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  "notes": "Explains why SPAC interests are classified as liabilities rather than equity under IFRS.",
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      "text": "Nine SPACs controlled by SBG's subsidiaries raised USD 3,304 mn in total through IPO in FY20",
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      "text": "The proceeds received are held in a trust account until completion of merger with a target company and are invested only in certain financial assets that are highly liquid.",
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      "text": "Upon deconsolidation, the increase in the value of the shares held by the sponsor was recognized as gain. (JPY 13,516 mn)",
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      "text": "The SPACs will cease all operations and redeem all interests attributable to public market investors in it, if it is unable to complete a merger within 24 months from the date of IPO (operating expenses of the SPAC are borne by the sponsor).",
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      "text": "Public market investors retain an option to redeem part or all of the proceeds contributed from them upon completion of the initial merger. Because the relevant SPACs will be obligated to redeem them for cash under such conditions, non-controlling interests subject to possible redemption are classified as “liabilities”, not as “equity” under IFRSs.",
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      "text": "Liabilities: Other financial liabilities (non-current) Non-controlling interests subject to possible redemption | 298,092",
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      "text": "Assets: Other financial assets (non-current) Trust accounts in SPACs | 327,569",
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      "text": "SPACs Controlled by SBG's Subsidiaries",
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