SoftBank(US:SFTBY)2020-11-09 17:04Financial Performance - Net income attributable to owners of the parent was JPY 1,883.2 billion (USD 17.8 billion), a 4.5x year-over-year increase[13, 17] - Gain and Loss on Investments (SVF Segment on a SBG Consolidated Basis) was JPY 1,390.1 billion (USD 13.1 billion)[26, 29] - SBG NAV reached USD 258 billion as of September 30, 2020[50] - SBG NAV has increased 157x since April 1, 2002, from JPY 0.2 trillion (USD 1.3 billion) to JPY 27.3 trillion (USD 258 billion)[93, 94] Investment Strategy and Portfolio - SoftBank is positioned as a company investing in the AI Revolution[35, 40] - The company aims to maintain an LTV (Net Debt / Equity Value of Holdings) of less than 25% during normal periods; as of Sep 30, 2020, it was 12%[134, 135] - The company targets a ratio of unlisted stocks (Value of Unlisted Stocks / Equity Value of Holdings) around 10%; as of Sep 30, 2020, it was 8%[136] - The derivative ratio (Fair Value of the Option / Equity Value of Holdings) was 1.2% as of Sep 30, 2020, with a target of less than 10% in principle[138, 139] - SVF2 invested USD 1.35 billion in Beike in November 2019, with a holding value of USD 7.908 billion as of November 6, 2020, representing a 5.9x return[211, 212, 213] SoftBank Vision Fund 1 (SVF1) - SVF1's listed portfolio companies had a total investment cost of USD 9.9 billion and a gross return of USD 15.4 billion, resulting in a gross gain of USD 5.5 billion[353] - SVF1's private companies had a total investment cost of USD 72.8 billion and a gross gain of USD 1.9 billion[353] SoftBank Vision Fund 2 (SVF2) - SVF2's listed portfolio companies had a total investment cost of USD 1.4 billion and a gross gain of USD 5.1 billion[375] - SVF2's private companies had a cumulative gross loss of USD -0.1 billion[375]