Q2 Financial Resultsfor FY2022(FY2022: From April 1, 2022 to March 31, 2023)

Logisnext Solutions serving for you

Nov. 24, 2022
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Summary of Q2 Financial Resultsfor FY2022(FY2022: From April 1, 2022 to March 31, 2023)

Takatoshi Uno
Director, Executive Officer
CFO© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

1. FY2022 Q2 Summary
Economic Market Trends
 In the global economy, there are growing fears of a recession due to tightening monetaryconditions caused by rising prices in Europe and the Americas, the zero-COVID policy inChina, and Russian aggression of Ukraine. Recessions have already begun in some regions.
In addition, higher material and transportation costs and supply chain disruptions continue.
 The material handling equipment market has recovered to above pre-COVID-19 levels in Japan.
Overseas, demand continues to exceed pre-COVID-19 levels in the Americas, remained firm in
Asia, remained weak in Europe, and slowed down in China.
 At Mitsubishi Logisnext, orders are generally strong, but we have been affected by longer leadtimes due to delays in the supply of various assembly components and high costs, such as formaterials and transportation, since the previous fiscal year.
Under these circumstances, shipments have been delayed due to parts shortages in Japan,
while the effects of shipping facilitations and sales price improvements have begun to show in
the Americas and Europe.

Summary of FY2022 Q2 Results
 Net sales increased by 29.4% YoY due to an increase in units sold mainly in the Americas andEurope, as well as due to the impact of JPY depreciation.
 Operating profit (before amortization of goodwill, etc.) decreased 1.4% YoY due to increasingmaterial and transportation costs and lower shipments caused by parts shortages in Japan,
despite the contribution of an increase in units sold mainly in the Americas and Europe andthe impact of JPY depreciation.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

3

2. Financial Highlights
Unit: Hundred million JPY

Profit and Loss
Statement
Net Sales

FY2021 Q2YOY Change

2,160.9

2,795.9+635.0+29.4％

63.0

62.1

-0.8

-1.4％

Operating Profit(Before amortization of goodwill, etc.)

FY2022 Q2（2.9％）（2.2％）

Amortization of
Goodwill

47.4

51.3

Operating Profit

15.6（0.7％）

10.8（0.4％）-4.8-30.8%

14.3（0.7％）

10.2（0.4％）-4.0-28.3%

0.2

-13.5

-13.7

―

(Operating profit margin)(Operating profit margin)

Ordinary Profit(Ordinary profit margin)

Profit Attributable to
Owners of Parent(Net income margin)（0.0％）（-0.5％）――FY2021 Q2 actual FX rates: USD＝JPY109.80 EUR＝JPY130.88 CNY＝JPY16.99
FY2021 Q4 actual FX rates: USD＝JPY112.38 EUR＝JPY130.56 CNY＝JPY17.51
FY2022 Q2 actual FX rates: USD＝JPY133.97 EUR＝JPY138.73 CNY＝JPY19.88

Balance SheetFY2021 Q4

FY2022 Q2YOY Change

Total Assets

4,056.0

4,638.9+582.9+14.4％

Total Liabilities

3,418.6

3,899.7+481.1+14.1％

637.3

739.1

+101.8+16.0％Net Assets© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

4

3. Business Results by Segment

Net Sales

Net sales decreased in Japan due to parts shortages, increased overseas due to a
volume has grown mainly in the Americas and Europe and the impact of JPY
FY2022 Q2 Sales by Region
depreciation.
Unit:
Hundred million JPY

Japan

Overseas

Increased 2,795.9

3,000

2,160.9
2,000+635.0(+29.4％)China&
Asia
Europe 7.1％
Japan
17.4％（7.0％） 28.7％（17.0％）
1,992.7

1,324.6（38.8％）

Americas
46.8％

1,000
836.2

803.2

FY2021/2Q

FY2022/2Q（37.2％）

Operating Profit*0() = previous year

Operating profit decreased slightly overall because it increased overseas
but decreased in Japan.

