Annual Report 2019
For the fiscal year from April 1, 2018 to March 31, 2019

Contents
1

A Message to Our Shareholders and Investors

3

Overview by Each Segment

4

Stock Information

5

Consolidated Financial Statements

7

Company Outline

A Message to Our Shareholders and Investors

We achieved increases in sales andprofit through the implementationof Group-wide growth strategies.

Takashi Mikogami
President and CEO

In fiscal 2018, ended March 31, 2019, Mitsubishi Logisnext Co., Ltd.
welcomed its second year and achieved year-on-year increases in both sales
and profit through Group-wide promotion of its medium-term management
plan “Perfect Integration 2020.” In the future, we will continue to aim to become
the world’s top class logistics equipment manufacturer by maximizing
integrated synergies and further strengthening our business foundations.

Summary of Market Conditions and Performance in Fiscal 2018uring the consolidated fiscal year ended March 31, 2019, the Group continued to implement its multi-brand/glocal*
strategies worldwide in accordance with its medium-term management plan, “Perfect Integration 2020.”
In the domestic business segment, sales for forklifts and logistics systems grew thanks to strong demand,
as did sales in the service sector. Our laser-guided unmanned forklift, which was launched in response to rising demand
for automation and manpower reduction, was also well-received by the market. Furthermore, we achieved results in termsof integrated synergy expansion, integration of the products and standardizing a wide variety of systems, among otherefforts. In the overseas business segment, we secured sales growth in all regions, including the Americas, Europe,
Asia and China.
As a result, consolidated net sales for the consolidated fiscal year ended March 31, 2019 were 448.3billion yen(up 3.5% YoY). All profit lines increased thanks in part to a decrease in amortization of goodwill and increased profit in
the domestic business segment, with operating profit finishing at 13.1billion yen (up 41.8% YoY), ordinary profit at 13.7billion yen (up 62.8% YoY) and profit attributable to owners of parent at 7.0 billion yen (up 140.6% YoY). Excluding impact
from amortization of goodwill, operating profit was 21.9 billion yen (up 14.9% YoY), and the operating profit margin was
4.9% (up 0.5 percentage point YoY).

D* Glocal: Aiming for global development while providing products and services tailored to specific needs in each region.

Initiatives and Outlook for Fiscal 2019
ecently, the global economy has exhibited notable slowdown in growth. Prospects for the real economy areincreasingly murky due to instability caused by political and economic trends and geopolitical risks overseas,
including economic friction between the United States and China. In the Japanese economy, a wide variety ofeconomic indicators have stabilized, but signs of decline in the drive to invest at many companies have recently becomevisible. Additionally, prices for materials, such as steel, remain high and continue to have an impact on our businesses.
In this business environment, fiscal 2019 will mark the third year of our medium-term management plan, “PerfectIntegration 2020.” We have set fiscal 2020 targets of 460.0 billion yen in consolidated net sales and a consolidated operating
profit margin of 7.0% (excluding impact from amortization of goodwill). To meet these targets, we will work to further
expand our business scale by continuing to strengthen our profitability and build firm business foundations.
In accordance with its corporate vision of “moving the world forward as the leading provider of innovative
logistics and material handling solutions,” the Company will focus on the following key issues while it aims to achievesustainable growth and higher corporate value.

R1

A Message to Our Shareholders and Investors

1. Improve profitability through successful post-merger integration (PMI)
We have achieved new synergies through our business merger with UniCarriers, which primarily involved the combinationof procurement and management departments. In fiscal 2019, the third year following this merger, we will work to create
further synergy and improve our profitability by integrating model-development and through other methods.
2. Diversify earnings sources by expanding direct sales in overseas
Through acquisition of direct sales stores in North America that we announced in April 2019, we will further expand
direct sales, service, and other material-handling related business in overseas. We will also use this acquisition as anopportunity to construct a business structure that is highly resistant to economic fluctuations.
3. Capture the growing needs of logistical automation
Demand for logistical automation is increasing rapidly in Japan and overseas due to global labor shortages and the shift
to small-lot logistics caused by the spread of e-commerce. We will create new sources of earnings by developing theautomation technologies we cultivated in Japan and Europe.
Based on these factors, we forecast consolidated net sales of 460.0 billion yen (up 2.6% YoY), operating profit of15.0 billion yen (up 14.0% YoY), ordinary profit of 15.0 billion yen (up 9.4% YoY) and net income of 9.0 billion yen (up27.2% YoY) in fiscal 2019. Excluding impact from amortization of goodwill, we forecast operating profit of 24.0 billion yen(up 8.4% YoY) and an operating profit margin of 5.2% (up 0.3 percentage point YoY).

Message to Shareholders
asically, we adopt a profit allocation approach that is commensurate with earnings performance in the current
fiscal year and based on considerations of the balance between dividend payout and earning retention for theestablishment of corporate infrastructure. In accordance with this policy, we will pay a year-end dividend of 13yen per share for fiscal 2019.
We humbly request your continued support and warm understanding as we move forward.

