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 2 of this report.

SoftBank Group Corp.
Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022 (IFRS)Tokyo, February 7, 2023

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

Nine-month period ended
December 31, 2022
Nine-month period ended
December 31, 2021

Incomebefore income tax

Net income
AmountAmount%Amount%¥4,875,773

6.4¥(290,037)¥4,580,840

10.7

Net income
attributable toowners of the parent%¥(758,240)-¥1,234,724 (63.3)

Amount-¥649,294 (79.0)

Basic earnings per
share (Yen)

Diluted earnings per
share (Yen)

Nine-month period ended
December 31, 2022¥(599.97)¥(608.51)

Nine-month period ended
December 31, 2021

¥214.73¥207.57%¥(912,513)

Total
comprehensive
incomeAmount%-¥410,565 (74.2)¥392,617 (87.1)¥1,591,055 (37.4)(2) Financial Position
Total assets

Total equity

Equityattributable toowners of theparentAs of December 31, 2022

¥42,343,244¥10,593,588¥9,008,651

21.3

As of March 31, 2022

¥47,544,670¥11,707,762¥9,975,674

21.0

2.

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

Dividends
Dividends per shareFirst quarter

Second quarter

Third quarter

Fourth quarter

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Fiscal year ended
March 31, 2022

-

22.00

-

22.00

44.00

Fiscal year ending
March 31, 2023

-

22.00

22.00

44.00

Fiscal year ending
March 31, 2023 (Forecasted)

Note:* Revision of the latest forecasts on the dividends: No

* Notes(1) Significant changes in scope of consolidation (changes in scope of consolidation of specified subsidiaries): No
Newly consolidated: None
Excluded from consolidation: None
Note:
* 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 thecorresponding laws 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][3]

Changes in accounting policies other than those in [1]: No
Changes in accounting estimates: No(3) Number of shares issued (common stock)[1] Number of shares issued (including treasury stock):
As of December 31, 2022:
1,722,953,730 shares
As of March 31, 2022:
1,722,953,730 shares[2]

Number of shares of treasury stock:
As of December 31, 2022:
As of March 31, 2022:[3]

260,495,345 shares
76,163,508 shares

Number of average shares outstanding during the nine-month period (April-December):
As of December 31, 2022:

1,568,603,134 shares

As of December 31, 2021:

1,716,056,144 shares* This condensed interim consolidated financial report is not subject to interim review procedures by certified public
accountants or an audit 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 February 7, 2023 (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 Nine-Month Period Ended December 31, 2022

(Appendix)
Contents

1. Results of Operations .....................................................................................................................................

P.3(1) Overview of Results of Operations ..........................................................................................................

P.3

a. Consolidated Results of Operations .......................................................................................................

P.5

b. Results by Segment ................................................................................................................................

P.8(a) Investment Business of Holding Companies Segment .....................................................................

P.9(b) SoftBank Vision Funds Segment ...................................................................................................... P.14
(c) SoftBank Segment ............................................................................................................................ P.22(d) Arm Segment .................................................................................................................................... P.24
(2) Overview of Financial Position ................................................................................................................ P.28
(3) Overview of Cash Flows .......................................................................................................................... P.40
(4) Forecasts ................................................................................................................................................... P.44
2. Condensed Interim Consolidated Financial Statements and Primary Notes .................................................. P.46
(1) Condensed Interim Consolidated Statement of Financial Position .......................................................... P.48
(2) Condensed Interim Consolidated Statement of Profit or Loss
and Condensed Interim Consolidated Statement of Comprehensive Income .......................................... P.50
(3) Condensed Interim Consolidated Statement of Changes in Equity .......................................................... P.54
(4) Condensed Interim Consolidated Statement of Cash Flows ..................................................................... P.58
(5) Significant Doubt about Going Concern Assumption .............................................................................. P.60
(6) Notes to Condensed Interim Consolidated Financial Statements ............................................................. P.60
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 SoftBank Group Corp. (“SBG”), including SB Global Advisers Limited, SB
Investment Advisers (UK) Limited, or their respective affiliates, or any securities in any jurisdiction, nor should it be relied upon as
such in 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, 2022, 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 Nine-Month Period Ended December 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 or
SB Northstar LP
asset management subsidiaries
SoftBank Vision Fund 1 or SVF1
SoftBank Vision Fund L.P. and its alternative investment vehicles
SoftBank Vision Fund 2 or SVF2
SoftBank Vision Fund II-2 L.P.
SoftBank Latin America Funds or
SBLA Latin America Fund LLC
LatAm Funds
SoftBank Vision Funds or SVF
SVF1, SVF2, and LatAm Funds
SBIA
SB Investment Advisers (UK) Limited
SBGA
SB Global Advisers Limited
Arm
Arm Limited
Alibaba
Alibaba Group Holding Limited
MgmtCoMASA USA LLC
The first quarter
Three-month period ended June 30, 2022
The second quarter
Three-month period ended September 30, 2022
The third quarter
Three-month period ended December 31, 2022
The period
Nine-month period ended December 31, 2022
The third quarter-end
December 31, 2022
The fiscal year
Fiscal year ending March 31, 2023
The previous fiscal year
Fiscal year ended March 31, 2022
The previous fiscal year-end
March 31, 2022
Exchange Rates Used for Translations

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

Q1¥110.00

Q2¥110.47

Fiscal year ended
March 31, 2022
Q3
Q4¥113.60¥117.10¥122.39Q1¥129.04

Fiscal year ending
March 31, 2023
Q2
Q3¥138.68¥141.16¥132.70

CHANGES IN PRESENTATION OF CONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDREPORTABLE SEGMENTS
Integration of the Latin America Funds Segment into the SoftBank Vision Funds Segment
From the first quarter, the Latin America Funds segment has been integrated into the SoftBank Vision Funds
segment following a review of the segment management classification after SBGA, the manager of SVF2, began
managing LatAm Funds. In line with this, gains and losses on investments at LatAm Funds, which were presented
as gains and losses on investments at Latin America Funds in the past fiscal year, are now included in gains andlosses on investments at SoftBank Vision Funds. Also, the change in third-party interests in LatAm Funds, which
was included in other gains and losses in the past fiscal year, is now included in change in third-party interests in
SVF. Information for the same period of the previous fiscal year has been reclassified and presented accordingly.
Presentations in the Consolidated Statement of Financial Position and Consolidated Statement of Cash Flows havealso been changed. For details, see “1. Changes in presentation” under “(6) Notes to Condensed Interim
Consolidated Financial Statements” in “2. Condensed Interim Consolidated Financial Statements and Primary
Notes.”

2

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

1. Results of Operations(1) Overview of Results of Operations
1. Alibaba*1
The Company recorded a total profit of ¥5,371.6 billion as a result of the early physical settlement (the“Early Physical Settlement”) of prepaid forward contracts corresponding to 242 million American Depositary
Receipts (ADRs) of Alibaba shares from August to September 2022. During the course of the Early PhysicalSettlement, the Company’s voting ownership in Alibaba fell below 20% and Alibaba was therefore excluded
from the associates of the Company.
Account in the Condensed Interim
Consolidated Statement of
Amount Profit or Loss
Gain on settlement of prepaid forward contracts
using Alibaba shares pertaining to the Early
Gain on investments at Investment¥584.8 billion
Physical Settlement
Business of Holding Companies
Gain from remeasurement of Alibaba shares held
¥3,996.7 billion
upon exclusion from associates
Derivative gain on prepaid forward contracts that
Derivative gain (excluding gain
¥790.1 billion (loss) on investments)
are the subject of the Early Physical Settlement
Total (contribution to income before income tax)
¥5,371.6 billion
Apart from the above, the Company recorded an unrealized valuation loss of ¥948.0 billion on Alibaba
shares that continued to be held at the third quarter-end following a decrease in the share price that occurredfrom Alibaba’s exclusion from the associates of the Company up to the third quarter-end.
2. SVF*2
Gross performance since inception was a $11.0 billion gain in SVF1 and a $16.7 billion loss in SVF2.
3. Highlights of results for the nine-month period ended December 31, 2022
◆ Loss of ¥1,361.2 billion on investments (including a ¥511.6 billion loss for the third quarter)- ¥3,699.6 billion investment gain at Investment Business of Holding Companies (gain for the third quarter:¥174.9 billion), which included· Gain of ¥4,581.5 billion relating to settlement of prepaid forward contracts using Alibaba shares pertaining
to the Early Physical Settlement· Unrealized valuation loss of ¥948.0 billion due to a decrease in the Alibaba share price from the time of
Alibaba’s exclusion from the Company’s associates up to the third quarter-end- ¥5,006.8 billion investment loss at SoftBank Vision Funds (including a ¥653.2 billion loss for the third
quarter). This included realized gain (net) of ¥48.1 billion and unrealized valuation loss (net) of ¥2,052.8
billion at SVF1 and realized loss (net) of ¥2.7 billion and unrealized valuation loss (net) of ¥2,322.4 billion*3
at SVF2. Share prices of numerous public portfolio companies declined amid the weakness in global stock
markets (although share prices of several companies rose in the third quarter), and the fair value of a wide*3
range of private portfolio companies also decreased, reflecting markdowns of weaker-performing
companies and share price declines in market comparable companies.
◆ Loss before income tax of ¥290.0 billion (deterioration of ¥1,524.8 billion yoy)reflecting the recordings of:- Finance cost of ¥433.5 billion- Foreign exchange loss of ¥728.0 billion due to the impact of the weaker yen amid an excess of U.S. dollardenominated liabilities (net) mainly at SBG over its U.S dollar-denominated cash and cash equivalents andloans receivable- Derivative gain (excluding gain (loss) on investments) of ¥619.6 billion related to prepaid forward contracts
using Alibaba shares, due to the decrease in the Alibaba share price- Decrease in third-party interests at SVF of ¥1,145.8 billion◆ Net loss attributable to owners of the parent of ¥912.5 billion (deterioration of ¥1,305.1 billion yoy)reflecting the recordings of:- Income tax of ¥468.2 billion- Net income attributable to non-controlling interests of ¥154.3 billion

3

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

4. Maintained prudent defensive financial management with continued monetization of and contraction in*4
investments, resulting in an improvement in LTV (Loan-to-Value) from the previous fiscal year-end.
◆ Continued monetization of investments- Raised $24.42 billion through prepaid forward contracts using Alibaba shares in the period.
- Sold 21.2 million T-Mobile shares for $2.40 billion in the first quarter.
- SVF1 and SVF2 sold investments (including those through share exchanges) for a total of $5.26 billion in the
period, including full exits of eight portfolio companies, such as Uber and KE Holdings, and partial exits ofseveral public portfolio companies.
◆ Contraction in investments
SVF1 and SVF2 made new and follow-on investments (including those through share exchanges) totaling$2.76 billion in the period, a significant reduction from $39.24 billion in the same period of the previous
fiscal year.
5. Reduced interest-bearing debt by ¥3,674.0 billion at SBG and its subsidiaries engaged in fundprocurement, etc., from the previous fiscal year-end as a result of proactive debt repayment and the
Early Physical Settlement- Reduced financial liabilities relating to the sale of shares by prepaid forward contracts by $27.57 billion due
to the Early Physical Settlement (including $13.47 billion relating to contracts concluded in the six-month
period ended September 30, 2022).
- Repaid borrowings of $4.5 billion made through commitment lines in the first quarter.
- Repaid the entire ¥325.2 billion of bank loans (senior loans) in the second quarter, including early repaymentof ¥292.7 billion.
- Repaid in full $6.0 billion in a margin loan borrowed through Alibaba shares in the second quarter.
- Repaid $2.06 billion in a margin loan borrowed through T-Mobile shares in the six-month period ended
September 30, 2022.
- In the third quarter the Company repurchased a total of $1.51 billion worth of foreign currency-denominatedsenior notes (at face value) and $0.75 billion worth of USD-denominated Undated Subordinated Non-Call 6
years Resettable Notes (at face value). The latter is classified as equity instruments in accordance with
IFRSs.
6. Completed share repurchase totaling ¥1.4 trillion- On October 17, 2022, SBG completed the full acquisition of shares under the ¥1 trillion share repurchaseprogram authorized in November 2021.
- On November 10, 2022, SBG completed the full acquisition of shares under the ¥400 billion share
repurchase program authorized in August 2022.
- By March 31, 2023, SBG plans to retire 252,958,500 shares (14.68% of the total number of shares issued
prior to the retirement), the same number as the total number of shares acquired in accordance with the above
two programs.
7. In February 2023, Z Holdings resolved on a merger policy among the company and mainly LINE andYahoo Japan.
Z Holdings decided on a basic policy of implementing a merger by around the end of the fiscal year ending
March 31, 2024, mainly around the three companies (Z Holdings and its core wholly owned subsidiaries:
LINE and Yahoo Japan) to build an organization structure that puts more emphasis on products, to accelerate
the expansion of synergies from the business integration.
Notes:
1. Certain contracts that became due for settlement during the implementation period were also settled.
2. Gross amounts before deductions such as third-party interests and taxes.
3. Public portfolio companies are shares traded on stock exchanges or over-the-counter markets. Private portfolio companies are thosethat do not fall under the category of public portfolio companies. The same applies hereinafter.
4. The ratio of liabilities to holding assets, which is calculated as adjusted net interest-bearing debt divided by equity value of holdings.
Equity value of holdings and adjusted net interest-bearing debt each exclude amounts to be settled at maturity or borrowings that arepart of asset-backed finance. The calculation of adjusted net interest-bearing debt 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 and PayPay Corporation), SVF1, SVF2, LatAm Funds, and Arm, as well as SB Northstar.

4

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

a. Consolidated Results of Operations(Millions of yen)
Nine months ended December 31
2021
2022
Net sales
Gross profit
Gain on investments

ChangeChange %4,580,840
2,476,969

4,875,773
2,579,123

294,933
102,154

6.4%
4.1%

A

15,956

3,699,600

3,683,644-

B(629,134)
61,410(551,768)(5,006,755)(54,011)(1,361,166)(4,377,621)(115,421)(809,398)-

C

Selling, general and administrative
expensesFinance cost
Foreign exchange loss

(1,849,385)(282,764)(277,372)(1,921,115)(433,508)(727,984)(71,730)(150,744)(450,612)

3.9%
53.3%
-

D
E

Income (loss) on equity method
investments

203,742(70,611)(274,353)-

F

1,104,221
170,701240,380
1,234,724(585,430)
649,294

619,587
1,145,779(120,142)(290,037)(468,203)(758,240)(484,634)
975,078(360,522)(1,524,761)
117,227(1,407,534)(43.9%) G
571.2%- H(20.0%) Ｉ-

392,617(912,513)(1,305,130)-

Total comprehensive income

1,591,055

410,565(1,180,490)(74.2%)

Comprehensive income attributable toowners of the parent

1,322,083

260,031(1,062,052)(80.3%)

Gain on investments at Investment
Business of Holding Companies
Loss on investments at SoftBank
Vision Funds
Gain (loss) on other investments
Total gain on investments

Derivative gain
(excluding gain (loss) on investments)
Change in third-party interests in SVF
Other gain (loss)
Income before income tax
Income taxes
Net income
Net income attributable to owners of
the parent

The following is an overview of the primary and noteworthy components.
A Net Sales
Net sales increased in the SoftBank segment and the Arm segment.
B Gain on Investments at Investment Business of Holding Companies
Investment gain of ¥3,699,600 million was recorded at Investment Business of Holding Companies. Of this, theCompany recorded a gain of ¥4,838,251 million relating to the settlement of prepaid forward contracts using
Alibaba shares (including a gain of ¥3,996,668 million from the remeasurement of Alibaba shares held upon
Alibaba’s exclusion from the Company’s associates). On the other hand, the Company recorded an unrealized loss
on valuation of investments of ¥955,478 million following a fall in the Alibaba share price from the time of
Alibaba’s exclusion from the Company’s associates up to the third quarter-end. See “(a) Investment Business of5SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Holding Companies Segment” under “b. Results by Segment” for details.
C Loss on Investments at SoftBank Vision Funds
Investment loss of ¥5,006,755 million was recorded at SoftBank Vision Funds, of which ¥1,145,779 million was
attributable to third-party interests. SVF1 recorded a realized gain on investments (net) of ¥48,148 million, mainly
1

due to the full exits of six portfolio companies, such as Uber Technologies, Inc. (“Uber”) and the partial exits ofseveral public portfolio companies. Meanwhile, SVF1 recorded unrealized valuation losses (net) totaling¥1,127,711 million for public portfolio companies, reflecting declines in the share prices of a wide range of
portfolio companies in the period. Of the losses, ¥293,654 million were attributable to SenseTime Group, Inc.
(“SenseTime”), ¥258,339 million to PT GoTo Gojek Tokopedia Tbk (“GoTo”), and ¥188,601 million to DoorDash,
Inc. For private portfolio companies, SVF1 recorded unrealized valuation losses (net) totaling ¥925,125 million due
to an overall decrease in the fair value of portfolio companies, mainly reflecting markdowns of weaker-performing
companies and share price declines in market comparable companies.
SVF2 recorded realized loss on investments (net) of ¥2,695 million mainly as a result of the full exit of KE
Holdings Inc. (“KE Holdings”) and the partial exits of several public portfolio companies. Meanwhile, SVF2
recorded unrealized valuation losses (net) totaling ¥2,322,449 million. For public portfolio companies, the losses
were mainly due to share price declines of AutoStore Holdings Ltd. (“AutoStore”) and WeWork Inc. (“WeWork”).
For private portfolio companies, the fair value decreased in a wide range of investments, mainly reflecting
markdowns of weaker-performing companies and share price declines in market comparable companies. For
details, see “(b) SoftBank Vision Funds Segment” under “b. Results by Segment.”
Primarily as a result of B through C, the total loss on investments was ¥1,361,166 million.
D Finance Cost
Interest expenses increased by ¥108,018 million in the Investment Business of Holding Companies segment. This2

mainly reflected increases in interest expenses at SBG resulting from the full amortization of unamortized costassociated with financial liabilities related to the abovementioned Early Physical Settlement (early physicalsettlement of prepaid forward contracts corresponding to 242 million ADRs).
E Foreign Exchange Loss
Foreign exchange loss of ¥727,984 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.
The weaker yen increased the net assets of foreign subsidiaries and associates, such as SoftBank Vision Funds,
whose functional currency is not Japanese yen (primarily U.S. dollar). However, this positive impact is not included
in foreign exchange gains; instead, it is included in the increase in exchange differences from the translation offoreign operations of ¥1,227,567 million, which is listed under accumulated other comprehensive income in equity
on the Condensed Interim Consolidated Statement of Financial Position.
F Loss on Equity Method Investments
3

Loss on equity method investments related to Alibaba was ¥25,394 million, a deterioration of ¥257,795 million
year on year. Alibaba was previously an equity method associate of the Company; it was excluded from the6SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

associates in the second quarter. This change reflects the Company’s loss of significant influence over Alibaba as
its voting ownership in the company fell below 20% during the course of the Early Physical Settlement.
G Derivative Gain (Excluding Gain (Loss) on Investments)
Derivative gain of ¥549,134 million was recorded due to a decrease in the Alibaba share price, mainly for the
prepaid forward contracts using Alibaba shares.
H Other Loss
Losses totaling ¥250,607 million were recorded in the period after estimating expected credit losses associated with(a) credit support by the Company and SVF2 for a letter of credit facility provided to WeWork by financial
institutions, (b) a commitment by SVF2 to acquire senior secured notes to be issued by WeWork, and (c) unsecured
notes issued by WeWork held by the Company, in accordance with an agreement between the Company and
WeWork in October 2019. Of the total loss, ¥237,485 million was recorded in the Investment Business of Holding
Companies segment. For details, see “12. Other gain (loss)” under “(6) Notes to Condensed Interim Consolidated
Financial Statements” in “2. Condensed Interim Consolidated Financial Statements and Primary Notes.”Primarily as a result of A through H, loss before income tax was ¥290,037 million, a deterioration of¥1,524,761 million year on year.
I Income Taxes
Income taxes stood at ¥468,203 million. In addition to income taxes recorded at SoftBank Corp. and Yahoo Japan
Corporation, income taxes of ¥299,884 million were recorded at SBG, at subsidiaries conducting fund procurement
using Alibaba shares, and at related intermediate holding companies (both comprising wholly owned subsidiaries of
the Company).
Primarily as a result of A through I, net loss attributable to owners of the parent was ¥912,513 million, adeterioration of ¥1,305,130 million year on year.

7SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 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. From the first quarter, the Latin America Funds segment has
been integrated into the SoftBank Vision Funds segment following a review of the segment managementclassification after SBGA, the manager of SVF2, began managing LatAm Funds. As of the third quarter-end, there
are four reportable segments: Investment Business of Holding Companies, SoftBank Vision Funds, SoftBank, andArm.
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, SVF2, and
LatAm Funds

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

SoftBank·Consumer business: Provision of mobile
services, sale of mobile devices, andprovision of broadband services to retailcustomers in Japan·Enterprise business: Provision of mobile
communications and solutions services toenterprise customers in Japan·Distribution business: Provision of ICT
services products to enterprise customers
and provision of communication devicerelated products and IoT equipment toretail customers·Yahoo! JAPAN/LINE business: Provisionof Internet advertising and e-commerce
services·Financial business: Provision of payment
and financial services

SoftBank Corp.
Z Holdings Corporation
Yahoo Japan Corporation
LINE Corporation*1
PayPay Corporation

Arm·Design of microprocessor intellectual
property and related technology·Sale of software tools and provision ofrelated services

Arm Limited·Alternative investment managementbusiness·Fukuoka SoftBank HAWKS-related
businesses

Fortress Investment Group LLC
Fukuoka SoftBank HAWKS Corp.

Other

Note:
1. Since PayPay Corporation became a subsidiary of SoftBank Corp. and Z Holdings Corporation in October 2022, its operating results
are no longer included in “Other,” but are presented within the SoftBank segment starting from the third quarter, with the results
retrospectively adjusted and presented for the period and for the same period of the previous fiscal year.

8SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(a) Investment Business of Holding Companies Segment
1. Profits totaling ¥5,371.6 billion were recorded as a result of the Early Physical Settlement (the early
physical settlement of prepaid forward contracts corresponding to 242 million ADRs of Alibaba
shares). Alibaba was excluded from the associates of the Company as the voting ownership fell below
20% during the course of the settlement.
Gain on settlement of prepaid forward contracts using Alibaba shares pertaining to
the Early Physical Settlement¥584.8 billion

Gain from remeasurement of Alibaba shares held upon exclusion from associates¥3,996.7 billion

Derivative gain on prepaid forward contracts that are the subject of the Early
Physical Settlement
Total (contribution to segment income)¥790.1 billion¥5,371.6 billion

Apart from the above, unrealized valuation loss of ¥948.0 billion was recorded on Alibaba sharesfollowing a decrease in its share price that occurred from its exclusion from the associates up to thethird quarter-end.
2. Segment income was ¥3,131.8 billion, reflecting investment gain of ¥3,699.7 billion and derivative gainof ¥631.1 billion, including the above gains related to Alibaba shares, which were partially offset byforeign exchange loss of ¥725.4 billion.

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, SoftBank
Group Japan Corporation (“SBGJ”), the asset management subsidiary SB Northstar, and certain other subsidiaries
engaged in investment and financing activities. Gains and losses on investments at Investment Business of Holding
Companies comprise gains and losses on investments held by SBG either directly or through its subsidiaries but do
not include gains and losses on investments pertaining to subsidiaries’ shares, such as dividend income fromsubsidiaries or impairment losses related to the subsidiaries’ shares.
This segment has approximately 120 portfolio companies, including Alibaba, T-Mobile, and Deutsche Telekom
AG (“Deutsche Telekom”), as well as investees of SB Northstar, most of which are investments classified as
financial assets at FVTPL. Investments classified as financial assets at FVTPL are measured at fair value every
quarter, and any change in fair value is recorded in the Consolidated Statement of Profit or Loss as gains and losses
on investments.
Investment in Alibaba
Alibaba was previously an equity method associate of the Company but was excluded from the associates during
the second quarter. This reflects the Company’s loss of significant influence over Alibaba as its voting ownership in
the company fell below 20% during the course of the Early Physical Settlement.
Upon Alibaba’s exclusion from the Company’s associates, Alibaba shares held by the Company were classified
as financial assets at FVTPL and were remeasured at fair value based on the share price at that time. The shares aremeasured at fair value quarterly and any change in fair value is recorded in the Consolidated Statement of Profit or
Loss as gain and 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

9

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

related to listed stocks, using surplus funds of SBG. Investment loss related to asset management subsidiaries forthe period was ¥137.8 billion, which brings the cumulative investment loss since inception to ¥884.1 billion. SB
Northstar’s business scale continues to be downsized, and the balance of its shareholdings and other instruments
decreased from ¥315.9 billion as of the previous fiscal year-end to ¥96.1 billion as of the third quarter-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 the gains andlosses on investments at SB Northstar as a non-controlling interest; therefore, 67% of the gains and losses oninvestments impact net income attributable to owners of the parent. If, at the end of the fund life (12 years + 2-year
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.
FINANCIAL RESULTS(Millions of yen)
Nine months ended December 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 loss on valuation of
investments at asset management
subsidiaries
Derivative gain (loss) on investments at asset
management subsidiaries*1
Realized loss on investments
Unrealized gain (loss) on valuation of*1
investments
Change in valuation for the fiscal year
Reclassified to realized gain (loss)*2
recorded in the past fiscal years
Derivative gain (loss) on investments*1*3
Effect of foreign exchange translation*1
Other
Selling, general and administrative expenses
Finance cost
Foreign exchange loss
Income (loss) on equity method investments
Derivative gain
(excluding gain (loss) on investments)
Mainly due to prepaid forward contracts using
Alibaba shares
Other gain (loss)
Segment income (income before income tax)

Change Change %15,8483,699,716

3,683,868-

A

68,0503,149

4,838,251
24,8424,770,201
21,693688.9%

68,315(69,904)(138,219)-(259,294)(62,815)

196,479-

123,726(269,443)(4,996)(237,859)(128,722)
31,584-

261,777(153,239)(957,296)(946,657)(1,219,073)(793,418)-

415,016(4,211)
10,022
13,757(62,426)(209,184)(275,129)
221,680(10,639)
155,534
13,959(44,199)(317,202)(725,356)(24,708)(425,655)
159,745(10,022)202
18,227(108,018)(450,227)(246,388)

1.5%(29.2%)
51.6% B
- C
- D

1,106,657
175,531

631,115(87,599)(475,542)(263,130)(43.0%) E-

972,977

3,131,767

2,158,790

221.9%

Notes:
1. Figures for the same period of the previous fiscal year are restated. There is no change in the total amount of gain (loss) on
investments at Investment Business of Holding Companies.
2. Unrealized gains and losses on valuation of investments recorded in previous fiscal years related to the investments realized in the10SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

period are reclassified as “realized gain (loss) on investments.”
3. 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 of. “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.

Main gains and losses related to prepaid forward contracts using Alibaba shares included in the above table

Gain on investments at Investment Business of Holding Companies
Gain relating to settlement of prepaid forward contracts using Alibaba
sharesof which, gain from remeasurement of Alibaba shares held upon its
exclusion from the Company’s associates
Realized loss on investments(Millions of yen)
Nine months ended December 31
2021
2022
68,050 3,679,303
68,0504,838,251-

3,996,668-(210,919)(9,469)1,058,206(948,029)(95,747)
549,134(recorded for physical settlements conducted after exclusion from associates)

Unrealized loss on valuation of investments(recorded on share price decline of Alibaba shares that continued to be held at thethird quarter-end after exclusion from associates)

Finance cost
Derivative gain (excluding gain (loss) on investments)

A Gain on investments at Investment Business of Holding Companies: ¥3,699,716 million· Gain relating to settlement of prepaid forward contracts using Alibaba shares of ¥4,838,251 million was recorded
due to the physical settlement of a portion of the contracts. The amount includes a gain of ¥3,996,668 million fromremeasurement of Alibaba shares.
· Gain of ¥24,842 million relating to sales of T-Mobile shares was recorded. This was due to the sale of 21.2 million
T-Mobile shares held by the Company to Deutsche Telekom as Deutsche Telekom exercised a portion of its call
options in April 2022.
· Realized loss of ¥69,904 million and unrealized valuation loss of ¥62,815 million were recorded on investments at
asset management subsidiaries. This was a result of investments in listed stocks and other instruments by SB
Northstar.
· Realized loss of ¥237,859 million on investments was recorded. This mainly comprised ¥210,919 million loss
realized on Alibaba shares associated with the physical settlement of the prepaid forward contracts using suchshares carried out after Alibaba’s exclusion from the Company’s associates.
· Unrealized loss of ¥957,296 million was recorded on valuation of investments. This mainly included ¥948,029
million unrealized loss on valuation of Alibaba’s shares held at the third quarter-end, which was recorded
following the decline in their price from the time Alibaba was excluded from the Company’s associates to thethird quarter-end.
· Derivative gain of ¥155,534 million on investments was recorded, mainly due to a gain of ¥147,567 million
recorded pertaining to the right to acquire T-Mobile shares for no additional consideration if certain conditions aremet.
B Finance cost: ¥317,202 million (increase of ¥108,018 million year on year)
2

Interest expenses increased by ¥114,006 million year on year at SBG to ¥314,363 million. This was mainly due tothe full amortization of unamortized costs associated with financial liabilities related to the Early PhysicalSettlement.
11SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

C Foreign exchange loss: ¥725,356 million
Foreign exchange loss of ¥725,356 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 Loss on equity method investments: ¥24,708 million (deterioration of ¥246,388 million year on year)
3

Loss on equity method investments related to Alibaba was ¥25,394 million, a deterioration of ¥257,795 million
year on year. Alibaba was previously an equity method associate of the Company, but was excluded from theassociates in the second quarter. This reflects the Company’s loss of significant influence over Alibaba as its voting
ownership in the company fell below 20% during the course of the Early Physical Settlement.
E Derivative gain (excluding gain (loss) on investments): ¥631,115 million
Derivative gain of ¥549,134 million was recorded due to a decrease in the Alibaba share price, mainly for the
prepaid forward contracts using Alibaba shares.
Impact of the asset management subsidiaries on Condensed Interim Consolidated Statement of Financial
Position*1

Cash and cash equivalents
Investments from asset management subsidiaries
Derivative financial assets in asset management subsidiaries
Other
Total assets
Trade and other payables
Total liabilities*2

Investments from Delaware subsidiaries
Equivalent amount of cash investments by SBG in Delaware subsidiaries
Equivalent amount of loans to Delaware subsidiaries held by SBG(the amount entrusted by SBG related to asset management)
Equivalent amount of cash investments by Masayoshi Son in Delaware subsidiaries
Retained earnings
Exchange differences on translating foreign operations
Equity(Millions of yen)
December 31, 2022
3,923
96,147129703
100,90240
40
912,989
39,786853,310
19,893 A(890,439) B
78,312
100,862 C

Notes:
1. SB Northstar’s statement of financial position (excluding the impact of investments made by SB Northstar in Special Purpose
Acquisition Companies (“SPACs”) controlled by SB Investment Advisers (US) Inc.) is presented for reference to show 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

12SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(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(296,717)
30,761(246,063) D

Note:
3. One-third of B in the above table(Interests in equity (C above))(Millions of yen)
346,925(246,063) DInterests of SBG
Non-controlling interests (interests of Masayoshi Son)
Equity100,862C

Main interest-bearing debt and lease liabilities in this segment
Balance as of December 31,
2022 in Condensed Interim
Consolidated Statement of
Financial Position¥369.0 billion¥5,721.2 billion¥11.1 billion¥193.0 billion

Borrower
SBG

Type
Borrowings
Corporate bonds
Lease liabilities
Commercial paper

Wholly owned subsidiaries*1
conducting fund procurement

Borrowings using Arm shares(asset-backed finance)¥1,116.9 billion

Prepaid forward contracts using Alibaba
shares (floor contracts, collar contracts,and forward contracts)¥2,415.2 billion

Borrowings using SoftBank Corp. shares(margin loan)¥499.8 billion

Prepaid forward contracts using
T-Mobile shares (collar contracts)¥372.7 billion

Collar transactions using Deutsche
Telekom shares¥432.8 billion

Note:
1. Borrowings of wholly owned subsidiaries conducting fund procurement are non-recourse to SBG.

13

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(b) SoftBank Vision Funds Segment*1
1. Gross performance since inception was $11.0 billion gain in SVF1 and $16.7 billion loss in SVF2.
Market environment: The S&P 500 Index rose 7.1%, the NASDAQ-100 Technology Sector Index rose
0.5%, and the Thomson Reuters Venture Capital Index rose 6.8% from September 30 to December 31,
2022.
SVF1: $100.6 billion in cumulative returns (exit price, etc. + fair value of investments held) on$89.6 billion investments, with $11.0 billion gross gain
· Investment loss was $17.7 billion (¥2,365.4 billion) for the period.
*2· The fair value of investments held at the third quarter-end decreased by 4.4% from the previous quarter-end.
*3- Up 0.4% for public portfolio companies, mainly due to rises in share prices of DiDi, Roivant, and Grab,
partially offset by declines in share prices of GoTo, Coupang, and other companies*3- Down 6.9% for private portfolio companies, reflecting markdowns mainly due to their weakerperformances and higher cost of capital in accordance with private valuation methodologies adopted
SVF2: $33.2 billion in cumulative returns on $49.9 billion investments, with $16.7 billion gross loss
· Investment loss was $16.8 billion (¥2,240.0 billion) for the period.
· The fair value of investments held at the third quarter-end decreased by 6.2% from the previous quarter-end.
- Up 12.1% for public portfolio companies, mainly due to rise in share price of AutoStore, partially offset
by decline in share prices of WeWork and other companies- Down 8.4% for private portfolio companies, reflecting markdowns of a wide range of portfolio companies
due to their weaker-performances in accordance with private valuation methodologies adopted(As of December 31, 2022; in billions of U.S. dollars)

Since Inception

SVF1

Investment
*5
cost

*5

Returns

The Fiscal Year
Gain/
loss

Exited investments
23.1
41.6
18.5
Investments before exit
66.5
56.6
(9.9)
Reversal of valuation gain/loss recorded in prior periods for exitedinvestments in the fiscal year
0.0
2.4
2.4
Derivatives/Interests/Dividends

Total

89.6

100.6

11.0

Gain/loss
Oct - Dec

*4

Gain/loss
Apr - Dec
0.3

0.3

(2.6)

(16.0)

(0.2)

(2.0)

0.0

0.0

(2.5)

(17.7)¥(357.2) billion ¥(2,365.4) billion

SVF2
Exited investments
1.6
2.7
1.1
Investments before exit
48.3
30.7
(17.6)
Reversal of valuation gain/loss recorded in prior periods for exitedinvestments in the fiscal year
Derivatives/Interests/Dividends
(0.2)
(0.2)

(0.0)

(0.0)

(2.0)

(17.0)

0.0

0.1

(0.2)

0.1

Total

(2.2)

(16.8)

49.9

33.2(16.7)¥(305.6) billion ¥(2,240.0) billion

2. Continued prudent defensive financial management – significantly curtailed investments and continued
to monetize investments under a disciplined approach amid the challenging market environment· Sold investments for a total of $5.26 billion by SVF1 and SVF2 in the period (SVF1: $4.66 billion,
1
SVF2: $0.60 billion), including full exits of eight portfolio companies, such as Uber and KE Holdings andpartial exits of several public portfolio companies.
· Made new and follow-on investments by SVF1 and SVF2 totaling $2.76 billion (SVF1: $0.42 billion, SVF2:
1$2.34 billion), a significant reduction from $39.24 billion in the same period of the previous fiscal year.

14SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Notes:
1. Cumulative gross gains and proceeds from realized investments are before deducting third-party interests, taxes, and expenses. The
same applies to the presentation of cumulative investment performance hereinafter.
2. Represents changes in U.S. dollar-based fair values, excluding those from investments or exits made during the third quarter. The
classification of portfolio companies as public/private is based on their status as of the third quarter-end. For portfolio companies
with a change in the classification of public/private during the third quarter, comparisons are made by adjusting their status at thesecond quarter-end to that of the third quarter-end. The same applies to the change in fair value of investments held at the quarterend in this section.
3. Public portfolio companies are shares traded on stock exchanges or over-the-counter markets. Private portfolio companies are thosethat do not fall under the category of public portfolio companies. The same applies hereinafter.
4. The amount of gains and losses for exited investments in the fiscal year represents the exit price, net of the investment cost of suchinvestments. Unrealized valuation gains and losses of such investments recorded in prior years or the first/second quarter arepresented as a reversal of valuation gain/loss recorded in prior periods for exited investments in the fiscal year. Therefore, the total
amount of gains and losses for the first quarter (April to June) and the second quarter (July to September) disclosed in thefirst/second quarter and the gains and losses for the third quarter (October to December) for “investments before exits” may not
match the amount of gains and losses for the period (April to December).
5. For derivatives, the investment cost represents the cost of the derivatives. Investment returns represent the exit price for exitedinvestments, the fair value for investments before exits, the settlement amount of settled contracts or the fair value of open contracts
for derivatives, and the respective amounts received for interest or dividends.

OVERVIEW
Segment results mainly include the results of the investment and operational activities of SoftBank Vision Fund 1(SVF1), SoftBank Vision Fund 2 (SVF2), and SoftBank Latin America Funds (LatAm Funds).

Outline of principal funds in the segment
As of December 31, 2022
SVF1 and SVF2
SVF1 and SVF2 aim to maximize returns from a medium- to long-term perspective through large-scale investments
4

in high-growth-potential companies leveraging AI, particularly in “unicorns.” SVF1’s investment period has ended
and 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.

Major limited partnership
Total committed capital(Billions of U.S. dollars)Manager

Investment period
Fund life

SVF1
SoftBank Vision Fund L.P.
98.6
*1

The Company: 33.1
Third-party investors: 65.5
SBIA
(The Company’s wholly owned
U.K. subsidiary)Ended on September 12, 2019
Until November 20, 2029 + Up to two
1-year extensions option by SBIASVF2SoftBank Vision Fund II-2 L.P.
56.0
The Company: 53.4
*2
Third-party investor (MgmtCo): 2.6
SBGA(The Company’s wholly owned
U.K. subsidiary)
To be determined by the manager
Until October 4, 2032 + Up to two 1year extensions option by SBGA

Notes:
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.
2. A co-investment program has been introduced for SVF2 for the Company’s management. MASA USA LLC (“MgmtCo”), an
investment entity for the co-investment program, participates in this fund. The interest attributable to MgmtCo is treated as a thirdparty interest in the Company’s consolidated financial statements. For details, see “14. Related party transactions regarding a coinvestment program with restricted rights to receive distributions” in “(6) Notes to Condensed Interim Consolidated Financial
Statements” in “2. Condensed Interim Consolidated Financial Statements and Primary Notes.”

15

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

LatAm Funds
LatAm Funds invests in companies harnessing the power of data and technology to redefine industries within
rapidly developing Latin America.
LatAm Funds
Major limited liability company
Total committed capital(Billions of U.S. dollars)Manager
Investment period
Fund life

SBLA Latin America Fund LLC
7.6

*1

SBGA
(The Company’s wholly owned U.K. subsidiary)
To be determined by the manager
Until October 4, 2032
+ Up to two 1-year extensions option by SBGA

Note:
1. A co-investment program has been introduced for LatAm Funds for the Company’s management. MgmtCo participates in this fund.
The interest attributable to MgmtCo is treated as a third-party interest in the Company’s consolidated financial statements. For
details, see “14. Related party transactions regarding a co-investment program with restricted rights to receive distributions” in “(6)Notes to Condensed Interim Consolidated Financial Statements” in “2. Condensed Interim Consolidated Financial Statements andPrimary Notes.”

Financing at SVF
SVF1, SVF2, and LatAm Funds may independently make borrowings that are non-recourse to SBG for the purposeof leveraging and maintaining liquidity. Types of borrowings include asset-backed finance, which utilizes assets
held to enhance returns and distribute to limited partners, and fund-level facilities, which provide bridge funding by
way of a revolving loan for the period between capital calls and the arrivals of funds, thereby allowing a quick
execution of investment after the investment decision is made.

Fair value measurement of investments
SVF1, SVF2, and LatAm Funds calculate the fair value of their investments at each quarter-end in accordance withIFRS 13 Fair Value Measurement and based on the SBIA Global Valuation Policy and the International Private
Equity and Venture Capital Valuation Guidelines (IPEV Guidelines). For public portfolio companies, fair values of
portfolio companies that are traded on stock exchanges are determined using quoted prices, while fair values of
those traded on over-the-counter markets are determined using single or multiple factors, such as quoted prices andother observable inputs. For private portfolio companies, one or more valuation methods are used, including themarket approach using figures of market comparable companies, the income approach using estimated future cash
flows, and the recent transactions method using prices of recent funding rounds and similar transactions.

16SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

FINANCIAL RESULTS(Millions of yen)
Nine months ended December 31
2021
2022
Loss on investments at SoftBank*1
Vision Funds
Loss on investments at SVF1, SVF2,
and LatAm Funds*2

Realized gain on investments
Unrealized loss on valuation of
investments
Change in valuation for the fiscal year
Reclassified to realized gain recorded in*2
the past fiscal years
Interest and dividend income frominvestments
Derivative gain on investments
Effect of foreign exchange translation
Gain on other investments
Selling, general and administrative expenses
Finance cost
Derivative gain (excluding gain (loss) on
investments)
Change in third-party interests in SVF
Other loss

Segment income (income before income tax)

ChangeChange %(441,004)(5,042,699) (4,601,695)-(442,882)
1,118,510(5,048,141) (4,605,259)
47,040 (1,071,470)(95.8%)(1,591,806)(400,818)(5,020,518) (3,428,712)(4,855,290) (4,454,472)-

A(1,190,988)(165,228)

1,025,760-

25,361
51,217(46,164)
1,878(61,431)(19,812)

1,190
16,191(92,044)5,442(53,184)(59,074)(24,171)(35,026)(45,880)
3,564
8,247
(39,262)(95.3%)(68.4%)
189.8%(13.4%)
198.2%

1,013
170,701(300)

865
1,145,779(2,437)(148)
975,078(2,137)(14.6%)
571.2% B-(350,833)(4,010,750) (3,659,917)-

Notes:
1. Unrealized gains and losses associated with the change in valuation of SoftBank Vision Funds’ investment in shares in the
Company’s subsidiaries (mainly Arm and PayPay Corporation), and dividend income received from such investments are included
in segment income of the SoftBank Vision Funds segment as gains and losses on investments at SoftBank Vision Funds, but are
eliminated in consolidation and not included in gains and losses on investments at SoftBank Vision Funds in the Consolidated
Statement of Profit or Loss.
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 gains and losses on investments.

Investments and disposals by SVF1 and SVF2
(Billions of U.S. dollars)

SVF1
SVF2

Investments made during the period
Q1
Q2
Q3
YTD
0.06
0.20
0.16
0.42
2.11
0.13
0.10
2.34

5

Disposals made during the period
Q1
Q2
Q3
2.10
0.93
1.63
0.51
0.06
0.03

YTD
4.66
0.60

Note: Investments and disposals by SVF1 and SVF2 include those through share exchanges. Investments include new and follow-ons.