FY2022 Q2 Operating Profit by Segment

Unit:
Hundred million JPY

Japan

80.0

63.0

60.0

Overseas-0.8(-1.4％)(43.4％)

35.6

40.0

53.0

20.0

Japan
14.7％

Decreased 62.1
Overseas
85.3％(56.6％)

27.3
9.1

0.0
FY2021/2Q* Operating Profit before amortization of goodwill, etc.

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

FY2022/2Q() = previous year5

4. Sales by Region（including FX impact）
AmericasJapan(Unit: Hundred million JPY)

(Unit: Hundred million JPY)

1,000
800

836.2 Decreased 803.2
-32.9

1,500

426.9

1,000

(-3.9％)

600

413.1

400

Increased 1,308.4
804.8

409.2

+503.5(+62.6％)

390.1

616.4

400.4

0

691.9

404.4

500

200

0
FY2021 Q2

FY2022 Q2
Q1

Increased
368.2+118.6(+32.2％)

FX impact
27.2

486.9
233.5

171.8
253.4

0

Q2

China & Asia
FX impact
7.1(Unit: Hundred million JPY)

Increased

250
200
150
100

200

196.4

FY2022 Q2
Q1(Unit: Hundred million JPY)

600

FY2021 Q2

Q2

Europe400

FX impact
236.0

50

151.5

+45.7
(+30.2％)

197.3
104.4

76.9
74.6

92.9

FY2021 Q2

FY2022 Q20
FY2021 Q2

FY2022 Q2Q1Q2© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Q1

Q2

6

5. Net Sales – FY2021 Q2 vs FY2022 Q2
Japan:Net sales declined due to the impact of parts shortages.
Overseas: In addition to the impact of JPY depreciation, sales volume growth in the Americas
and growth in after services and rental businesses at EQD* contributed to sales.
Net sales also increased in Europe and Asia.

EuropeAmericas
FX
impactChina &
Asia

(Unit: Hundred million JPY)

38.6
91.5

Japan

-32.9
270.3
2,160.9

FY2021 Q2

267.5

2,795.9

Increased 635.0(+29.4%)FY2022 Q2* Equipment Depot, Inc.
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6. Operating Profit – FY2021 Q2 vs FY2022 Q2••

The impact of higher material, transport and other costs exceeded the effect ofselling price improvements.
Operating profit (before amortization of goodwill, etc.) declined by 80 M JPY
despite the contribution of JPY depreciation beyond our expectations.
Material
Sales pricecosts
improvements increase(Unit: Hundred million JPY)

Profit increase
due to sales
increase /Product mix

90.5
Transportation
costs
increase-138.7
Labor costs
increase, etc.

Amortizationof goodwill, etc.

101.2
63.0
15.6

FY2021 Q2-50.6

Including:Transport cost hikes -35.1
Volume increase -15.5-47.4
FY2021 Q2(Before amortizationof goodwill, etc.)

FX
effects

2.9

28.7

Operating profit(Before amortization of goodwill, etc.)

decreased by 0.8 (-1.4%)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Amortizationof goodwill, etc.

2.9

U.S. tariffs-37.8

Consolidation
adjustments,
etc.

62.1
10.8

-51.3
FY2022 Q2(Before amortizationof goodwill, etc.)

FY2022 Q287. Consolidated Balance Sheet
Total assets increased due to an increase in lease assets in Americas subsidiaries resulting fromthe revision of the U.S. GAAP and the impact of JPY depreciation.
(Unit: Hundred million JPY)
4,638

Assets4,056

Current assets

2,582

2,375
1,680

2,056

Current assets

4,638

4,056

3,899

FY2021 Q4
Net assets

FY2021
Q4
2,375
1,022
470
187
1,680
4,056

FY2022
Q2
2,582
1,380
485
190
2,056
4,638

Change
+206
+358
+15
+3
+376
+582

Current assets: Increased
Increased due to effect of exchange rate translation andincrease in inventories, etc.

Fixed assets: Increased
Increase in lease assets due to revision of the U.S. GAAP, etc.

