Annual Report 2021
For the fiscal year from April 1, 2020 to March 31, 2021

Contents
1

A Message to Our Shareholders and Investors

3

Business Overview by Each Segment

4

Stock Information

5

Consolidated Financial Statements

7

Company Outline

A Message to Our Shareholders and Investors

Through steadfast efforts, we will
implement “Logisnext SolutionS 2023”,e
our mid-term management plan, to achieve
further growth in this era of dramatictransformation.
Takashi KubooPresident

Summary of Business Performance in Fiscal 2020
uring the current consolidated fiscal year, economic activity worldwide gradually recovered from the near stasis
imposed by the COVID-19 crisis. China quickly returned to near-normal economic activity, European and Americancountries lifted their lockdowns, and Asian countries eased regulations. Forklift demand began to exhibit dynamic
growth around September, particularly in Europe and America. In certain regions and during some months, demand
recovered to levels seen for the same period in the preceding year. Despite lagging behind Europe and America, forklift
demand in Japan in the fourth fiscal quarter returned to levels approaching those for the same period in the preceding year.
Under these circumstances, major instability factors—namely, the US Presidential election and Brexit—resolved in
one direction or another, generating expectations for further economic recovery. However, the emergence and spread of
new COVID-19 variants compelled the affected countries to respond, including suspending economic recovery measuresand instituting additional lockdowns. Despite progress with vaccination programs launched in Europe and America andeventually launched in Japan, the overall situation is expected to remain unpredictable.
Consolidated net sales in the current consolidated fiscal year were 391.4 billion yen (down 12.8% YoY). Due toimprovements in the economy, order intake continued to advance from the third consolidated fiscal quarter to the fourth
consolidated fiscal quarter. Nevertheless, contributions to net sales proved insufficient compared to the previous period.
With respect to profits, despite efforts to reduce fixed expenses in response to lower net sales, operating profit was 1.5
billion yen (down 81.1% YoY); ordinary profit was 2.0 billion yen (down 71.4% YoY); and losses attributable to owners ofparent were 2.6 billion yen (compared to a loss of 5.2 billion yen in the same period of the preceding year).
Excluding the impact of goodwill amortization, operating profit was 10.9 billion yen (down 40.0% YoY). The operating
profit margin was 2.8% (down 1.3 percentage points YoY).

DFuture Outlook
t still remains uncertain as to when COVID-19 will be contained, but vaccination is progressing in various countries
and certain actions are being taken to maintain economic and social activities, leading to definite signs of
economic recovery.
Markets for forklifts and other logistics equipment continue to recover after bottoming out in the first half of 2020. We expect
this trend to continue in 2021.
COVID-19 has transformed the logistics industry. The first year of “Logisnext SolutionS 2023” , our new mid-term
management plan, fell squarely in an era of such dramatic transformations.
The consolidated financial results forecast for the next consolidated fiscal year ending in March 2022 are 430.0 billion
yen in net sales, 5.0 billion yen in operating profit, 4.0 billion yen in ordinary profit, and 1.0 billion yen in profit attributable toowners of parent.
We expect operating profit before goodwill amortization of 14.0 billion yen and operating profit margin before goodwill
amortization of 3.3%.

I1

A Message to Our Shareholders and Investors

Actions Plans
merging COVID-19 variants and continuing US-China tensions have led to conditions in which uncertainty is theNew Normal. In the logistics industry, market recovery is generating growing forklift sales, especially in overseas
markets. Nevertheless, the future remains uncertain. We are at a major crossroads, as suggested by current
buzzwords like carbon neutral, DX promotion, and ESG-oriented management.
In 2020, given this management environment, we developed the “Logisnext SolutionS 2023” mid-term management
plan, the first of its kind since our management integration. Target figures for fiscal 2023 include 500.0 billion yen inconsolidated net sales, 30.0 billion yen in operating profit before goodwill amortization, profit ratio 6%, and a capital
adequacy ratio greater than 20%. Based on our corporate vision—Moving the world forward as the leading provider ofinnovative logistics and material handling solutions—we will pursue three basic strategies: Build up business resilience;accelerate growth strategy; and further develop our global and regional branding strategies. The ultimate goals are to help
identify and create solutions to social issues and to enhance our corporate value over the medium-to-long term.

E

1. Japan Domestic Business・Measures to address rising materials costs and freight charges
・Early realization of the effects of direct sales companies restructuring
・Measures related to lithium-ion batteries
・Promoting workstyle innovations
・Expanding solution businesses for AGF (Auto Guided Forklift), port cargo handling machines, and the like・Accelerating product release to markets
2. Overseas Business・Measures to address rising materials costs and freight charges
・Expanding solution businesses in the United States
・Promoting branding strategies in Europe
・Reappraising production and sales systems in China
・Establishing IT infrastructures from a global viewpoint

We humbly ask for the continued support and understanding from our shareholders.
> Go here to review the “Logisnext SolutionS 2023” Mid-term management plan.

