Current assets at the end of fiscal 2011 totaled 1,862,617 million yen, for a 168,176 million yen (9.9%) increase year on year.
Notes and accounts receivable – trade decreased by 158,777 million yen. This was mainly because of sales of installment sales receivables at SOFTBANK MOBILE.
Marketable securities increased by 73,788 million yen year on year. This was mainly from the transfer of shares of Yahoo! Inc. that were previously recorded as investment securities under fixed assets, to current assets. In February 2004, one of the Company's U.S. subsidiaries entered into a loan involving a portion of the proceeds from a forward contract under which its Yahoo! Inc. shares are expected to be delivered in August 2011. Because the subsidiary intends to deliver these shares in accordance with the settlement of the forward contract beginning August 2011 or within one year, the corresponding shares of Yahoo! Inc. were reclassified to current assets.
Other current assets increased by 67,435 million yen year on year, primarily from increases in derivative assets and accrued revenue included in other current assets. A derivative contract (“collar transaction”) was concluded with regard to the above-mentioned shares of Yahoo! Inc. to limit the risk from market price fluctuations of those shares for fiscal 2011 until the repayment. However, with the remaining period until the repayment having become less than one year, the corresponding derivative assets were reclassified to current assets during fiscal 2011.
Total property and equipment increased 162,745 million yen year on year, primarily on a 315,955 million yen increase from new acquisitions of telecommunications equipment. Moreover, an adjustment for reflecting changes of the accounting standard for asset retirement obligations adopted from April 1, 2010 resulted in an increase of 10,595 million yen.
Total intangible assets decreased 32,041 million yen year on year. This was mainly because of a 61,530 million yen decrease resulting from regular amortization of the goodwill recorded when SOFTBANK acquired SOFTBANK MOBILE and SOFTBANK TELECOM.
On the other hand, software increased by 39,957 million yen as a result of new acquisitions of telecommunications equipment.
Total investments and other assets decreased by 106,030 million yen year on year. This was mainly because of a 72,612 million yen decrease in investment securities due to the transfer of shares of Yahoo! Inc. to current assets, a 43,509 million yen decrease in deferred tax assets, and a 32,930 million yen decrease in other assets due to the reclassification of derivative assets related to the shares of Yahoo! Inc. to current assets. Meanwhile, an increase of 43,021 million yen was recorded for investments in unconsolidated subsidiaries and affiliated companies due to additional investments made in Renren Inc.*1 and investment in PPLive Corporation*2 among others.
Current liabilities at the end of fiscal 2011 totaled 1,644,408 million yen, for a 265,529 million yen (19.3%) increase year on year.
Accounts payable-other and accrued expenses increased by 110,012 million yen year on year. This was mainly the result of an increase of 177,038 million yen in equipment-related payables, while a decrease of 75,000 million yen came from the payment of additional entrustment for debt assumption, at SOFTBANK MOBILE.
Accounts payable – trade increased by 34,702 million yen year on year. This was mainly due to an increase in purchases of mobile phones for resale.
The current portion of long-term debt increased by 27,142 million yen year on year. Reclassifications were made from corporate bonds under long-term liabilities in the amounts of 53,500 million yen for the 25th Unsecured Straight Corporate Bond, 60,000 million yen for the 27th Unsecured Straight Corporate Bond, and 15,000 million yen for SOFTBANK TELECOM's 2nd series Unsecured Straight Corporate Bond, as the redemption dates came to be within one year. Borrowings at one of SOFTBANK's U.S. subsidiaries were also reclassified to current liabilities as the redemption dates came to be within one year. On the other hand, payments of 54,400 million yen in total were made for the redemptions of the 22nd Unsecured Straight Corporate Bond and the 24th Unsecured Straight Corporate Bond.
The balance of commercial paper at the end of fiscal 2011 totaled 25,000 million yen (recorded as 0 yen at the end of fiscal 2010).
Short-term borrowings increased by 19,948 million yen year on year. This was mainly due to an increase in short-term borrowings at SOFTBANK.
Long-term liabilities totaled 2,131,699 million yen at the end of fiscal 2011, for a 11,674 million yen (0.6%) increase year on year.