Item

Total net assets
Total liabilities and net assets

Net assets
increasedby 101

637

Total assets

Current liabilities
Fixed liabilities
Total liabilities

Liabilities
increasedby 481

3,418(Intangible fixed assets)

Total fixed assets

FY2022 Q2Fixed assets(Tangible fixed assets)(Inv estments andother assets)

Assetsincreasedby 582

FY2021 Q4

Liabilities/
Net Assets

Item

FY2021
Q4
1,807
1,611
3,418
637
4,056

FY2022
Q2
2,015
1,884
3,899
739
4,638

Change
+208
+273
+481
+101
+582

Liability: Increased

739
FY2022 Q2Liabilities© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Increased due to effect of exchange rate translation
Increase in lease obligations due to revision of the U.S. GAAP.

Net assets : Increased
Decrease in retained earnings and increase in foreign
currency translation adjustments

98. Cash Flow•

C/F from operating activities maintained into the black of 10.9 B JPY(-1.26 B JPY YoY due to increase in income taxes).
Free cash flow got into the red of 0.84 B JPY due to active investments such asincreasing rental forklifts and corporate acquisitions in the U.S.(YoY -6.48 B JPY).

•(Unit: Hundred million JPY)

Amortization Other
operatingof
goodwill, etc. CF
Depreciation
expenses

Tangible fixed
asset acquisition

+39.8
-61.9

125.6

-16.6

Pre-tax
profit+5.8

Short-term Long-termborrowings borrowings
increase repayment
Cash dividends
Short-term Other
Other
payment
loan
investing
FX
Financial CF
decreaseCF
impact, etc.160.6+125.3

-39.7

-8.5

-50.3

＋6.8

+78.8

Tangible fixed
asset sale-188.3
FY2021+3.1+107.5

Cash and cash equivalents increased 35
C/F from operating activities+109.0(+121.6 in the same period last year)

C/F from investing activities-117.4(-65.2 in the same period last year)

FY2022 Q2C/F from financing activities+36.6(-58.3 in the same period last year)

Free cash flow -8.4（+56.4 in the same period last year）© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

10Reference: Key Performance Indicators
Performance

Operating profit margin

Financial
Soundness

Asset Efficiency

Return-on-assets (ROA)

Profitability

Indicator

Return-on-equity (ROE)

Net income margin
Total asset turnover
Receivable turnover
Inventory turnover
Capital adequacy ratio
D/E ratio

Sahres

Earnings per share
Price earnings ratio(PER)
Price book value ratio(PBR)

FY2021 Q4

FormulaNet income

0.2%

Total assets
Net income
Shareholders' equity
Operating profit
Sales
Net income
Sales
Sales
Total assets
Sales
Accounts receivable
Cost of sales
Inventories
Shareholders' equity
Total assets
Interest-bearing debt
Shareholders' equity
Net income
Shares outstanding
Share value
Earnings per share

FY2022 Q2

Before amortizationof goodw ill, etc.

Book value per share

-0.6%

1.2%

8.6％

-4.0%

0.8%

2.8％

0.4%

0.2%

2.1％

-0.5%

Comments

1.4％ The indicator deteriorated dueto the net loss. Even before
5.5％ amortization of goodwill, etc.,
the indicator deteriorated due
to increasing materials and2.2％ transportation costs, as well as
declining domestic business
1.2％ revenues.

1.2 times

1.3 times

6.0 times

6.8 times

4.6 times

4.1 times

15.6%

15.8%

3.0 times

3.2 times

6.73 JPY

89.52 JPY -25.34 JPY

65.18 JPY

10.4 times

11.3 times Stock prices:138.5 times

Share value

2.2％

Before amortizationof goodw ill, etc.

1.6 times

1.1 times

End of FY2021: 932 JPY
End of FY2022 Q2: 738 JPY

Note: P/L items are calculated on an annualized basis.

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

11

Reference: Quarterly Financial Results
Japan

Unit: Hundred million JPY

Net Sales

1,500

1,080.7

1,080.1

1,207.3

1,000

1,285.7

Overseas

1,352.9

1,442.9

760.3

829.5

962.8

1,029.8

671.4

653.1

409.2

426.9

447.0

456.2

390.1

413.1

Q1

Q2

Q3

Q4

Q1

Q2

500

0

FY2021

Operating Profit** Operating profit before
amortization of goodwill, etc.