Financial Highlights
Net Sales

Operating Profit(Billion yen)(Billion yen)433.0 448.3 448.9

391.4

270.9

Ordinary Profit(Billion yen)

19.1

21.9

18.3
13.7

10.9

10.5
9.2

13.1

8.4

1.5

8.9

8.4

7.0

2.0

FY2016* FY2017 FY2018 FY2019 FY2020

FY2016* FY2017 FY2018 FY2019 FY2020

FY2016* FY2017 FY2018 FY2019 FY2020

Profit Attributable to Owners of Parent

Earnings per Share

Return on Equity(Billion yen)

(Yen)

(%)

7.0
3.666.48

2.9△5.2△2.6

FY2016* FY2017 FY2018 FY2019 FY2020
FY2016 figures are Mitsubishi Nichiyu Forklift data.

11.2
6.3

34.16 27.64△49.24△25.19FY2016* FY2017 FY2018 FY2019 FY2020

5.0

△8.7

△4.9

FY2016* FY2017 FY2018 FY2019 FY2020

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

Business Overview by Each Segment

Japan Domestic BusinessSupported by solid demand in Japan since June, the domesticbusiness segment has operated profitably since the second
consolidated fiscal quarter. Net sales were 168.4 billion yen(down 5.9% YoY), with additional contributions provided by theupswell in orders for export and sales, which had been sluggish.
Our groupwide efforts to reduce fixed expenses failed to
produce the results needed to offset lower profits due to lower
net sales. Segment profit was 0.6 billion yen (down 81.5% YoY).
Excluding the impact of goodwill amortization, segment
profit was 5.6 billion yen (down 33.0% YoY).

43%

Sales Composition
by Business Segment

Sales

Operating Profit(Billion yen)(Billion yen)

179.0

168.4

8.4

5.6
3.7

0.6
FY2019FY2019FY2020

FY2020Goodwill amortization amount.

Overseas BusinessAs with the domestic business segment, the overseas businesssegment has operated profitably since the second consolidated
fiscal quarter. Contributing factors include the growth of theChinese market, where the impact of COVID-19 has been
relatively subdued, and growth in European, American, and Asianmarkets, where lockdowns were lifted. Nevertheless, it will taketime for the segment to recover to the levels achieved in theprevious fiscal year. Net sales were 223.0 billion yen (down 17.4%YoY), despite contributions to the yearly consolidated financial
results from Equipment Depot, Inc., a US sales company acquiredin July 2019. Reductions in fixed expenses achieved in theoverseas business segment proved insufficient to offset lower
profits due to lower net sales as with the domestic businesssegment; segment profit was 0.9 billion yen (down 80.8% YoY).
Excluding the impact of goodwill amortization, segment
profit was 5.3 billion yen (down 46.1% YoY).

57%

Sales Composition
by Business Segment

Sales

Operating Profit(Billion yen)(Billion yen)

269.8

9.8

223.0

4.7 5.3

0.9
FY2019FY2019FY2020

FY2020Goodwill amortization amount.

Major Overseas Network As of April 1,2021
Head Office

Production baseMain sales baseMitsubishi Logisnext Europe B.V.
Mitsubishi Logisnext Europe AB
Mitsubishi Logisnext Europe Oy
●
●
●
●
●●●
●●
●
●

Mitsubishi Heavy Industries
Forklift (Dalian) Co., Ltd.

●●●

Mitsubishi Logisnext Europe S.A.
Logisnext Manufacturing(Thailand) Co., Ltd. ●Mitsubishi Logisnext Co., Ltd.

●
●
●
●
●

Equipment Depot, Inc.

●

●●
●

●

Shanghai Nichiyu Forklift
Manufacturing Co., Ltd.

●
●
●●
●
● ●
●●

●
●

Rapidparts Inc.
●●

Mitsubishi Logisnext
Americas (Marengo) Inc.
Mitsubishi Logisnext
Americas (Houston) Inc.

Mitsubishi Logisnext
Forklift (Shanghai) Co., Ltd.
Mitsubishi Logisnext
Asia Pacific Pte. Ltd.

Mitsubishi Logisnext
Americas Inc.

3

Stock Information

Stock Information

As of March 31, 2021

Common stock

392,725,256 sharesClass A stock

32,274,744 shares

Shares issued

Common stock

106,580,013 shares

Number of shareholders

Common stock

13,211

Total number of authorized shares

Major Shareholders (Common Stock)
Name of shareholder

No. of shares

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

Mitsubishi Heavy Industries, Ltd.

68,88864.64

GS Yuasa Corporation

4,701

4.41

Custody Bank of Japan, Ltd. (Trust Account)

4,071

3.82

The Master Trust Bank of Japan, Ltd. (Trust Account)

3,549

3.33

Meiji Yasuda Life Insurance Company

2,765

2.59

GOVERNMENT OF NORWAY

1,945

1.83

MUFG Bank, Ltd.

1,363

1.28

The Bank of Kyoto, Ltd.