B

Financial Highlights
Sales

Operating Profit(Billion yen)(Billion yen)

Ordinary Profit(Billion yen)433.0 448.3

19.1

260.2 242.5 270.9

9.0

225.8

10.0

18.2

10.5

8.9
9.2

6.8

FY2014 FY2015 FY2016* FY2017 FY2018

22.5

21.9

13.1

FY2014 FY2015 FY2016* FY2017 FY2018

9.58.46.9Earnings per Share

Return on Equity(Billion yen)

(Yen)

(%)

66.48

11.8
4.4
3.2

4.7

3.62.942.11 44.30

27.64

7.0

FY2014 FY2015 FY2016* FY2017 FY2018

FY2014–FY2015 figures are Mitsubishi Nichiyu Forklift data.

11.2
8.6

34.16

FY2014 FY2015 FY2016* FY2017 FY2018

13.7

FY2014 FY2015 FY2016* FY2017 FY2018

Profit Attributable to Owners of Parent

15.9

8.9

8.4

6.3

5.0
FY2014 FY2015 FY2016* FY2017 FY2018

Additional data (January–March) in accordance with overseas consolidated subsidiary accounting period changes.

Goodwill amortization amount.
* In accordance with UniCarriers becoming a wholly owned subsidiary on January 1, 2017, figures for January–March of the fiscal year ended March 31, 2017 show the consolidated
figures for Mitsubishi Nichiyu Forklift and UniCarriers.

2Overview by Each Segment

Domestic Business
Sales in the domestic business segment were 183.5
billion yen (up 3.6% YoY) due to growth in unit salesof forklifts thanks to strong demand and higher sales
in logistics systems and services. Segment profit
finished at 4.5 billion yen (up 75.0% YoY), accounting
for 4.7 billion yen in relief from the burden caused
by amortization of goodwill. This result was due tothe positive effects of selling price improvement
activities and model integration performed on a portionof products.
Ignoring the effects of amortization of goodwill,segment profit was 9.2 billion yen (up 22.6% YoY).

41%

Sales Composition
by Business Segment

Sales

Operating Profit(Billion yen)(Billion yen)

177.1

183.5

9.2
7.5

4.5
2.6
FY2017FY2018FY2017FY2018Goodwill amortization amount.

Overseas Business
Segment sales were 264.8 billion yen (3.5% YoY)
thanks to sales growth in all regions, including theAmericas, Europe, Asia and China. The eliminationof temporary expenses in the China business that
occurred during the previous fiscal year and a lightenedburden in terms of amortization of goodwill (by 4.1billion yen) helped segment profit reach 8.5 billion yen(up 28.7% YoY).
Ignoring the impact of amortization of goodwill,segment profit was 12.6 billion yen (up 9.8% YoY).

59%

Sales Composition
by Business Segment

Sales

Operating Profit(Billion yen)(Billion yen)

255.912.6

11.5

264.8

8.5

6.6

FY2017FY2018FY2017FY2018Goodwill amortization amount.

Major Overseas Network
Head Office

Production baseMain sales baseMitsubishi Caterpillar Forklift Europe
UniCarriers Europe

UniCarriers Forklift (Anhui)

Rocla
●
●
●
●
●●●
●●
●
●
●

Mitsubishi Heavy Industries
Forklift (Dalian)●●●

UniCarriers Manufacturing Spain●●●

Logisnext Manufacturing (Thailand)●

Mitsubishi Logisnext

●

●

●
●
●●
●

●
●●
●

Shanghai Nichiyu Forklift
Manufacturing

●

●
●
●

Mitsubishi Logisnext
Forklift (Shanghai)
Mitsubishi Logisnext
Asia PacificMitsubishi Caterpillar
Forklift America

3Rapidparts
UniCarriers Americas
CorporationStock Information

Stock Information

As of March 31, 2019

Total number of authorized shares

Shares issued

Number of shareholders

Common stock

392,725,256 sharesClass A stock

32,274,744 shares

Common stock

76,636,269 sharesClass A stock

32,274,744 shares

Common stock

6,918

Class A stock2

Major Shareholders (Common Stock)
Name of shareholder

No. of shares

Equity position(Unit: 1,000 shares)(%)

Mitsubishi Heavy Industries Forklift,
Engine & Turbocharger Holdings, Ltd.

39,03350.94

GS Yuasa Corporation

4,701

6.13

The Master Trust Bank of Japan, Ltd.

4,478

5.84

Japan Trustee Services Bank, Ltd.

3,546

4.63

Meiji Yasuda Life Insurance Company

2,765

3.61

GOVERNMENT OF NORWAY

2,078

2.71

MUFG Bank, Ltd.

1,363

1.78

The Bank of Kyoto, Ltd.

1,301

1.70

Tokyo Marine & Nichido Fire Insurance Co., Ltd.

1,273

1.66

941

1.23

THE SHIGA BANK, LTD.