Q4

Q3

Q4

FY2022Japan

Unit: Hundred million JPY

Q3

Overseas

60

51.2

50
40

34.7

30
20
10
0

23.4
11.3
Q1

37.2
28.2

13.5

12.1
16.0
Q2

17.3
23.6
Q3

FY2021© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

29.8

12.5
Q4

45.0
10.8
7.9
2.8
Q1

6.2
Q2

FY202212

Reference: Stock Price Trends
In 2022
Year high value: 1,155 JPY (Jan 12)
Year low value : 682 JPY (Sep 28)

Closing priceon Nov 22

909 JPY(as of Nov 22, 2022)
1800

45,000

Nikkei Average

1600

Logisnext share value

October 2017
Established“Mitsubishi Logisnext Co., Ltd”

40,00035,000

1200

1000

800

600

30,000April 2013
Established “Mitsubishi
Nichiyu Forklift Co., Ltd”

25,000November 2012
Announced merger with
Mitsubishi Heavy
Industries Ltd.

20,00015,000400

July 2015
Announced acquisitionof UniCarriers
Corporation shares200

May 2017
Announced
integration with
UniCarriers
Corporation

10,0005,000

0
Jan 2008

0
Jan 2010

Jan 2012© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Jan 2014

Jan 2016

Jan 2018

Jan 2020

Jan 2022

13

Nikkei225 (JPY)

Mitsubishi Logisnext (JPY)1400

Progress of Mid-Term Management Plan

Yuichi Mano
President© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

1. Forklift Market Trends – Shipping (Jan. - Sep.)
Despite growing uncertainty over the outlook for a global economy, Japan (JIVA)
remained at about the same level as the previous year, while the Americas (ITA)
increased from the previous year.
Japan(1,000 units)(1,000 units)

100

90

88

88

91

80

24

18

22

25 JIVA

25

21

22

60

22

40
20
0

60%

21

300

21

CY202119
23 21
CY2022

20%
0%

304

300

79

77

200
100
0

76
78
71
CY2018

79
72
72

438

463

98

115
109

797

100%

628

169

80%

186

198

60%

177

109
128

120

170

104

119

94

40%

243
187

205

100% 700

333
284
77
71
63
73

CY2019 CY2020

80%

90
ITA
88 168

500

ITA
193

60% 400

66

83 58

65

57
72 53

84

CY2021

CY2022

6240% 300
200
20%
100
0%

Global Market
In CY2021
China
40.5％

20%
0%

CY2018 CY2019 CY2020 CY2021 CY2022

600

Note:

Japan
APAC 4.6％
Americas
6.8％
16.9％

China

(1,000 units)

900
800
700
600
500
400
300
200
100
0

80%

40%

22 20

CY2018 CY2019 CY2020

JIVA
60

20

23

24

22

22

Note:

1,969

0

31.2％

531
485

147

129

126

119

134

142

129

137
114

615

100%

161

80%
60%

154

40%

157

108

141

126

143

20%

161

0%

APAC

(1,000 units)

140
120
100
80

thousand units(Electric forklifts:
67.7%) Europe(incl. Middle East
& Africa)

535

CY2018 CY2019 CY2020 CY2021 CY2022

122
32
31

60
40
20

113
112
27
27

31

29

28

30

0

Note: Calculated in CY from January to December due to changes in statistical disclosure policy of WITS member organizations
Due to the above delay in the disclosure of WITS statistics, JIVA data for Japan and ITA data for the Americas were collected.
Other regions are blank after Q2 CY2022 due to non-disclosure of national statistical data.
JIVA has different standards from WITS, and some models are not included. ITA does not include sales volumes of Chinese and Korean manufacturers.