Long-term accounts payable increased 217,601 million yen year on year. The increase chiefly represents the recording of a scheduled payment of 200,000 million yen as long-term accounts payable. This amount is scheduled to be paid to Vodafone International Holdings B.V. and Vodafone Overseas Finance Limited (hereafter “the Vodafone Group”) in April 2012, in relation to the transaction with the Vodafone Group which was carried out in December 2010.
Long-term debt decreased by 191,760 million yen. This was mainly because of SOFTBANK MOBILE's ongoing repayment of its SBM loan,*3 and the elimination in consolidation of the long-term loan receivable acquired by SOFTBANK in December 2010 from Vodafone Overseas Finance Limited, which was long-term debt owed by SOFTBANK MOBILE to Vodafone Overseas Finance Limited, and the long-term debt of SOFTBANK MOBILE. On the other hand, there was an increase in SOFTBANK's long-term borrowings and SOFTBANK conducted a new issue of corporate bonds (31st to 35th Unsecured Straight Bond).
On the other hand, the reclassifications were made from long-term to current liabilities for corporate bonds in the amounts of 53,500 million yen for the 25th Unsecured Straight Corporate Bond, 60,000 million yen for the 27th Unsecured Straight Corporate Bond, and 15,000 million yen for SOFTBANK TELECOM's 2nd series Unsecured Straight Corporate Bond, as the redemption dates came to be within one year. Payments of 47,625 million yen were also made for the accelerated redemption of Euro-denominated Senior Notes due 2013. In addition, long-term borrowings at one of SOFTBANK's U.S. subsidiaries and SOFTBANK MOBILE that came to be payable within one year were reclassified to current liabilities.
Total equity was 879,618 million yen at the end of fiscal 2011, for a 84,353 million yen (8.8%) decline from the end of fiscal 2010. While retained earnings increased 179,205 million yen, totaling 222,277 million yen at the end of fiscal 2011, minority interests came to 259,662 million yen, for a decrease of 233,301 million yen. This was primarily due to the elimination in consolidation of 300,000 million yen of minority interests caused by SOFTBANK's acquisition of class 1 preferred stock series 1 issued by BB Mobile to Vodafone International Holdings B.V. On the other hand, there were increases in minority interests of 41,346 million yen from the recording of earnings by Yahoo Japan and 24,839 million yen from a change in the scope of consolidation, with the conversion of SB Asia Infrastructure Fund L.P. from an equity method affiliate to a consolidated subsidiary.*4
| 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 377,521 | 490,267 | 457,644 | 687,682 | 847,155 |
| Marketable securities | 6,744 | 3,678 | 2,784 | 3,981 | 77,769 |
| Notes and accounts receivable - trade | 583,973 | 887,723 | 858,085 | 816,551 | 657,774 |
| Merchandise and finished products | 76,898 | 58,119 | 42,321 | 37,030 | 49,888 |
| Deferred tax assets | 108,995 | 105,850 | 93,021 | 74,290 | 90,908 |
| Other current assets | 121,240 | 105,497 | 115,316 | 109,467 | 176,902 |
| Allowance for doubtful accounts | △27,938 | △68,389 | △48,858 | △34,560 | △37,779 |
| Total current assets | 1,247,433 | 1,582,745 | 1,520,313 | 1,694,441 | 1,862,617 |
| Property and equipment, net | |||||
| Land | 27,748 | 23,443 | 22,576 | 22,402 | 22,883 |
| Buildings and structures | 89,445 | 75,781 | 71,577 | 68,183 | 74,868 |
| Telecommunications equipment | 694,785 | 744,038 | 738,968 | 706,283 | 840,839 |
| Telecommunications service lines | 92,235 | 86,062 | 79,638 | 72,983 | 68,856 |
| Construction in progress | 71,778 | 45,576 | 37,477 | 34,634 | 55,663 |
