Annual Report 2018
For the fiscal year from April 1, 2017 to March 31, 2018

Contents
1A Message to Our Shareholders and Investors

4

Overview by Each Segment

5Stock Information

6

Consolidated Financial Statements

8Company Outline

A Message to Our Shareholders and Investors

Aiming to become the World’s Top Class Logistics
Equipment Manufacturer, we move forward with Group
integration, by leveraging the diversity of the former
4 companies as a strength.
New Company Message

We would like to express our sincere gratitude to all of our stakeholders for their extraordinary support.
As you are already aware, on October 1, 2017, the Group conducted management integration with UniCarriersCo., Ltd. (hereinafter, “UniCarriers”). Accordingly, we changed the Company name to Mitsubishi Logisnext

Co., Ltd., and at the same time, I, Mikogami, was appointed as President and CEO. The management integration
resulted in the creation of the third largest company in the global forklift industry, with net sales of more than 400 billion
yen and approximately 11,000 employees. This Company has its origins from four companies* having a long historyof independently developing and cultivating various technologies and sales networks. In terms of products, the fourcompanies have developed a wide range of lineups, from engine- and battery-powered vehicles, to automated guided
vehicles (AGV) and automated guided forklifts (AGF), automated warehouses, warehouse management and otherlogistics systems and port and construction machinery. Leveraging this diversity as a major strength, we will move
forward with integration into a truly unified Group to provide logistics machinery and solutions that are convenientand easy for customers around the world to use while also being environmentally friendly.
* Nippon Yusoki Co., Ltd.
Mitsubishi Heavy Industries, Ltd., Forklift Truck Operations
Toyo Carrier Manufacturing Co., Ltd.
Nissan Forklift Co., Ltd.

Takashi Mikogami
President and CEO

Apr. 1981
Apr. 2007
Apr. 2012
Apr. 2013
Apr. 2015
Apr. 2016
Jun. 2016

Jun. 2017
Oct. 2017

Joined Sagamihara Machinery Works, Mitsubishi Heavy Industries, Ltd.
General Manager, Turbo Technologies Department,
General Machinery & Special Vehicle Headquarters
Deputy Head of General Machinery & Special Vehicle Headquarters
Director, Mitsubishi Nichiyu Forklift Co., Ltd.
Executive Officer, Mitsubishi Heavy Industries, Ltd.
Head of Sagamihara Machinery Works,
Mitsubishi Heavy Industries, Ltd.
Executive Vice President , Mitsubishi Heavy Industries, Ltd.
Director, Senior Executive Vice President,
Mitsubishi Heavy Industries Forklift,
Engine & Turbocharger Holdings, Ltd.
Representative Director, Senior Executive Vice President,
Mitsubishi Nichiyu Forklift Co., Ltd.
President and CEO,
Mitsubishi Logisnext Co., Ltd. (current position)
Director, Mitsubishi Heavy Industries Forklift,
Engine & Turbocharger Holdings, Ltd.

1

A Message to Our Shareholders and Investors

Summary of Market Conditions and Performance in Fiscal 2017
n fiscal 2017 (the fiscal year ended March 31, 2018), the inaugural year of the new Company, the domesticIbusiness segment showed forklift sales growth on the back of solid demand. In the overseas business segment,
we achieved sales growth in all regions, including the United States, Europe, Asia and China. In addition to this,the contribution from the consolidation of UniCarriers resulted in a substantial increase in Group consolidated net sales,
which amounted to 433.0 billion yen (up 59.8% compared to the previous fiscal year).
In terms of profit, due to the impact from goodwill amortization resulting from UniCarriers’ becoming a wholly
owned subsidiary, operating profit was 9.2 billion yen (down 11.7% YoY), ordinary profit was 8.4 billion yen (down 6.2%YoY) and profit attributable to owners of parent was 2.9 billion yen (down 19.1% YoY). Excluding the impact of goodwill
amortization, operating profit was 19.1 billion yen, ordinary profit was 18.2 billion yen and profit attributable to ownersof parent was 11.8 billion yen.

