Financial Results for the
3rd quarter of FY2020(FY2020:From April 1, 2020 to March 31, 2021)

Feb. 24, 2021

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1. FY2020 3Q Summary
Economic Market Trends➢ The global economy was on a gradual recovery trend, with people, goods, and money
finally starting to move, due to China's quick return to normal economic activity, thelifting of lockdowns in Europe and the United States, and deregulation in the Asianregion.
➢ However, the situation is expected to remain unpredictable in the future, as economic
recovery measures have been suspended and re-locked down due to the outbreak andre-spreading of the new COVID-19 variants in various countries.
➢ In the material handling equipment market, while there was a recovery trend in demand
for forklift trucks from around September, mainly in Europe and the United States, arecovery trend in Japan was not so strong.

Summary of FY2020 3Q Results➢ Although orders received recovered due to the improvement in the economic
environment, it didn‘t fully realize into sales, resulting in a △15.1% YoY decline in sales.
➢ Operating profit decreased △45.3% YoY (before amortization of goodwill, etc.). Despite
continued efforts to reduce labor costs and other fixed costs, it was not enough tooffset the decrease in gross profit due to the decline in sales.
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2

2. Financial Highlights
Unit: Hundred million JPY

Profit and LossStatement

FY2019 3Q

FY2020 3Q

YOY Change

3,346.3

2,842.6△503.7△15.1％

140.5（4.2％）

76.9（2.7％）△63.6△45.3％Amortization ofGoodwill

72.6

71.6

――Operating Profit

67.9（2.0％）

5.3（0.3％）△62.7△92.2％

65.04.5△60.5△93.1％――Net Sales
Operating Profit(Before amortization of goodwill, etc.)(Operating profit margin)(Operating profit margin)

Ordinary Profit(Ordinary profit margin)（1.9％）（0.2％）

Profit Attributable toOwners of Parent

30.3

△25.6

(Net income margin)

Balance Sheet（0.9％）FY2019（△0.9％）FY2020 3Q

YOY Change

Total Assets

3,736

3,586

△150

△4.0％

Total Liabilities

3,163

3,052

△112

△3.5％

573535△39△6.8％

Net Assets

FY2019 3Q actual FX rates: USD = JPY108.67, EUR = JPY121.05, CNY = JPY15.60
FY2019 actual FX rates: USD = JPY108.74, EUR = JPY120.82, CNY = JPY15.60
FY2020 3Q actual FX rates: USD = JPY106.12, EUR = JPY122.37, CNY = JPY15.44© MITSUBISHI LOGISNEXT CO., LTD. ALL rights reserved.

33. Business Results by Segment
Net Sale: Although net sales declined, domestic sales are relatively constant, and overseas sales are on arecovery trend as the spread of COVID-19 infection calms down.
Unit:Hundred million JPY

Domestic BusinessNet Sales

4,000

Overseas Business

3,346

2,843

3,000

FY2020 3Q Sales by Region

China& Asia
Europe 5%
17% (7%)
(17%)

2,023

2,000

1,611

1,000
1,324

1,232

FY2019-3Q

FY2020-3Q

Japan
43%
(40%)

Americas34%(36%)0()=previous year

Operating profit (*) : Despite efforts to reduce fixed costs in all regions, it was not enough to offset theOperating Profit*

Unit:
Hundred million JPY

decrease in gross profit due to the decline in sales.
Domestic Business

150.0

100.0

Overseas Business

FY2020 3Q Operating Profit by Segment

140.5

89.676.940.2

50.050.8

Overseas
Business
52.4%(63.8%)

Domestic
Business
47.6%(36.2%)

36.5

0.0
FY2019-3Q* Operating Profit before amortization of goodwill, etc.

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

FY2020-3Q()=previous year4

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

1,500

(Unit: Hundred million JPY)

1,323.6

1,231.8

434.1

1,000
500

424.4

889.4

807.3

FY2019-3Q

FY2020-3Q

01Q+2Q(Unit: Hundred million JPY)

4002001,203.7
979.3
567.5

648.9

FY2019-3Q

FY2020-3Q1Q+2QEurope300

475.3

191.3
177.8

250200297.40245.2
82.3

156.0

150
100

382.3

3Q

China and Asia

(Unit: Hundred million JPY)

573.6

330.2

636.1

3Q

800
600

1,400
1,200
1,000
800
600
4002000*Newly consolidated EQD: +9.86 BJPY

5055.4
162.7

100.5

0
FY2019-3Q

FY2020-3Q
1Q+2Q

3Q

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FY2019-3Q

FY2020-3Q
1Q+2Q

3Q

55. Net Sales FY2019 3Q vs FY2020 3Q
Although orders received recovered due to the improvement in the economic
environment, it didn't fully realize into sales, resulting in a △15.1% YoY decline.
※ Excluding the impact of EQD consolidation, net sales decreased by △18.3% YoY.