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

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

100%400
61

22

23

22

EuropeAmericas

98

100%

35

80%

27

60%

34
23
24
24

40%

35
29

20%

37

0%

CY2018 CY2019 CY2020 CY2021 CY2022

Market units
Percent electric forklifts

152. Forklift Market Trends – Orders (Quarterly)••

Demand increased in Japan, the Americas and APAC, while it decreased in Europe
and China compared to the same period last year.
Although demand is stronger than pre-COVID-19 levels, demand has gradually
declined as fears of a global economic slowdown have been heightened due totightening monetary conditions for inflation in Europe and the Americas, the zeroCOVID-19 policy in China, and Russian aggression in Ukraine.

Purchase Orders (excl. Class III*)(Unit: 1,000 units)

400.0
350.0
300.0

+65.6％
YoY+55.1％
YoY

339.9

348.4

26.0

27.8

138.8

128.4

74.4

86.7

50.0

80.4

0.0

20.3

250.0
200.0
150.0

+16.0％
YoY+11.7％
YoY

305.8

303.7

28.4

29.9

108.3

97.7

70.7

86.1

83.2

77.9

68.8

22.3

20.5

21.2

CY2021 Q2
CY2021 Q3
CY2021 Q4Americas
Europe (incl. Middle East & Africa)*Class III: Self-propelled electric small lifts
Note: Due to changes in the statistical disclosure policy of WITS member organizations,the figures are based on the calendar year from January to December.

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

358.2
29.9

-9.1％
YoY

316.8
31.4

121.5
102.6
82.6

100.0

CY2021 Q1
Japan

+5.4％
YoY

75.7

104.7

84.2

19.5

22.9

CY2022 Q1
China

CY2022 Q2
APAC

16

3. Mitsubishi Logisnext Order Results (Apr. - Sep.)
Orders decreased 16% YoY, as the reactionary increase from the COVID-19
pandemic in the Americas and Europe settled down.
Japan
2.5
2.0
1.5
1.0
1.0

0.5

1.0

0.9

1.0

0.0
FY2019FY2020EuropeAmericas

FY2021

FY2022

4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0

3.0
2.5
2.0
1.5
2.2

0.8

FY2019FY2020APAC
China 12％2％Europe

2.0

1.9

15％

1.0
1.0

1.2

1.1

0.5

FY2019FY2020

FY2021

FY20220.8

0.7

FY2022FY2019FY2020

FY2021

FY2022

APAC
Japan

23％

3.0
2.5

OrdersIn 1H FY2022

2.0
1.5
1.0

0.9

0.0

1.0

0.0
FY2021(incl. Middle East
& Africa)

1.5

1.4

1.0
0.5

1.0

China
2.5

(incl. Middle East & Africa)

Americas
48％

0.5

1.3

1.0

1.1

0.6

0.0
FY2019FY2020

FY2021

FY2022

Note: Assuming 1H FY2019 = 1. Even if the same number is indicated, the graph may have different heights due to decimal differences.

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

17

4. Financial Forecast for FY2022• Revised our financial forecast upward in light of higher sales, the effect of sales
price improvements, and the impact of JPY depreciation.
• Operating profit (before amortization of goodwill, etc.) is expected to exceed
initial forecasts by +22.9%.
FY2022 Initial Forecast(Unit: Hundred million JPY)

(Published in May. 2022)

FY2022 Revised Forecast（Published in Nov. 2022)－－

6,100.0+700.0+13.0%

215.0

+40.0

+22.9%

Units Sold

118,000 units

118,000 units

Net Sales

5,400.0
175.0

Operating Profit(Before amortization of goodwill, etc.)

ChangeCompared to Initial Forecasts（3.2％）（3.5％）

Amortization of
Goodwill, etc.