17

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Segment income
A Loss on investments at SoftBank Vision Funds: ¥5,042,699 million(Millions of yen)
Nine months ended December 31
2021
2022

ChangeChange %(624,234)
44,487(2,365,421)(2,239,999)(1,741,187)(2,284,486)-

136,865(442,721)(579,586)-(442,882)(5,048,141)(4,605,259)-

Loss on investments at SVF1
Gain (loss) on investments at SVF2
Gain (loss) on investments at LatAm Funds

Loss on investments at SVF1, SVF2,
and LatAm Funds

B Change in third-party interests in SVF: ¥1,145,779 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 each fund, net of (i)management and performance fees payable to SBIA from SVF1; (ii) management and performance-linked
management fees payable to SBGA from SVF2; (iii) management fees, performance-linked management fees, andperformance fees payable to SBGA from LatAm Funds; and (iv) operating and other expenses of SVF. For details,
see “(2) Third-party interests in SVF” under “4. SoftBank Vision Funds business” in “(6) Notes to Condensed
Interim Consolidated Financial Statements” in “2. Condensed Interim Consolidated Financial Statements andPrimary Notes.”18

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

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

Total ((1) + (2) + (3) + (4) below)
Cumulative
number ofinvestments
100

Cumulative
investment
cost
89.6

Cumulative
investment
return100.6

Cumulative
*1
gain
11.0

Cumulative Cumulative
number ofinvestment
investments
cost
Effects of share exchanges
(4)
(2.0)
Uber Advanced Technologies Group and Aurora Innovation Inc.
PT Tokopedia and GoTo
Grofers International Pte. Ltd. and Zomato Limited
Zymergen, Inc. and Ginkgo Bioworks Holdings, Inc.
Effects of dividends in kind(2)
Treasure Data, Inc.
Acetone Limited (Equity interest in Arm China JV)
Net of effects of share exchanges
*2, 3
94
87.6
and dividends in kind

Cumulative
investment
return(2.0)

Cumulative
*1
gain
-

-

-

98.6

11.0

Exit price
11.5
30.1
41.6

Cumulative*1
realized gain
8.6
9.9
18.5

(Reference)(1) Exited investments

Number ofinvestments
22
22Partial exit
*4
Full exit
Total

Investment
cost
2.9
20.2
23.1

(2) Investments before exit (investments held at the third quarter-end)*6

Public companies
Private companies
Total

Number ofinvestments
23
55
78

Realized gain (loss)
recorded for the fiscal year
Oct – Dec
Apr – Dec
1.3
(1.0)
0.3
0.3

*5

Investment
cost
31.4
35.1
66.5

Cumulative
unrealized
valuation gain
*7
Fair value(loss)
19.9(11.5)
36.7
1.6
56.6
(9.9)

Unrealized
valuation gain (loss)
recorded for the fiscal year
Oct – Dec
Apr – Dec
0.1
(8.6)
(2.7)
(7.4)
(2.6)
(16.0)

Derivative
cost
0.0
0.0

Fair value /Cumulative
settlement
price derivative gain
0.0
0.0
1.5
1.5
1.5
1.5

Derivative gain (loss)
recorded for the fiscal year
Oct – Dec
Apr – Dec
0.0
0.0
0.0

(3) Derivatives

Unsettled
SettledTotal(4) Interest and dividend income from investments
Interest anddividend
income0.9

Cumulative
income0.9Interest and dividend income
recorded for the fiscal year
Oct – Dec
Apr – Dec-

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 third-party interests, taxes, and expenses

19SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

2. For investments in which share exchanges occurred, the 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 the investment count.
3. In addition to the public share exchanges above, SVF1 exchanged all shares in two portfolio companies for shares in their affiliatedcompanies, which are also existing portfolio companies. The acquisition costs and disposal prices (sale prices) of these investments
are also deducted in this section.
4. Includes disposal (sale) through share exchanges
5. The classification of portfolio companies as public/private is based on their status as of the third quarter-end.
6. Includes DiDi Global Inc., which is traded in the over-the-counter market
7. 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 thepresentation.

SVF2(Billions of U.S. dollars)

Total ((1) + (2) + (3) + (4) below)
Cumulative
number ofinvestments
273

Cumulative
investment
cost
49.9

Number ofinvestments
3
3

Investment
cost
0.2
1.4
1.6

Cumulative
investment
return33.2

Cumulative*1
loss(16.7)

Exit price
0.1
2.6
2.7

Cumulative
realized gain
*1
(loss)
(0.1)
1.2
1.1

(1) Exited investments

Partial exit
Full exit
Total(2) Investments before exit (investments held at the third quarter-end)*3

Public companies
Private companies
Total

Number ofinvestments
14
256
270

Realized gain (loss)
recorded for the fiscal year
Oct – Dec
Apr – Dec
(0.0)
0.0
(0.0)
(0.0)

*2

Investment
*4
cost
8.1
40.2
48.3

Fair value
3.9
26.8
30.7

Cumulative
unrealized
valuation loss
(4.2)
(13.4)(17.6)

Unrealized
valuation gain (loss)
recorded for the fiscal year
Oct – Dec
Apr – Dec
0.4
(4.8)
(2.4)
(12.2)(2.0)(17.0)

Derivative
cost-

Fair value /Cumulative
settlement
price derivative loss
(0.1)
(0.1)
(0.1)
(0.1)
(0.2)
(0.2)

Derivative gain (loss)
recorded for the fiscal year
Oct – Dec
Apr – Dec
0.2
(0.1)
(0.2)
0.1

*4

(3) Derivatives

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

Cumulative
income0.0Interest and dividend income
recorded for the fiscal year
Oct – Dec
Apr – Dec
0.0
0.0

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 third-party interests, taxes, and expenses
2. The classification of portfolio companies as public/private is based on their status as of the third quarter-end.
3. Includes Zhangmen Education Inc., which is traded in the over-the-counter market
4. 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.

20

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Capital deployment
As of December 31, 2022
SVF1
(Billions of U.S. dollars)

Total

The Company

Third-party investors

Drawn capital (B)Return of capital (non-recallable) (C)Outstanding capital (D) = (B) – (C)

98.6
87.2
33.0
54.2

33.1
29.9
9.2
20.7

65.5
57.3
23.8
33.5

Remaining committed capital (E) = (A) – (B)

11.4

3.2

8.2

Committed capital (A)6Note: 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
50.7
5.3

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 December 31, 2022)
Total committed capital
The Company’s equity commitment to investments outside the scope of the co-investment program
The Company’s preferred equity commitment to SVF2 LLC*1
The Company’s equity commitment to SVF2 LLC
MgmtCo’s equity commitment to SVF2 LLC

56.0
8.9
32.1
12.4
2.6

Notes:*As of the third quarter-end, no capital has been paid by MgmtCo.
1. SVF2 LLC (SVF II Investment Holdings LLC) is a subsidiary of the Company established under SVF2 and indirectly holds
investments subject to the co-investment program.

As of the third quarter-end, total committed capital for SoftBank Latin America Funds is $7.6 billion, with drawn
capital totaling $7.2 billion.
For a complete list of portfolio companies and historical quarterly results of SVF1, SVF2, and LatAm Funds, see the Data Sheets
under “Earnings Results Briefing” on the Company’s website at https://group.softbank/en/ir/presentations/.

21

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(c) SoftBank Segment
Segment income decreased by 22.2% yoy mainly due to decreases in income in the consumer business,
which was affected by a fall in mobile service charges, and the Yahoo! JAPAN/LINE business.
(Millions of yen)
Nine months ended December 31
2021
2022
Net sales
Segment income (income before income tax)
Depreciation and amortization
Gain (loss) on investments
Finance cost
Loss on equity method investments

ChangeChange %4,207,250
700,824(552,678)
21,506(46,452)(25,821)

4,388,232
545,543(559,493)(26,215)(47,588)(32,559)

180,982(155,281)(6,815)(47,721)(1,136)(6,738)4.3%(22.2%)
1.2%
2.4%
-

289
(8,429)801(29,140)

512(20,711)177.2%-

Derivative gain
(excluding gain (loss) on investments)
Other loss

Note:
1. Since PayPay Corporation became a subsidiary of SoftBank Corp. and Z Holdings Corporation in October 2022, its operating results
are no longer included in “Other,” but are presented within the SoftBank segment from the three-month period ended December 31,
2022, with the results retrospectively adjusted and presented for the nine-month period ended December 31, 2022 and for the same
period of the previous fiscal year.

OVERVIEW
Segment results include the results of business activities of SoftBank Corp. mainly in Japan, such as provision ofmobile 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 aconventional telecommunications carrier, while further growing the telecommunications business, and expanding
its businesses in three fields: telecommunications, Yahoo! JAPAN/LINE, and new businesses. Recently, SoftBank
Corp. converted PayPay Corporation into a subsidiary and has been focusing with Z Holdings Corporation on
expanding payment and financial services, which make up the core of new businesses.
FINANCIAL RESULTS
Segment income was ¥545,543 million, a decrease of ¥155,281 million (22.2%) year on year. This was mainly due
to decreases in income in the consumer and Yahoo! JAPAN/LINE businesses, as well as a deterioration in
investment loss.
Income in the consumer business decreased mainly due to a fall in mobile service charges. Despite an increase inits sales mainly in commerce and advertising-related services, income in the Yahoo! JAPAN/LINE businessdecreased mainly due to an increase in personnel expenses associated with a reinforcement of its workforce forfurther growth. In the enterprise business, despite an increase in sales for cloud services and the like as thedigitization of enterprises accelerated, income was leveled year on year, mainly due to an increase in costs
associated with sales growth and the recording of a provision for litigation. The deterioration in loss on investments
was due to a decrease in the fair value of portfolio companies, primarily those that were invested for the purpose ofstrengthening solution services.
Impairment loss on equity method investments of ¥31,304 million was recorded in relation to DEMAE-CAN
CO., LTD., which operates a food delivery service under LINE Corporation. The loss had a negative impact of¥2,965 million on net income attributable to owners of the parent at the Company.

22SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

NO IMPACT FROM THE CONVERSION OF PAYPAY CORPORATION INTO A SUBSIDIARY OF
SOFTBANK CORP.
In conjunction with the conversion of PayPay Corporation to a subsidiary, SoftBank Corp. changed theaccounting policy for business combinations under common control involving non-controlling interests from thebook-value method (pooling of interests method) to the acquisition method, starting from the third quarter. As aresult, SoftBank Corp. recorded a gain from remeasurement relating to the business combination of ¥294,843
million and amortization expenses for identifiable intangible assets pertaining to PayPay Corporation in the third
quarter associated with the conversion of PayPay Corporation into a subsidiary. Furthermore, as a result of thischange in accounting policy, the acquisition method was retrospectively applied to transactions executed in prioryears under common control involving non-controlling interests such as the consolidation of Yahoo Japan
Corporation (currently Z Holdings Corporation) in June 2019. With this retroactive application, assets, liabilities,
and equity of SoftBank Corp. increased in its consolidated statement of financial position as of March 31, 2022.
The company also recorded amortization expenses by recognizing identifiable intangible assets pertaining to Z
Holdings Corporation in conjunction with this change in accounting policy, in its Consolidated Statement of Income
for the nine months ended December 31, 2022 and the same period of the previous fiscal year.
Nevertheless, there is no impact from these on SBG’s consolidated financial statements as PayPay Corporation
and Z Holdings Corporation have consistently been classified as subsidiaries of SBG.
For more information on SoftBank Corp.’s financial results and business operations, please refer to its website athttps://www.softbank.jp/en/corp/ir/.

23

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(d) Arm Segment
1. Arm’s business remains robust, including a record high royalty revenue and strong demand fortechnology licenses.
◆ Net sales increased by 3.7% yoy (U.S. dollar-based) mainly due to continuing strong royalty revenue
growth offset by a decline in non-royalty revenue due to very strong license revenue in the same
period of the previous fiscal year. In yen terms, net sales increased by 27.1% due to the weaker yen
exchange rate used for translation in the preparation of the Company’s consolidated financial
statements.
- Technology royalty revenue increased by 18.6% yoy (U.S. dollar-based) due to market share gains ininfrastructure, more chips being deployed into IoT devices, and higher royalty rates in smartphones.
- Technology non-royalty revenue decreased by 15.4% yoy (U.S. dollar-based). Non-royalty revenue declined
as revenues recognized in the same period of the previous fiscal year included some high-value deals, whichwere signed with large customers in prior years, resulting in record revenues for the period. For the period,
continued strong demand for Arm licenses resulted in the second highest revenue for the nine-month period.
On a quarterly basis, non-royalty revenue in the third quarter increased by 64.7% year on year.
◆ Segment income on a U.S. dollar basis increased mainly due to higher net sales. In yen terms, segment

income increased by 76.6% due to the weaker yen exchange rate used for translation in the
preparation of the Company’s consolidated financial statements.
2. Arm continued its preparations for a potential public offering.
Arm appointed two new independent Board members in December 2022, bringing the number of independent
directors to four out of eight Board members in total (as of December 31, 2022).
(Millions of yen)
Nine months ended December 31
2021
2022
Net sales
Segment income (income before income tax)

227,370
31,088*1

288,952
54,901

ChangeChange %61,582
23,813

27.1%
76.6%

Note:
1. Segment income included amortization expenses of ¥46,359 million for the period and ¥37,877 million for the same period of theprevious fiscal year. These expenses are related to intangible assets recognized in the purchase price allocation at the time of theacquisition of Arm.

OVERVIEW
Arm’s operations primarily consist of licensing semiconductor intellectual property (IP), including the design ofenergy-efficient microprocessors and associated technologies. Following its acquisition by the Company in 2016,
Arm accelerated investment in R&D by hiring more engineers. With the expansion of its engineering capability,
Arm has developed new technologies that have helped it maintain or increase its share of the existing markets andexpand into new markets. As Arm prepares for a potential public offering, it is continuing to grow investment in
R&D to develop solutions to meet customers’ future technology needs whilst focusing on the efficiency of its nonengineering functions.
Strengthening management
As Arm continues to prepare for a potential public offering and to further strengthen the Arm Board, Arm appointed
new Board members Paul E. Jacobs, chairman and CEO of XCOM Labs and former CEO and executive chairmanof Qualcomm Inc., and Rosemary Schooler, former corporate vice president and general manager of Data Centerand AI Sales for Intel in December 2022. The new addition brought the number of independent directors to four outof eight Board members in total (as of December 31, 2022).
24

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Industry trends and their impact
Semiconductor industry trends can have a significant impact on Arm’s financial results, both positively andnegatively. Industry growth benefits Arm’s technology royalty revenue, which can grow along with industry sales.
Industry growth can also encourage Arm’s customers to increase design activity, creating new opportunities for
Arm to license its latest technologies and thus driving non-royalty revenue (technology licensing revenue andsoftware and services revenue).
The semiconductor industry has continued to grow during the period, compared to the same period of theprevious fiscal year, due to long-term trends, such as more products and services depending on increasing amountsof embedded intelligence, such as cars providing more driver information and assistance, and smartphones
improving camera technology generation after generation for better photography. On a quarterly basis, however,after two years of strong growth, the semiconductor industry started to slow in the first two quarters of the fiscal
year and declined in the third quarter. Also, some of Arm’s customers have indicated that inventory levels are very
high across the value chain, which may result in their revenues declining for a short period until inventory levels arelower.
The industry is vulnerable to other external factors, including inventory corrections, trade disputes and theirassociated sanctions against specific companies, supply-chain disruption, as well as the impact of temporarycomponent shortages. If shipments of consumer electronic devices weaken, it may lead to lower technology royalty
revenue, and if Arm’s 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 in general 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 U.S. dollar-based.
(Millions of U.S. dollars)Nine months ended December 31
2021
2022

Change Change %Technology royalty
Technology non-royalty

1,149
896

1,362
758

213
(138)

18.6%
(15.4%)

Total net sales

2,045

2,120

75

3.7%

Net sales increased by $75 million (3.7%) year on year due to strong growth in technology royalty revenue,
partially offset by a decrease in technology non-royalty revenue.
Technology royalty revenue
Technology royalty revenue increased by $213 million (18.6%) year on year. Royalty revenues were driven by thestrong shipments of Arm-based 5G high-end smartphones, including some based on Arm’s latest Armv9
architecture, which will typically command a higher royalty fee, deployment of networking equipment into 5G basestations, and Arm’s customers gaining share in multiple markets, such as automotive, IoT, and servers. In addition,
Arm’s customers have benefitted from the high demand for computer chips, which enabled prices to increase. As
Arm’s royalty revenue is often based on the price of the chips, Arm also benefitted from higher chip prices.

25

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Technology non-royalty revenue
Technology non-royalty revenue decreased by $138 million (15.4%) year on year. This decrease is primarily due tohigh technology non-royalty revenue in the same period of the previous fiscal year, which was due in part to thetiming of revenue related to contracts signed with some large customers who were making major investments inArm’s expanded technology portfolio. Arm continued to see robust customer demand for its products in the third
quarter with technology non-royalty revenue increasing by 64.7% year on year.
Following the acquisition by the Company, Arm increased investment in R&D, which expanded Arm’s productportfolio to include processors optimized for servers, automotive electronics, and AI acceleration. This led to awider range of customers licensing Arm technology, as well as existing customers having more Arm technology tochoose from, both of which helped to drive licensing revenues. This included licenses for processors used bycustomers intending to build Arm-based servers and PC chips, smartphones, networking equipment, autonomous
systems, such as industrial robotics and self-driving vehicles, and for AI-enabled microcontrollers.
Segment income
Segment income on a U.S. dollar basis increased due to higher net sales combined by the improved operational
efficiency, partially offset by professional fees related to preparations for a public offering. In yen terms, segment
income increased by ¥23,813 million (76.6%) year on year to ¥54,901 million, due to the weaker yen exchange rateused for translation in the preparation of the Company’s consolidated financial statements.

OPERATIONS
7
Royalty units(Billion)
Nine-month period ended September 30
2021
2022
Royalty units as reported by Arm’s licensees

21.4

22.9

Change Change %
1.5

7.0%

Arm’s licensees reported that they had shipped 22.9 billion Arm-based chips in the nine-month period ended
September 30, 2022, an increase of 7.0% year on year.

26

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 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
Main developments

Infrastructure
Opportunity
Main developments

Automotive
Opportunity

Main developments· Arm already has more than 95% market share of the main chips in mobile devices and,over time, has been successfully increasing royalties per chip.
· Arm announced its annual update of technology for smartphones in June 2022,
including the Arm Cortex-X3 and Cortex-A715 CPUs, both based on Armv9 technology,
and Arm Immortalis-G715 GPU, which brings hardware-based ray tracing support tomobile devices, delivering more realistic and immersive gaming experiences.
· Mediatek Inc. announced the Dimensity 9200 chip for premium smartphones in
November 2022. It is the first chip based on the Arm Cortex-X3 and Cortex-A715
CPUs and Arm Immortalis-G715 announced by Arm in June 2022.
· Also in November 2022, Vivo Communication Technology Co. Ltd. announced
that their x90 Pro flagship smartphone would be the first smartphone to use theMediatek Dimensity 9200 chip and started shipping in January 2023.
· Arm has a growing share in networking infrastructure and a nascent share in data center
servers.
· Arm announced adoption of Arm Neoverse-based chips by Google Cloud servers in July
2022. Google Cloud customers can now run workloads on the Ampere Altra chip, basedon Arm Neoverse N1 CPU. Google joins Alibaba, Amazon, and Microsoft in deploying
server chips based on Arm technology.
· Arm announced in September 2022 Neoverse V2, the latest Arm core targeted atproviding world-leading performance for cloud servers, hyperscale workloads, andhigh-performance computing applications.
· Amazon Web Services, Inc. announced in November 2022 that the Arm Neoversebased AWS Graviton3E server chip, which is 35% faster than the previous
generation chip, will be deployed early in 2023 in its high-performance server
systems.
· 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 announced in July 2022 that it is working with Cruise LLC to scale out theirautonomous driving platform.
· NVIDIA Corporation announced that their future chip for safe and secureautonomous vehicles DRIVE Thor will be based on Arm’s next generation CPU
codenamed Poseidon in September 2022.

IoT
Opportunity

Main developments· For IoT to reach its full potential, it must be secured against hacking and robust against
faults. Arm has developed technology to secure and manage the data in IoT device
networks.
· In June 2022, Arm announced the Arm Mali-C55 Image Signal Processor (ISP), its
smallest and most configurable image signal processor designed for IoT devices, suchas home security cameras and drones, which is already seeing success with licensees,such as Renesas Electronics Corp.

