SOFTBANK CORP.
CONSOLIDATED Financial Report
For the years ended March 31, 2000 and 1999
FINANCIAL HIGHLIGHTS(1) CONSOLIDATED FINANCIAL PERFORMANCE RESULTS(UNIT : YEN : millions, rounded down)

Net Sales
Operating Income
Ordinary LossNet Income
Earnings per Share -Primary
Earnings per Share -Dilluted

2000/3/31
423,220
8,377(51,932)8,446¥78.05¥76.05-19.0%-30.9%-77.5%

1999/3/31
528,159
12,129(15,447)
37,538¥365.38¥342.11(2) CONSOLIDATED FINANCIAL CONDITION(UNIT : YEN : millions, rounded down)

Total Assets
Total Shareholders' Equity
Equity/Assets
Total Shareholders' Equity per Share

2000/3/31
1,168,308
380,740
32.6%¥3,456.55

1999/3/31
952,578
284,975
29.9%¥2,719.35

2000/3/31
349(60,341)
220,914
268,060

1999/3/31-(3) CONSOLIDATED CASH FLOW(UNIT : YEN : millions, rounded down)

Cash Flow From Operating Activities
Cash Flow From Investing Activities
Cash Flow From Financing Activities
Ending Cash Balance

2.9%-56.5%
264.3%

Consolidated Balance Sheets*Note 1

Accounts

Thousands ofU.S. dollars
As ofMillions of yen, rounded down
As of
As of
March 31, 2000

March 31, 1999

March 31, 2000

ASSETS
Current Assets:
Cash and cash equivalents
Notes and accounts receivable
Marketable securities
Inventories
Deferred tax assets
Assets scheduled for disposal
Other current assets
Allowance for bad debts(short-term)
Total current assets
Fixed Assets:
Property, plant and equipment(net)
Intangible fixed assets:
Goodwill
Trademarks
SoftwareAdvertising lists
Consolidation adjustment
Other intangible assets

Investments and Advances:
Investments in securities
Long-term loans
Deferred tax assets
Investments
OtherAllowance for bad debts(long-term)

Deferred Charges:

254,708
92,454
17,848
16,954
6,340
79,87251,507(3,227)516,458

92,601
114,348
15,47628,31057,474(8,872)
299,3392,491,519
904,372
174,587
165,842
62,017781,297
503,834(31,566)
5,051,922

8,243

16,119157,674

56,66438,4384,819
2,514
15,94013,405
131,784

166,894
155,661

62,221
479,315554,280
375,995
47,13924,592
155,923
131,126
1,289,093

398,270
2,634
2,261
94,727
14,604(1,113)511,384

135,816
2,9145,007
11,099
(1,069)153,120

3,895,823
25,765
22,117926,607
142,854(10,887)
5,002,289

436

74

4,265

Translation adjustments
TOTAL ASSETS

1,168,308

94,537-

4,608
952,578

11,428,230

Note 1: Yen figures have been translated into U.S. dollars, for convenience only at ¥102.23 = $1.00, the approximate exchange rate
prevailing on March 31, 2000.

Consolidated Balance Sheets*Note 1

Accounts

Thousands ofU.S. dollars
As ofMillions of yen, ronded down
As of
As of
March 31, 2000

March 31, 1999

March 31, 2000LIABILITIESCurrent Liabilities:
Accounts payable - trade
Short-term loan payable
Portion of long term debt payable within a year
Straight bonds payable within a year
Convertible bonds payable within a year
Commercial paper
Income taxes payable
Deferred tax liabilities
Accrued expenses
Allowance for sales return and rebates
Other current liabilities
Total Current Liabilities
Long-Term Debt:
Bonds payable
Convertible bonds payable
Long-term notes payable
Allowance for employee retirement benefits
Long-term deferred tax liabilities
Other non-current liabilitiesConsolidation adjustment

Translation adjustments

55,82886,3532,531
26,30057,74328,56523,681
2,259
61,503344,767

57,54923,285
15,900
3,015
20,0003,665
18,845
4,928
37,407
184,596

154,500
45,508
182,183

546,102844,693
24,758257,263564,834
279,419
231,644
22,097
601,614
3,372,464

169,089
8,182
126,248
76
3,764
29,102
336,463

9,753
28,623
205
420,773

3,291,235

2,051

-

20,063-

1,654,006
80,035
1,234,941
743
36,819284,672-

TOTAL LIABILITIES

683,283

605,370

6,683,782

MINORITY INTEREST

104,284

62,232

1,020,092

124,957
149,211
59,09147,546(66)
380,740

104,598
127,934
52,556(8)(105)
284,975

1,222,312
1,459,562
578,020
465,089(646)
3,724,347

1,168,308

952,578

11,428,230

SHAREHOLDERS' EQUITY
Shareholders' Equity:
Common stock
Additional paid-in capital
Retained earnings
Unrealized gain (loss) on marketable equity securities

