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SOFTBANK CORP.

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Financial Position

Current Assets

Current assets decreased by 62,432 million yen year-on-year, to 1,520,313 million yen. This decrease was primarily due to a 32,623 million yen decline in cash and cash equivalents as the result of the acquisition of its own treasury stock by Yahoo Japan, lower sales at SOFTBANK BB's Commerce & Services Division, and a 29,638 million yen decline in notes and accounts receivable–trade that reflected an increase in internal transactions from SOFTBANK TELECOM PARTNERS being made a subsidiary. SOFTBANK MOBILE's accounts receivables as of the fiscal year end were classified by uncollected period, and those falling outside the normal operating cycle totaled 48,294 million yen. These claims were transferred to investments and other assets as long-term pending claims, and the corresponding allowance for doubtful accounts was transferred to investments and other assets as well.

Fixed Assets

Property and equipment, net, decreased by 28,318 million yen year-on-year, to 1,000,947 million yen. This decline was primarily due to depreciation and amortization, and a 16,212 million impairment write-down on dedicated assets of Yahoo! BB hikari. Intangible fixed assets decreased by 16,200 million year-on-year, to 1,222,109 million yen. A 44,208 million yen increase in goodwill associated with making SOFTBANK TELECOM PARTNERS a consolidated subsidiary of SOFTBANK TELECOM and the acquisition of treasury stock by Yahoo Japan, was more than offset by 61,111 million yen in amortization of goodwill mainly relating to SOFTBANK MOBILE and SOFTBANK TELECOM.

Investments and other assets decreased by 65,280 million yen year-on-year, to 643,303 million yen. This decrease was primarily the result of a 111,575 million yen decrease in investment securities associated with a decline in the share price of Yahoo! Inc. in the U.S. At the same time, with the revaluation of the collectability of the deferred tax assets at SOFTBANK BB, deferred tax assets at SOFTBANK grew by 31,341 million yen.

Long-term pending claims transferred to investments and other assets from notes and accounts receivable–trade and corresponding allowances for doubtful accounts under current assets transferred to investments and other assets were 48,294 million yen, of which, 16,305 million yen offset. As a result, the remaining 31,988 million yen in long-term pending claims and the corresponding allowance for doubtful accounts were respectively included under investments and other assets.

Current Liabilities

Current liabilities increased by 108,878 million yen year-on-year, to 1,349,583 million yen. Although accounts payable-trade decreased by 26,939 million yen and income taxes payable decreased by 13,716 million yen, increased borrowing by SOFTBANK under the credit line facility led to a 111,897 million yen increase in short-term borrowings. Lease obligations also grew by 18,470 million yen.

Long-term Liabilities


Interest-bearing Debt

Long-term liabilities decreased by 257,181 million yen year-on-year, to 2,212,291 million. Main items were decreases of 270,998 million yen in long-term debt and 13,182 million yen in deferred tax liabilities. On the other hand, 75,000 million yen in long-term payables associated with loss on additional entrustment for debt assumption was recorded under other liabilities.

At the Mobile Communications segment, the balance of long-term debt procured by SOFTBANK MOBILE through the whole business securitization financing scheme decreased by 91,636 million yen year-on-year, to 1,184,853 million yen.

Equity

Equity decreased by 23,927 million yen year-on-year, to 824,798 million yen. Retained earnings increased by 40,474 million yen, but the net unrealized gain on other securities decreased by 49,580 million yen because of the decline in share price of Yahoo Inc. in the U.S., and foreign currency translation adjustments were down 37,992 million yen as well. The decline in foreign currency translation adjustments was the result of the yen's appreciation over the course of the year, which led to a decline in the value of equity in overseas subsidiaries.

The acquisition of treasury stock by Yahoo Japan also reduced minority interest in consolidated subsidiaries by 14,447 million yen.

[Note]
  • * The content of this page is based on information included in the “Annual Report 2009”.