95.0

100.0

Operating Profit

80.0（1.5％）

115.0（1.9％）+35.0+43.8%

70.0（1.3％）

100.0（1.6％）+30.0+42.9%

25.0

35.0

+10.0

+40.0%(Operating profit margin)(Operating profit margin)

Ordinary Profit(Ordinary profit margin)

Profit Attributable to
Owners of Parent(Net income margin)（0.5％）（0.6％）

Dividend per Share

9 JPY

9 JPY

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

－

－

－

－

FY2022 initial plan FX rates: USD=JPY120 EUR=JPY130 CNY=JPY18.5
FY2022 2H plan FX rates: USD=JPY140 EUR=JPY140 CNY=JPY20

18

5. Operating Profit* – Initial vs Revised Forecasts for FY2022•••

Supply shortages of semiconductors and other electronic components will pass the worst period,
resulting in further recovery in production and shipments, sales price improvements, withfavorable foreign exchange rate expected to contribute from Q3 onwards.
Transport cost increases has passed the peak, but material costs are still expected to increase inJapan and Europe.
Increased geopolitical risks and the negative economic impacts from rising inflation in various
countries are concerns.
Material
Sales priceimprovements(Unit: Hundred million JPY)

costs
increase

Profit increase
due to sales
increase /Mix
FX
effects

47.6

Transportation
costs
increase

175.0
57.4

-101.8

Expenseincrease(selling costs, etc.)

Consolidation
adjustments,
etc.

215.0

1.2
Q3+Q4
153.0

-6.0
-33.7

75.3

Operating profit*
increased by 40 (+22.9%)

Q2: 51.2
Q1: 10.8
FY2022
Initial forecasts

FY2022
Revised forecasts* Operating profit before amortization of goodwill, etc.

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

19

6. Progress of Mid-Term Management Plan
“Logisnext SolutionS 2023” (”LS23”)
Accelerate Growth
Strategy

Build up BusinessResilience
FY2021
Start-up and foundationbuilding phase

Net Sales
Operating Profit*

465.4 B JPY
13 B JPY

Further Develop
Global andRegional Branding Strategies

FY2022Growth andexpansion phase

FY2023Completion andevolution phase
Initial Forecasts Revised Forecasts
LS23 Plan
Net Sales
540 B
610 B JPYNet Sales
500 B JPY
Operating Profit* 17.5 B 21.5 B JPY
Operating Profit* 30 B JPY

U.S.: Strengthening
the Retail Business

Addressing
Automation Demand•

U.S. Market Trends•

EQD Growth Initiatives

Japan: Material handlingsolutions with ”ΣSynX"•

Expansion of EQD
Business Performance

Europe: AGV demonstration
center opened
APAC : Collaboration withxSquareEarlyachievement

Other Initiatives•

Safeguard Technology•

ESG Management•

Publish Integrated
Report* Operating Profit before amortization of goodwill, etc.

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

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7. U.S.: Strengthening the Retail Business (1)■U.S. Market Trends
 Rental Market••

CY2022: Approx. $42 B (estimate)
Record high expected, exceeding preCOVID-19 levels.

Unit: $B

Demand will increase as private investment
increased due to the approximately $1 T
infrastructure investment bill passed in
2021 and other factors.
Market is expected to expand beyond CY
2023.

50
45
40
35
30
25

Based on American Rental Association

 Material handling solution Market Unit: $B•

CY2022: Approx. $ 80 B (estimate)
CY2026: Approx. $120 B (estimate)
Demand for automated material handlingsolutions are expected to grow year by
year due to the growth of e-Commerce andlabor shortages.

Rental market trends

14

Material handling solution
market trends

12
10
8
6
4
2
0

Based on Markets and Markets© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

21

8. U.S.: Strengthening the Retail Business (2)■EQD Growth Initiatives
Corporate
Acquisition

RentalBusiness
Investment

On June 1, 2022, Mitsubishi Logisnext acquired
Norlift, a material handlingequipment distributor in the U.S.
We aim to strengthen the sales structure for
the Northwest U.S. (Oregon and Washington)
Increased the number of units and ordered replacements to avoid rental
fleet shortages.
Rental utilization remains high. Revenue has also been strong since2021.

Construction Fleet

Sales
Expansion ofMaterial
Handling
Solutions
Business

AerialForklift

For the solutions business division,“EQ SOLUTIONS”, focus on expanding its
products by utilizing MLFI* products andincreasing its workforce.
Orders are currently strong.
* Mitsubishi Logisnext Europe Oy (Finland)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

22

9. U.S.: Strengthening the Retail Business (3)■Expansion of EQD Business Performance•

Despite the impact of COVID-19, revenues and EBITA are expected to increase due tostrong orders received and the strengthening of rental and solutions businesses.
EQD's coverage in the U.S. increased by 10% from FY2019 to approximately 35%
due to acquisitions.