Treasury stock
TOTAL SHAREHOLDERS' EQUITYTOTAL LIABILITIES, MINORITY INTEREST
AND SHAREHOLDERS' EQUITY

Note 1: Yen figures have been translated into U.S. dollars, for convenience only at ¥102.23 = $1.00, the approximate exchange rate
prevailing on March 31, 2000.

Consolidated Statements of Income*Note 1Thousands ofU.S. dollars

Millions of yen, rounded down

Accounts

For the year ended
March 31, 2000

For the year ended
March 31, 1999

For the year ended
March 31, 2000

Net sales (General Operations)
Cost of sales (General Operations)
Gross Profit (General Operations)404,635
280,780
123,854528,159
352,412
175,746

3,958,085
2,746,552
1,211,523

Selling, general and administrative expenses
Operating Income (General Operations)

125,201(1,346)

163,617
12,1291,224,699(13,166)

Net sales (Finance Related)
Cost of sales (Finance Related)
Operating Income (Finance Related)

18,5858,861
9,724-

181,796
86,677
95,119Operating Income

8,377

12,12981,943

Non-Operating Income
Interest income
Exchange gain
Equity income
Other

17,571
2,779

19,808
11,200
3,958

171,877
27,184

4,744
10,046

Non-Operating Expenses
Interest expense
Exchange loss
Equity losses
Other

77,881
20,15344,370Ordinary Income-4,64947,38536,880-46,40598,269761,821
197,134
434,021

13,357

6,495
4,009

130,656(51,932)(15,447)(507,992)

Extraordinary Income
Gain on sales of investment securities
Gain on issuance of stock by subsidiaries and affiliates
Exchange gain
Sale of operations
Other

289,072
218,207
40,072

2,827,663
2,134,471
391,979

29,001
1,791

66,11550,736
10,757308
4,312

Extraordinary Loss
Losses on sales of marketable and investment
Evaluated loss on investment securities
Losses on discontinued operations
Loss on issuance of stock by subsidiaries and affiliates
Write down of intagible assets
Other204,971
602
3,662
77,043
3,236
119,1261,300

14,028
3,455
5,568
3,399
1,605

2,004,999
5,889
35,821
753,624
31,654
1,165,274
12,71632,16836,639314,663

52,722
62
29,063
8,446

2,958
375
4,233
37,538515,719606
284,290
82,618-

Income Before Income Taxes
Provisions for income taxes - Current
Provisions for income taxes - Deferred
Minority interest
Net Income

Note 1: Yen figures have been translated into U.S. dollars, for convenience only at ¥102.23 = $1.00, the approximate exchange rate prevailing on March 31, 2000.
Note 2: Finance related operations-- Net Sales:eFinance 15,981

International Venture Fund 2,604

Finance related operations-- Operating Expenses:

eFinance 8,271

International Venture Fund

Finance related operations-- Operating Income:eFinance

International Venture Fund 2,014

7,710

589

-283,684
17,519

Consolidated Statements of Shareholders' Equity*Note 1Thousands ofU.S. dollars

Millions of yen, rounded down

Accounts

For the year ended
March 31, 2000

For the year ended
March 31, 1999

For the year ended
March 31, 2000

Beginning Balance (as of 3/31/99)

52,55623,266

514,096

Increase in Retained Earnings

256

19,805

2,504

Increase in retained earnings due to changes in the companies
accounted for using the equity method.

acquisitions

Decrease in Retained Earnings
Cash dividends
Directors' bonus
Shares retired and related decreases due to mergers

-

1,105

-

256

18,700

2,504

2,168
2,095
72

21,207
20,493704-

28,051
4,088
53
10,557-

13,3522

Decrease in retained earnings due to adjustements for acquiredoperations.

Other decreases in retained earnings-Net Income

8,446

37,53882,618Ending Balance (as of 3/31/00)

59,091

52,556

578,020

Note 1: Yen figures have been translated into U.S. dollars, for convenience only at ¥102.23 = $1.00, the approximate exchange rate
prevailing on March 31, 2000.

