TIDM56ID
RNS Number : 1822G
Softbank Corp
09 May 2011
May 9, 2011
Announcement Concerning Year-on-year Earnings Results
Comparison
for the Fiscal Year Ended March 2011
SOFTBANK CORP. (hereafter "the Company") announced the following
earnings results comparison between the fiscal year ended March
2011 and the fiscal year ended March 2010 (hereafter "the previous
fiscal year;" "year on year") .
This press release is announced based on Tokyo Stock Exchange's
guideline.
1. Comparison of earnings results
Operating Ordinary Net Income
Net Sales Income Income Net Income per Share
---------------- ----------- ---------- --------- ----------- -----------
Fiscal Year
Ended March
31, 2010 JPY mil JPY mil JPY mil JPY mil JPY
(A) 2,763,406 465,871 340,997 96,716 89.39
---------------- ----------- ---------- --------- ----------- -----------
Fiscal Year
Ended
March 31,
2011 (B) 3,004,640 629,163 520,414 189,712 175.28
---------------- ----------- ---------- --------- ----------- -----------
Difference
(B-A) 241,234 163,291 179,416 92,996 85.89
---------------- ----------- ---------- --------- ----------- -----------
Ratio (%) 8.7 35.1 52.6 96.2
---------------- ----------- ---------- --------- ----------- -----------
2. The earnings results' year-on-year fluctuation
For the fiscal year ended March 2011, the SOFTBANK Group
achieved consolidated net sales of JPY 3,004,640 million, a 8.7%
increase, with a 35.1% increase to JPY 629,163 million in operating
income. Ordinary income grew 52.6% to JPY 520,414 million. Net
income rose 96.2% to JPY 189,712 million.
(a) Net Sales
Net sales totaled JPY 3,004,640 million, for a JPY 241,234
million (8.7%) year-on-year increase. This was mainly the result of
strong growth in the number of mobile phone subscribers, combined
with a rise in ARPU(1) and the number of mobile handsets
shipped,(2) in the Mobile Communications segment.
Notes:
1. Average Revenue Per User.
2. Handsets shipped: handsets shipped (sold) to agents.
(b) Cost of Sales
Cost of sales rose JPY 47,045 million (3.5%) year on year to JPY
1,373,617 million. This was mainly due to higher cost of goods on
the increase in the number of mobile handsets shipped, while
depreciation and amortization expenses relating to the 2G mobile
phone service decreased due to termination of this service in March
2010, in the Mobile Communications segment.
(c) Selling, General and Administrative Expenses
Selling, general and administrative expenses grew JPY 30,896
million (3.2%) year on year to JPY 1,001,859 million. This was
mainly because of increased sales commissions(3) associated with
the increase in the number of mobile handsets sold(4) in the Mobile
Communications segment.
Notes:
3. Sales commissions paid to sales agents per new subscription
and upgrade purchase.
4. Handsets sold: total of new subscriptions and handset
upgrades.
(d) Operating Income
As a result, operating income totaled JPY 629,163 million, for a
JPY 163,291 million (35.1%) year-on-year increase. The operating
margin rose 4.1 percentage points year on year, to 20.9%.
(e) Non-operating Income / Expenses
Non-operating income totaled JPY 17,320 million, a JPY 8,001
million year-on-year increase. Non-operating expenses stood at JPY
126,069 million, a JPY 8,122 million year-on-year decrease. The
primary item of non-operating expenses was interest expense, which
totaled JPY 104,019 million.
(f) Ordinary Income
Ordinary income therefore totaled JPY 520,414 million, for a JPY
179,416 million (52.6%) year-on-year increase.
(g) Special Income
Special income totaled JPY 14,252 million, the main components
were a JPY 6,623 million gain on sale of investment securities and
a JPY 4,187 million gain on repurchase of minority interests and
long-term debt.
Gain on repurchase of minority interests and long-term debt was
the result of an acquisition made by the Company during this fiscal
year, amounting to a total of JPY 412,500 million. This acquisition
was of all class 1 preferred stock series 1 and stock acquisition
rights issued by BB Mobile Corp. to Vodafone International Holdings
B.V. and the entire amount of the principal and accrued interest of
a long-term loan receivable, which was recorded as long-term debt
in the Company's consolidated balance sheets, from SOFTBANK MOBILE
Corp. to Vodafone Overseas Finance Limited.
(h) Special Loss
Special loss was JPY 54,053 million, which included a JPY 14,416
million loss on disaster, a JPY 9,521 million valuation loss on
option, a JPY 8,739 million valuation loss on investment
securities, and a JPY 7,099 million loss on adjustment for changes
of the accounting standard for asset retirement obligations.
Loss on disaster was recorded in connection with the Great East
Japan Earthquake that occurred in March 2011.
The Company has entered into agreements containing a put
option(5) and a call option(6) for shares of Wireless City Planning
Inc. (hereafter "WCP"), which is the Company's affiliate under
equity method, with its shareholders other than the Company. These
options are measured at fair value and the valuation loss is
recorded as described above.
Notes:
5. Put option: the right of the other shareholders of WCP to
sell the WCP shares to the Company.
6. Call option: the Company's right to buy the WCP shares from
the other shareholders of WCP.
(i) Income Taxes
Provisions for current income taxes were JPY 173,509 million,
provisions for deferred income taxes were JPY 32,047 million, and
additional tax expenses of JPY 27,391 million were recorded as
income taxes - correction. The income taxes - correction includes
additional income taxes paid by Yahoo Japan Corporation (hereafter
"Yahoo Japan") in response to a correction and ruling notice which
it received from the Tokyo Regional Taxation Bureau.
(j) Minority Interests in Net Income
Minority interests in net income totaled JPY 57,950 million.
This was mainly the portion of net income recorded at Yahoo Japan
and SB Asia Infrastructure Fund L.P., a consolidated subsidiary
from this fiscal year, attributable to the shareholders other than
the Company.
(k) Net Income
As a result of the above, net income totaled JPY 189,712
million, for a JPY 92,996 million (96.2%) year-on-year
increase.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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