Major Shareholders (Common Stock)
Securities companies etc. 0.36%

Treasury stocks 0.01%

Individual shereholders etc. 6.79%
Foreign shareholders 10.30%
Financial institution 23.74%

General corporations 58.80%

4Consolidated Financial Statements

Consolidated Balance Sheets (Summary)
Item(Million yen)

FY2017FY2018

As of March 31, 2018

As of March 31, 2019

AssetsCurrent assets

187,617

195,059

Fixed assets

187,323

172,602

Tangible fixed assets

91,777

84,581Intangible fixed assets

78,15768,022

Investments and other assets

17,38819,999374,940

367,662

Current liabilities

161,424

153,495

Fixed liabilities

151,126

145,663

Total Liabilities

312,550

299,158

56,37862,191

Capital

4,890

4,894

Capital surplus

35,83835,842

Earned surplus

15,65921,456

Treasury stock

(9)

(2)

3,938

3,812

159

168

Non-controlling interests

1,914

2,330

Total Net Worth Equity

62,39068,503

Total Liabilities and Net Worth Equity

374,940

367,662

Total Assets
Liabilities

Net worth equity
Stockholders’ equity

Other accumulated comprehensive income
Equity warrant

Overview of Consolidated Balance Sheets
Total assets fell from 7,278 million yen of previous year to 367,662 million yen, mainly due to the sale of tangible fixed
assets and amortization of goodwill.
Total liabilities dropped from 13,391 million yen of previous year to 299,158 million yen, mainly due to the repaymentof short- and long-term loans.
Total net assets, which exclude equity warrant and non-controlling interests, rose from 5,687 million yen ofprevious year to 66,003 million yen due to increases in retained earnings and foreign currency translation adjustment.

5Consolidated Financial Statements

Consolidated Income Statements (Summary)(Million yen)

FY2017FY2018From April 1, 2017
through March 31, 2018

From April 1, 2018
through March 31, 2019

Sales

433,092

448,381Cost of sales

333,070

343,842

Gross profit on sales

100,022

104,538

Selling, general and administrative expenses

90,741

91,382

9,280

13,156

Non-operating income

1,484

1,906

Non-operating expenses

2,339

1,348

8,425

13,714

Special profit

179

419

Special loss

1,060

3,332

Current net profit unadjusted for tax

7,544

10,801

Corporation tax, residents tax and enterprise tax

6,071

4,788

Adjusted amount of corporation tax etc.

(1,756)(1,534)

3,229

7,546

288

469

2,941

7,077

Item

Operating profit

Ordinary profit

Net income
Profit attributable to non-controlling interests
Profit attributable to owners of parent

Overview of Consolidated Income Statements
Net sales increased to 448,381 million yen.
Operating profit was 13,156 million yen, ordinary profit was 13,714 million yen and profit attributable to owners ofparent was 7,077 million yen. All profit lines saw increases thanks to a lightened amortization of goodwill burden andhigher profit in the domestic business segment.
Excluding the impact of amortization of goodwill, operating profit was 21,981 million yen and the operating profit
margin was 4.9%.

6Company Outline

Company Outline

As of March 31, 2019

Company Name

Mitsubishi Logisnext Co., Ltd.

Established

August 4, 1937

Capital Stock4,894 million yen

Operation Centers
Head Office and Kyoto Plant

2-1-1, Higashi-kotari, Nagaokakyo-shi, Kyoto
617-8585

Tel: +81-(0)75-951-7171

Shiga Plant

578 Chokoji-cho, Omihachiman-shi,
Shiga 523-0013

Tel: +81-(0)748-37-6700

Azuchi Plant

8-1 Nishioiso, Azuchi-cho, Omihachiman-shi,
Shiga 521-1334

Tel: +81-(0)748-46-5511

Shin Kawasaki Business Site

1-2 Shin-Ogura, Saiwai-ku, Kawasaki-shi,Kanagawa 212-0031

Tel: +81-(0)44-330-9000

On-Site Training Center

576 Hongo, Ohaza, Sugito-cho, Kitakatsushika-gun,
Saitama 345-0023

Tel: +81-(0)480-37-2108

Directors and Audit and Supervisory Board Members

As of June 27, 2019

Hideaki Ninomiya

Chairman of the Board(Director, Mitsubishi Heavy Industries Forklift,
Engine & Turbocharger Holdings, Ltd.)

Takashi Mikogami

President and CEO

Masanori Kagami

Director

Shinji Fujita

Director

Masayuki Suematsu

Director(Senior Vice President, Mitsubishi Heavy Industries, Ltd. Head of Business
Strategy Office and Senior General Manager of Corporate Planning Department,
Mitsubishi Heavy Industries, Ltd.)

Takayuki KatoDirector

Ken Okochi

DirectorHiroshi Maeshima

Audit and Supervisory Board Member

Koji Baba

Audit and Supervisory Board Member

Masahide Kuragaki

Audit and Supervisory Board Member(Managing Director, GS Yuasa Corporation)

Yasuyuki Fukuoka

Audit and Supervisory Board Member(Full-time Corporate Auditor, Dai Nippon Toryo Co., Ltd.)

Takumi Saito

Audit and Supervisory Board Member

7