
374.74(1,025.67)-

2,437.29(1,025.67)

Weighted-average number of ordinary shares used in thecalculation of diluted earnings per share (Thousands ofshares)
Weighted-average number of ordinary shares
Adjustments:
2
Stock acquisition rights
Total
Diluted earnings per share (Yen)Continuing operations
Discontinued operations
Total

Notes:
1. Net income not-attributable to ordinary shareholders of the parent represents net income attributable to owners of other equity
instruments.
2. For the fiscal year ended March 31, 2022, stock acquisition rights are not included in the calculation for “Diluted earnings per
share” as it has an antidilutive effect for the calculation.

108

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

19. Supplemental information to the consolidated statement of cash flows(1) Cash flows from discontinued operations
Cash flows from continuing operations and cash flows from discontinued operations are included in the
consolidated statement of cash flows.
(2) Income taxes paid and income taxes refunded
For the fiscal year ended March 31, 2022
Payment of withholding income taxes related to dividends within the group companies of ¥283,477 million is
included in “Income taxes paid.”
In addition, refunded withholding income taxes related to dividends within the group companies of ¥247,259
million are included in “Income taxes refunded.”(3) Proceeds from withdrawal of restricted cash
For the fiscal year ended March 31, 2022
¥359,038 million of proceeds, which was required to be maintained in a segregated custody account for the
early termination of financial liabilities related to the settlement of prepaid forward contracts using Alibaba
shares as of March 31, 2021, is included in “Proceeds from withdrawal of restricted cash.” The details aredescribed in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 9. Interestbearing debt.”(4) Significant non-cash transactions
For the fiscal year ended March 31, 2022
Deutsche Telecom partially exercised the call option over T-Mobile shares which the Company granted in June
2020. Accordingly, the Company sold 45,366,669 shares of T-Mobile held, through a wholly-owned
subsidiary, to Deutsche Telecom and received newly issued 225,000,000 shares of Deutsche Telecom as its
consideration. The transaction corresponds to a non-cash transaction. The details are described in “Note 21.
Additional information.”
In addition, for the fiscal year ended March 31, 2022, the settlement date of a part of prepaid forward contracts
arrived, and ¥784,197 million of current portion of financial liabilities relating to sale of shares by prepaid
forward contracts and ¥436,641 million of “Derivative financial assets (current)” were settled by Alibaba
shares. The details are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts”
under “Note 9. Interest-bearing debt.”

109SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

20. Related party transactions regarding a co-investment program with restricted rights to receive
distributions
The Board of Directors of SoftBank Group Corp. has resolved to introduce a co-investment program withrestricted rights to receive distributions to SVF2 and SoftBank Latin America Funds. As such, for the three-month
period ended September 30, 2021, SVF2 LLC, a subsidiary of SVF2 and a subsidiary of the Company, and SLA
Holdco II LLC (“SLA LLC”), a subsidiary of SoftBank Latin America Funds, and a subsidiary of the Company,
have each entered into a definitive agreement with the Company and MgmtCo, a participant in the program,which resulted in MgmtCo becoming an investor in SVF2 LLC and SLA LLC.
MgmtCo 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 program has been introduced for the
purpose of enabling Masayoshi Son to make a co-investment in SVF2 and SoftBank Latin America Funds with
the Company, sharing risk of losses as well as benefit of profits in the success of SVF2 and SoftBank Latin
America Funds, and leading to enhanced focus on the management of investments held by them, which in turn isintended to contribute to increases in the Company’s earnings. In making a co-investment in SVF2 and SoftBank
Latin America Funds under the terms of the program, MgmtCo both receives the benefit of profits and assumes
the risk of losses from SVF2 and SoftBank Latin America Funds, and MgmtCo’s right to receive distributions
from its investment is subject to certain restrictions.
Contributions to SVF2 LLC and SLA LLC are classified as “Equity” and “Preferred Equity” depending on theterms and conditions of distribution. SVF2 LLC and SLA LLC each have issued Equity entitled to performancebased 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 madethrough SoftBank Vision Fund II-2 L.P. and its subsidiaries, and its investment in SLA LLC is made through
SBLA Latin America Fund LLC and its subsidiaries.

110SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

Related party transactions of the Company are as follows:(1) Transactions between SVF2 and related parties
Name of thecompany orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature ofrelationship

Chairman &CEO of SoftBank
Group Corp. andrelated entities ofwhich he holds
more than onehalf of the voting
rights（Millions of yen）
As of
March 31, 2022
Balance atperiod end

Nature of transaction

Fiscal year ended
March 31, 2022
Amount oftransaction

Receipt of capital
contribution and related
1,2,3
adjustments to SVF2

326,942($2,923 million)

The premium received
on SVF2 LLC’s
receivables

5,687($50 million)

Offsetting settlement of
distributions (return ofcontribution) from SVF2
5
LLC and receivables

19,104($173 million)

MgmtCo’s Equity
8
interests in SVF2 LLC

-

4

6,7

342,663($2,800 million)

4

Net balance at period end(Receivables in SVF2 LLC less9
MgmtCo’s Equity interests in SVF2 LLC)

270,081($2,207 million)

72,582($593 million)

Notes:
1. Restrictions on rights to receive distributions to MgmtCo
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 separately by
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.

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SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

3. Management fee and performance-linked management fees to be charged to MgmtCo
The terms of the management fee and performance-linked management fee to be charged to MgmtCo are the same as those to be
charged to the Company as an Equity investor in SVF2 LLC.
4. The amount of transaction with MgmtCo related to receipt of capital contribution
The amount of the transaction for “Receipt of capital contribution and related adjustments in SVF2 LLC” is MgmtCo’s Equity
Acquisition Amount in SVF2 LLC, which consists of ¥290,142 million ($2,594 million) 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 ¥35,150
million ($314 million) of related adjustments calculated based on 17.25% interest in the increase in the portfolio companies’ fairvalue from the initial acquisition costs at SVF2 to June 30, 2021, and ¥1,650 million ($15 million) of the adjustment equivalent tointerests for the period from the Company’s contribution to SVF2 until June 30, 2021. As of March 31, 2022, capital contribution
with respect to MgmtCo’s committed capital and related adjustments to SVF2 LLC under the Program have been completed.
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’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.
5. Offsetting settlement between distributions from SVF2 LLC and receivables
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.
6. 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 consist of the balance related to receipt of capital contribution,
related adjustments and premiums received, less any decrease in receivables due to offsetting settlement with distributions to
MgmtCo.
7. 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 were 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 exceeds 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, 2022, 8,897,100
shares of SoftBank Group Corp. are deposited in SVF2 LLC by Masayoshi Son. The deposited shares of SoftBank Group Corp.
will be released only where 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 collateraland personal guarantees by SVF2 LLC.
8. 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 SVF1 and SVF2” in the consolidated statement of financial position.
9. Net balance at period end
Net balance at period end is the balance of receivables held by SVF2 LLC of ¥342,663 million ($2,800 million) less MgmtCo’s
Equity interest in SVF2 LLC of ¥270,081 million ($2,207 million).

112

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(2) Transactions between SoftBank Latin America Funds and related parties

Name of thecompany orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature ofrelationship

Chairman &CEO of SoftBank
Group Corp. andrelated entities ofwhich he holds
more than onehalf of the voting
rights（Millions of yen）
As of
March 31, 2022
Balance atperiod end

Nature of transaction

Fiscal year ended
March 31, 2022
Amount oftransaction

Receipt of capital
contribution in SLA
LLC and related
1, 2, 3
adjustments

71,450($649 million)

The premium received
on SLA LLC’s
receivables

1,125($10 million)

MgmtCo’s Equity
7
interests in SLA LLC-

4

Net balance at period end(Receivables in SLA LLC less8
MgmtCo’s Equity interests in SLA LLC)

5, 6

80,663($659 million)

480,663($659 million)-

Notes:
1. Restrictions on rights to receive distributions to MgmtCo
MgmtCo’s rights 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 toreceive the full amount of the distribution. In the event that, upon the liquidation of SLA 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 separately by
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. Management fee and performance fees to be charged to MgmtCo
The terms of the management fee and performance fee to be charged to MgmtCo are the same as those to be charged to theCompany as an Equity investor in SLA LLC.

