Financial Results for the
1st quarter of FY2021(FY2021:From April 1, 2021 to March 31, 2022)

Aug. 23, 2021

© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

1. FY2021/1Q Summary
Economic Market Trends➢ The impact of the COVID-19 has declined, and the global economy is recovering, especially in
the United States, Europe, and China➢ The overseas material handling equipment market has been recovering to a level that exceeds
the level before the COVID-19 disaster. This is a result of reactionary demand in China, which
was the first to show recovery; the United States and Europe, where demand showed signs ofrecovery from around September last year; and Asia, which has been growing stronglyrecently. The recovery trend is more modest in Japan, because, among other things, theCOVID-19 pandemic had a smaller economic impact than in the United States and Europe.
➢ The rapid economic recovery has led to sharp rising material and transportation costs,
disruptions in the supply chain, and production and cost issues that have become apparent.

Summary of FY2021/1Q Results➢ Strong sales at respective group companies due to growth of the forklift market have resulted inparts procurement and product shipment delays, especially at overseas bases. Consequently,
establishing adequate production capabilities and normalizing lead times have become urgentissues.

➢ Net sales increased 19.4% YoY due to strong market recovery mainly in Americas and Europe.
➢ Operating profit increased 235.3% YoY (before amortization of goodwill, etc.) due to thecontribution of increased sales from the market recovery, despite the impact of increasedmaterial and transportation costs.
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22. Financial Highlights
Unit: Hundred million JPY

Profit and Loss
Statement

FY2020/1Q

Net Sales

FY2021/1Q

905.4

1,080.8+175.4+19.4％

10.4

34.8+24.4+235.3％Operating Profit(Before amortization of goodwill, etc.)(Operating profit margin)（1.1％）（3.2％）

21.9

22.7

Amortization ofGoodwill
Operating Profit(Operating profit margin)

Ordinary Profit(Ordinary profit margin)

Profit Attributable toOwners of Parent(Net income margin)

YOY Change△11.5――（△1.3％）（1.2％）

12.1+23.6―△13.8

11.9+25.7―+15.4―（△1.5％）（1.1％）△15.8△0.4（△1.7％）（△0.0％）FY2020/1Q actual FX rates：USD＝JPY107.62 EUR＝JPY118.48 CNY＝JPY15.17
FY2020/4Q actual FX rates：USD＝JPY106.06 EUR＝JPY123.70 CNY＝JPY15.67
FY2021/1Q actual FX rates：USD＝JPY109.49 EUR＝JPY131.93 CNY＝JPY16.95

Balance SheetFY2020/4Q

FY2021/1Q

YOY Change

Total Assets

3,635

3,659+24+0.6％

Total Liabilities

3,080

3,104+24+0.8％555555△00.0％Net Assets© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

33. Business Results by Segment
Net Sale: Net sales increased due to strong market recovery mainly in Americas and Europe.
Unit:
Hundred million JPY

Domestic Business

Overseas Business

1,081

Net Sales

1,200905

1,000
800

671

521600

FY2021/1Q Sales by Region

China& Asia
Europe 7%
18%

(6%)

(16%)

Japan
38%
(42%)

400
200409384Americas
37%
(36%)

0
FY2020/1Q

FY2021/1Q() = previous year

Operating Profit*

Operating profit (*): Despite the impact of the sharp rise of material and transportation costs, operating profit
increased due to the contribution of higher gross profit from sales recovery.
Unit:
Hundred million JPY

Domestic Business

Overseas Business

40.0

34.8

30.0
23.5

20.0
10.00.0

FY2021/1Q Operating Profit by Segment

10.4
6.0
4.4
FY2020/1Q* Operating Profit before amortization of goodwill, etc.

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11.3

DomesticBusiness
32.5%
Overseas(42.4%)
Business
67.5%(57.6%)FY2021/1Q() = previous year4

4. Sales by Region
JapanAmericas(Unit: Hundred million JPY)

(Unit: Hundred million JPY)

500400

409.3

383.9

400300200(*) EQD FY2021/1Q 110.2500400.4323.5

300
409.3

383.9

200

10010000
FY2020/1Q(Unit: Hundred million JPY)200

FY2021/1Q

Europe196.4

400.4

323.5

FY2020/1Q

FY2021/1Q

China and Asia

(Unit: Hundred million JPY)

100

147.3

74.6
50.7

100

196.4

5074.6

147.3
50.7
00
FY2020/1Q

FY2021/1Q© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

FY2020/1Q

FY2021/1Q
5

5. Net Sales FY2020/1Q vs FY2021/1Q
Although our orders are strong because of the strong market recovery mainly in Americas
and Europe, net sales increased only +19.4% YoY on account of delays in parts supply andproduct shipments, especially at overseas bases.
(Unit: Hundred million JPY)

Americas
FXimpact

31.2

Japan

25.4

Europe29.5

China & Asia

19.6

69.6

1,081905

Increased by
17.5BJPY（+19.4%）FY2020/1Q© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

FY2021/1Q
6

6. Operating Profit FY2020/1Q vs FY2021/1Q
Operating profit increased by 235.3% YoY due to the contribution of increased sales fromthe market recovery, despite the impact of the sharp rise of material and transportation
costs and increased expenses associated with the normalization of business activities.
Gross profit
increase Material
cost
due to sales
increase /Mix increase Transportation
costs
increase Expense
increase△4.7(Unit: Hundred million JPY)

(labor costs, etc.)