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

27

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(2) Overview of Financial Position
1. Status of investment assets◆ Carrying amount of investments from SVF (FVTPL) of ¥10,856.8 billion, a decrease of ¥4,052.9*1billion from the previous fiscal year-end*2- Decrease at SVF1 of ¥2,122.0 billion : The balance decreased by $15.35 billion due to a decrease in the1fair value of investments held at the third quarter-end and by $6.38 billion due to divestments.
1
These were partially offset by an increase of $0.42 billion due to new and follow-on investments.
*2- Decrease at SVF2 of ¥1,609.3 billion : The balance decreased by $17.42 billion due to a decrease in thefair value of investments held at the third quarter-end and by $0.53 billion due to divestments.
These were partially offset by an increase of $2.34 billion due to new and follow-on investments.
*2- Decrease at LatAm Funds of ¥321.5 billion◆ Carrying amount of investment securities of ¥6,854.0 billion, an increase of ¥3,768.7 billion from theprevious fiscal year-end- Carrying amount of ¥4,148.6 billion was recorded for Alibaba shares held at the third quarter-end.
◆ Investments accounted for using the equity method of ¥749.4 billion, a decrease of ¥4,485.2 billion
from the previous fiscal year-end- Consolidated carrying amount of Alibaba of ¥4,572.1 billion decreased due to its exclusion from equity
method associates. Alibaba shares are recorded as “investment securities” under financial assets at
FVTPL, for which investment performances are measured at fair value.
2. Changes in liabilities associated with financing activities◆ Interest-bearing debt of SBG decreased by ¥1,147.9 billion from the previous fiscal year-end.
◆ Interest-bearing debt of wholly owned subsidiaries conducting fund procurement decreased by¥2,492.5 billion from the previous fiscal year-end.
- Financial liabilities of $40.45 billion relating to the sale of shares by prepaid forward contracts using
Alibaba shares were derecognized following the physical settlement of a portion of these contracts, while$24.42 billion was newly raised through such contracts.
3. Changes in equity◆ Total equity decreased by ¥1,114.2 billion from the previous fiscal year-end.
- ¥912.5 billion net loss attributable to owners of the parent reduced retained earnings.
- ¥1,055.4 billion worth of shares were repurchased in the period.
- ¥1,227.6 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 21.3% at the third quarter-end,
up from 21.0% at the previous fiscal year-end.
Notes:
1. Investments from SVF (FVTPL) do not include their investments in the Company’s subsidiaries or investments that were transferredfrom the Company to the funds and continue to be accounted for using the equity method (and are included in “investments
accounted for using the equity method”) prior to and after the transfer.
2. Includes increases in the carrying amount of investments at SVF1, SVF2, and LatAm Funds due to an 8.4% depreciation of the yen
against the U.S. dollar in the foreign currency exchange rate used for translations at the third quarter-end(Millions of yen)March 31, 2022

December 31, 2022

ChangeChange %Total assets
Total liabilities

47,544,670
35,836,908

42,343,244
31,749,656(5,201,426)(4,087,252)(10.9%)(11.4%)

Total equity

11,707,762

10,593,588(1,114,174)(9.5%)

28

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(a) Assets(Millions of yen)March 31, 2022

December 31, 2022

ChangeCash and cash equivalents
Trade and other receivables
Derivative financial assets
Other financial assets
Inventories
Other current assets
Total current assets
Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Costs to obtain contracts

5,169,001
2,361,149
1,050,446
971,125
142,767
334,101
10,028,589
1,842,749
914,743
4,897,913
2,427,580
330,899

5,778,054
2,681,391
123,510509,034
172,913275,9079,540,809
1,717,622
873,131
5,170,290
2,423,940
345,601

609,053
320,242(926,936) A(462,091) B
30,146(58,194)(487,780)(125,127) C

Investments accounted for using
the equity method
Investments from SVF (FVTPL)
SVF1
SVF2
LatAm Funds
Investment securities
Derivative financial assets
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets

5,234,519
14,909,614
8,365,274
5,401,117
1,143,223
3,085,369
1,333,787
2,230,615
163,255
145,038
37,516,081

749,355
10,856,761
6,243,257
3,791,817
821,6876,854,039
1,357,136
2,117,698
180,811
156,051
32,802,435(4,485,164) E(4,052,853) F(2,122,017)(1,609,300)(321,536)
3,768,670 G
23,349 H(112,917) I

Total assets

47,544,670

42,343,244(5,201,426)(41,612)272,377 D(3,640)14,702

17,556
11,013(4,713,646)

Reasons for changes by primary component
Components
Current assets
A Derivative financial assets

Main reasons for changes from the previous fiscal year-end

B Other financial assets

At SB Northstar, with the downsizing of the business, restricted cash
decreased by ¥131,474 million, investments from asset management
subsidiaries decreased by ¥126,415 million, and derivative financial assets
in asset management subsidiaries decreased by ¥48,337 million.

Derivative financial assets decreased due to the physical settlement of the
prepaid forward contracts using Alibaba shares in full of the balance of¥1,033,619 million outstanding at the previous fiscal year-end. In addition,
derivative financial assets for which settlement became due within one year
were recorded in the amount of ¥100,883 million at the third quarter-end
after being reclassified from non-current assets.

29

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Components
Non-current assets
C Property, plant andequipment

Main reasons for changes from the previous fiscal year-end

D Goodwill

Goodwill of Arm increased by ¥243,937 million due to the weaker yen against
the U.S. dollar.

E Investments accounted forusing the equity method

The carrying amount of Alibaba decreased by ¥4,572,129 million. This
reflected derecognition of investments in Alibaba accounted for using theequity method following its exclusion from equity method associates as theCompany’s voting ownership in the company fell below 20% during the courseof the physical settlement of a portion of the prepaid forward contracts using
Alibaba shares from August to September 2022. Alibaba shares held by theCompany at the third quarter-end are recorded as “investment securities.”

F Investments from SVF(FVTPL)· The carrying amount of investments at SVF1 decreased by ¥2,122.0 billion.
This mainly reflected a decrease of $15.35 billion due to a decrease in the fairvalue of investments held at the third quarter-end and a decrease of $6.38
1billion due to divestments. These were partially offset by an increase of1$0.42 billion due to new and follow-on investments.
· The carrying amount of investments at SVF2 decreased by ¥1,609.3 billion.
This mainly reflected a decrease of $17.42 billion due to a decrease in the fairvalue of investments held at the third quarter-end and a decrease of $0.53
billion due to divestments. These were partially offset by an increase of $2.34
billion due to new and follow-on investments.
· The carrying amount of investments at LatAm Funds decreased by ¥321.5
billion. This mainly reflected a decrease of $3.37 billion due to a decrease in*1
the fair value of portfolio companies held at the third quarter-end and a1decrease of $0.06 billion due to divestments. These were partially offset by1
an increase of $0.28 billion due to new and follow-on investments.

· The property, plant and equipment of ¥240,322 million of a U.S. subsidiaryengaged in the renewable energy business was excluded following thecompany’s exclusion from the scope of consolidation.
· SoftBank Corp. made a capital investment in telecommunications equipment.

The carrying amount of investments at each fund as of the third quarter-end
also included the increase caused by the foreign exchange rate used fortranslation of 8.4% depreciation of the yen against the U.S. dollar.
For details on the status of investments at SVF1, SVF2, and LatAm Funds,
see “(b) SoftBank Vision Funds Segment” under “b. Results by Segment” in“(1) Overview of Results of Operations.”

30

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Components
G Investment securities

Main reasons for changes from the previous fiscal year-end· The carrying amount of Alibaba shares held at the third quarter-end was¥4,148,632 million ($31,263 million). This mainly reflected the physicalsettlement of a portion of prepaid forward contracts made using Alibaba
shares in the third quarter after newly recording the carrying amount of
Alibaba shares of ¥4,484,758 million ($30,970 million) at the second quarterend.
· The carrying amount of T-Mobile shares decreased by ¥218,174 million($2,252 million) (balance at the third quarter-end: ¥738,881 million ($5,568
million)). This mainly reflected the sale of 21.2 million T-Mobile shares heldby the Company to Deutsche Telekom following its partial exercise of call
options for the shares.
· The carrying amount of Deutsche Telekom shares increased by ¥75,623*2
million (increased in U.S. dollar terms by $241 million ) due to an increasein the company’s share price. The balance at the third quarter-end was¥593,583 million ($4,473 million).
The carrying amount of T-Mobile shares and Deutsche Telekom shares as of
the third quarter-end also included the increase caused by the foreignexchange rate used for translation of 8.4% depreciation of the yen against the
U.S. dollar.
The carrying amount of investments from LatAm Funds is now included ininvestments from SVF (FVTPL) following the integration of the Latin
America Funds segment into the SoftBank Vision Funds segment in the firstquarter. For details, see “1. Changes in presentation” under “(6) Notes toCondensed Interim Consolidated Financial Statements” in “2. Condensed
Interim Consolidated Financial Statements and Primary Notes.”

H Derivative financial assets· The fair value of the contingent consideration related to T-Mobile shares
increased by ¥195,030 million (balance at the third quarter-end: ¥786,459
million).
· Derivative financial assets decreased by ¥141,170 million, mainly due to thephysical settlement of a portion of prepaid forward contracts using Alibaba
shares and the reclassification of those contracts for which settlement becamedue within one year to current assets. This more than offset an increase inderivative financial assets due to a fall in the Alibaba share price from theprevious fiscal year-end.

I Other financial assets

WeWork unsecured notes held by the Company, with a face value of $1.65
billion, was recorded at ¥72,128 million. The amount is obtained by deducting
provision for doubtful accounts of ¥104,883 million from the carrying amountof ¥177,011 million. For details, see “(Reference) Loans, Guarantees, and Loan
Facility to WeWork” at the end of this section.

Notes:
1. Includes the impact from the weaker local currencies against the U.S. dollar
2. Includes the impact from the weaker euro against the U.S. dollar

31SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(Reference) Cash and cash equivalents by entity
Consolidated cash and cash equivalents increased by ¥609.1 billion to ¥5,778.1 billion from the previous fiscal
year-end. Of this, cash and cash equivalents of SBG increased by ¥393.4 billion to ¥2,896.0 billion. For details, see“(3) Overview of Cash Flows.”(Millions of yen)March 31, 2022

December 31, 2022

Change2,569,355
2,502,626

2,911,693
2,895,980

342,338
393,354

26,27140,458

11,790
3,923(14,481)(36,535)

47,754150,462
1,890
24,34036,14563,4232,860
45,315(11,609)(87,039)970
20,975

318,661
130,277

274,569
78,217(44,092)(52,060)

824,671
174,346
525,934
401,311

1,032,252
348,786
524,293
460,501

207,581
174,440(1,641)
59,1905,169,001

5,778,054

609,053

SBG and wholly owned subsidiaries
conducting fund procurement, etc.
SBG
Wholly owned subsidiaries conducting fundprocurement
SB Northstar
SoftBank Vision Funds segment
SVF1
SVF2
LatAm Funds
SBIA, SBGA, SBLA Advisers Corp.
SoftBank segment
SoftBank Corp.
Z Holdings Corporation*1

PayPay Corporation, PayPay Bank
*2
Corporation, PayPay Card Corporation
Yahoo Japan Corporation
OthersOthers
Total*1

Notes:
1. PayPay Corporation was previously included in “Others,” but from the third quarter it is included in the “SoftBank segment” as it
became a subsidiary of SoftBank Corp. and Z Holdings Corporation in October 2022. The change is reflected retrospectively for theprevious fiscal year-end.
2. Cash and cash equivalents of PayPay Bank Corporation at the third quarter-end was ¥446,037 million.

32

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(b) Liabilities(Millions of yen)March 31, 2022

December 31, 2022

ChangeInterest-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
Total current liabilities
Interest-bearing debt
Lease liabilities
Third-party interests in SVF
Derivative financial liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities

7,328,862
240,241
1,331,385
1,968,864
119,592554,814
183,388
34,056620,260
12,381,462
14,128,570
625,9075,640,498
174,003
129,849
107,9612,436,034
212,624
23,455,446

3,871,065
202,479
1,450,442
2,344,659
57,544492,285
105,098
64,945598,123
9,186,640
14,230,530
640,733
4,531,951
364,884
64,268
164,930
2,322,742
242,978
22,563,016(3,457,797)(37,762)
119,057
375,795(62,048)(62,529)(78,290)
30,889(22,137)(3,194,822)
101,960
14,826(1,108,547)
190,881(65,581)
56,969(113,292)
30,354(892,430)

Total liabilities

35,836,908

31,749,656(4,087,252)

A
B

C

D

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 Trade and other payables
Trade and other payables increased mainly due to increases in accounts
payable to merchants and deposits from users (amounts that users candeposit or otherwise use for payments) at PayPay Corporation, as a result of
the increase in gross merchandise value.
B Other financial liabilities

At the third quarter-end, the Company recorded the following: (a) allowancefor financial guarantee contract losses of ¥113,449 million in relation tocredit support provided by the Company and SVF2 for letter of credit
facility to WeWork from financial institutions (up ¥91,169 million from theprevious fiscal year-end) and (b) allowance for loan commitment losses of¥33,320 million in relation to a commitment to acquire senior secured notes
by SVF2 to be issued by WeWork (not recorded at the previous fiscal yearend). For details, see “(Reference) Loans, Guarantees, and Loan Facility to
WeWork” at the end of this section.

33

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Components
Non-current liabilities
C Derivative financial liabilities

Main reasons for changes from the previous fiscal year-end

D Deferred tax liabilities

Deferred tax liabilities related to prepaid forward contracts using Alibaba
shares decreased due to a decrease in derivative financial assets and anincrease in derivative financial liabilities.

Derivative financial liabilities increased by ¥223,625 million due to therecording of liabilities for a portion of prepaid forward contracts using
Alibaba shares that were newly concluded in the period.

34

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(Reference) Interest-bearing debt and lease liabilities (total of current and non-current)
March 31, 2022

December 31, 2022

(Millions of yen)
Change14,869,325
7,442,237
1,255,116
5,918,265
12,056
256,800

11,195,326
6,294,302
369,005
5,721,242
11,055
193,000(3,673,999)(1,147,935)(886,111) A(197,023) B(1,001)(63,800)

7,393,573
2,857,000

4,901,024
2,049,421(2,492,549)(807,579) C

4,536,573
33,51533,5152,851,603-(1,684,970) D(33,515)(33,515)

336,535
336,535
731,540
731,540
9,179
9,179
759
759

554,812554,812765,118
765,118
14,93814,938218,277
218,277 E
33,57833,578 E(9,179)(9,179)14,17914,1794,236,453
3,085,954
469,252
559,846
121,401
1,022,260
418,283
603,977

4,280,701
3,261,609
469,342514,749
35,001
1,070,939
492,039
578,900

44,248
175,65590(45,097)(86,400)
48,67973,756(25,077)

298,92128,046
414,536

335,939
89,626432,444

37,01861,58017,908286,988
89,038

126,967
77,996(160,021)(11,042)

22,323,580

18,944,806(3,378,774)

SBG and wholly owned subsidiaries
conducting fund procurement, etc.
SBG
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
LatAm Funds
Borrowings
SBIA, SBLA Advisers Corp.
Lease liabilities
SoftBank segment
SoftBank Corp.
Borrowings
Corporate bonds
Lease liabilities
Commercial paper
Z Holdings Corporation
Borrowings
Corporate bonds*2

PayPay Corporation, PayPay Bank
*3
Corporation, PayPay Card Corporation
Yahoo Japan Corporation
Other
*2

OthersOther interest-bearing debt
Lease liabilities
Total

Notes:
1. The interest-bearing debt of wholly owned subsidiaries engaged in fund procurement is non-recourse to SBG.
2. PayPay Corporation was previously included in “Others,” but from the third quarter, it is included in the “SoftBank segment” since
it became a subsidiary of SoftBank Corp. and Z Holdings Corporation in October 2022. The change is reflected retrospectively forthe previous fiscal year-end.
3. Deposits for banking business of PayPay Bank Corporation is not included in interest-bearing debt.

35

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

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

Details

SBG and wholly owned subsidiaries conducting fund procurement, etc.
SBG
A Borrowings· Borrowings of $4.50 billion made using commitment lines were repaid in the firstquarter.
· The entire ¥325.2 billion of senior loans were repaid in the third quarter. This included¥292.7 billion repaid before maturity.
B Corporate bonds· Foreign currency-denominated straight bonds with face values of $0.27 billion and 0.22
billion euros were repurchased in the first quarter.
· Foreign currency-denominated straight bonds with face values of $0.51 billion and 0.19
billion euros were redeemed upon maturity in the second quarter.
· Foreign currency-denominated straight bonds with face values of $0.51 billion and 1.02
billion euros were repurchased in the third quarter.
· Domestic straight bonds with a face value of ¥385.0 billion were issued in the third
quarter.
· Domestic straight bonds with a face value of ¥337.0 billion were redeemed uponmaturity in the third quarter.
· The carrying amount of foreign currency-denominated straight bonds increased due to an
8.4% depreciation of the yen against the U.S. dollar at the third quarter-end in theforeign currency exchange rate used for translations.

Wholly owned subsidiaries conducting fund procurement
C Borrowings
Through Alibaba shares· Borrowings of $6.0 billion made through a margin loan were repaid in full in the second
quarter. There were no borrowings outstanding at the third quarter-end.
Through Arm shares· $0.50 billion (net) was borrowed through asset-backed finance in the first quarter.
Through T-Mobile shares· Borrowings of $2.06 billion made through a margin loan in the previous fiscal year were
repaid during the six months ended September 30, 2022. There were no borrowings
outstanding at the third quarter-end.

36

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Components

Details

D Financial liabilities
relating to sale ofshares by prepaid
forward contracts

Through Alibaba shares$10.49 billion was raised in the first quarter by concluding prepaid forward contracts(forward contracts).
· Financial liabilities relating to sale of shares by prepaid forward contracts of ¥604,888
million ($4.94 billion) were derecognized due to the physical settlement of a portion of
the prepaid forward contracts in the first quarter.
· Financial liabilities relating to sale of shares by prepaid forward contracts of ¥3,958,469
million ($28.57 billion) were derecognized due to the physical settlement of a portion of
the prepaid forward contracts in the second quarter. This included liabilities of¥1,862,409 million ($13.47 billion) that had been recorded upon the conclusion of thecontracts during the six months ended September 30, 2022.
· After the above settlement, $1.09 billion was newly raised in the second quarter by
concluding prepaid forward contracts (forward contracts).
· $6.07 billion was raised in the third quarter by concluding prepaid forward contracts(forward contracts).
· Financial liabilities relating to the sale of shares by prepaid forward contracts of¥974,790 million ($6.94 billion) were derecognized due to the physical settlement of a
portion of the prepaid forward contracts in the third quarter.
For details, see “(2) Transactions for sale of Alibaba shares by prepaid forward
contracts” under “5. Interest-bearing debt” in “(6) Notes to Condensed Interim
Consolidated Financial Statements” in “2. Condensed Interim Consolidated Financial
Statements and Primary Notes.”*3

SoftBank Vision Funds segment
SVF1 and SVF2
E Borrowings· Borrowings made through asset-backed finance increased by $1.43 billion at SVF1 anddecreased by $0.21 billion at SVF2.
· The balance of the borrowings increased due to the foreign exchange rate used fortranslations at the third quarter-end having an 8.4% depreciation of the yen against the
U.S. dollar.
Note:
3. For details of borrowings at SVF1, SVF2, and LatAm Funds, see “Financing at SVF” 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.”

37

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(c) Equity(Millions of yen)March 31, 2022

December 31, 2022

ChangeCommon stock
Capital surplus
Other equity instruments
Retained earnings
Treasury stock
Accumulated other comprehensive income

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

238,772
2,652,608
414,055
3,490,974(1,454,456)
3,666,698

18,034(82,821) A(1,024,730) B(1,048,046) C
1,170,540 D

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

9,975,674
1,732,088

9,008,651
1,584,937(967,023)(147,151)

Total equity

11,707,762

10,593,588(1,114,174)

Reasons for changes by primary component
Components
A Other equity instruments

Main reasons for changes from the previous fiscal year-end
A portion of the USD-denominated Undated Subordinated Non-Call 6 years
Resettable Notes (the Hybrid Notes) amounting to the face value of $0.75 billion
was repurchased in the third quarter. The Hybrid Notes are classified as equity
instruments in accordance with IFRSs.

B Retained earnings

Net loss attributable to owners of the parent of ¥912,513 million was recorded.

C Treasury stock

SBG acquired 185,700,600 of its own shares for a total of ¥1,055,426 million
during the period in accordance with board resolutions on November 8, 2021 andAugust 8, 2022. By March 31, 2023, SBG plans to retire 252,958,500 shares oftreasury stock (14.68% of the total number of shares issued prior to theretirement), the same number as the total number of shares repurchased inaccordance with both board resolutions.

D Accumulated othercomprehensive income

Exchange differences from the translation of foreign operations, which arose fromtranslating foreign subsidiaries and associates into yen, increased by ¥1,227,567
million mainly due to the weaker yen against the U.S. dollar, despite a decrease of¥314,356 million due to the exclusion of Alibaba from equity method associates.

38SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(Reference) Loans, Guarantees, and Loan Facility to WeWork
Condensed Interim Consolidated
Statement of Financial Position
Account
Carrying amountat the third
quarter-end(Parentheses show
liabilities)
Unsecured notes issued by
WeWork with a face value $1.65
billion held by the Company

Other financial
assets(non-current)

Credit support by the Company
and SVF2 for letter of credit up
to $1.457 billion from financial
institutions to WeWork

Other financial
liabilities(current)

Commitment by SVF2 toacquire senior secured notes tobe issued by WeWork

Other financial
liabilities(current)

Note:
1. After deducting allowance for doubtful accounts

39(Millions of yen)
Condensed Interim Consolidated
Statement of Profit or Loss
Account
Losses for(as in the notes)
the period* 72,128

1

Other loss
(provision for allowancefor doubtful accounts)(111,569)(113,449)

Other loss
(provision for allowancefor financial guarantee
contract losses)(103,593)(33,320)

Other loss
(provision for allowance
for loan commitment
losses)(35,445)

Total(250,607)

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(3) Overview of Cash Flows
1. Cash flows from operating activities◆ Income taxes paid of ¥584.5 billion
2. Cash flows from investing activities◆ New investments at SVF2 were significantly reduced, while divestments progressed mainly at SVF1.
- Payments for acquisition of investments by SVF: ¥384.6 billion (¥3,909.0 billion in the same period of theprevious fiscal year)- Proceeds from sales of investments by SVF: ¥681.1 billion (¥1,734.2 billion in the same period of theprevious fiscal year)◆ Proceeds from sales/redemption of investments of ¥584.5 billion following progress on the sale of TMobile and other shares◆ Outlays of ¥499.6 billion for purchase of property, plant and equipment and intangible assets due tocapital expenditure mainly at SoftBank Corp.
◆ The above resulted in net cash inflow of ¥463.2 billion from investing activities (compared to net cash
outflow of ¥ 2,843.6 billion in the same period of the previous fiscal year).
3. Cash flows from financing activities◆ Net cash outflow of ¥875.9 billion from financing activities. Funded through continued asset-backed
finance, the Company made multiple debt repayments in the period. This included repayments ofmargin loans and purchase of foreign currency-denominated notes. Share repurchases anddistribution/repayments to third-party investors of SVF also continued, as well as dividend payouts.
- Proceeds from interest-bearing debt: ¥6,485.9 billion· Main proceeds at SBG: ¥385.0 billion(Issued domestic straight corporate bonds of ¥385.0 billion (face value))· Main proceeds at wholly owned subsidiaries conducting fund procurement: ¥3,481.4 billion(Procured $24.42 billion through prepaid forward contracts using Alibaba shares, $1.40 billion throughasset-backed finance using Arm shares)· Main proceeds at SVF: ¥580.7 billion(SVF1 procured $4.50 billion through asset-backed finance)- Payments for interest-bearing debt: ¥5,074.9 billion· Main outlays at SBG: ¥1,818.1 billion(for repayment of ¥920.3 billion in short-term borrowings and full repayment of ¥325.2 billion in seniorloans, repurchase of foreign currency-denominated straight bonds with total face values of $0.78
billion and 1.24 billion euros, and redemption upon maturity of domestic straight bonds with a total
face value of ¥337.0 billion)· Main outlays at wholly owned subsidiaries conducting fund procurement: ¥1,188.5 billion(for full repayment of $6.0 billion in a margin loan borrowed through Alibaba shares, repayment of$2.06 billion in a margin loan borrowed through T-Mobile shares in the previous fiscal year, andrepayment of $0.90 billion in borrowings in asset-backed finance made through Arm shares)· Main outlays at SVF: ¥426.2 billion(for repayment of borrowings totaling $3.27 billion at SVF1 and SVF2 made through asset-backed
finance)- Repurchase of treasury stock of ¥1,055.4 billion- Distribution and repayments to third-party investors at SVF of ¥465.6 billion- Payments of ¥356.0 billion for dividends at SBG and for dividends to non-controlling interests in
subsidiaries such as SoftBank Corp.
4. Balance of cash and cash equivalents at the third quarter-end and its changes during the period◆ The balance of cash and cash equivalents stood at ¥5,778.1 billion at the third quarter-end, an increaseof ¥609.1 billion from the previous fiscal year-end, due to cash flows from operating, investing, andfinancing activities, as well as the effect of exchange rate changes on cash and cash equivalents of¥296.9 billion reflecting the weaker yen.
40

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

SIGNIFICANT NON-CASH TRANSACTIONSThe Company settled a portion of the prepaid forward contracts using Alibaba shares in physical form in the period.
This was a non-cash transaction and had no impact on the consolidated cash flows. For details, see “(5) Significant
non-cash transactions” under “13. Supplemental information to the Condensed Interim Consolidated Statement of
Cash Flows” in “2. Condensed Interim Consolidated Financial Statements and Primary Notes.”(Millions of yen)
Nine months ended December 31
2021
2022
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Effect of exchange rate changes on cash andcash equivalents
Increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at the beginningof the period
Cash and cash equivalents at the end of theperiodChange2,408,979(2,843,565)
311,028

724,846463,212(875,878)(1,684,133)
3,306,777(1,186,906)

79,599296,873

217,274(43,959)

609,053

653,0124,662,725

5,169,001

506,276

4,618,766

5,778,054

1,159,288(a) Cash Flows from Operating Activities
Cash flows from operating activities resulted in a net inflow of ¥724,846 million, a ¥1,684,133 million decrease
year on year. This was mainly due to a decrease in cash inflows primarily from sale of investments at SB Northstar,from ¥1,907,441 million to ¥116,071 million, accompanying the downsizing of its business.
Meanwhile, the amount of income taxes paid was ¥584,489 million. In the third quarter, the Company’s wholly
owned subsidiary paid income tax of ¥201,792 million for its taxable income arising mainly due to realizing
derivative gains related to the Early Physical Settlement of prepaid forward contracts corresponding to 242 million
ADRs of Alibaba shares. In the same period of the previous fiscal year, the Company recorded payment ofcorporate taxes on taxable income at SBGJ, which included gains on the sale of SoftBank Corp. shares in the fiscal
year ended March 31, 2021, as well as payment of withholding income tax on dividends from SBGJ to SBG. Suchwithholding income taxes were refunded within the same period of the previous fiscal year.
(b) Cash Flows from Investing Activities
Primary components
Components
Proceeds from sales/redemptionof investments¥584,524 million

Primary details· In the first quarter, the Company sold 21.2 million T-Mobile shares for¥309,696 million ($2.40 billion) to Deutsche Telekom due to Deutsche
Telekom’s partial exercise of its call options for the shares.
· In the second quarter, the Company sold its SoFi Technologies, Inc. sharesfor ¥90,823 million ($0.65 billion).

Payments for acquisition of
investments by SVF¥(384,567) million· SVF2 invested ¥327,211 million ($2.51 billion) in total.
· LatAm Funds invested ¥35,437 million ($0.27 billion) in total.
· SVF1 invested ¥21,919 million ($0.16 billion) in total.

41

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Components
Primary details
Proceeds from sales of investments · SVF1 sold all of its shares in Uber and others, as well as portions ofby SVF
multiple investments, for ¥592,895 million ($4.39 billion).
· SVF2 sold all of its shares in KE Holdings and others, as well as portions¥681,059 millionof multiple investments, for ¥86,253 million ($0.66 billion).
Purchase of property, plant andequipment, and intangible assets¥(499,634) million

SoftBank Corp. purchased property, plant and equipment, such as
telecommunications equipment, and intangible assets, such as software.

Proceeds from withdrawal of trust
accounts in SPACs¥125,127 million

Following the termination of all operations by the two Company sponsored
SPACs without merging with operating companies, $0.89 billion in proceeds
received from third-party investors other than the Company (the “PublicMarket Investors”) held in a trust account was withdrawn from the account.
For details, see “Refund and Redemption of Invested Funds Related to theCompany sponsored SPACs” at the end of this section.

(c) Cash Flows from Financing Activities
Primary components
Components
Proceeds in short-term interestbearing debt, net*1¥15,357 million(Proceeds and payments for interest-

Primary details·Short-term borrowings increased by ¥82,277 million (net) at Z Holdings
Corporation and its subsidiaries.
· Short-term interest-bearing debt decreased by ¥70,300 million (net) as SBG
redeemed commercial paper.

bearing debt (current liabilities) with
fast turnover and short maturities)

Proceeds from interest-bearing debt (total of A through C below)¥6,485,867 million
A Proceeds from borrowings · SBG made short-term borrowings of ¥372,750 million.
*2· Wholly owned subsidiaries conducting fund procurement borrowed¥2,679,259 million¥180,656 million ($1.40 billion) through asset-backed finance using
Arm shares.
· SVF1 borrowed ¥580,680 million ($4.50 billion) through asset-backed
finance.
· SoftBank Corp. procured ¥805,480 million mainly through thesecuritization of installment sales receivables and sale-and-leaseback
transactions. The company also issued commercial paper for ¥167,000
million.
B Proceeds from issuance of · SBG issued domestic straight bonds totaling ¥385,000 million.
corporate bonds· Z Holdings Corporation issued domestic straight bonds totaling ¥60,000
million.
¥445,000 million

42

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Components
C Proceeds fromprocurement by prepaid
forward contracts using
shares¥3,361,608 million

Primary details
Wholly owned subsidiaries conducting fund procurement raised a total of$24.42 billion through prepaid forward contracts (forward contracts) using
Alibaba shares.

Repayment of interest-bearing debt¥(5,074,939) million
Repayment of borrowings*2¥(4,328,611) million· SBG repaid short-term borrowings of ¥920,291 million and repaid entire
senior loans of ¥325,204 million, which included ¥292,683 million repaid
before maturity.
· Wholly owned subsidiaries conducting fund procurement repaid
borrowings as follows:- Repaid in full ¥797,820 million ($6.0 billion) in a margin loan borrowed
through Alibaba shares.
- Repaid ¥274,538 million ($2.06 billion) in a margin loan borrowed
through T-Mobile shares in the previous fiscal year.
- Repaid ¥116,136 million ($0.90 billion) in borrowings made throughasset-backed finance using Arm shares.
· SVF1 and SVF2 repaid ¥397,269 million ($3.05 billion) and ¥28,904
million ($0.22 billion), respectively, in borrowings made through assetbacked finance.
· SoftBank Corp. repaid ¥652,968 million in borrowings made mainly
through the securitization of installment sales receivables and sale-andleaseback transactions and redeemed ¥278,400 million in commercial
paper.

Redemption of corporatebonds¥(743,901) million· SBG redeemed bonds totaling ¥658,901 million as follows:- Repurchased foreign currency-denominated straight bonds with facevalues totaling $0.27 billion and 0.22 billion euros in the first quarter.
- Redeemed foreign currency-denominated straight bonds with face valuesof $0.51 billion and 0.19 billion euros upon maturity in the second
quarter.
- Repurchased foreign currency-denominated straight bonds with facevalues totaling $0.51 billion and 1.02 billion euros and redeemed
domestic straight bonds of ¥337,024 million upon maturity in the third
quarter.
· Z Holdings Corporation redeemed domestic straight bonds of ¥85,000
million upon maturity.

Distribution/repayment from
SVF to third-party investors¥(465,606) million

SVF1 made distributions to third-party investors.

Redemption of non-controllinginterests subject to possible
redemption¥(125,127) million

Following the termination of all operations by the two Company sponsored
SPACs without merging with operating companies, $0.89 billion was
redeemed to the Public Market Investors. For details, see “Refund andRedemption of Invested Funds Related to the Company sponsored SPACs”
at the end of this section.

43

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Components
Redemption of other equity
instruments¥(104,597) million

Primary details
A portion of the USD-denominated Undated Subordinated Non-Call 6 years
Resettable Notes (the Hybrid Notes) amounting to the face value of $0.75
billion was repurchased. The Hybrid Notes are classified as equity
instruments in accordance with IFRSs.

Purchase of treasury stock¥(1,055,433) million

SBG repurchased 185,700,600 of its own shares for ¥1,055,426 million in
the period in accordance with board resolutions on November 8, 2021 and on
August 8, 2022.

Cash dividends paid¥(70,061) million

SBG paid dividends.

Cash dividends paid to
non-controlling interests¥(285,978) million

SoftBank Corp., Z Holdings Corporation, and others paid dividends to noncontrolling interests.

Notes:
1. “Proceeds in short-term interest-bearing debt, net” represents cash flows from financing activities that meet the requirement of“Reporting cash flows on a net basis” under IFRSs.
2. “Proceeds from borrowings” and “Repayment of borrowings” include proceeds of ¥1,030,211 million and outlays of ¥1,768,068
million related to borrowings with a contracted term of one year or less.

Refund and Redemption of Invested Funds Related to the Company sponsored SPACs
The Company sponsored SPACs execute an initial public offering and raise capital through contributions from the
Public Market Investors. The proceeds received from the Public Market Investors are held in a trust account until
completion of the initial merger or redemption to the Public Market Investors. If those SPACs are unable tocomplete a merger within 24 months from the date of the initial public offering and cease all operations, the funds
in a trust account will be withdrawn and redeemed in full to the Public Market Investors. In such cases, theproceeds withdrawn from a trust account to the SPACs are recorded in the Company’s consolidated cash flow
statements as “Proceeds from withdrawal of trust accounts in SPACs” under cash flows from investing activities
and, when subsequently redeemed to the Public Market Investors, as “Redemption of non-controlling interests
subject to possible redemption” under cash flows from financing activities.
(4) Forecasts
The Company does not provide forecasts of consolidated results of operations as they are difficult to project due tonumerous uncertainties affecting earnings.

44

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

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

2
3

4
5
6
7

Includes share exchanges. During the period, SVF1 sold its stake in Grofers International Pte. Ltd. to Zomato Limited in
exchange for shares in Zomato Limited as consideration and sold its stakes in Zymergen, Inc. to Ginkgo Bioworks Holdings,
Inc. in exchange for shares in Ginkgo Bioworks Holdings, Inc. as consideration; and LatAm Funds exchanged its shares in
Yaydoo, Inc. for shares in PayStand Inc. These share exchanges are treated as full exits (entire sale) from investments andacquisition of new investments, with the sale price and acquisition cost being recorded in gross, respectively, and with thedifference between the acquisition cost of shares initially held and sale price (acquisition cost of the exchanged shares) being
recorded as realized gains and losses on investments.
Interest expenses of SBG include interest expenses of its wholly owned subsidiaries conducting fund procurement.
The Company applies the equity method to Alibaba’s consolidated financial statements for a reporting period staggered by theprevious three months because it is impractical to align reporting periods with Alibaba due to factors, such as contracts withthe company. Necessary adjustments are made to reflect significant transactions and events announced by Alibaba during thestaggered three-month period.
Private companies valued at over $1 billion at the time of investment
After deducting transaction fees, etc.
Drawn capital of SVF1 excludes the amount repaid to limited partners due to investment plan changes and other reasons after
the capital was drawn.
This analysis is based on the actual shipments of royalty units (chips incorporating Arm technology) by Arm licensees for ninemonths ended September 30, 2022, as reported by licensees in the royalty reports. Arm’s licensees report their actual
shipments of royalty units one quarter in arrears, and therefore, the royalty unit analysis in this report is based on chips
shipped for nine months ended September 30, 2022. In contrast, royalty revenues are accrued in the same quarter the chips areshipped based on estimates. In the fourth quarter of the previous fiscal year, previously announced royalty unit data for ninemonths ended September 30, 2021, has been restated based on information received by Arm from its licensees.

45

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

2. Condensed Interim Consolidated Financial Statements and Primary Notes(Definitions of company names and abbreviations used in the condensed interim consolidated financial statements
and primary notes)
Company names and abbreviations used in the condensed interim consolidated financial statements and primarynotes, unless otherwise 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 or the asset management
subsidiary

SB Northstar LP

SVF1

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

SVF2

SoftBank Vision Fund II-2 L.P.

SVF2 LLC

SVF II Investment Holdings LLC

LatAm Funds

SBLA Latin America Fund LLC

SLA LLCSLA Holdco II LLC

SVF

SVF1, SVF2 and LatAm Funds

SBIA

SB Investment Advisers (UK) Limited

SBGA

SB Global Advisers Limited

SBLA

SBLA Advisers Corp.

Arm

Arm Limited

Fortress

Fortress Investment Group LLC

SprintSprint Corporation

Alibaba

Alibaba Group Holding Limited

WeWork

WeWork Inc.

MgmtCoMASA USA LLC

46

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

From the three-month period ended June 30, 2022, the accounts of the condensed interim consolidated financial
statements have been changed as follows:
Condensed Interim Consolidated Statement of Financial Position
Previous

Current

Investments from SVF1 and SVF2 accounted for using
Investments from SVF (FVTPL)FVTPLThird-party interests in SVF1 and SVF2

Third-party interests in SVF

Condensed Interim Consolidated Statement of Profit or Loss
Previous

Current

Gain (loss) on investments at SVF1, SVF2, and others

Gain (loss) on investments at SoftBank Vision Funds

Change in third-party interests in SVF1 and SVF2

Change in third-party interests in SVF

Condensed Interim Consolidated Statement of Cash Flows
Previous

Current(Gain) loss on investments at SVF1, SVF2, and others(Gain) loss on investments at SoftBank Vision Funds

Change in third-party interests in SVF1 and SVF2

Change in third-party interests in SVF

Payments for acquisition of investments by SVF1 andSVF2Payments for acquisition of investments by SVF

Proceeds from sales of investments by SVF1 and
SVF2Proceeds from sales of investments by SVF

Contributions into SVF1 from third-party investors

Contributions into SVF from third-party investors

Distribution/repayment from SVF1 to third-party
investors

Distribution/repayment from SVF to third-party
investors

47

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

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

As ofMarch 31, 2022

As ofDecember 31, 2022

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Derivative financial assets
Other financial assets
Inventories
Other current assets
Total current assets

5,169,001
2,361,149
1,050,446
971,125
142,767
334,101
10,028,589

5,778,054
2,681,391
123,510509,034
172,913275,9079,540,809

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 SVF (FVTPL)
Investment securities
Derivative financial assets
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

1,842,749
914,743
4,897,913
2,427,580
330,899
5,234,519
14,909,614
3,085,369
1,333,787
2,230,615
163,255
145,038
37,516,081
47,544,670

1,717,622
873,131
5,170,290
2,423,940
345,601
749,355
10,856,761
6,854,039
1,357,136
2,117,698
180,811
156,051
32,802,435
42,343,244

48

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(Millions of yen)

As ofMarch 31, 2022

As ofDecember 31, 2022

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
Total current liabilities

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

3,871,065
202,479
1,450,442
2,344,659
57,544492,285
105,098
64,945598,123
9,186,640

Non-current liabilities
Interest-bearing debt
Lease liabilities
Third-party interests in SVF
Derivative financial liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities

14,128,570
625,9075,640,498
174,003
129,849
107,9612,436,034
212,624
23,455,446
35,836,908

14,230,530
640,733
4,531,951
364,884
64,268
164,930
2,322,742
242,978
22,563,016
31,749,656

EquityEquity attributable to owners of the parent
Common stock
Capital surplus
Other equity instruments
Retained earnings
Treasury stock
Accumulated other comprehensive income
Total equity attributable to owners of the parent

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

238,772
2,652,608
414,055
3,490,974(1,454,456)
3,666,698
9,008,651

Non-controlling interests
Total equity
Total liabilities and equity

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

1,584,937
10,593,588
42,343,244

49

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(2) Condensed Interim Consolidated Statement of Profit or Loss and Condensed Interim Consolidated
Statement of Comprehensive Income
For the nine-month period ended December 31
Condensed Interim Consolidated Statement of Profit or Loss
(Millions of yen)

Nine-month period ended
December 31, 2021

Nine-month period ended
December 31, 2022

Net sales
Cost of sales
Gross profit
Gain on investments
Gain on investments at Investment Business of
Holding Companies
Loss on investments at SoftBank Vision Funds
Gain (loss) on other investments
Total gain on investments

4,580,840(2,103,871)
2,476,969

4,875,773(2,296,650)
2,579,123

15,956

3,699,600(629,134)
61,410(551,768)(5,006,755)(54,011)(1,361,166)

Selling, general and administrative expenses
Finance cost
Foreign exchange loss
Income (loss) on equity method investments
Derivative gain (excluding gain (loss) on
investments)
Change in third-party interests in SVF
Other gain (loss)
Income before income tax
Income taxes
Net income(1,849,385)(282,764)(277,372)
203,742(1,921,115)(433,508)(727,984)(70,611)

1,104,221

619,587

170,701240,380
1,234,724(585,430)
649,294

1,145,779(120,142)(290,037)(468,203)(758,240)

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

392,617
256,677
649,294(912,513)
154,273(758,240)

Earnings per share
Basic earnings per share (Yen)
Diluted earnings per share (Yen)

214.73207.57(599.97)(608.51)

50

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Condensed Interim Consolidated Statement of Comprehensive Income(Millions of yen)

Nine-month period ended
December 31, 2021

Nine-month period ended
December 31, 2022

649,294(758,240)

28,625

11,51728,625

11,51780(2,787)(2,012)(54,198)

931,351

1,122,339(15,508)

91,159Net income
Other comprehensive income, net of tax
Items that will not be reclassified to profit or loss
Equity financial assets at FVTOCI
Total items that will not be reclassified to profit orloss
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 ofassociates
Total items that may be reclassified subsequently to
profit or loss
Total other comprehensive income, net of tax
Total comprehensive income

913,136

1,157,288

941,761
1,591,055

1,168,805
410,565

Total comprehensive income attributable to
Owners of the parent
Non-controlling interests
Total comprehensive income

1,322,083
268,972
1,591,055

260,031
150,534
410,56551

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

For the three-month period ended December 31
Condensed Interim Consolidated Statement of Profit or Loss
(Millions of yen)Three-month period ended
December 31, 2021

Three-month period ended
December 31, 2022

Net sales
Cost of sales
Gross profit
Gain on investments
Gain (loss) on investments at Investment Businessof Holding Companies
Gain (loss) on investments at SoftBank Vision
Funds
Gain (loss) on other investments
Total gain on investments

1,597,336(755,400)
841,936

1,693,296(835,502)
857,794(263,974)

174,945

55,659(653,213)

51,782(156,533)(33,300)(511,568)

Selling, general and administrative expenses
Finance cost
Foreign exchange gain (loss)
Loss on equity method investments
Derivative gain (loss) (excluding gain (loss) on
investments)
Change in third-party interests in SVF
Other gain (loss)
Income before income tax
Income taxes
Net income(662,713)(97,165)(185,175)(61,589)(666,775)(119,291)
367,442(15,741)

483,262(410,193)(23,391)
49,121
187,753(128,584)
59,169127,038(211,379)(582,673)(162,005)(744,678)

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

29,04830,121
59,169(783,415)
38,737(744,678)

Earnings per share
Basic earnings per share (Yen)
Diluted earnings per share (Yen)

12.07
11.43

(527.14)(534.33)52

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Condensed Interim Consolidated Statement of Comprehensive Income(Millions of yen)Three-month period ended
December 31, 2021

Three-month period ended
December 31, 2022

59,169(744,678)

15,860(4,516)

15,860(4,516)(120)(6,288)(1,076)
18,579628,187(1,388,946)

2,086(10,002)623,865(1,381,445)

639,725
698,894(1,385,961)(2,130,639)

657,359
41,535
698,894(2,192,018)
61,379(2,130,639)

Net income
Other comprehensive income, net of tax
Items that will not be reclassified to profit or loss
Equity financial assets at FVTOCI
Total items that will not be reclassified to profit orloss
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 ofassociates
Total items that may be reclassified subsequently to
profit or loss
Total other comprehensive income, net of tax
Total comprehensive income
Total comprehensive income attributable to
Owners of the parent
Non-controlling interests
Total comprehensive income

53SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(3) Condensed Interim Consolidated Statement of Changes in Equity
For the nine-month period ended December 31, 2021
(Millions of yen)

Equity attributable to owners of the parent

As of April 1, 2021

Commonstock

Capitalsurplus

Other equity
instruments

Retainedearnings

Treasurystock

Accumulated
othercomprehensive
incomeSubtotal

238,7722,618,504

496,876

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

338,329

10,212,826

Comprehensive income
Net income
Other comprehensive income

-

-

-

392,617--929,733

392,617929,733

Total comprehensive income

-

-

-

392,617-929,733

1,322,350---(75,947)--(75,947)---(15,676)--(15,676)

-

-

-

83

-

(83)

-

-

-

-

(2,574)(319,306)-(321,880)---(2,475,817)-

2,475,817
-

-

-

-

(1,991)

-

-

-

-

(1,991)-(4,443)

-

-

-

-

(4,443)

-

(1)

-

-

-

-

(1)

-

(666)
135

-

-

-

-

(666)
135

-

(6,966)-(2,569,931)

2,156,511(83)(420,469)

238,772

2,611,538

496,876

6,633,108(133,566)

1,267,979

11,114,707

Transactions with owners andother transactions
Cash dividends
Distribution to owners of other
equity instruments
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal of treasury
stock
Retirement of treasury stock
Changes from loss of control
Changes in interests in
subsidiaries
Changes in associates’ interests intheir subsidiaries
Changes in interests in associates’
capital surplus
Share-based payment transactions
Other
Total transactions with owners
and other transactions
As of December 31, 2021