| Other | 53,862 | 54,365 | 50,711 | 46,218 | 50,339 |
| Total property and equipment | 1,029,853 | 1,029,265 | 1,000,947 | 950,703 | 1,113,448 |
| Intangible assets, net | |||||
| Goodwill | 1,032,927 | 974,436 | 956,731 | 900,768 | 839,238 |
| Software | 200,616 | 224,180 | 226,132 | 208,916 | 248,873 |
| Other intangibles | 46,168 | 39,693 | 39,246 | 42,702 | 32,234 |
| Total intangible assets | 1,279,711 | 1,238,309 | 1,222,109 | 1,152,386 | 1,120,345 |
| Investments and other assets | |||||
| Investment securities | 381,885 | 297,886 | 186,311 | 221,003 | 148,391 |
| Investments in unconsolidated subsidiaries and affiliated companies | 105,537 | 167,112 | 133,792 | 149,025 | 192,046 |
| Deferred tax assets | 157,784 | 126,888 | 158,229 | 152,654 | 109,145 |
| Other assets | 108,650 | 116,697 | 164,971 | 142,663 | 109,733 |
| Total investments and other assets | 753,856 | 708,583 | 643,303 | 665,345 | 559,315 |
| Total assets | 4,310,853 | 4,558,902 | 4,386,672 | 4,462,875 | 4,655,725 |
| LIABILITIES AND EQUITY | |||||
| Current liabilities | |||||
| Short-term borrowings | 278,658 | 209,339 | 321,236 | 208,308 | 228,256 |
| Commercial paper | 5,000 | － | － | － | 25,000 |
| Current portion of long-term debt | 108,963 | 291,773 | 318,296 | 284,053 | 311,195 |
| Accounts payable-trade | 195,168 | 187,279 | 160,340 | 158,943 | 193,645 |
| Accounts payable-other and accrued expenses | 415,561 | 364,451 | 352,171 | 451,409 | 561,421 |
| Income taxes payable | 33,070 | 35,079 | 21,363 | 100,484 | 115,355 |
| Deferred tax liabilities | － | － | － | － | 7,104 |
| Current portion of lease obligations | 18,049 | 69,771 | 88,241 | 109,768 | 131,306 |
| Other current liabilities | 88,434 | 83,013 | 87,936 | 65,914 | 71,126 |
| Total current liabilities | 1,142,903 | 1,240,705 | 1,349,583 | 1,378,879 | 1,644,408 |
| Long-term liabilities | |||||
| Long-term debt | 2,151,783 | 2,031,857 | 1,760,859 | 1,730,110 | 1,538,350 |
| Long-term accounts payable - other | 26,393 | － | － | 47,541 | 265,142 |
| Liability for retirement benefits | 16,702 | 16,159 | 16,077 | 15,558 | 14,414 |
| Allowance for point mileage | 43,787 | 43,810 | 41,817 | 47,215 | 41,947 |
| Lease obligations | 74,964 | 241,496 | 233,314 | 224,484 | 199,770 |
| Deferred tax liabilities | 50,136 | 41,978 | 28,796 | 30,483 | 26,582 |
| Other liabilities | 87,948 | 94,172 | 131,428 | 24,634 | 45,494 |
| Total long-term liabilities | 2,451,713 | 2,469,472 | 2,212,291 | 2,120,025 | 2,131,699 |
| Commitments and Contingent Liabilitie | |||||
| Equity | 163,310 | 187,423 | 187,682 | 188,751 | 188,775 |
| Cash receipts for new stock subscriptions | 2 | － | － | － | － |
| Additional paid-in capital | 187,669 | 211,741 | 212,000 | 213,069 | 212,510 |
| Stock acquisition rights | 3,181 | 120 | 289 | 476 | 703 |
| Retained earnings | △19,271 | △91,744 | △51,270 | 43,072 | 222,277 |
| Treasury stock - at cost | △194 | △206 | △215 | △226 | △240 |
| Accumulated other comprehensive income | |||||
| Unrealized gain on available-for-sale securities | 122,619 | 80,914 | 31,334 | 43,864 | 34,921 |
| Deferred gain on derivatives under hedge accountin | △26,996 | △11,823 | 25,117 | 14,528 | 11,224 |
| Foreign currency translation adjustment | 28,810 | 7,438 | △30,554 | △32,526 | △50,214 |
| Total | 286,130 | 383,863 | 374,383 | 471,008 | 619,956 |
| Minority interests | 430,107 | 464,862 | 450,415 | 492,963 | 259,662 |
| Total equity | 716,237 | 848,725 | 824,798 | 963,971 | 879,618 |
| Total liabilities and equity | 4,310,853 | 4,558,902 | 4,386,672 | 4,462,875 | 4,655,725 |
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