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SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

4. The amount of transaction with MgmtCo related to receipt of capital contribution
The amount of the transaction for “Receipt of capital contribution and related adjustments in SLA LLC” is MgmtCo’s Equity
Acquisition Amount in SoftBank Latin America Fund, which consists of ¥41,266 million ($375 million) calculated based on
MgmtCo’s Equity interests of 17.25% in the SoftBank Latin America Funds’ initial acquisition costs of the portfolio companies
held by SoftBank Latin America Funds and ¥29,498 million ($268 million) of related adjustments calculated based on 17.25%
interest in the increase in the portfolio companies’ fair value from the initial acquisition costs at SoftBank Latin America Funds
to June 30, 2021, and ¥686 million ($6 million) of the adjustment equivalent to interests for the period from the Company’scontribution to SoftBank Latin America Funds until June 30, 2021. As of September 30, 2021, capital contribution with respect
to MgmtCo’s committed capital and related adjustments to SLA LLC under the Program have been completed. However, inMarch 2022, the constitutional agreement has been amended in order to exclude certain investments from the portfolio of SLA
LLC due to regulatory reasons. Accordingly, “Receipt of capital contribution and related adjustments in SLA LLC” has beenchanged from ¥76,367 million ($691 million) to ¥71,450 million ($649 million). The gains from the excluded portfolio
companies between September 30, 2021 and the date of the exclusion have attributed to the Company and no Equity interests
have been allocated to MgmtCo.
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 amount 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.
5. 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.
6. 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 were 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 exceeds 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, 2022, 2,168,500
shares of SoftBank Group Corp. are deposited in SLA LLC by Masayoshi Son. The deposited shares of SoftBank Group Corp.
will be released only where 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 collateraland personal guarantees by SLA LLC.
7. 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“Other financial liabilities (non-current)” in the consolidated statements of financial position.
8. Net balance at period end
Net balance at period end is the balance of receivables held by SLA LLC of ¥80,663 million ($659 million) less MgmtCo’s
Equity interest in SLA LLC of ¥80,663 million ($659 million).

114

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

21. Additional information(Partial sale of T-Mobile shares for the fiscal year ended March 31, 2022)
On September 6, 2021, the Company entered into a master framework agreement (“the Agreement”) with Deutsche Telekom,
pursuant to which Deutsche Telekom agreed to partially exercise its right to acquire the shares of T-Mobile in accordance with theterms of the call options (the “Call Options”) granted by the Company to Deutsche Telekom in June 2020, and to amend certain
execution conditions. Following the exercise of the Call Options, the Company sold 45,366,669 shares of T-Mobile held, though awholly-owned subsidiary of the Company, to Deutsche Telekom and received newly issued 225,000,000 shares of Deutsche
Telekom as its consideration. Under the Agreement, Deutsche Telekom also provided its consent for the Company to haveadditional flexibility to pledge its T-Mobile shares in connection with the entry into margin loans and other monetizationtransactions and agreed that it will prioritize the use of cash proceeds from certain divestitures to exercise the additional Call Options
for cash up to an aggregate of $2.4 billion of total exercise price, subject to certain conditions. Following entry into the Agreement,
the Company carried out the monetization transactions using T-Mobile shares and Deutsche Telekom shares.
(1) Outline of the Call Options to Deutsche Telekom
In June 2020, the Company granted to Deutsche Telekom the Call Options over 101,491,623 shares of T-Mobile.
a. For the Call Options over 44,905,479 shares (the “Fixed Call Options”), a strike price of the call option is $101.455 per ashare. Deutsche Telekom can exercise the Call Options any time after the grant date.
b. For the Call options over 56,586,144 shares (the “Floating Call Options”), a strike price of the call option is equal to theaverage of the daily volume-weighted average price of the shares of T-Mobile for each of the 20 trading days immediately
prior to exercise. Deutsche Telekom can exercise the Call Options after the exercise of rights described in the above a. from
October 2, 2020 to May 22, 2024 and, after May 22, 2024, can exercise any time regardless of the exercise of rights describedin the above a.
Note:* The Call Options expire on June 22, 2024, unless certain events occur that trigger an earlier expiration date.
(2) Partial exercise of the Call Options
On September 23, 2021, Deutsche Telekom exercised the Fixed Call Options for 26,348,874 shares and the Floating Call
Options for 19,017,795 shares and a wholly-owned subsidiary of the Company received newly issued 225,000,000 shares ofDeutsche Telekom as its consideration. Adjustments were made for a strike price of the Floating Call Options to be equal to theacquired 225,000,000 shares of Deutsche Telekom from the partial exercise of the Call Options.