1,301

1.22

JP MORGAN CHASE BANK 385781

829

0.78

Nippon Life Insurance Company764

0.72

Major Shareholders (Common Stock)
Securities companies etc. 0.50%

Treasury stocks 0.01%

Individual shereholders etc. 5.16%
Foreign shareholders 9.27%
Financial institution 14.79%
General corporations 70.27%

4

Consolidated Financial Statements

Consolidated Balance Sheets (Summary)(Million yen)

FY2019FY2020From April 1, 2019
through March 31, 2020

From April 1, 2020
through March 31, 2021

Total current assets

193,560

192,552

Total non-current assets

180,079

170,952

Total property, plant and equipment

101,423

98,130Total intangible assets

63,21954,861

Total investments and other assets

15,435

17,960373,640

363,505

Total current liabilities

154,445

148,939

Total non-current liabilities

161,868

159,023

Total Liabilities

316,314307,962

55,48350,315

Share capital

4,904

4,913

Capital surplus

35,78534,750Retained earnings

14,796

10,655(2)(2)

Total accumulated other comprehensive income

(605)

4,684

Share acquisition rights

219

251

Non-controlling interests

2,227

290

Total net assets

57,32655,542

373,640

363,505

Item
AssetsTotal Assets
Liabilities

Net assets
Total shareholders’ equity

Treasury shares

Total liabilities and net assets

Overview of Consolidated Balance Sheets
Total assets as of the end of the current consolidated fiscal year were 363,505 million yen, down 10,134 million yen YoY.
Major factors included a goodwill decrease due to amortization and a decrease in trade accounts receivable.
Total liabilities were 307,962 million yen, down 8,351 million yen YoY. Major factors included a decrease in tradeaccounts payable.
Net assets other than share acquisition rights and non-controlling interests were 55,000 million yen, up 121 million yen
YoY, due mainly to an increase of 5,289 million yen in total accumulated other comprehensive income, including translation
adjustments, and despite a decrease of 4,140 million yen in retained earnings.
The capital adequacy ratio was 15.1% (compared to 14.7% as of the end of the previous consolidated fiscal year).
Net assets per share were 516.08 yen (compared to 515.15 yen as of the end of the previous consolidated fiscal year).

5Consolidated Financial Statements

Consolidated Income Statements (Summary)(Million yen)

FY2019FY2020From April 1, 2019
through March 31, 2020

From April 1, 2020
through March 31, 2021

Net sales

448,918

391,496

Cost of sales

341,665

299,752

Gross profit

107,253

91,744

Selling, general and administrative expenses

98,81690,149

8,437

1,594

Total non-operating income

1,534

2,157

Total non-operating expenses

2,926

1,737

7,045

2,014

Total extraordinary income

2,107

343

Total extraordinary losses

8,673

3,222

Profit（loss）before income taxes

479

(865)

Income taxes - current

4,813

4,301

Income taxes - deferred642(2,610)(4,976)(2,556)

Profit attributable to non-controlling interests

266

126

Profit (loss) attributable to owners of parent(5,243)(2,683)Item

Operating profit

Ordinary profit

Profit (loss)

Overview of Consolidated Income Statements
Consolidated net sales in the current consolidated fiscal year were 391,496 million yen (down 12.8% YoY). Orders intake
continued to improve from the third consolidated fiscal quarter to the fourth consolidated fiscal quarter due to improvementsin economic circumstances, but contributions to net sales proved insufficient compared to the previous period. With respect
to profits, despite efforts to reduce fixed expenses in response to lower net sales, the operating profit was 1,594 million yen(down 81.1% YoY); ordinary profit was 2,014 million yen (down 71.4% YoY); and losses attributable to owners of parent were2,683 million yen (compared to a loss of 5,243 million yen for the same period of the preceding year).
Excluding the impact of goodwill amortization, operating profit was 10,990 million yen (down 40.0% YoY). The operating
profit margin was 2.8% (down 1.3 percentage points YoY).

6Company Outline

Company Outline

As of March 31, 2021

Company Name

Mitsubishi Logisnext Co., Ltd.

Established

August 4, 1937

Capital Stock4,913 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

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 29, 2021

Takashi Mikogami

Representative Director and Chairman(Executive Vice President, President and CEO, Logistics, Thermal & Drive Systems,
Mitsubishi Heavy Industries, Ltd.)

Takashi Kubo

President

Hirokazu Watanabe

Director

Shinji Fujita

Director

Masayuki Suematsu

Director(Senior Vice President, Head of Business Strategy Office,Mitsubishi Heavy Industries, Ltd.)Ken Okochi

External Director

Osamu Ando

External Director(President, Shimadzu Access Corporation)

Kyoko Kobayashi

External Director(Partner, Irokawa Legal Professional Corporation
External Audit and Supervisory Board Member, KAWAKAMIPAINT MANUFACTURING CO.,LTD.)

Koji Baba

Audit and Supervisory Board Member

Shinji Ichihara

Audit and Supervisory Board Member

Masahide Kuragaki

External Audit and Supervisory Board Member

Yasuyuki Fukuoka

External Audit and Supervisory Board Member

Shigeru Yoshimura

External Audit and Supervisory Board Member

7