△4.6
△5.6

US tariffs

FXeffects

△2.0

1.0

Operating profit increasedby 2.44 BJPY (+235.3%)
Amortizationof goodwill, etc.

Consolidation
adjustments,etc.

Amortizationof goodwill, etc.

△3.4

34.8

(Before amortization of goodwill)
10.4

43.7

△22.7
12.1

△11.5

△21.9
FY2020/1Q

FY2020/1Q(Before amortizationof goodwill, etc.)© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

FY2021/1Q(Before amortizationof goodwill, etc.)

FY2021/1Q

7

7. Consolidated Balance Sheet
Total assets and liabilities increased due to an increase in working capital such as accounts receivable
and accounts payable as a result of increased in sales.
(Unit: Hundred million JPY)
3,659

3,635

Item
Current assets

Assets(Tangible fixed assets)

1,926

1,975
Assetsincreased by
2.4 BJPY(Intangible fixed assets)(Inv estments andother assets)

Total fixed assets

1,710

1,684

Total assets

FY2020/4Q
1,926
981
549
180
1,710
3,635

FY2021/1Q
1,975977
524
183
1,684
3,659

Change+49△5△ 25+4
△ 26+24

Current assets: Increase
Increase in sales and increase in inventories due to supply chain disruptions

FY2020/4Q

FY2021/1Q

Fixed assets

Current assets

3,659

Liabilities/
Net Assets

3,635

Decrease due to amortization of goodwill

Item
Current liabilities
Fixed liabilities
Total liabilities

Liabilities
increased by2.4 BJPY

3,080

Fixed assets: Decrease

3,104Total net assets
Total liabilities and net assets

Net assets
decreased by0.03 BJPY555
FY2020/4Q

Net assets

FY2020/4Q
1,489
1,590
3,080
555
3,635

FY2021/
1Q
1,508
1,595
3,104
555
3,659

Change+19+5+25△0+24

Liability: Increase

555
FY2021/1Q

Increase in accounts payable and decrease in short-term debt

Net assets : Decrease
Decrease in retained earnings due to dividends paid and increase inaccumulated adjustments for retirement benefits, etc.

Liabilities© MITSUBISHI LOGISNEXT CO., LTD. ALL rights reserved.

8

【Reference】 Key Performance Indicators
Performance

Indicator
Return-on-assets (ROA)

Profitability

Operating profit margin

Asset Efficiency

Return-on-equity (ROE)

Total asset turnover

Net income margin

Receivable turnover

Financial
Soundness

Inventory turnover
Capital adequacy ratio
D/E ratio

Sahre

Earnings per share

FY2020/4Q

FormulaNet income△ 0.7%

Total assets
Net income
Shareholders' equity

Sales
Sales(6.4％)△ 0.3%

0.4%(2.8％)

1.1%(3.2％) The index improved due to an△ 0.7%(1.6％)△0.0%

5.4 times

6.1 times

4.9 times

5.2 times

15.1%

15.0%

3.3 times

3.3 times

JPY △25.19

JPY △1.36--Sales

Cost of sales
Inventories
Shareholders' equity
Total assets
Interest-bearing debt
Shareholders' equity

Share value

Price earnings ratio(PER)

Earnings per share

Price book value ratio(PBR)

Book value per share(2.0％) The index improved due to a

1.2 times

Accounts receivable

Net income△0.0%

1.1 times

Total assets

Share value© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

Comments△ 4.9%Sales
Net income(1.5％)(Before amortizationof goodw ill, etc.)

narrowing of the net loss
(8.0％) resulting from increased sales.

Operating profit

Shares outstanding

FY2021/1Q(Before amortizationof goodw ill, etc.)

2.5 times

2.0 times

increase in operating profit
resulting from increased sales(1.9％) and a narrowing of the net loss.