Financial Highlights
Sales

Operating ProfitOrdinary Profit(Billion yen)(Billion yen)(Billion yen)

433.0

205.8

19.1

260.2 242.5 270.9
7.99.0

10.0

18.2

10.5
7.99.2225.8

FY2013 FY2014 FY2015 FY2016* FY2017

9.58.4FY2013 FY2014 FY2015 FY2016* FY2017

Profit Attributableto Owners of Parent

Earnings per Share

Return on Equity(Billion yen)

(yen)

(%)

18.6

11.8

42.11 44.30

34.16
27.64

4.4
2.6
3.2

8.9

6.96.8FY2013 FY2014 FY2015 FY2016* FY2017

8.97.98.68.4
5.0

24.52

4.7

6.3

3.62.9FY2013 FY2014 FY2015 FY2016* FY2017

FY2013 FY2014 FY2015 FY2016* FY2017

FY2013 FY2014 FY2015 FY2016* FY2017

2014–2016 figures are Mitsubishi Nichiyu Forklift data.
Additional data (January–March) in accordance with overseas consolidated subsidiary accounting period changes.
Goodwill amortization amount.
Before amortizing goodwill.
* 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A Message to Our Shareholders and Investors

Initiatives and Outlook for Fiscal 2018
n terms of the global economy, although economic conditions in both developed and developing countries

I

were favorable, uncertainty in overseas politics and economic trends, such as trade friction between
the United States and China, as well as the impact from fluctuations in financial capital markets and risinggeopolitical risks in some areas continue to make it difficult to anticipate future business conditions. In Japan,
the economy is expected to continue gradual expansion due to improvements in employment, wage rates, and theeffects of various political policies. However, it is necessary to take a cautionary view of political instabilities in Japanand uncertainties in overseas economies. In addition, there has been a remarkable rise in the price of steel and otherraw materials, causing concerns with regard to the impact on materials procurement costs.
Amid these conditions, in fiscal 2018 (ending March 31, 2019), the Group will continue to promote initiatives
in line with the medium-term management plan “Perfect Integration 2020.” Although the global market for logistics
equipment has been expanding more than anticipated due to growth in the e-commerce market and a shortageof personnel at warehouses and factories, market expansion trends vary by region and country, requiring a diverse
range of response measures. Therefore, it will be important as to whether we focus on limited resources or engage
in so-called “selection and concentration.” We think the way forward is to identify regions and areas where we needto concentrate our efforts and advance into targeted regions and markets.
The forecast for fiscal 2018 calls for net sales of 435.0 billion yen (up 0.4% YoY), operating profit of 12.5
billion yen (up 34.7% YoY), ordinary profit of 11.0 billion yen (up 30.6% YoY) and profit attributable to ownersof parent of 6.0 billion yen (up 104.0% YoY).

About Strengthening Management FoundationA

fter the launch of the new Company, the Group inherited the medium-term management plan announcedin December 2016 and continues to promote growth strategies in line with this plan. The plan has “growingby implementing the multi-brand/glocal* strategies” as its basic approach, positioning the first two years

after the management integration as the integration and foundation phase.
In terms of the Group’s scale, this management integration resulted in the creation of the third largest corporate
Group in the global forklift industry. However, the external environment surrounding the Company is changing rapidly
in response to expanding needs for automation, unmanned operation, conservation of labor and the development of AIand IoT. To grow even further as a logistics equipment manufacturer, each Group company and department must work
together in the truest sense.
Based on this approach, as for the management integration of October 2017, we had carefully preparedorganizational integrations as a new Company, including consolidation of head office functions, unification of humanresource systems and integration of various systems. Even after the management integration, we continue to steadily
promote various initiatives aimed at creating Group synergies between departments. For example, with regard
to purchasing and procurement, we are achieving synergy effects from the consolidation of suppliers and buying power
improvements. Also, with respect to research and development, we are beginning to see the effects of joint
development and other inter-Group activities.
Going forward, we will strive to realize the synergies expected from each department and focus efforts
on strengthening our management foundation to support further growth throughout the Group.
* Glocal: Aiming for global development while providing products and services tailored to specific needs in each region.