Consolidated Statements Of Cash Flows*Note 1

Accounts

Millions of yen, ronded down
As ofMarch 31, 2000

Thousands ofU.S. dollars
As ofMarch 31, 2000

CASH FLOWS FROM OPERATING ACTIVITIES
32,16832,659(4,744)(36,835)
119,126(3,028)(218,677)
44,370(2,779)20,15348,041

314,663319,466(46,405)(360,315)
1,165,274(29,619)(2,139,069)
434,021(27,184)
197,134
469,931(26,214)22,721(32,650)
38,523
3,454
36,291
2,938(20,882)(17,997)349(256,422)
222,254(319,378)
376,827
33,787354,994
28,739(204,265)(176,044)
3,414

Capital expenditures
Payment for purchase of marketable and investment securities
Proceeds from sales of marketable and investment securities
Proceeds from sales of subsidiaries
Acquisition of subsidiaries
Payment on lending
Proceeds from repayment of lending
OtherNet cash used in investing activities:
CASH FLOWS FROM FINANCING ACTIVITIES(11,637)(299,091)
159,905
104,724(11,610)(8,172)
7,608(2,067)(60,341)(113,832)(2,925,668)
1,564,169
1,024,396(113,567)(79,937)
74,420(20,219)(590,247)

Proceeds from issuance of shares to minority interests
Proceeds from sale of shares to minority interests
Increase in short-term debt- Net
Repayments of commercial paper
Proceeds from issuance of long-term debt
Repayment of long-term debt
Proceeds from issuance of bonds
Payment on debt redemption
Partners contributions to venture fund
Dividends paid
Other
Net cash (used in) provided by financing activities:

67,46583,43868,199(20,000)
7,034(46,738)
61,843(35,333)
44,485(2,095)(7,385)220,914659,933
816,179
667,113(195,637)
68,806(457,185)
604,940(345,623)
435,146(20,493)(72,239)
2,160,951

Effect of exchange rate changes
Net change in cash and cash equivalents
Net change in cash and cash equivalents due to new consolidated companies
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year(307)
160,615
1,558
105,886
268,060(3,003)
1,571,114
15,2401,035,762
2,622,127

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization
Minority interest
Gain on issuance of stock by subsidiaries and affiliates
Write down of intagible assets
Loss on revaluation of marketable and investment securities
Gains on sales of marketable and investment securities
Exchange loss
Interest income and dividends
Interest expense
Loss on discontinued operations
Change in assets and liabilities:
Receivables
InventoriesPrepaid expenses and other
PayablesOtherTotal:Interest and dividends received
Interest paid
Income tax paid
Net cash provided by operating activities:
CASH FLOWS FROM INVESTING ACTIVITIESNote 1: Yen figures have been translated into U.S. dollars, for convenience only at ¥102.23 = $1.00, the approximate exchange rate prevailingon March 31, 2000.

Segment Information
A. Business Segment

Net Sales and Operating
Income :Net Sales(1)Net Sales to1
outside customers(2) Inter-Segment
net salesTotal
Operating Expense
Operating IncomeAssets, Depreciation
and Capital Expenditures :2Assets
Depreciation
Capital Expenditures(Unit: YEN : millions, rounded down)
For fiscal year ended March 31, 2000
Media &InternationalInternet
Marketing
VentureCultureCapital Funds

e-Finance

e-Commerce

15,981

227,897

118,441

2,668

3,630

443

18,6499,278
9,371

231,527
224,430
7,097

118,884
120,806(1,921)

345,957
190
1,253

86,572
458
1,683

239,287
143,492
5,514

2,604

Other

Total

Elimination or
Unallocable
Amounts

Consolidated
Total

423,220

17,25541,040423,220

-655

2,893

10,289(10,289)

2,604
589
2,014

17,91115,672
2,238

43,93453,897(9,963)

433,509424,675
8,834(10,289)(9,832)(457)

423,220
414,843
8,377

117,451

85,5801,723
1,502

239,299
5,904
2,105

1,114,148
151,770
12,06054,15915
141,168,308
151,785
12,074---(Unit: YEN : millions, rounded down)
Software andNetwork
Net Sales and Operating
Income :Net Sales(1)Net Sales to1
outside customers(2) Inter-Segment
net sales
Total
Operating Expense
Operating Income
Assets, Depreciation
and Capital Expenditures :2Assets
Depreciation
Capital Expenditures

Media

214,077

104,9931,578

167

215,655
211,850
3,805

105,160
109,992(4,831)

95,943
1,330
1,088

386,916
13,7925,190

For fiscal year ended March 31, 1999
Technology
Services
Internet
Events38,806

Other

Total

Elimination or
Unallocable
Amounts

Consolidated
Total

528,159

146,547

12,462

11,273528,159

-

3,813

465

2,379

8,404

(8,404)38,806
29,514
9,291

150,360
144,957
5,403

12,927
13,520(593)

