Investor Presentaiton
LTV Calculation: SBG Standalone Equity Value of Holdings
(L) Adjusted
SBG Standalone Net Debt
(V) SBG Standalone
Equity Value of Holdings
¥3.71T
=
12.4%
¥29.81T
(\T)
SBG standalone
holdings
29.81
Major shares
19.24
+
Interest of SBG in
SVF1/SVF2
7.51
SoftBank
Group
Other, investments in
listed stocks, etc.
3.07
Alibaba shares
+16.91 SBKK shares
Asset-backed finance
Alibaba (adjusted)
-4.16 Asset-backed finance
+12.75 SBKK (adjusted)
+2.75 T-Mobile shares
-0.50 Asset-backed finance -0.26
+2.26 T-Mobile (adjusted)
Arm
+1.77
SVF1
SVF2
+6.20
+1.31
Other
SB Northstar +1.66
+1.40
+1.51
* Listed share prices and FX rates as of March 31, 2021
+2.72
- Alibaba: calculated by multiplying the number of Alibaba shares held by SBG by the share price of Alibaba; less (i) the sum of the amount to be settled at the maturity (calculated by using the share price of Alibaba (ADR) as of March 31, 2021) of
the prepaid forward contracts using Alibaba shares (collar contracts and call spread) (¥2,605.5B), (ii) the amount equivalent to the outstanding margin loan backed by Alibaba shares executed in March 2021 (¥894.1B), and (iii) the amount
equivalent to the outstanding margin loan backed by Alibaba shares executed by SB Northstar in October 2020 (¥662.6B).
- SBKK: calculated by multiplying the number of shares held by SBG by the share price of SBKK; less the amount equivalent to the outstanding margin loan backed by SBKK shares (¥498.7B).
- T-Mobile: calculated by multiplying the number of shares held by SBG (including the number of shares subject to call options (101,491,623 shares) received by Deutsche Telekom AG) by the share price of T-Mobile; plus fair value of SBG's right to
acquire T-Mobile shares (48,751,557 shares) for no additional consideration if certain conditions are met, and fair value of the right of a subsidiary of SBG to receive T-Mobile shares if certain conditions are met, in connection with the transaction in
which T-Mobile sold T-Mobile shares to Trust that offered its Cash Mandatory Exchangeable Trust Securities; less the amount of derivative financial liabilities relating to the call options received by Deutsche Telekom AG and the loan amount that is
considered as asset-backed financing non-recourse to SBG (¥223.9B), which is a portion of the balance of margin loan using T-Mobile shares pledged as collateral (¥481.3B). As for the margin loan of $4.38B backed by T-Mobile shares, SBG has,
as an exception, guaranteed a portion of the loan with the $2.02B cap on the guaranteed obligations.
- Arm: calculated based on the acquisition cost, excluding the number of Arm shares held by SVF1.
- SVF1: value equivalent to SBG's portion of SVF1's holding value + performance fee accrued, etc
- SVF2: value equivalent to SVF2's holding value + performance fees accrued
- Investments in listed stocks: value equivalent to SBG's portion of asset management subsidiaries' NAV, etc. + the amount equivalent to the outstanding margin loan backed by Alibaba shares executed by SB Northstar in October 2020 (¥662.6B). Finance 55
- Other: the sum of listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed share and unlisted shares: calculated based on the fair value of unlisted shares, etc. held by SBG.View entire presentation