54

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 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(267)

392,617

256,677

649,294

929,466

12,295

941,761

Total comprehensive income(267)

1,322,083

268,972

1,591,055-(75,947)(273,103)(349,050)-(15,676)-(15,676)

-

-

-

-

-

(321,880)-(321,880)--(15,861)(15,861)-(1,991)(654)(2,645)-(4,443)-(4,443)

-

(1)

-

(1)

-

(666)

10,580

9,914

-

135

(1,074)(939)-(420,469)(280,112)(700,581)-

11,114,707

1,731,360

12,846,067

Transactions with owners andother transactions
Cash dividends
Distribution to owners of other
equity instruments
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal of treasury
stock
Retirement of treasury stock
Changes from loss of control
Changes in interests in
subsidiaries
Changes in associates’ interests intheir subsidiaries
Changes in interests in associates’
capital surplus
Share-based payment transactions
Other
Total transactions with owners
and other transactions
As of December 31, 2021

55

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

For the nine-month period ended December 31, 2022
(Millions of yen)

Equity attributable to owners of the parent

As of April 1, 2022

Commonstock

Capitalsurplus

Other equity
instruments

Retainedearnings

Treasurystock

Accumulated
othercomprehensive
incomeTotal

238,772

2,634,574

496,876

4,515,704(406,410)

2,496,158

9,975,674

Comprehensive income
Net income
Other comprehensive income

-

-

-

(912,513)--

1,172,544(912,513)
1,172,544

Total comprehensive income

-

-

-

(912,513)-

1,172,544

260,031---(70,327)--(70,327)---(21,240)--(21,240)--(82,821)(21,776)--(104,597)

-

-

-

2,004

-

(2,004)

-

-

-

-

(878) (1,048,046)-(1,048,924)

-

-

-

-

-

-

-

-

4,317

-

-

-

-

4,317

-

(5,845)

-

-

-

-

(5,845)-

21,223----

21,223-(150)(1,511)

-

-

-

-

(150)
(1,511)-

18,034(82,821)(112,217) (1,048,046)

238,772

2,652,608

414,055

3,490,974

Transactions with owners andother transactions
Cash dividends
Distribution to owners of other
equity instruments
Redemption and cancellation ofother equity instruments
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal of treasury
stock
Changes from loss of control
Changes in interests in
subsidiaries
Changes in associates’ interests intheir subsidiaries
Changes in interests in associates’
capital surplus
Share-based payment transactions
Other
Total transactions with owners
and other transactions
As of December 31, 2022

56

(1,454,456)(2,004) (1,227,054)
3,666,698

9,008,651

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022
(Millions of yen)

As of April 1, 2022

Noncontrollinginterests

Total equity

1,732,088

11,707,762

Comprehensive income
Net income
Other comprehensive income

154,273(758,240)(3,739)1,168,805

Total comprehensive income

150,534

410,565(287,689)(358,016)-(21,240)-(104,597)---(1,048,924)(5,195)(5,195)28,54832,865-(5,845)-

21,22325,084(58,433)

24,934(59,944)(297,685)(1,524,739)

1,584,937

10,593,588

Transactions with owners andother transactions
Cash dividends
Distribution to owners of other
equity instruments
Redemption and cancellation ofother equity instruments
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal of treasury
stock
Changes from loss of control
Changes in interests in
subsidiaries
Changes in associates’ interests intheir subsidiaries
Changes in interests in associates’
capital surplus
Share-based payment transactions
Other
Total transactions with owners
and other transactions
As of December 31, 2022

57

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

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

Cash flows from operating activities
Net income
Depreciation and amortization
Gain on investments at Investment Business of Holding
Companies
Loss on investments at SoftBank Vision Funds
Finance cost
Foreign exchange loss
(Income) loss on equity method investments
Derivative gain (excluding (gain) loss on investments)
Change in third-party interests in SVF(Gain) loss on other investments and other (gain) loss
Income taxes
Decrease in investments from asset management
subsidiaries
Increase/decrease in derivative financial assets andderivative financial liabilities in asset management
subsidiaries(Increase) decrease in restricted cash in asset
management subsidiaries
Decrease in securities pledged as collateral in asset
management subsidiaries
Increase (decrease) in borrowed securities in asset
management subsidiaries
Increase in trade and other receivables
Increase in inventories
Increase in trade and other payables
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refunded
Net cash provided by operating activities

58

Nine-month period
ended December 31,
2021

Nine-month period
ended December 31,
2022

649,294
633,501(758,240)
656,107(11,450)(3,779,022)

629,134
282,764
277,372(203,742)(1,104,221)(170,701)(301,790)
585,430

5,006,755
433,508
727,984
70,611(619,587)(1,145,779)
174,153468,203

463,563

144,271

23,937

48,961(52,685)

138,915

1,329,563

2,032

135,176(131,796)(332,818)(27,152)
243,275
176,252
3,224,702
25,161(259,894)(838,963)
257,973
2,408,979(403,587)(28,338)
421,515
30,052
1,456,718
52,074(309,251)(584,489)
109,794
724,846

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 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 SVF
Proceeds from sales of investments by SVF
Payments for acquisition of investments by asset
management 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, andintangible assets
Payments for loan receivables
Collection of loan receivables
Proceeds from withdrawal of restricted cash
Proceeds from withdrawal of trust accounts in SPACs
Other
Net cash (used in) provided by investing activities
Cash flows from financing activities(Repayment) proceeds in short-term interest-bearing
debt, net
Proceeds from interest-bearing debt
Repayment of interest-bearing debt
Repayment of lease liabilities
Contributions into SVF from third-party investors
Distribution/repayment from SVF to third-party
investors
Redemption of non-controlling interests subject topossible redemption
Redemption of other equity instruments
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 (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents(Decrease) increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period

59

Nine-month period
ended December 31,
2021

Nine-month period
ended December 31,
2022(466,734)
339,662(3,908,978)1,734,173(222,808)
584,524(384,567)
681,059(155,515)-

131,575

6,998(86,824)(61,541)

88,80069,505(690,535)(499,634)(106,321)
54,350359,038(136,256)(2,843,565)(14,007)91,60821
125,127
86,927463,212(913,287)

15,357

9,453,135(6,381,610)(254,785)
139,649

6,485,867(5,074,939)(203,650)
17,857(975,999)(465,606)-(125,127)(15,676)(328,463)(75,691)(271,052)(65,193)
311,028(104,597)(21,240)(1,055,433)(70,061)(285,978)11,672(875,878)

79,599296,873(43,959)
4,662,725
4,618,766

609,053
5,169,001
5,778,054

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(5) Significant Doubt about Going Concern Assumption
There are no applicable items.

(6) Notes to Condensed Interim Consolidated Financial Statements
1. Changes in presentation(Condensed interim consolidated statement of financial position)
In connection with the integration of the Latin America Funds segment into the SoftBank Vision Funds segment,
the investments from LatAm Funds, which were included in “Investment securities” and “Other financial assets(non-current)” in the past fiscal year, are included in “Investments from SVF (FVTPL)” from the three-month
period ended June 30, 2022. In addition, the third-party interests in LatAm Funds, which were included in “Other
financial liabilities (non-current)” in the past fiscal year, are included in “Third-party interests in SVF” from thethree-month period ended June 30, 2022. In order to reflect the changes in presentation, ¥1,123,198 million,
which was included in “Investment securities,” and ¥20,025 million, which was included in “Other financial
assets (non-current)” as of March 31, 2022, are reclassified as “Investments from SVF (FVTPL).” Furthermore,¥80,663 million, which was included in “Other financial liabilities (non-current)” as of March 31, 2022, isreclassified as “Third-party interests in SVF.”“Investments from asset management subsidiaries,” “Securities pledged as collateral in asset management
subsidiaries,” and “Derivative financial assets in asset management subsidiaries,” which were separately
presented in the past fiscal year, are included in “Other financial assets (current)” from the three-month period
ended June 30, 2022 since the amounts decreased and became insignificant. In order to reflect the changes inpresentation, ¥158,094 million, ¥1,927 million, and ¥48,466 million, which were separately presented as“Investments from asset management subsidiaries,” “Securities pledged as collateral in asset management
subsidiaries,” and “Derivative financial assets in asset management subsidiaries” as of March 31, 2022,
respectively, are included in “Other financial assets (current).”(Condensed interim consolidated statement of profit or loss and condensed interim consolidated statement ofcomprehensive income)In connection with the integration of the Latin America Funds segment into the SoftBank Vision Funds segment,
gain and loss on investments at LatAm Funds, which were presented as “Gain (loss) on investments at Latin
America Funds” in the past fiscal year, are included in “Gain (loss) on investments at SoftBank Vision Funds”
from the three-month period ended June 30, 2022. In addition, the change in third-party interests in LatAm
Funds, which was included in “Other gain (loss)” in the past fiscal year, is included in “Change in third-party
interests in SVF” from the three-month period ended June 30, 2022. In order to reflect the changes inpresentation, ¥136,734 million and ¥(56,964) million, which were presented as “Gain (loss) on investments at
Latin America Funds,” are reclassified as “Loss on investments at SoftBank Vision Funds” for the nine-month
period ended December 31, 2021 and the three-month period ended December 31, 2021, respectively. Similarly,¥(1,750) million and ¥(663) million, which were included in “Other loss,” are reclassified as “Change in thirdparty interests in SVF,” respectively.

60

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(Condensed interim consolidated statement of cash flows)a. Cash flows from operating activities
In connection with the integration of the Latin America Funds segment into the SoftBank Vision Funds
segment, gain and loss on investments at LatAm Funds, which were presented as “(Gain) loss on investments
at Latin America Funds” in the past fiscal year, are included in “(Gain) loss on investments at SoftBank
Vision Funds” from the three-month period ended June 30, 2022. In addition, the change in third-party
interests in LatAm Funds, which was included in “(Gain) loss on other investments and other (gain) loss” inthe past fiscal year, is included in “Change in third-party interests in SVF” from the three-month period ended
June 30, 2022. In order to reflect the changes in presentation, ¥(136,734) million, which was presented as“Gain on investments at Latin America Funds,” and ¥1,750 million, which were included in “(Gain) loss onother investments and other (gain) loss” for the nine-month period ended December 31, 2021, are reclassified
as “Loss on investments at SoftBank Vision Funds” and “Change in third-party interests in SVF,”
respectively.
“(Increase) decrease in restricted cash in asset management subsidiaries,” which was included in “Other” inthe past fiscal year, is separately presented from the three-month period ended June 30, 2022 since the amountincreased and became significant. In order to reflect the change in presentation, ¥(52,685) million, which was
included in “Other” for the nine-month period ended December 31, 2021, is reclassified as “(Increase)decrease in restricted cash in asset management subsidiaries.”b. Cash flows from investing activities
In connection with the integration of the Latin America Funds segment into the SoftBank Vision Funds
segment, the payments for the investing activities by LatAm Funds, which were included in “Payments foracquisition of investments” and “Payments for loan receivables” in the past fiscal year, are included in“Payments for acquisition of investments by SVF” from the three-month period ended June 30, 2022. In orderto reflect the changes in presentation, ¥(363,497) million, which was included in “Payments for acquisition of
investments,” and ¥(12,466) million, which was included in “Payments for loan receivables” for the ninemonth period ended December 31, 2021, are reclassified as “Payments for acquisition of investments by
SVF,” respectively.
c. Cash flows from financing activities
In connection with the integration of the Latin America Funds segment into the SoftBank Vision Funds
segment, the contributions into LatAm Funds, which were included in “Other” in the past fiscal year, areincluded in “Contributions into SVF from third-party investors” from the three-month period ended June 30,
2022. In order to reflect the change in presentation, ¥673 million, which was included in “Other” for the ninemonth period ended December 31, 2021, is reclassified as “Contributions into SVF from third-party
investors.”

61

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

2. Significant accounting policies
Significant accounting policies applied to the condensed interim consolidated financial statements are consistent
with the accounting policies applied to the consolidated financial statements for the fiscal year ended March 31,
2022. In addition, income taxes for the nine-month period ended December 31, 2022 are calculated based on theestimated effective tax rate for the fiscal year.
Significant accounting policies for the SoftBank Vision Funds segment are consistent with the accounting
policies applied to the consolidated financial statements for the fiscal year ended March 31, 2022. The details aredescribed as follows.
(Significant accounting policies for the SoftBank Vision Funds segment)
For SVF1, SVF2 and LatAm Funds, the Company applies the following accounting policies.
a. Consolidation of SVF1, SVF2 and LatAm Funds by the Company
SVF1 and SVF2 are limited partnerships established by their respective general partners which are 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 December 31, 2022, SVF1 and SVF2 are managed by SBIA and SBGA, respectively, which are
wholly-owned subsidiaries of the Company in the UK. SVF1 and SVF2 make investment decisions througheach 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 and SVF2, and therefore, the Company is deemed to have control as stipulated in IFRS 10“Consolidated Financial Statements” over SVF1 and SVF2.
LatAm Funds is a limited liability company in which a wholly-owned subsidiary of the Company invests(LatAm Funds owns limited partnerships and the other forms of entities). LatAm Funds is consolidated by
the Company as it holds more than one-half of the voting rights of LatAm Funds.
Inter-company transactions such as management fees and performance fees to SBIA paid or to be paid, asapplicable, from SVF1, and management fees, performance-linked management fees and performance fees to
SBGA paid or to be paid, as applicable, from SVF2 or LatAm Funds are eliminated in consolidation.
b. Portfolio company investments made by SVF1, SVF2 and LatAm Funds(a) Investments in subsidiaries
Of the portfolio company investments made by SVF1, SVF2 and LatAm Funds, the portfolio companies
that the Company is deemed to control under IFRS 10 “Consolidated Financial Statements” are62SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

subsidiaries of the Company. Accordingly, their results of operations, assets and liabilities are included in
the Company’s condensed interim consolidated financial statements.
Gain and loss on investments in the subsidiaries of the Company which are recognized in SVF1, SVF2
and LatAm Funds are eliminated in consolidation.
(b) Investments in associates and joint ventures
Of the portfolio company investments made by SVF1, SVF2 and LatAm Funds, the portfolio companies
over which the Company has significant influence under IAS 28 “Investments in Associates and Joint
Ventures” are associates of the Company, and the portfolio companies that are joint ventures of theCompany when, as defined under IFRS 11 “Joint Arrangements,” SVF1, SVF2 and LatAm Funds havejoint control with other investors under contractual arrangements and the investors have rights to the net
assets of the arrangement.
The investments in associates and joint ventures of the Company made by SVF1, SVF2 and LatAm Funds
are accounted for as financial assets at FVTPL in accordance with paragraph 18 of IAS 28 “Investments
in Associates and Joint Ventures” and presented as “Investments from SVF (FVTPL)” in the condensed
interim consolidated statement of financial position. The payments for these investments are presented as“Payments for acquisition of investments by SVF” and the proceeds from sales of these investments arepresented as “Proceeds from sales of investments by SVF” under cash flows from investing activities in
the condensed interim consolidated statement of cash flows.
If the investments in associates and joint ventures that were transferred from SoftBank Group Corp. andits subsidiaries to SVF1, SVF2 or LatAm Funds were accounted for using the equity method prior to thetransfer, these investments continue to be accounted for using the equity method after the transfer to
SVF1, SVF2 or LatAm Funds and presented as “Investments accounted for using the equity method” inthe condensed interim consolidated statement of financial position. Gain and loss on the investments
which were recognized in SVF1, SVF2 or LatAm Funds are eliminated in consolidation and gain and loss
on the investments accounted for using the equity method are presented as “Income (loss) on equity
method investments” in the condensed interim consolidated statement of profit or loss.
(c) Other investments
Investments other than those in associates or joint ventures of the Company made by SVF1, SVF2 andLatAm Funds are accounted for as financial assets at FVTPL. The presentation of these investments in thecondensed interim consolidated statement of financial position and the condensed interim consolidated
statement of cash flows are the same as the above “(b) Investments in associates and joint ventures.”c. Contribution from limited partners in SVF1 and SVF2, and investors in LatAm Funds, SVF2 LLC and SLA
LLC (collectively “SVF Investors”)(a) Contribution from SVF Investors other than the Company (“Third-Party Investors,” and each a “ThirdParty Investor”)
The interests attributable to Third-Party Investors in SVF1, SVF2 and LatAm Funds are classified as
financial liabilities, “Third-party interests in SVF” in the condensed interim consolidated statement of63

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

financial position, due to the predetermined finite life and contractual payment provision to each of ThirdParty Investors at the end of the finite life within the constitutional agreements relating to SVF1, SVF2
and LatAm Funds. The liabilities are classified as “financial liabilities measured at amortized cost” upon
initial recognition. The carrying amounts attributable to Third-Party Investors represent the amounts thatwould be distributed in accordance with the constitutional agreements in a theoretical liquidation scenario
at the end of each quarter.
Third-Party Investor in SVF2 and LatAm Funds is entitled to make full or partial payments of its
investments and related adjustments at any point in time, at its discretion, from the date it became aninvestor in SVF2 LLC or SLA LLC to the end of company life of SVF2 LLC or SLA LLC, and as ofDecember 31, 2022, the Company has recognized receivables from Third-Party Investor. The receivables
are included in “Other financial assets (non-current)” in the condensed interim consolidated statement offinancial position.
“Third-party interests in SVF” fluctuates due to the results of SVF1, SVF2 and LatAm Funds in addition
to contributions from Third-Party Investors, and distributions and repayments of investments to ThirdParty Investors, respectively. The fluctuations due to the results of SVF1, SVF2 and LatAm Funds arepresented as “Change in third-party interests in SVF” in the condensed interim consolidated statement of
profit or loss.
Contributions from Third-Party Investors are included in “Contributions into SVF from third-party
investors” under cash flows from financing activities in the condensed interim consolidated statement ofcash flows. The distributions and repayments of investments to Third-Party Investors are included in“Distribution/repayment from SVF to third-party investors” under cash flows from financing activities in
the condensed interim consolidated statement of cash flows. No cash contributions into SVF2 and LatAm
Funds from Third-Party Investors and no cash distributions/repayments from SVF2 and LatAm Funds toThird-Party Investors were made as of December 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 condensed interim consolidated statement of financial
position.
(b) Contribution from the Company
Contributions to SVF1, SVF2 and LatAm Funds from the Company are eliminated in consolidation.

64

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 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, 2022, the Company had five reportable segments, the Investment Businessof Holding Companies segment, the SoftBank Vision Funds segment, the SoftBank segment, the Armsegment, and the Latin America Funds segment. As a result of the revision for its segment classifications, theLatin America Funds segment has been integrated into the SoftBank Vision Funds segment from the threemonth period ended June 30, 2022 since LatAm Funds has been managed by SBGA, which manages SVF2. In
addition, PayPay Corporation, which was previously included in “Other,” is classified in the SoftBanksegment from the three-month period ended December 31, 2022 since PayPay Corporation became asubsidiary of SoftBank Corp. and Z Holdings Corporation.
The Investment Business of Holding Companies segment conducts, mainly through SoftBank Group Corp. asa 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, SoftBank Group Japan Corporation, SB
Northstar that is an asset management subsidiary, and certain subsidiaries of the Company that conduct
investment or funding. Gain and loss on investments at Investment Business of Holding Companies consist ofgain and loss arising from investments held directly by SoftBank Group Corp. or through subsidiaries of theCompany. However, gain and loss on investments relating to investments 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, SVF2, and LatAm Funds, investment
activities in a wide range of technology sectors. Primarily, gain and loss on investments at SVF1, SVF2,
LatAm Funds, and others consist of gain and loss arising from investments held by SVF1, SVF2, and LatAm
Funds including the investment in the Company’s subsidiary.
The SoftBank segment provides, mainly through SoftBank Corp., mobile services, sale of mobile devices,
broadband services, and solution services in Japan, through Yahoo Japan Corporation and LINE Corporation,internet advertising and e-commerce services, and through PayPay Corporation, payment and financial
services.
The Arm segment provides, through Arm, designs of microprocessor intellectual property and related
technology, sale of software tools, and related services.

65

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Information on business segments, which is not included in the reportable segments, is classified in “Other.”“Other” includes mainly 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.
Segment information for the nine-month period ended December 31, 2021 and the three-month period ended
December 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 condensed interim
consolidated statement of profit or loss, “Gain (loss) on investments” included in segment income includes
realized gain and loss from investments in financial assets at FVTPL for which investment performance ismeasured at fair value, unrealized gain and loss on valuation of investments, dividend income frominvestments, derivative gain and loss relating to investments in financial assets at FVTPL, and realized gain
and loss from investments accounted for using the equity method. The Investment Business of Holding
Companies segment calculates its segment income by eliminating gain and loss on investments relating toinvestments 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.

66SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

For the nine-month period ended December 31, 2021
(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds

SoftBank

Arm

Net sales
Customers
Intersegment--

4,205,094
2,156

226,836
534

Total

-

-

4,207,250

227,370

Segment income
Depreciation andamortization
Gain (loss) on
investments

972,977(350,833)

700,824

31,088(2,912)(535)(552,678)(55,746)

15,848(441,004)

21,506244

Finance cost

(209,184)(19,812)(46,452)(733)

Foreign exchange loss

(275,129)

(71)

(141)

-

221,680-(25,821)(400)

1,106,657

1,013

289

(259)

Income (loss) on equity
method investments
Derivative gain (loss)(excluding gain (loss) on
investments)

Total

Other

Reconciliations

Consolidated

Net sales
Customers
Intersegment

4,431,930
2,690

148,910
7,968(10,658)

4,580,840-

Total

4,434,620

156,878(10,658)

4,580,840

Segment income
Depreciation and

1,354,056

71,068(190,400)

1,234,724(611,871)(21,630)-(633,501)(403,406)

39,659(188,021)(551,768)

Finance cost

(276,181)(10,194)

3,611(282,764)

Foreign exchange loss

(275,341)(2,031)-(277,372)

195,459

19,524(11,241)

203,742

1,107,700(3,479)-1,104,221

amortization
Gain (loss) on
investments

Income (loss) on equity
method investments
Derivative gain (loss)(excluding gain (loss) on
investments)

67SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

For the nine-month period ended December 31, 2022
(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision*
Funds

SoftBank

Arm

Net sales
Customers
Intersegment--

4,385,950
2,282

288,952
-

Total

-

-

4,388,232

288,952

Segment income
Depreciation andamortization
Gain (loss) on
investments

3,131,767(4,010,750)

545,543

54,901(3,398)(750)(559,493)(66,662)3,699,716(5,042,699)(26,215)254

Finance cost

(317,202)(59,074)(47,588)(789)(725,356)

460(1,223)(1,581)(24,708)-(32,559)165

631,115

865

801

1,168

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

4,674,902
2,282

200,871
6,699(8,981)

4,875,773-

Total

4,677,184

207,570(8,981)

4,875,773

Segment income
Depreciation and(278,539)(12,419)921(290,037)(630,303)(25,804)-(656,107)(1,368,944)(28,050)

35,828(1,361,166)(424,653)(12,195)

3,340(433,508)(727,700)

(284)

-

(727,984)(57,102)(124)(13,385)(70,611)

633,949(14,362)-

619,587

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

Note:* The details of the difference between “Gain (loss) on investments” in the SoftBank Vision Funds segment and “Gain (loss) on
investments at SoftBank Vision Funds” in the condensed interim consolidated statement of profit or loss are described in “(1) Income
and loss arising from the SoftBank Vision Funds business” under “Note 4. SoftBank Vision Funds business.”

68SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

For the three-month period ended December 31, 2021
(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds

SoftBank

Arm

Net sales
Customers
Intersegment--

1,465,172
674

65,743
272

Total

-

-

1,465,846

66,015(42,585)

50,353

182,592(2,906)

(977)

(182)

(183,624)(19,151)(263,841)

108,096

1,222

232

(70,772)(9,655)(15,348)(244)(185,280)

(20)

(13)

-

(45,309)-(11,497)478

482,668

(411)

287

718

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

1,530,915
946

66,421
2,886(3,832)

1,597,336-

Total

1,531,861

69,307(3,832)

1,597,336

187,454

60,152(59,853)

187,753(203,934)(6,814)-(210,748)(154,291)

50,326(52,568)(156,533)(96,019)(2,626)

1,480(97,165)(185,313)

138-(185,175)(56,328)

38(5,299)(61,589)483,262--

483,262

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)

69

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

For the three-month period ended December 31, 2022
(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds

SoftBank

Arm

Net sales
Customers
Intersegment--

1,535,772
229

105,247
-

Total

-

-

1,536,001

105,247(130,522)(660,096)

120,646

19,270(1,222)(401)(189,621)(22,752)

175,008(730,357)(22,765)52(76,563)(23,279)(16,509)(255)

374,787(43)(2,713)(4,589)(829)-(10,611)(258)(410,386)

245

(740)

688

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

Total

Other

Reconciliations

Consolidated

Net sales
Customers
Intersegment

1,641,019
229

52,2772,117(2,346)

1,693,296-

Total

1,641,248

54,394(2,346)

1,693,296

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

(650,702)(892)

68,921(582,673)(213,996)(5,423)-(219,419)(578,062)(10,587)

77,081(511,568)(116,606)(3,838)

1,153(119,291)

367,442--

367,442(11,698)(431)(3,612)(15,741)(410,193)--(410,193)(loss)
Loss on equity method
investments
Derivative gain (loss)(excluding gain (loss) on
investments)

70SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

4. SoftBank Vision Funds business(1) Income and loss arising from the SoftBank Vision Funds businessa. Overview
Segment income arising from the SoftBank Vision Funds business (income before income tax) represents 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 receives from
SVF1, and that SBGA receives from SVF2 and LatAm Funds.
The amount of the net profits attributable to Third-Party Investors that is deducted from the segment income
is presented 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)
Nine-month period ended Nine-month period ended
December 31, 2021
December 31, 2022
Loss on investments at SoftBank Vision Funds
Loss on investments at SVF1, SVF2, and LatAm
Funds
*2

Realized gain on investments
Unrealized loss on valuation of investments*3

Change in valuation for the fiscal year
Reclassified to realized gain recorded in the*4past fiscal years
Interest and dividend income from investments
Derivative gain on investments*5

Effect of foreign exchange translation
Subtotal

Gain on other investments
Total loss on investments at SoftBank Vision
Funds
Selling, general and administrative expenses
Finance cost (interest expenses)
Derivative gain (excluding gain (loss) on investments)
Change in third-party interests in SVF*6

Other loss
Segment income arising from the SoftBank Vision
Funds business (income before income tax)

71

1,118,510

47,040(400,818)(4,855,290)(1,190,988)(165,228)

25,361
51,217

1,190
16,191(46,164)(92,044)(442,882)
1,878(5,048,141)
5,442(441,004)(5,042,699)(61,431)(19,812)
1,013
170,701(53,184)(59,074)865
1,145,779(300)(2,437)(350,833)(4,010,750)

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Notes:
1. The Latin America Funds segment has been integrated into the SoftBank Vision Funds segment from the three-month period
ended June 30, 2022 since LatAm Funds has been managed by SBGA, which manages SVF2. Segment income arising fromthe SoftBank Vision Funds business for the nine-month period ended December 31, 2021 is presented based on thereportable segments after the aforementioned change.
2. The amount of realized gain and loss on investments is the exit price net of the investment cost. In addition to the realized
gain and loss on sales by cash consideration, the realized gain and loss by share exchange are included.
3. For the nine-month period ended December 31, 2022, ¥3,132 million of the unrealized gain (net) on valuation arising fromshares of the Company’s subsidiaries held by SVF1 and SVF2 (mainly Arm and PayPay Corporation) is included in “Loss on
investments at SoftBank Vision Funds” (in Change in valuation for the fiscal year under Unrealized loss on valuation of
investments) in the above-mentioned segment income. However, the unrealized gain on valuation is eliminated inconsolidation.
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. For the nine-month period ended December 31, 2022, ¥34,074 million of the unrealized loss on valuation
arising from WeWork common shares held by SVF2 is included in “Loss on investments at SoftBank Vision Funds” (inChange in valuation for the fiscal year under Unrealized loss on valuation of investments) in the above-mentioned segment
income. However, the unrealized loss on valuation is eliminated in consolidation as WeWork is an equity method associateof the Company.
The unrealized gain and loss on valuation, that are eliminated in consolidation, are not included in “Gain (loss) on
investments at SoftBank Vision Funds” in the condensed interim consolidated statement of profit or loss.
4. 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 on investments” due to the realization for thenine-month period ended December 31, 2022.
5. 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.
6. In December 2022, SVF2 provided credit support for the $1.107 billion credit facility for WeWork provided by financial
institutions. For the nine-month period ended December 31, 2022, ¥13,122 million of provision for allowance for financial
guarantee contract losses related to a credit facility for WeWork provided by financial institutions was recorded as expectedcredit losses were higher than the amount recorded as of the contract date due to an increase in the credit spread for
WeWork’s unsecured notes distributed in the market.

72SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(2) Third-party interests in SVF
a. Terms and conditions of contribution from/ distribution to SVF Investors
Contributions by SVF Investors are classified as “Equity” and “Preferred Equity” depending on the terms 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,
SVF2 and LatAm Funds. The net proceeds from SVF1 and LatAm Funds are also allocated to theperformance fees attributed to SBIA and SBGA, respectively, using the method specified in the limited
partnership agreement. The amount of performance-based distribution attributed to SVF Investors is allocatedto each of the SVF Investors based on the proportion of their respective Equity contribution. The amount of
performance-based distributions is paid to each of the SVF Investors after each of SVF1, SVF2 and LatAm
Funds, as applicable, receive cash through dividend, or disposition or monetization of investments.
In SVF1, fixed distributions are defined as distributions of Preferred Equity holders which 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 and LatAm Funds are described in “Note 14. Related party
transactions regarding a co-investment program with restricted rights to receive distributions.” There are no
Third-Party Investors who contributed to Preferred Equity in SVF2 and LatAm Funds.
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.”73

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

b. Changes in interests attributable to Third-Party Investors(a) Third-party interests in SVF1
Changes in interests attributable to Third-Party Investors in SVF1 (included in “Third-party interests in SVF”
in the condensed interim consolidated statement of financial position) are as follows:(Millions of yen)(For reference purposes only)
Links with the condensed interim
consolidated financial statements
Consolidated
Consolidated
Third-party interests instatement
statement of cash
SVF1of profit or loss
flows
(Total of current liabilities (Negative figures (Negative figures
represent
represent
and non-current liabilities)
expenses)
payments)(Breakdown)
As of April 1, 2022
5,289,754
Contributions from third-party
17,857
17,857
investors
Changes in third-party interests(810,559)
810,559
Attributable to investors entitled to127,957
fixed distribution
Attributable to investors entitled to(938,516)
performance-based distribution
Distribution/repayment to third-party(465,606)(465,606)
investors
Exchange differences on translating
456,682*
third-party interests
As of December 31, 2022
4,488,128
Note:* Exchange differences were included in “Exchange differences on translating foreign operations” in the condensed interim
consolidated statement of comprehensive income.

74SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(b) Third-party interests in SVF2 and receivables
Changes in interests attributable to Third-Party Investor in SVF2 (included in “Third-party interests in SVF”
in the condensed interim consolidated statement of financial position) are as follows: Third-party Investor in
SVF2 is the investor entitled to performance-based distribution.

Third-party interests in
SVF2(Total of current liabilities
and non-current liabilities)

As of April 1, 2022
Changes in third-party interests
Exchange differences on translating*
third-party interests
As of December 31, 2022

(Millions of yen)(For reference purposes only)
Links with the condensed interim
consolidated financial statements
Consolidated
Consolidated
statement
statement of cashof profit or loss
flows
(Negative figures (Negative figures
represent
represent
expenses)
payments)

270,081(291,332)

291,332-

21,251

-

-

-

Note:
* Exchange differences were included in “Exchange differences on translating foreign operations” in the condensed interim
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 condensed interim
consolidated statement of financial position) are as follows: The details of the receivables from Third-Party
Investor in SVF2 are described in “(1) Transactions between SVF2 and related parties” under “Note 14.
Related party transactions regarding a co-investment program with restricted rights to receive distributions.”

As of April 1, 2022
Increase in receivables from Equity Acquisition Amount andaccrued premiums charged to third-party investor
Exchange differences on receivables
As of December 31, 2022

75

(Millions of yen)
Receivables from third-party
investor in SVF2
342,663
8,474
28,641
379,778

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022(c) Third-party interests in LatAm Funds and receivables
Changes in interests attributable to Third-Party Investor in LatAm Funds (included in “Third-party interests in
SVF” in the condensed interim consolidated statement of financial position) are as follows: Third-party
Investor in LatAm Funds is the investor entitled to performance-based distribution.

Third-party interests in
LatAm Funds(Total of current liabilities
and non-current liabilities)

As of April 1, 2022
Changes in third-party interests
Exchange differences on translating*
third-party interests
As of December 31, 2022

(Millions of yen)(For reference purposes only)
Links with the condensed interim
consolidated financial statements
Consolidated
Consolidated
statement
statement of cashof profit or loss
flows
(Negative figures (Negative figures
represent
represent
expenses)
payments)

80,663(43,888)

43,888

-

7,048

-

-

43,823Note:* Exchange differences were included in “Exchange differences on translating foreign operations” in the condensed interim
consolidated statement of comprehensive income.

The Company has receivables from Third-party Investor in LatAm Funds. The changes in the receivablesfrom Third-Party Investor in LatAm Funds (included in “Other financial assets (non-current)” in thecondensed interim consolidated statement of financial position) are as follows: The details of the receivablesfrom Third-Party Investor in LatAm Funds are described in “(2) Transactions between LatAm Funds andrelated parties” under “Note 14. Related party transactions regarding a co-investment program with restricted
rights to receive distributions.”

As of April 1, 2022
Increase in receivables from Equity Acquisition Amount andaccrued premiums charged to third-party investor
Exchange differences on receivables
As of December 31, 2022

(Millions of yen)
Receivables from third-party
investor in LatAm Funds
80,663
2,001
6,741
89,405c. Uncalled committed capital from Third-Party Investors
Uncalled committed capital from SVF1’s Third-Party Investors as of December 31, 2022 was $8.2 billion.

76SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(3) 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 December 31, 2022, the cumulative amount of performance fees paid to SBIA
was $439 million. For the nine-month period ended December 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 December 31, 2022, no performance-linked management fees were paid to
SBGA.
c. Management fees, performance-linked management fees and performance fees in LatAm Funds
Management fees to SBGA from LatAm Funds are, in accordance with the constitutional agreements,
calculated based on the acquisition cost of investments and paid to SBGA by LatAm Funds quarterly.
LatAm Funds introduced the performance-linked management fees in July 2022. The amount of theperformance-linked management fees to SBGA from LatAm Funds is determined, based on the investment
performance for certain periods specified in the constitutional agreement, according to the agreed principle.
SBGA is entitled to receive the performance-linked management fees after certain periods for the investment
77

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

performance measurement specified in the constitutional agreement provided that there are available cash
proceeds through disposition, dividend and monetization of investments in LatAm Funds.
Same as the performance-based distributions, the amount of the performance fees to SBGA from LatAm
Funds is calculated using the allocation method as specified in the constitutional agreements. SBGA isentitled to receive the performance fees when LatAm Funds receives cash through disposition, dividend andmonetization of an investment.
From the inception of LatAm Funds to December 31, 2022, neither performance fees nor performance-linked
management fees were paid to SBGA.

78

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

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

As ofMarch 31, 2022

As ofDecember 31, 2022

Current
Short-term borrowings
Commercial paper*1

Current portion of long-term borrowings
Current portion of corporate bonds
Current portion of financial liabilities relating to*2sale of shares by prepaid forward contracts
Current portion of installment payables
Total

Non-current
Long-term borrowings
Corporate bonds
Financial liabilities relating to sale of shares by
prepaid forward contracts
Installment payables

*2

Total

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

922,721390,001
2,119,983
246,0092,352,539

192,208

150

143

7,328,862

3,871,065

5,472,605
6,471,624

5,047,461
6,523,475

2,184,034

2,659,394

307

200

14,128,570

14,230,530

Notes:
1. Skywalk Finance GK had made a borrowing by using Alibaba shares pledged as collateral. For the nine-month period ended
December 31, 2022, Skywalk Finance GK repaid all of its borrowing of $6.0 billion before the maturity date and thecollateral for Alibaba shares was released. The carrying amount of current portion of long-term borrowings is ¥731,517
million and the carrying amount of Alibaba shares pledged as collateral, on a consolidation basis, which are included in“Investments accounted for using the equity method” is ¥1,154,179 million in the condensed interim consolidated statementof financial position as of March 31, 2022.
2. These are primarily financial liabilities relating to sale of shares by prepaid forward contracts using Alibaba shares. For thenine-month period ended December 31, 2022, the balance of liabilities decreased significantly due to the physical settlementof a part of prepaid forward contracts using Alibaba shares. The details are described in “(2) Transactions for sale of Alibaba
shares by prepaid forward contracts.”(2) Transactions for sale of Alibaba shares by prepaid forward contracts
Wholly-owned subsidiaries of the Company entered into prepaid forward contracts with financial institutions
to procure funds using Alibaba shares, which are held by the subsidiaries.
In the prepaid forward contracts, the number of Alibaba shares settled by the prepaid forward contracts isfixed regardless of changes in market share price in the future in a forward contract or determined byreference to market price of the shares at the valuation dates prior to the settlement date. The latter type ofcontracts include Floor contract that a floor is set for the price of shares settled and Collar contract that a cap

79SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

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 fund procurement 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 while the embedded derivatives are measured at fair value.
Also, the call spread contracts are measured at fair value as well. In addition, for the derivative financial
assets and the derivative financial liabilities 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 describedin “Note 6. 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
the right of use to the financial institutions with respect to such shares. However, the collateral can bereleased by cash settlement at the discretion of Entities for fund procurement by using Alibaba shares.
Entities for fund procurement by using Alibaba shares procured ¥1,353,700 million ($10.5 billion) in total byentering into forward contracts for the three-month period ended June 30, 2022, ¥1,089,793 million ($7.9
billion) in total by entering into forward contracts for the three-month period ended September 30, 2022, and¥857,246 million ($6.1 billion) in total by entering into forward contracts for the three-month period ended
December 31, 2022.
In contrast, for the three-month period ended September 30, 2022, a part of prepaid forward contracts was
settled by Alibaba shares from August to September 2022 based on the board resolution in August 2022(“Physical settlement under the board resolution in August 2022”), and most of them were early termination.
As a result of the Physical settlement under the board resolution in August 2022, the Company lost significant
influence over Alibaba via voting rights and Alibaba ceased to be an equity method associate of theCompany. The details are described in “Notes 1” in “(1) Gain and loss on investments at Investment Businessof Holding Companies” under “Note 9. Gain on investments.” Consequently, ¥891,249 million of current
portion of financial liabilities relating to sale of shares by prepaid forward contracts, ¥2,930,540 million offinancial liabilities relating to sale of shares by prepaid forward contracts, ¥304,895 million of “Derivative
financial assets (current),” ¥478,934 million of “Derivative financial assets (non-current),” ¥13,376 million of“Derivative financial liabilities (non-current),” and ¥2,609,895 million of Alibaba shares included in“Investments accounted for using the equity method” or “Investment securities,” which was recognized as aresult of the remeasurement, were derecognized from the condensed interim consolidated statement offinancial position as of the settlement date.

80SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Also, before aforementioned settlement based on the board resolution in August 2022, for the three-month
period ended June 30, 2022 and the three-month period ended September 30, 2022, the settlement date ofcertain prepaid forward contracts arrived and they were settled by Alibaba shares. As a result, ¥741,568
million of current portion of financial liabilities relating to sale of shares by prepaid forward contracts,¥480,155 million of “Derivative financial assets (current),” and ¥152,653 million of Alibaba shares included
in “Investments accounted for using the equity method” were derecognized from the condensed interim
consolidated statement of financial position as of the settlement date, and ¥132,157 million of “Gain on
investments at Investment Business of Holding Companies” was recorded in the condensed interim
consolidated statement of profit or loss.
Furthermore, for the three-month period ended December 31, 2022, the settlement date of certain prepaid
forward contracts arrived and they were settled by Alibaba shares. As a result, ¥974,790 million of current
portion of financial liabilities relating to sale of shares by prepaid forward contracts, ¥610,321 million of“Derivative financial assets (current),” and ¥364,469 million of Alibaba shares included in “Investment
securities” were derecognized from the condensed interim consolidated statement of financial position as ofthe settlement date.
As of December 31, 2022, the Company set ¥2,110,265 million of Alibaba shares, which is recognized as“Investment securities” in the condensed interim consolidated statement of financial position, as collateral for¥192,208 million of current portion of financial liabilities relating to sale of shares by prepaid forward
contracts and ¥2,222,979 million of financial liabilities relating to sale of shares by prepaid forward contracts.

81SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(3) Components of proceeds and repayment in short-term interest-bearing debt, net
The components of “(Repayment) proceeds in short-term interest-bearing debt, net” in the condensed interim
consolidated statement of cash flows are as follows:(Millions of yen)

Nine-month period ended Nine-month period ended
December 31, 2021
December 31, 2022
Net (decrease) increase in short-term borrowings
Net increase (decrease) in commercial paper
Total(1,008,687)
95,40068,657(53,300)(913,287)

15,357(4) Components of proceeds from interest-bearing debt
The components of “Proceeds from interest-bearing debt” in the condensed interim consolidated statement ofcash flows are as follows:(Millions of yen)

Nine-month period ended Nine-month period ended
December 31, 2021
December 31, 2022
Proceeds from borrowings
Proceeds from issuance of corporate bonds
Proceeds from procurement by prepaid forward
contracts using shares
Total

*

5,859,639
2,000,245

2,679,259
445,000

1,593,251

3,361,608

9,453,135

6,485,867

Note:* The amount was primarily procured under the prepaid forward contracts using Alibaba shares. The details of prepaid forward
contracts using Alibaba shares are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts.”(5) Components of repayment of interest-bearing debt
The components of “Repayment of interest-bearing debt” in the condensed interim consolidated statement ofcash flows are as follows:(Millions of yen)

Nine-month period ended Nine-month period ended
December 31, 2021
December 31, 2022
Repayment of borrowings
Redemption of corporate bonds
Repayment for settlement of prepaid forward
contracts using shares
Total

82

(5,219,906)(842,217)(4,328,611)(743,901)(319,487)(2,427)(6,381,610)(5,074,939)

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

6. Financial instruments
The details of derivative contracts are mainly as follows:(Millions of yen)
As ofMarch 31, 2022

As ofDecember 31, 2022

Carrying amount(fair value)

Carrying amount(fair value)

Assets
Prepaid forward contracts using Alibaba shares*1(Option contracts)
Call spread contracts relating to prepaid forward*1

contracts using Alibaba shares
Prepaid forward contracts using Alibaba shares*1(Forward contracts)
Contingent consideration relating to acquisition of*2

T-Mobile shares
Short call option for T-Mobile shares to Deutsche

Liabilities

AssetsLiabilities

1,379,801-

458,664

-

2,302

-

835

-

190,334(67,672)

39,030(291,297)

591,429-

786,459--(103,754)-(53,869)*3

Telekom

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 5.
Interest-bearing 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. In addition, “T-Mobile”
indicates T-Mobile US, Inc. after merging with Sprint.
3. The decrease was primarily due to the partial exercise of the call options by Deutsche Telekom AG (“Deutsche Telekom”). The
details are described in “Notes 3” in “(1) Gain and loss on investments at Investment Business of Holding Companies” under“Note 9. Gain on investments.”

83SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

7. 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 period
(Yen)
As of
March 31, 2022
USD

As of
December 31, 2022

122.3919.26

CNY*132.70-(2) Average rate for the quarter
For the nine-month period ended December 31, 2021
(Yen)

USD
CNY

Three-month period ended
June 30, 2021

Three-month period ended
September 30, 2021

Three-month period ended
December 31, 2021

110.0017.01

110.4717.09

113.6017.75

For the nine-month period ended December 31, 2022
(Yen)

USD
CNY*

Three-month period ended
June 30, 2022

Three-month period ended
September 30, 2022

Three-month period ended
December 31, 2022

129.04
19.60

138.6820.19

141.16-Note:* For the three-month period ended September 30, 2022, Alibaba ceased to be an equity method associate of the Company. As aresult, exchange rates of Chinese yuan are not presented from the three-month period ended December 31, 2022 since it is nolonger considered as a major currency used for translating financial statements of foreign operations.

84SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

8. Equity(1) Other equity instruments
On July 19, 2017, the Company issued $2.75 billion of USD-denominated Undated Subordinated Non-Call 6
years Resettable Notes and $1.75 billion of USD-denominated Undated Subordinated Non-Call 10 years
Resettable Notes (collectively, the “Hybrid Notes”).
The Hybrid Notes are classified as equity instruments in accordance with IFRSs because 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.
In addition, on October 12, 2022, the Company purchased a portion of the above USD-denominated Undated
Subordinated Non-Call 6 years Resettable Notes (the face value of $0.75 billion) and retired them on the samedate. The amount of ¥21,776 million reduced from “Retained earnings” as “Redemption and cancellation ofother equity instruments” in the condensed interim consolidated statement of changes in equity is thedifference between the issue amount and the purchase amount, including foreign exchange effects.
(2) Treasury stock
Changes in treasury stock are as follows:(Thousands of shares)

Nine-month period ended Nine-month period ended
December 31, 2021
December 31, 2022
Balance at the beginning of the period*

Increase during the period
Decrease during the period
Balance at the end of the period

351,298
37,931

76,164
185,702(368,196)(1,371)

21,033

260,495

Note:* For the nine-month period ended December 31, 2022, due to purchases of treasury stock under the resolutions passed at theBoard of Directors meeting held on November 8, 2021 and August 8, 2022, the number of treasury stock increased by 185,701
thousand shares (the amount purchased is ¥1,055,426 million).

(3) Accumulated other comprehensive income
The components of accumulated other comprehensive income are as follows:(Millions of yen)

As ofMarch 31, 2022
Equity financial assets at FVTOCI
Debt financial assets at FVTOCI
Cash flow hedges
Exchange differences on translating foreign*

operations
Total

As of
December 31, 2022

46,338298
1,696

46,323308(55,326)

2,447,826

3,675,393

2,496,158

3,666,698

Note:* The increase was primarily due to a weaker yen against the U.S. dollar compared with the exchange rate as of March 31,
2022.

85

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

9. 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)

Gain relating to settlement of prepaid forward*1,2

contracts using Alibaba shares*3
Gain relating to sales of T-Mobile shares
Realized gain (loss) on investments at asset
management subsidiaries
Unrealized loss on valuation of investments at asset
management subsidiaries
Derivative gain (loss) on investments at asset
management subsidiaries*1,2

Realized gain (loss) on investments*2
Unrealized loss on valuation of investments*4
Derivative gain (loss) on investments
Other
Total

Nine-month period ended
December 31, 2021

Nine-month period ended
December 31, 2022

68,0504,838,251

3,149

24,842

68,315(69,904)(259,186)(62,931)

123,726(4,996)82,036(79,733)(4,211)
13,810(240,222)(955,478)
155,534
14,504

15,956

3,699,600

Notes:
1. During the course of the Physical settlement under the board resolution in August 2022, the Company lost significant
influence over Alibaba because the voting power against Alibaba held by the Company decreased to below 20%, and Alibaba
ceased to be an equity method associate of the Company. At the same time, Alibaba shares held by the Company as of thedate the Company lost significant influence over Alibaba (“remaining Alibaba shares”) were remeasured based on the stock
price of that day and were included in “Investment securities” in the condensed interim consolidated statement of financial
position.
As a result of the Physical settlement under the board resolution in August 2022 and the remeasurement of remaining Alibaba
shares, for the three-month period ended September 30, 2022, ¥584,796 million of gain on settlement of prepaid forward
contracts using Alibaba shares and ¥3,996,668 million of gain from remeasurement of Alibaba shares were recognized.
In the schedule above, gain on settlement of prepaid forward contracts using Alibaba shares is divided into “Gain relating tosettlement of prepaid forward contracts using Alibaba shares” and “Realized gain (loss) on investments,” depending onwhether a physical settlement is completed before Alibaba ceases to be an equity method associate of the Company or not,and the gain from remeasurement of Alibaba shares is included in “Gain relating to settlement of prepaid forward contracts
using Alibaba shares.”Also, before the Physical settlement under the board resolution in August 2022, for the six-month period ended September 30,
2022, certain prepaid forward contracts using Alibaba shares were settled by Alibaba shares and ¥132,157 million of gain on
settlement of prepaid forward contracts using Alibaba shares was recognized. The gain is included in “Gain relating tosettlement of prepaid forward contracts using Alibaba shares.”
2. “Gain relating to settlement of prepaid forward contracts using Alibaba shares” is composed of (1) gain on settlement of
prepaid forward contracts using Alibaba shares which a settlement is completed before Alibaba ceases to be an equity method
associate of the Company and (2) the effect of the remeasurement of remaining Alibaba shares recorded as of the date when
Alibaba ceases to be an equity method associate of the Company. Effects of stock price changes after Alibaba ceases to be an
equity method associate of the Company are included in “Realized gain (loss) on investments” or “Unrealized gain (loss) on

86SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

valuation of investments” rather than “Gain relating to settlement of prepaid forward contracts using Alibaba shares.” For thenine-month period ended December 31, 2022, ¥210,919 million of realized loss on investments and ¥948,029 million of
unrealized loss on valuation of investments were recognized related to the remaining Alibaba shares.
3. On April 12, 2022, Deutsche Telekom exercised options to purchase T-Mobile shares granted by the Company to Deutsche
Telekom and the Company sold 21,153,145 of T-Mobile shares held by a wholly-owned subsidiary of the Company toDeutsche Telekom. In connection with the exercise, the wholly-owned subsidiary of the Company received $2.40 billion as
consideration for the sale of T-Mobile shares. As a result, ¥24,842 million of gain relating to sales of T-Mobile shares wasrecorded for the nine-month period ended December 31, 2022.
Cumulative gains on T-Mobile shares and the options associated with the transaction are ¥22,528 million. Of this, ¥6,012
million of loss was recorded for the fiscal year ended March 31, 2021, and ¥3,698 million of gain was recorded for the fiscal
year ended March 31, 2022.
4. For the nine-month period ended December 31, 2022, ¥147,567 million of derivative gain on investments was recorded due tochanges in the fair value of contingent consideration related to the acquisition of T-Mobile shares through the merger
transaction with Sprint and T-Mobile US, Inc. The details of contingent consideration are described in “Notes 2” under “Note
6. Financial instruments.”(2) Gain and loss on investments at SoftBank Vision Funds
The details of gain and loss on investments at SoftBank Vision Funds are described in “(1) Income and loss
arising from the SoftBank Vision Funds business” under “Note 4. SoftBank Vision Funds business.”

10. Finance cost
The components of finance cost are as follows:(Millions of yen)Interest expenses*

Nine-month period ended
December 31, 2021

Nine-month period ended
December 31, 2022

(282,764)(433,508)

Note:* For the nine-month period ended December 31, 2022, the increase was mainly due to the full amortization of the unamortizedcost associated with the financial liabilities related to the early settlement of prepaid forward contracts using Alibaba shares.
The details are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 5. Interestbearing debt.”

87SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

11. Derivative gain (excluding gain (loss) on investments)
For the nine-month period ended December 31, 2022, derivative gain of ¥549,134 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 5. Interest-bearing debt.” The above gain includes ¥790,145 million ofderivative gain recorded for the three-month period ended September 30, 2022 regarding the prepaid forward
contracts using Alibaba shares subject to the Physical settlement under the board resolution in August 2022. The
details of the physical settlement are described in “Notes 1” in “(1) Gain and loss on investments at Investment
Business of Holding Companies” under “Note 9. Gain on investments.”

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

Nine-month period ended Nine-month period ended
December 31, 2021
December 31, 2022
Interest income*1

Dilution gain from changes in equity interest*2

Gain on redemption of corporate bonds
Gain relating to loss of control over subsidiaries*3

Provision for allowance for doubtful accounts
Provision for allowance for financial guarantee*4

contract losses*5,6

Impairment loss on equity method investments
Provision for allowance for loan commitment
losses*7*8

Provision for loss relating to litigation
Reversal of impairment loss on equity method
investments
Other
Total

27,09454,52255,85984,678-43,595

115,835

22,880(1,630)(134,581)-(103,593)(25,936)(59,299)-(35,445)-(18,853)

39,993-29,16525,954

240,380(120,142)

Notes:
1. Primarily, the amount is related to the dilution gain arising from changes in Alibaba’s equity interest held by the Company,
due to the exercise of stock options in Alibaba, before Alibaba ceased to be an equity method associate.
2. The amount is related to foreign-currency-denominated notes purchased by SoftBank Group Corp.
3. For the nine-month period ended December 31, 2022, ¥111,569 million of provision for allowance for doubtful accounts
related to unsecured notes issued by WeWork was recorded as the expected credit losses were higher than the amountrecorded as of March 31, 2022 due to an increase in the credit spread for WeWork’s unsecured notes distributed in themarket.
4. ¥103,593 million of provision for allowance for financial guarantee contract losses related to a credit facility for WeWork
provided by financial institutions was recorded as expected credit losses were higher than the amount recorded as of March
31, 2022 due to an increase in the credit spread for WeWork’s unsecured notes distributed in the market. Previously,

88SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

SoftBank Group Corp. provided the credit support for the $1.60 billion credit facility for WeWork provided by financial
institutions. Since December 2022, total amount of the credit facility for WeWork provided by financial institutions has beenchanged from $1.60 billion to $1.457 billion and SVF2 has provided credit support for the $1.107 billion out of the $1.457
billion credit facility for WeWork provided by financial institutions. SoftBank Group Corp. continues to provide the credit
support for the remaining $0.35 billion credit facility.
5. For the nine-month period ended December 31, 2022, ¥31,304 million of impairment loss was recorded as the carrying
amount of equity method investments in DEMAE-CAN CO., LTD. was reduced to the recoverable amount.
6. For the nine-month period ended December 31, 2022, primarily, ¥20,968 million of impairment loss was recorded as the fairvalue of WeWork shares accounted for using the equity method decreased.
7. ¥35,445 million of provision for allowance for loan commitment losses related to acquiring senior secured notes to be issued
by WeWork was recorded. In November 2022, SVF2 became a party to the loan commitment contract related to acquiring thenotes instead of the Company’s wholly owned subsidiary other than SVF, effective from December 2022.
8. The amount was recorded based on the ruling of the Tokyo District Court delivered on September 9, 2022, related to litigationin which SoftBank Corp. was involved as a party, associated with a project to migrate the communications network
connecting 27,000 sites (postal offices, etc.) countrywide to a new network, the 5th PNET. In addition, the case was appealed
to the Tokyo High Court on September 22, 2022.

89SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

13. Supplemental information to the condensed interim consolidated statement of cash flows(1) Income taxes paid and income taxes refunded
For the nine-month period ended December 31, 2022
Payment of withholding income tax related to dividends within the group companies of ¥82,041 million is
included in “Income taxes paid.” In addition, refunded withholding income tax related to dividends within thegroup companies of ¥92,895 million is included in “Income taxes refunded.”(2) Proceeds from sales/redemption of investments
For the nine-month period ended December 31, 2022
Proceeds of ¥309,696 million received from sales of T-Mobile shares are included in “Proceeds fromsales/redemption of investments.”(3) Proceeds from withdrawal of trust accounts in SPACs
For the nine-month period ended December 31, 2022
“Proceeds from withdrawal of trust accounts in SPACs” is proceeds from withdrawal of proceeds, received
from investors other than the Company as a sponsor (“Public Market Investors”) and held in trust accounts, ina Special Purpose Acquisition Company (“SPAC”) sponsored by the Company. The proceeds were withdrawn
for redemption to the Public Market Investors when the SPACs ceased all operations.
(4) Redemption of non-controlling interests subject to possible redemption
For the nine-month period ended December 31, 2022
“Redemption of non-controlling interests subject to possible redemption” is repayment of all the proceeds to
the Public Market Investors of the SPACs. The repayment was required because the SPACs sponsored by theCompany were unable to complete a merger within 24 months from the date of the initial public offering andceased all operations.
(5) Significant non-cash transactions
For the nine-month period ended December 31, 2022
Based on the board resolution in August 2022 or the settlement date of a part of prepaid forward contracts
arrived, ¥5,538,147 million of financial liabilities relating to sale of shares by prepaid forward contracts,¥1,874,305 million of derivative financial assets, and ¥13,376 million of derivative financial liabilities, weresettled by Alibaba shares. The details are described in “(2) Transactions for sale of Alibaba shares by prepaid
forward contracts” under “Note 5. Interest-bearing debt.”

90SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

14. Related party transactions regarding a co-investment program with restricted rights to receive
distributions
MgmtCo, which is the investor in SVF2 LLC (a subsidiary of the Company under SVF2) and the investor in SLA
LLC (a subsidiary of the Company under the LatAm Funds), is a company controlled by Masayoshi Son,
Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., and a related party of
the Company. The co-investment program with restricted rights to receive distributions to SVF2 and LatAm
Funds has been introduced from the three-month period ended September 30, 2021 for the purpose of enabling
Masayoshi Son to make a co-investment in SVF2 and LatAm Funds with the Company, sharing risk of losses aswell as benefit of profits in the success of SVF2 and LatAm Funds, and leading to enhanced focus on the
management of investments held by them, which in turn is intended to contribute to increases in the Company’s
earnings. In making a co-investment in SVF2 and LatAm Funds under the terms of the program, MgmtCo both
receives the benefit of profits and assumes the risk of losses from SVF2 and LatAm Funds, and MgmtCo’s rightto 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
made through SoftBank Vision Fund II-2 L.P. and its subsidiaries, and its investment in SLA LLC is madethrough SBLA Latin America Fund LLC and its subsidiaries.

91

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Related party transactions of the Company are as follows:(1) Transactions between SVF2 and related parties（Millions of yen）
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
rightsNature of transaction

For the nine-month
period ended
December 31, 2022
Amount oftransaction

Receipt of capital
contribution in SVF2
LLC and related*1,2
adjustments-

The premium received
on SVF2 LLC’s
receivables

8,474($62 million)

As ofDecember 31, 2022
Balance atperiod end*3,4

MgmtCo’s Equity*5,6
interests in SVF2 LLC

Net balance at period end(Receivables in SVF2 LLC less*7
MgmtCo’s Equity interests in SVF2 LLC)

379,778($2,862 million)

*3

-

-

379,778($2,862 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
the aggregate fair 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 arereleased proportionately in increments of 10%, and when the ratio reaches 200%, all restrictions are released and MgmtCo isentitled to receive 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 thetime of liquidation was applied throughout the life of SVF2 LLC, then any such excess amounts will be subject to clawbackfrom MgmtCo.
2. Nature of the Equity contribution by MgmtCo
The Equity interests contributed by the Company and MgmtCo are subordinated to the Preferred Equity contributed separatelyby the Company to SVF2 LLC. If there is a shortfall in the amount of return of Preferred Equity contributions and the amount of
fixed distributions to be received by the Preferred Equity holders at the time of the final profit distribution by SVF2 LLC, then
MgmtCo is obligated to pay the shortfall proportional to Equity interests’ ratio up to the total amount of return of Equity
contributions and the distributions received by MgmtCo.
3. Balance at period end of receivables from MgmtCo for receipt of capital contribution and related adjustments
Balance at period end is the balance of SVF2 LLC’s receivables consist of the balance related to receipt of capital contribution,
related adjustments and premiums received from MgmtCo, less any decrease in receivables due to offsetting settlement with
distributions to MgmtCo.
The amount of the transaction for “Receipt of capital contribution in SVF2 LLC and related adjustments” is MgmtCo’s Equity
Acquisition Amount in SVF2 LLC at the inception of the program, which consists of the amount calculated based on MgmtCo’s

92

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

Equity interests of 17.25% in the SVF2’s initial acquisition costs of the relevant portfolio companies held by SVF2 LLC andrelated adjustments calculated based on 17.25% interest in the increase in the portfolio companies’ fair value from the initialacquisition costs at SVF2 to June 30, 2021, and the adjustment equivalent to interests for the period from the Company’scontribution to SVF2 until June 30, 2021.
MgmtCo is entitled to make full or partial payment of its Equity Acquisition Amount at any point in time at its discretion fromthe date it became an investor in SVF2 LLC to the end of the company life of SVF2 LLC. MgmtCo is required to pay a premiumof 3% per annum on the unpaid Equity Acquisition Amount until the unpaid amount is paid in full. “The premium received on
SVF2 LLC’s receivables” refers to the amount of such premium accrued in the current period. MgmtCo is also entitled to makefull or partial payment of the premium at any point in time, at its discretion on the same terms and conditions as Equity
Acquisition Amount.
Any distributable amount from SVF2 LLC to MgmtCo is offset against the receivables at the time of the distribution notice andno distribution payments to MgmtCo are made until the SVF2 LLC’s receivables are paid in full.
4. Collateral and other credit protection for receivables
In order to secure the receivables of SVF2 LLC related to Equity Acquisition Amount and the premium thereon, all of the Equity
interests in SVF2 LLC held by MgmtCo 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 December 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 enforcementof the collateral and personal guarantees by SVF2 LLC.
5. MgmtCo’s Equity interest in SVF2 LLC
The amount represents SVF2 LLC’s net assets attributable to MgmtCo (before deduction of receivables), which is included in“Third-party interests in SVF” in the condensed interim consolidated statement of financial position.
6. 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.
7. Net balance at period end
Net balance at period end is the balance of receivables held by SVF2 LLC less MgmtCo’s Equity interest in SVF2 LLC.

93

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

(2) Transactions between LatAm Funds and related parties（Millions of yen）
Nature ofrelationship

Masayoshi Son(MASA USA
LLC (MgmtCo))

Chairman &CEO of SoftBank
Group Corp. andrelated entities ofwhich he holds
more than onehalf of the voting
rightsNature of transaction

For the nine-month
As ofperiod ended
December 31, 2022
December 31, 2022
Amount ofBalance attransaction
period end

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

The premium received
on SLA LLC’s
receivables
MgmtCo’s Equity
interests in SLA
*5,6
LLC

*3,4

89,405($674 million)

*3

2,001
($15 million)

Net balance at period end(Receivables in SLA LLC less*7
MgmtCo’s Equity interests in SLA LLC)-

43,823($330 million)

45,582($344 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 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 separatelyby the Company to SLA LLC. If there is a shortfall in the amount of return of Preferred Equity contributions and the amount of
fixed distributions to be received by the Preferred Equity holders at the time of the final profit distribution by SLA LLC, then
MgmtCo is obligated to pay the shortfall proportional to Equity interests’ ratio up to the total amount of return of Equity
contributions and the distributions received by MgmtCo.
3. Balance at period end of receivables from MgmtCo for receipt of capital contribution and related adjustments
Balance at period end is the balance of SLA LLC’s receivables which consists of the balance related to receipt of capital
contribution, related adjustments, and premiums received.
The amount of the transaction for “Receipt of capital contribution in SLA LLC and related adjustments” is MgmtCo’s Equity
Acquisition Amount in SLA LLC at the inception of the program, which consists of the amount calculated based on MgmtCo’s
Equity interests of 17.25% in the LatAm Funds’ initial acquisition costs of the portfolio companies held by LatAm Funds andrelated adjustments calculated based on 17.25% interest in the increase in the portfolio companies’ fair value from the initialacquisition costs at LatAm Funds to June 30, 2021, and the adjustment equivalent to interests for the period from the Company’s

94SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

contribution to LatAm Funds until June 30, 2021.
MgmtCo is entitled to make full or partial payment of its Equity Acquisition Amount at any point in time at its discretion fromthe date it became an investor in SLA LLC to the end of the company life of SLA LLC. MgmtCo is required to pay a premiumof 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 makefull or partial payment of the premium at any point in time, at its discretion on the same terms and conditions as Equity
Acquisition Amount.
Any distributable amounts from SLA LLC to MgmtCo are offset against the receivables at the time of the distribution notice andno distribution payments to MgmtCo are made until the SLA LLC’s receivables are paid in full.
4. Collateral and other credit protection for receivables
In order to secure the receivables of SLA LLC related to Equity Acquisition Amount and the premium thereon, all of the Equity
interests in SLA LLC held by MgmtCo 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 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 December 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 enforcementof the collateral and personal guarantees by SLA LLC.
5. MgmtCo’s Equity interest in SLA LLC
The amount represents SLA LLC’s net assets attributable to MgmtCo (before deduction of receivables), which is included in“Third-party interests in SVF” in the condensed interim consolidated statement of financial position.
6. Management fee, performance-linked management fees and performance fees to be charged to MgmtCo
The terms of the management fee, performance-linked management fees and performance fee to be charged to MgmtCo are thesame as those to be charged to the Company as an Equity investor in SLA LLC.
7. Net balance at period end
Net balance at period end is the balance of receivables held by SLA LLC less MgmtCo’s Equity interest in SLA LLC.

95

SoftBank Group Corp. Consolidated Financial Report
For the Nine-Month Period Ended December 31, 2022

15. Significant subsequent events(Retirement of treasury stock)
SoftBank Group Corp., at the Board of Directors meeting held on January 27, 2023, resolved the retirement oftreasury stock pursuant to Article 178 of the Companies Act of Japan.
(1) Reason of the retirement

To increase shareholder profit by decreasing the total number of sharesissued(2) Method of the retirement

Reduction from retained earnings(3) Class of shares to be retired

Common stock of SoftBank Group Corp.

(4) Number of shares to be
retired252,958,500 shares(14.68% of the total number of shares issued prior to the retirement)(5) Planned retirement date

By March 31, 2023

(6) Number of shares issued after
1,469,995,230 shares
the retirement96