Stock prices：
End of FY2020：JPY 1,296
End of FY2021 1Q：JPY 1,0179

【Reference】 Quarterly Financial Results
Domestic Business

Unit: Hundred million JPY

1,200

1,072.4
110.8

1,080.8
110.2

800

905.4
100.0

949.3
106.1

987.9
103.1

600

419.6460.4

508.6

421.5

561.3

383.9

423.6

424.4

453.0

409.3

1Q

2Q

3Q

4Q

1Q

1,000

Net Sales

Overseas Business

EQD

4002000

FY2020OperatingProfit (*)

40

33.0
1.8

33.4
2.5

14.5

15.5

10.4
0.6
5.4
4.4

16.8

15.4

1Q

2Q

3Q

3020100* Operating Profit before
amortization of goodwill, etc.

FY2020© MITSUBISHI LOGISNEXT CO., LTD. ALL rights reserved.

3Q

4Q

3Q

4Q

FY2021

Domestic Business

Unit: Hundred million JPY

2Q

Overseas Business

33.0
1.1

EQD

34.8
3.5

11.9
20.0

20.1
11.3
4Q1Q

2Q

FY202110【Reference】 Forklift Market Trends 【Orders】(Apr..- Jun.)➢ Orders increased significantly due to the global economic recovery ( +55.2%YoY to 348,500 units, Excluding the Chinese market +108.1% YoY to 220,100units).
➢ Electric trucks orders were up 77.9% YoY to 143,000 units, and engine trucks
orders were up 42.5% YoY to 206,000 units.
(Unit: Thousand units)

Order intake（excl. Class III*）

Year-on-year＋55.2％

339.9

348.5

26.0

27.8

138.8

128.4

74.4

86.7

400.0
350.0
300.0
250.0
200.0
150.0100.0
50.0

0.0

224.6

263.5

271.8

18.4

21.1

13.6
118.9
35.9
37.6
18.6
FY2020/1Q
JapanAmericas

127.7
50.3

109.1

60.4

49.1
18.1

61.5

80.4

83.2

19.8

20.3

22.3

FY2020/2Q

FY2020/3Q

FY2020/4Q

FY2021/1Q

Europe(incl. Middle East & Africa)

China

APAC(incl. South Africa)*Class III : Self-propelled electric small lift
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

11【Reference】 Forklift Market Trends 【Shipping】(Apr.- Jun.)
The forklift market through 1Q FY20210, shipments were up 39.7% YoY to 540,000 units,driven by the strong Chinese market, in addition to the recovery trend in economic activities
in Europe and the United States.

JapanEuropeAmericas(incl. Middle East & Africa)(1,000 units)(1,000 units)

100

86

90

89

(1,000 units)

100.0% 400

87

80

80.0%

60

100.0% 600
280

300

305

301

80.0%

283

60.0%

60.0%
200

40
2120

22

23

20.0%

00.0%
FY2017 FY2018 FY2019 FY2020 FY2021

40.0%
67

100

500
400

390

454

438

300
200
100

95

128

120

170

083

40.0%
20.0%

100.0%

502

80.0%

400

200

20.0%

1000.0%060.0%

China
45.0％0.0%
FY2017 FY2018 FY2019 FY2020 FY2021

124134142108

40.0%

157

20.0%
0.0%

FY2017 FY2018 FY2019 FY2020 FY2021

Asia & Oceania(1,000 units)

Globa Market
In FY2021/1Q

60.0%
243

63

15.3％

80.0%

600

72

Asia & Japan
Oceania 4.2％
Americas6.4％

100.0%

700

516

500

FY2017 FY2018 FY2019 FY2020 FY2021(1,000 units)

720

780China
800

547

300

40.0%
2322498140120

100.0%

124
110

107

103

80.0%

10060.0%

80

540
thousand units(Electric forklifts: Europe65.9%)(incl. Middle East& Africa)

29.1％604026312940.0%

3524

20.0%

2000.0%FY2017 FY2018 FY2019 FY2020 FY2021

Markets units© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

Percent electric forklifts

12Disclaimer:⚫ This material is prepared for the sole purpose of providing investors with information and
not intended for solicitation of any buying or selling.
⚫ Forward-looking statements in this material are intended as targets or forecasts,
with no commitment or guarantee as to their accuracy.
⚫ Note that actual future business results of Mitsubishi Logisnext may differ from our current forecast.
⚫ Statements concerning the business results are based on various data that we believe
to be reliable, but we do not guarantee the correctness or completeness of such data.
⚫ This material is provided based on the premise that each investor should use it relying on hisor her own judgment and responsibility, whatever the purpose of its use may be.
Mitsubishi Logisnext shall not be liable whatsoever, regardless of the results from using this material.

Please direct inquires regarding this material to the following:
Mr. Kariya or Ms. Kashiwagi
Corporate Finance Planning Division
Mitsubishi Logisnext Co., Ltd.
1-1, 2-chome, Higashikotari, Nagaokakyo-shi, Kyoto 617-8585
TEL: 075-956-8610 FAX: 075-951-4038
URL: www.logisnext.com© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

13© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.