TIDM56ID
RNS Number : 9408Q
Softbank Corp
27 October 2011
October 27, 2011
Year-on-year Earnings Results Comparison
for the Six-month Period Ended September 30, 2011
SOFTBANK CORP. (hereafter "the Company") announces the following
earnings results comparison between the six-month period ended
September 30, 2011 (hereafter "the interim period") and the same
period of the previous fiscal year (April 1, 2010 to September 30,
2010, hereafter "year-on-year").
This press release is announced based on Tokyo Stock Exchange's
guideline.
1. Year-on-year comparison of earnings results for the interim
period
Net Sales Operating Ordinary Net Income Net Income
Income Income per Share
Six-month period JPY million JPY million JPY million JPY million JPY
ended 1,465,021 315,521 253,843 76,839 70.99
September 30, 2010
(A)
--------------------- ------------ ------------ ------------ ------------ -----------
Six-month period
ended
September 30, 2011
(B) 1,535,647 373,223 314,485 217,252 198.15
--------------------- ------------ ------------ ------------ ------------ -----------
Difference (B-A) 70,625 57,701 60,641 140,413 127.16
------------ ------------ ------------ ------------ -----------
Ratio % 4.8 18.3 23.9 182.7 -
------------ ------------ ------------ ------------ -----------
2. Factors of the earnings results' difference
(a) Net sales
Net sales totaled JPY 1,535,647 million, for a JPY 70,625
million (4.8%) year-on-year increase. This was mainly the result of
increased telecom service revenue backed by steady growth in the
number of mobile phone subscribers in the Mobile Communications
segment. On the other hand, an increase in the portion of
lower-priced handsets such as Mimamori Phone, a handset with a
security buzzer, resulted in a slight decrease in the aggregate
sales of mobile handsets in the same segment, despite a rise in the
number of handsets shipped.(1)
Note:
1. Handsets shipped: handsets shipped (sold) to agents
(b) Cost of sales
Cost of sales rose JPY 5,471 million (0.8%) year on year to JPY
670,967 million. This was primarily due to higher depreciation and
amortization expenses, mainly relating to the installation of
additional base stations in the Mobile Communications segment. On
the other hand, an increase in the portion of lower-priced handsets
resulted in a decrease in the aggregate cost of sales for mobile
handsets in the same segment, despite a rise in the number of
handsets shipped.
(c) Selling, General and Administrative Expenses
Selling, general and administrative expenses grew JPY 7,452
million (1.5%) year on year to JPY 491,456 million. This was mainly
because of increased sales commissions(2) in the Mobile
Communications segment, such as higher upgrade related cost, while
subscriber acquisition cost decreased due to an increase in the
portion of handsets that have a lower acquisition cost per
subscriber.
Note:
2. Sales commissions paid to sales agents per new subscription
and upgrade purchase
(d) Operating Income
As a result, operating income totaled JPY 373,223 million, for a
JPY 57,701 million (18.3%) year-on-year increase. The operating
margin rose 2.8 percentage points year on year, to 24.3%.
(e) Non-operating Income / Expenses
Non-operating income totaled JPY 6,768 million, a JPY 434
million year-on-year increase. Non-operating expenses stood at JPY
65,506 million, a JPY 2,505 million year-on-year decrease. Interest
expense decreased by JPY 14,033 million as SOFTBANK MOBILE Corp.
(hereafter "SOFTBANK MOBILE") repaid its SBM loan.(3) Meanwhile,
the Company refinanced part of SBM loan during the interim period,
and recorded refinancing related expenses of JPY 13,606 million
comprising expenses relating to this financing and expenses
associated with the continued repayment of SBM loan, which amounted
to JPY 12,695 million.
Note:
3. The loan procured under a whole business securitization
scheme as part of the loan for procurement of the acquisition
finance for Vodafone K.K. (currently SOFTBANK MOBILE)
(f) Ordinary Income
Ordinary income therefore totaled JPY 314,485 million, for a JPY
60,641 million (23.9%) year-on-year increase.
(g) Special Income
Special income totaled JPY 102,730 million. The main components
of this were gain on sale of investment securities of JPY 83,527
million and dilution gain from changes in equity interest of JPY
17,158 million.
The gain on sale of investment securities was primarily
attributable to a JPY 76,430 million gain on sale of Yahoo! Inc.
shares. In connection with the Company's financing of US$1,135
million from CITIBANK, N.A. through its U.S. subsidiary in February
2004, certain forward contracts ("collar transaction") were entered
into, which allowed the obligation to be settled at maturity by
delivering Yahoo! Inc. shares held by the Company's subsidiary. The
forward contracts were to effectively hedge the variability of cash
flows associated with the future market price of the underlying
security.
During the interim period, the obligation under the forward
contracts was settled at maturity by effectively delivering the
shares of Yahoo! Inc. (book basis of US$142 million) to CITIBANK,
N.A. The cash proceeds received by the Company`s subsidiary from
delivering the shares of Yahoo! Inc. to CITIBANK, N.A. were then
remitted to repay the related obligation. Gain on sale of
investment securities of JPY 76,430 million (US$993 million) was
recorded as a result of settling the forward contracts.
Dilution gain from changes in equity interest was recorded
mainly in relation to the Company's equity method affiliate Renren
Inc.'s listing on the New York Stock Exchange in May 2011.
(h) Special Loss
Special loss was JPY 9,154 million. Valuation loss of JPY 8,920
million was recorded mainly associated with the drop in the stock
price of Betfair Group plc in which the Group holds shares.
(i) Income Taxes
Provisions for current income taxes were JPY 101,361 million and
provisions for deferred income taxes were JPY 57,337 million. Total
income taxes increased JPY 18,044 million year on year to JPY
158,699 million.
(j) Minority Interests in Net Income
Minority interests in net income totaled JPY 32,108 million,
mainly through booking net income at Yahoo Japan Corporation.
(k) Net Income
As a result of the above, net income totaled JPY 217,252
million, for a JPY 140,413 million (182.7%) year-on-year
increase.
(l) Comprehensive Income
Comprehensive income was JPY 196,326 million. Of this,
comprehensive income attributable to owners of the parent was JPY
166,373 million and comprehensive income attributable to minority
interests came to JPY 29,952 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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