Takashi Mikogami
President and CEO3

Overview by Each Segment

Domestic BusinessIn the domestic business segment, growth indomestic forklift sales resulting from solid demand
and the consolidation of UniCarriers contributed tonet sales, in the amount of 177.1 billion yen (up 64.3%
from the previous fiscal year). The consolidation ofUniCarriers also contributed to segment profit,
although the recognition of goodwill amortization(4.9 billion yen) resulted in segment profit of 2.6
billion yen (down 10.7% from the previous fiscalyear), excluding the impact of goodwill amortization,
segment profit was 7.5 billion yen.

41%

Sales Composition
by Business Segment

Sales

Operating Profit(Billion yen)(Billion yen)

177.1

7.5

107.8
2.9
FY2016FY2017FY2016

2.6
FY2017

Goodwill amortization amount.

Overseas BusinessIn the overseas business segment, sales growth in
all regions including the United States, Europe, Asia
and China, along with the consolidation of UniCarriers,contributed to net sales, which amounted to 255.9billion yen (up 56.9% compared to the previous fiscalyear). UniCarriers also contributed to segment profit,
although the recognition of goodwill amortization (4.8billion yen) resulted in segment profit of 6.6 billion yen(down 12.0% from the previous fiscal year), excluding
the impact of goodwill amortization, segment profit
was 11.5 billion yen.

59%

Sales Compositionby Business Segment

Sales

Operating Profit(Billion yen)(Billion yen)

255.9

7.5

163.1

FY201611.5

FY2017FY2016

6.6

FY2017

Goodwill amortization amount.

Major Overseas Network
Head Office

Production baseMain sales base

UniCarriers Europe

UniCarriers Forklift (Anhui)

Rocla

Mitsubishi Heavy Industries Forklift (Dalian)
UniCarriers Americas
Corporation

Mitsubishi Caterpillar Forklift Europe
UniCarriers Manufacturing Spain

Mitsubishi Logisnext

Rapidparts

MF (Shanghai)

Nichiyu Forklift (Thailand)

Shanghai Nichiyu Forklift
Manufacturing
Mitsubishi Logisnext Forklift(Shanghai)
Mitsubishi CaterpillarForklift America

Mitsubishi Logisnext
Asia Pacific4

Stock Information

Stock Information

As of March 31, 2018

Total number of authorized shares

Shares issued

Number of shareholders

Common stock

392,725,256 sharesClass A stock

32,274,744 shares

Common stock

76,611,269 sharesClass A stock

32,274,744 shares

Common stock

7,328

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.

39,03350.95

GS Yuasa Corporation

4,701

6.14Japan Trustee Services Bank, Ltd.

3,824

4.99

The Master Trust Bank of Japan, Ltd.

3,803

4.96

Meiji Yasuda Life Insurance Company

2,765

3.61

GOVERNMENT OF NORWAY

2,068

2.70

Tokyo Marine & Nichido Fire Insurance Co., Ltd.

1,575

2.06

MUFG Bank, Ltd.

1,363

1.78

The Bank of Kyoto, Ltd.

1,301

1.70

THE SHIGA BANK, LTD.

941

1.23

Major Shareholders (Common Stock)
Securities companies etc. 0.33%

Treasury stocks 0.03%

Individual shereholders etc. 7.67%
Foreign shareholders 8.85%
Financial institution 24.22%

General corporations 58.90%

5Consolidated Financial Statements

Consolidated Balance Sheets (Summary)
Item(Million yen)