13,652
14,633(981)

536,563524,468
12,094(8,404)(8,439)35

528,159
516,029
12,12925,8304,982
1,251

171,302
7,759
1,438

115,774
1,006
1,452

175,9112,028
550

971,678
30,898
10,971(19,100)421
94952,578
31,32011,065--Note 1:
1. The classification of business segments to be adopted is based on an internal division of operations divided along managerial lines. The changes in segment
definitions in done to increase the transparency of managerial accountability and earnings performance across the various segments SOFTBANK operates in.
2. The Company operates principally in the following business segments:
1) eFinance
Online brokerage and various onther online financial services as well as domestic venture capital mund management, incubation, and other comprehensive supportservices.
2) e-Commerce
Distribution of PC software, PC hardware and network related products and Internet-related business as well as online book and toy e-tailing operations.
3) Media & Marketing
Publishing of PC-related books and magazines, and gaming magazines as well as the management of technology events.
4) International Venture Capital Funds
Primarily U.S. focused, but also various other internationally focused Internet-related investment operations. (Excludes Japan)5) Internet Culture
Internet directory service operations as well as various other IT related information distributions services.
5) OtherInternationally located holding companies as well as terestrial broadcasting-related operations.

Note 2:
The amounts of assets included in the column "Elimination or Unallocable Amounts" is 78,670 million yen, which primarily consists of surplus assets (cash &marketable securities), long-term investment in securities (investment securities) and assets by newly established ventures.

Note 3:
Depreciation and capital expenditure include long-term prepayments and deferred charges as well as their amortization. The Media & Marketing segment inlcudes
depreciation and amortization charges related to the write-off of intangible assets by Ziff-Davis Inc., which is 119,126 million yen.

B. Geographic AreasJapan

Net Sales and OperatingIncome (Loss) :Net Sales(1)Net Sales to1
outside customers(2) Inter-Segment
net sales
Total
Operating Expense
Operating Income
2 Assets

North
America

289,458

Note 1
Geographic classifications
1: Methodology for classification
2: Geographic areas

111,229

11,126

11,406423,220---

11,644

11,717(11,717)-289,531275,240
14,291
377,262

111,229
105,0206,209
553,331

11,126
11,219(93)
84,097

23,05027,982(4,932)
83,185434,937
419,462
15,475
1,097,877(11,717)(4,619)(7,097)70,430423,220
414,843
8,377
1,168,308

NorthAmerica(Unit: YEN : millions, rounded down)
For the year ended March 31, 1999
EuropeOther
Total
Elimination or Consolidated
Unallocable
TotalAmounts

226,815

235,823

43,07622,445528,159

-

16

2,746

2,379

0

5,142

(5,142)

226,831
217,789
9,042
136,294

238,569
240,914(2,344)
802,964

45,45541,9383,517
17,221

22,445
20,574
1,870
10,901

533,301
521,215
12,086967,381(5,142)(5,186)43(14,803)

Degree of relative distance to geographic areas
North America:United States, Canada
Europe:England, Germany, France
Other:
Singapore, Hong Kong, China

Note 2:
The amounts of assets included in the column "Elimination or Unallocable Amounts" is 78,670 million yen, which
includes surplus assets (cash and securities) at the parent level, long-term investment in securities and assets by newly
established ventures.

423,22072

Japan

Net Sales and Operating
Income (Loss) :Net Sales(1)Net Sales to1
outside customers(2) Inter-Segment
net sales
Total
Operating Expense
Operating Income
2 Assets(Unit: YEN : millions, rounded down)
For the year ended March 31, 2000
EuropeOtherTotal
Elimination or Consolidated
Unallocable
Total
Amounts

528,159
528,159
516,029
12,129952,578

C. Net Sales Excluding JapanFor year ended March 31, 2000
EuropeOtherNorth
America
Net Sales in overseas
countries (A)Consolidated
Net Sales (B)Ratio (A) / (B)Note 1
Geographic classifications
1: Methodology for classification
2: Geographic areas

96,774

12,330-23%

26,275-3%

6%

TotalNorthAmerica

135,380

224,971423,22032%

Degree of relative distance to geographic areas
North America: United States, Canada
Europe:England, Germany, France
Other:
Singapore, Hong Kong, China(Unit: YEN : millions, rounded down)
For year ended March 31, 1999
TotalEurope
Other47,121-42%9%302,636

30,543
6%

528,159
57%