•

Going forward, EQD should focus on strengthening its existing core businesses, such as
new forklifts, services and rentals, and expanding its market share, as well as on growthareas such as “EQ SOLUTIONS”.
EBITA Trends
Revenue Trends
Target value$1 B scale
Annual growth rate
19%

Exceeded the planat the time of acquisitionin cumulative FY2019 to FY2022

Sales new and solutions
Sales used
Service
Parts
Rental© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

2310. Addressing Automation Demand (1)Japan: Launched a Line of Automatic Picking Solutions with ΣSynX*••

Mitsubishi Logisnext has jointly developed with Mitsubishi Heavy Industries an automatedpicking solution that efficiently links AGVs, AGFs and palletizers.
The system was released for warehouse logistics customers from 1 September 2022.

“LogiQ X Lab”, ademonstration facility,
started operating at
Yokohama Hardtech Hub,operated by Mitsubishi
Heavy Industries, andoffering tours for customers.

ΣSynX technology achieves intelligence and automation in logistics andcontributes to solving logistics operator shortage problems* “ΣSynX” (Sigma Synx) is Mitsubishi Heavy Industries' concept for automation and intelligence in logistics equipment.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

2411. Addressing Automation Demand (2)Europe: AGV demonstration
center opened•

To further contribute to the logistics
solutions business, MLFI has opened an
AGV demonstration center in Finland.
Concrete demonstrations of actual
warehouse environments have been wellreceived by customers.

APAC: Collaboration with xSquare•

In September 2022, MLAP* signed acollaboration agreement with xSquare (x2)for developing and marketing AGVs.

•

To meet the growing demand for material
handling solutions in the APAC market, asimple and low-cost AGV is being
developed in collaboration with x2.

Agreement between
xSquare and MLAP

MLFI AGV demonstration center© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

* Mitsubishi Logisnext Asia Pacific Pte. Ltd.

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12. Other Initiatives – Safeguard Technology■Sales of safety systems that allow people and forklifts to coexist
Two-color
Hemisphericalcamera “OmniEye®”, AI human detection and Alarm system•“OmniEye®” is a device
manufactured by REGULUS that
supports safety checks aroundvehicles.
A hemispherical camera mounted
on the mast and headguard uses
AI camera system to detect"people" in various positions, and astack light warns to prevent
collisions.

stack light

Detecting signal

 “Good Running System” absorbs operating vibration and impact shocks•

Two accumulators built into the forklift
absorb body vibration and impact
shocks during operation to prevent
load damage, noise and operator
fatigue.

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

26

13. Other Initiatives – ESG Management■Efforts toward the realization of Carbon Neutrality
 Participated in operational demonstration of Fuel cell forklift trucks• Jointly participated in an operation experiment using a fuel cell forklift at Nihon
Kensetsu Kogyo Co., Ltd.
• Fuel cell forklifts do not burn fuel and emit no CO2, making cargo handling
operations compatible with carbon neutrality, which is friendly to the Earth.

Fuel cell forklift (under demonstration)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Fuel cells are filled with hydrogen at a hydrogenstation.
Hydrogen filling takes approximately 3 minutes.
It doesn't need to be charged for long periods of time
like a battery forklift.
2714. Other Initiatives – Publish Integrated Report■Publish “Mitsubishi Logisnext Integrated Report 2022”
https://www.logisnext.com/investor/library/integrated_report.pdf•

The SDGs Report, which began publication in FY2020, has been expanded and published
as an integrated report.
This report describes addresses solutions to problems faced by the global logistics industry
and societal challenges such as decarbonization, as well as covering the sustainable
development goals and the current status and outlook for ESG-focused management.

•

In addition to messages from the President, CFO, and CTO, messages from external
directors are also newly included.

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

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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 rely on their own judgment
and responsibility for its use, 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 inquiries regarding this material to the following:
Mr. Kariya or Ms. Mitsuyuki
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.

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