115

SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

(3) Change in conditions for the unexercised Call Options
A strike price of the Floating Call Options was changed to the lesser of the following a. and b.
a. The average of the daily volume weighted average prices of T-Mobile shares for the 20 scheduled trading days beginning on,
and including, the Scheduled Trading Day immediately following the date of delivery of the Notice of Exercise.
b. The average of the daily volume weighted average prices of T-Mobile shares for (a) the period of 20 Trading Days ending
with the date of delivery of the Notice of Exercise (or ending on the immediately preceding Trading Day if the date ofdelivery of the Notice of Exercise is not a Trading Day) and (b) the 20 Scheduled Trading Days beginning on, and including,the Scheduled Trading Day immediately following the date of delivery of the Notice of Exercise.
In addition, the expiration time for the unexercised Call Options is May 28, 2024 and the Call Options can be exercised at anytime.
(4) Number of T-Mobile shares to be sold by partial exercise of the Call Options, number of shares subject to the unexercised Call
Options and number of the shares held by the Company before/after the transactions

a. Number of shares held before the partial exercise

106,291,623 sharesb. Number of the sold shares by the partial exercise

45,366,669 sharesc. Number of shares held after the partial exercise

60,924,954 sharesd. Number of shares subject to the unexercised Call Options

56,124,954 sharese. Number of shares held after the Call Options are exercised*

4,800,000 shares

Note:* Calculated on the assumption that the Call Options are fully exercised.
(5) Outline of the monetization
For the fiscal year ended March 31, 2022, a wholly-owned subsidiary of the Company procured $2.49 billion through prepaid
forward contracts by using 24,800,000 shares of T-Mobile and $2.06 billion through a new margin loan by using 36,124,954
shares of T-Mobile pledged as collateral, and made an early repayment of $4.38 billion for the previous margin loan by using
106,291,623 shares of T-Mobile pledged as collateral. In addition, €2.64 billion was procured through collar transactions byusing 225,000,000 shares of Deutsche Telekom. The details are described in “Notes 4 and 6” in “(1) Components of interestbearing debt” under “Note 9. Interest bearing debts.”(6) Transactions on and after April 1, 2022
On April 12, 2022, Deutsche Telekom additionally exercised the Fixed Call Options for 11,827,904 shares and the Floating Call
Options for 9,325,241 shares by using the proceeds from sale of certain businesses. In connection with the additional exercise, awholly-owned subsidiary of the Company received $2.40 billion as consideration for the sale of T-Mobile shares. In addition,
the wholly-owned subsidiary of the Company made a partial prepayment of $1.20 billion for the margin loan which these shares
underlie.

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SoftBank Group Corp. Consolidated Financial Report
For the Fiscal Year Ended March 31, 2022

22. Significant subsequent events
There are no applicable items for the fiscal year ended March 31, 2022.

117