FY2016FY2017

As of March 31, 2017

As of March 31, 2018

AssetsCurrent assets

178,195

193,395

Fixed assets

188,719

183,142

Tangible fixed assets

90,95591,777

Intangible fixed assets

86,03278,157

Investments and other assets

11,731

13,207366,915

376,538

Current liabilities

151,629

161,424

Fixed liabilities

155,264

152,723

Total Liabilities

306,893314,148

54,59756,378

Capital

4,890

4,890

Capital surplus

35,83935,838Earned surplus

13,88815,659Treasury stock(20)

(9)

3,496

3,938

143

159

Non-controlling interests

1,783

1,914

Total Net Worth Equity

60,021

62,390Total Liabilities and Net Worth Equity

366,915

376,538

Total Assets
Liabilities

Net worth equity
Stockholders’ equity

Other accumulated comprehensive income
Equity warrant

Overview of Consolidated Balance Sheets
Total assets amounted to 376,538 million yen, a year on year increase of 9,622 million yen, due to a rise in inventory
and working capital from higher sales and an increase in short-term loans due to the deposit of surplus funds inthe parent company.
Total liabilities amounted to 314,148 million yen, a year on year increase of 7,254 million yen, mainly due to a risein accounts payable resulting from increased purchases.
Although net assets increased due to the recording of retained earnings, foreign exchange adjustments due tothe recent yen appreciation resulted in net assets of 62,390 million yen, a year on year increase of only 2,369 million yen.

6

Consolidated Financial Statements

Consolidated Income Statements (Summary)(Million yen)

FY2016FY2017

From April 1, 2016
through March 31, 2017

From April 1, 2017
through March 31, 2018

Sales

270,969

433,092

Cost of sales

207,098

333,070

Gross profit on sales

63,871

100,022

Selling, general and administrative expenses

53,362

90,741

10,5089,280

Non-operating income

1,127

1,484

Non-operating expenses

2,658

2,339

8,978

8,425

Special profit

88179

Special loss

271

1,060

Current net profit unadjusted for tax

8,795

7,544

Corporation tax, residents tax and enterprise tax

4,803

6,071

144

(1,756)

3,847

3,229

211

288

3,635

2,941

Item

Operating profit

Ordinary profit

Adjusted amount of corporation tax etc.
Net income
Profit attributable to non-controlling interests
Profit attributable to owners of parent

Overview of Consolidated Income Statements
Revenue increased, totaling sales of 433,092 million yen. In addition to the full-year contribution from UniCarrers,
the growth in sales was due to favorable economic conditions in both developed and developing countries and higher
sales in all regions, including the United States, Europe, Asia and China.
In terms of profit, despite the contribution from the consolidation of UniCarriers, skyrocketing materials costs
and goodwill amortization had an adverse impact which caused profit to decline. Operating profit was 9,280 million yen,ordinary profit was 8,425 million yen and profit attributable to owners of parent was 2,941 million yen.
Excluding the impact of goodwill amortization resulting from the creation of a wholly owned subsidiary, operating
profit was 19,132 million yen, ordinary profit was 18,277 million yen and profit attributable to owners of parent was 11,878
million yen, a substantial increase in profit before goodwill amortization.

7Company Outline

Company OutlineAs of March 31, 2018

Company name

Mitsubishi Logisnext Co., Ltd.

Established

August 4, 1937

Capital stock

4,890 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 28, 2018

Hideaki Ninomiya

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

Takashi Mikogami

President and CEO(Director, Mitsubishi Heavy Industries Forklift,
Engine & Turbocharger Holdings, Ltd.)

Masanori Kagami

Director

Shinji Fujita

Director

Hiroaki YamamotoDirector(General Manager of Corporate Planning Department, BusinessStrategy Office of Mitsubishi Heavy Industries, Ltd.)

Takayuki KatoDirectorKen Okochi

DirectorHiroshi Maeshima

Audit and Supervisory Board Member

Norio Konishi

Audit and Supervisory Board Member

Masahide Kuragaki

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

Yasuyuki Fukuoka

Audit and Supervisory Board Member(Statutory Auditor, DAI NIPPON TORYO CO.,LTD.)

Takumi Saito

Audit and Supervisory Board Member

8