Improvement in the Net Leverage Ratio
First written in FY2017. 5 of 12 entries say "Advanced", first in FY2019-Q3. Latest entry: FY2024-Q2.
The whole theme swung hardest in 2024: 3 of 14 companies on the "Worse" side.
6 other companies' latest entry also says "Other".
- FY2024-Q2From improving LTV to remaining broadly flatAnnual report
「As a result of ongoing monetisation, LTV remained broadly flat from the end of the previous fiscal year.」
The explanation changed from the improvement in LTV reported in the previous quarter to LTV remaining broadly flat from the end of the previous fiscal year in the current quarter. - FY2024-Q1AdvancedAnnual report
「As a result of ongoing monetization, LTV (Note 2) improved from the end of the previous fiscal year」
LTV improved from the end of the previous fiscal year through ongoing monetisation, including raising $4.39 billion using Alibaba shares and selling SVF investments. - FY2023-Q3AdvancedAnnual report
「A thorough defensive approach: LTV improved from the end of the previous fiscal year as a result of ongoing monetisation and reduced investments.」
LTV improved from the end of the previous fiscal year as a result of monetising Alibaba shares and other assets, reducing investments and repaying debt. - FY2023-Q2AdvancedAnnual report
「A thorough defensive approach: LTV improved substantially as a result of ongoing monetisation and reduced investments.」
Following the monetisation of Alibaba shares and T-Mobile shares, reductions in investment and debt repayments, LTV improved as financial management evolved from the previous focus on net leverage. - FY2023-Q1AdvancedAnnual report
「LTV improved substantially as a result of ongoing monetisation and selective investments.」
Following the shift from managing the net leverage ratio to financial management centred on LTV, LTV improved substantially as a result of monetising Alibaba shares, T-Mobile shares and other assets and curbing investments. - FY2022-Q3RestatedAnnual report
「While maintaining LTV below 25%, the Company carried out flexible financing to meet funding needs for debt repayment and new investments.」
While maintaining the policy of managing LTV below 25% under normal financial market conditions, the Company met funding needs for debt repayment and new investments through corporate bonds, prepaid forward contracts, margin loans and other instruments. - FY2022-Q2RestatedAnnual report
「While maintaining LTV below 25%, the Company carried out flexible financing to meet funding needs for debt repayment and new investments.」
The financial policy of maintaining LTV below 25% under normal financial market conditions and meeting funding needs for debt repayment and new investments through flexible financing was reaffirmed. - FY2022-Q1RestatedAnnual report
「Since the first quarter of the previous fiscal year, while maintaining its established financial policies concerning LTV (Loan to Value, the ratio of debt to assets held) and cash on hand, the Company has invested in highly liquid listed shares to diversify assets held and manage surplus funds.」
The Company’s policy of prioritising LTV and cash liquidity while investing in highly liquid listed shares was reaffirmed. - FY2019ReframedAnnual report
「SoftBank Group Corp. has designated LTV (Loan to Value, the ratio of debt to assets held, calculated as adjusted net interest-bearing debt (Note) divided by the value of shares held) as a key indicator. The Company aims to manage this indicator so that it remains below 35% and, under normal financial market conditions, below 25%, while appropriately controlling debt in line with investment activities such as new investments, investment realisations and increases in the value of investment assets.」
The previous explanation of improving net leverage by reducing net interest-bearing debt was recast as a clear financial metric: managing LTV, the ratio of debt to the value of shares held, at 35% or below and below 25% under normal conditions. - FY2019-Q3AdvancedAnnual report
「Repayment of $4.37 billion of borrowings secured by Alibaba shares held by a Company subsidiary, borrowed in January 2019, using funds raised in connection with the new listing of SoftBank Corp. and other sources.」
A specific action to improve finances through reducing net interest-bearing debt was presented: repaying part of the secured borrowings using the proceeds from the listing of SoftBank Corp. - FY2018ReframedAnnual report
「We will move away from financial management dependent on cash flow from the telecommunications business, strengthen our role as a pure holding company, and continue making strategic investments through participation in the SoftBank Vision Fund.」
The explanation of improving the net leverage ratio was recast from reliance on cash flow from the telecommunications business to financial management centred on becoming a pure holding company and utilising securities held. - FY2017First statedAnnual report
「Going forward, while making investments in the SoftBank Vision Fund, we will seek to improve the net leverage ratio by expanding adjusted EBITDA, primarily through the Sprint business, and reducing net interest-bearing debt using the ample free cash flow generated by the domestic telecommunications business.」
For the first time, the Company explicitly stated its goal of improving the net leverage ratio of 4.2x at the end of the fiscal year by expanding Sprint’s adjusted EBITDA and reducing net interest-bearing debt through free cash flow from the domestic telecommunications business.