Business Results and Financial Highlights

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(Millions of yen)
	FY2008	FY2009	FY2010	FY2011	FY2012
Net sales	2,673,035	2,763,406	3,004,640	3,202,435	3,378,365
EBITDA^*1	678,635	787,630	930,729	1,013,716	1,149,810
Operating income	359,121	465,871	629,163	675,283	745,000
Income before income taxes and minority interests	107,338	289,249	480,612	632,256	650,494
Net income	43,172	96,716	189,712	313,752	289,403

[Note]

*1EBITDA = operating income + depreciation and amortization (including amortization of goodwill)

(Millions of yen)
	FY2008	FY2009	FY2010	FY2011	FY2012
Total assets	4,386,672	4,462,875	4,655,725	4,899,705	6,524,886
Total shareholders' equity	374,094	470,531	619,252	936,693	1,569,085
Interest-bearing debt^*2	2,400,391	2,195,470	2,075,800	1,568,125	2,107,681
Net interest-bearing debt^*3	1,939,520	1,501,074	1,209,635	547,298	733,843

[Notes]

*2Interest-bearing debt: short-term borrowings + commercial paper + current portion of corporate bonds + corporate bonds + long-term debt. Lease obligations are not included. For fiscal 2009 and fiscal 2010, this excludes the corporate bonds (WBS Class B2 Funding Notes, issued by J-WBS Funding K.K.) with a face value of 27,000 million yen acquired by SoftBank Corp. during fiscal 2009 that were issued under the whole business securitization scheme associated with the acquisition of Vodafone K.K.
*3Net interest-bearing debt = interest-bearing debt - cash position
Cash position = cash and cash deposits + marketable securities recorded as current assets (excludes Yahoo! Inc. shares held by a subsidiary of SoftBank Corp. in the United States of America)

(Millions of yen)
	FY2008	FY2009	FY2010	FY2011	FY2012
Net cash provided by operating activities	447,857	668,050	825,837	740,227	894,459
Net cash provided by investing activities	(266,295)	(277,162)	(264,447)	(375,655)	(919,769)
Net cash provided by financing activities	(210,348)	(159,563)	(397,728)	(196,667)	365,494
Free cash flow^*4	181,562	390,888	561,389	364,571	(25,310)

[Note]

*4Free cash flow = cash flows from operating activities + cash flows from investing activities

	FY2008	FY2009	FY2010	FY2011	FY2012
EBITDA margin (%)^*5	25.4	28.5	31.0	31.7	34.0
Operating margin (%)	13.4	16.9	20.9	21.1	22.1
Return on equity (ROE) (%)^*6	11.4	22.9	34.8	40.3	23.1
Equity ratio (%)	8.5	10.5	13.3	19.1	24.0
Debt / equity ratio (times)^*7	6.4	4.7	3.4	1.7	1.3
Net debt / equity ratio (times)^*8	5.2	3.2	2.0	0.6	0.5

[Notes]

*5EBITDA = operating income + depreciation and amortization (including amortization of goodwill)
EBITDA margin = EBITDA / net sales
*6ROE = net income / average total shareholders'equity during the fiscal year
*7Debt / equity ratio = interest-bearing debt / total shareholders' equity
*8Net debt / equity ratio = net interest-bearing debt / total shareholders' equity

(Yen)
	FY2008	FY2009	FY2010	FY2011	FY2012
Net income	39.95	89.39	175.28	285.78	258.35
Net income – diluted	38.64	86.39	168.57	278.75	254.12
Shareholders' equity	346.11	434.74	572.14	852.69	1,316.90
Cash dividends	2.50	5.00	5.00	40.00	40.00