FXimpact△22.4(Unit: Hundred million JPY)

JapanAmericas△89.6△308.63,346

FY2019 3Q© MITSUBISHI LOGISNEXT CO., LTD. ALL rights reserved.

EQD(Apr.-Jun.)

Europe107.7△102.9China & Asia

△87.9

2,843

FY2020 3Q
6

6. Operating Profit FY2019 3Q vs FY2020 3Q
Operating profit declined by △45.3% YoY as the decrease in gross profit dueto lower sales was not fully offset by countermeasures such as reducing
fixed costs.
Gross profit
decreasedue to sales
decrease/Mix

Amortizationof goodwill

Operating profit decreased
by 6.36 billion yen (△45.3%)(Unit: Hundred million JPY)

(Before amortization of goodwill, etc.)

Decrease
EQD
in
consolidated
Expense acquisition
Consolidation
FX
contribution
cost ofdecreaseadjustments,(Apr.-Jun.) effects
EQD(Freight /etc.
labor costs, etc.)

140.5

6.4

△72.6

2.4

△3.8

Amortizationof goodwill

1.5

76.9

67.9

131.6
Decline insales prices△71.6△142.8FY2019 3Q

FY2019 3Q(Before amortizationof goodwill, etc.)△20.0© MITSUBISHI LOGISNEXT CO., LTD. ALL rights reserved.

92.6

5.3

FY2020 3Q
FY2020 3Q(Before amortizationof goodwill, etc.)
77. Consolidated Balance Sheet
Total assets and liabilities decreased due to a lowering in working capital such asaccounts receivable and accounts payable as a result of lower sales. (Unit: Hundred million JPY)
3,736

3,586

Item

FY2019
1,936
1,014
632
154
1,801
3,736

Current assets

Assets(Tangible fixed assets)

1,936

1,801

1,883
Assetsdecreased by
15.0 billion
yen(Intangible fixed assets)(Inv estments andother assets)

Total fixed assets

Total assets

1,703

FY20203Q
1,883968557
178
1,703
3,586

Change△ 53△ 46
△ 75+24△ 98△ 150

Current assets: Decrease
Decrease in accounts receivable due to lower sales

Fixed assets: Decrease
FY2019FY2020-3Q

Liabilities/
Net Assets

3,736

3,163

573
FY20193,586
Liabilities
decreased by
11.2 billion yen

Decrease due to amortization of goodwill, etc. , Increase in investment
securities due to rise in market value

Item

FY2019Current liabilities
Fixed liabilities
Total liabilities
Total net assets

3,052

Total liabilities and net assets

1,544
1,619
3,163573
3,736

FY2020
3Q
1,459
1,593
3,052
535
3,586

Change△ 85△ 26△ 112
△ 39
△ 150

Liability: Increase

Net assets
decreased by
3.9 billion yen

Decrease in accounts payable and short-term debt

Net assets : Decrease

535

Decrease in retained earnings due to net loss, payment of dividends, etc.

FY2020-3Q© MITSUBISHI LOGISNEXT CO., LTD. ALL rights reserved.

88. Financial Forecast for FY2020
On February 4, 2021, our FY2020 financial forecast has been revised because the spread of the COVID-19
infection has shown a certain degree of recovery trend worldwide and the business environment has
recovered more than initially expected.
Main reasons for the revised FY2020 financial forecast
・ Considering results through 3Q (increase in gross profit due to sales increase compared to the initial
forecast and increase in the effect of various cost reductions, etc.) and the recent status of orders.
・ Business structure improvement expenses and impairment loss on fixed assets due to the suspensionof production at a consolidated subsidiary in China.
(Unit: Hundred million JPY)
FY2019 3Q

FY2019FY2020 3Q(Results)(Results)(Results)

FY2020 Revised
Forecast（Feb. 4, 2021）

FY2020 Original
Forecast(Oct. 2020)

Units Sold

79,000 units

103,000 units

61,000 units

86,000 units

83,000 units

Net Sales

3,346

4,489

2,843

3,950

3,900

Operating Profit(Before amortization of goodwill, etc.)(Operating profit margin)

140.5(Operating profit margin)

Ordinary Profit

70.0（2.8％）（1.8％）

72.6

98.9

71.6

94.0

90.0

67.9（2.0％）

65.0（1.9％）

Profit Attributable toOwners of Parent（0.9％）

Dividend per Share

112.0（2.7％）(Ordinary profit margin)(Net income margin)

76.9（4.1％）

Amortization of Goodwill

Operating Profit

183.3（4.2％）

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

84.4（1.9％）

70.5（1.6％）

5.3（0.3％）

4.5（0.2％）

18.0（0.5％）

15.0（0.4％）△20.0（△0.5％）△250.0（△0.6％）

△52.4

△25.6

△26.0

△40.0（△1.2％）（△0.9％）（△0.7％）（△1.0％）JPY8

JPY8JPY13―

FY2020 Plan FX rate: USD=JPY105, EUR=JPY122, CNY=JPY169【Reference】 Key Performance Indicators
PerformanceIndicator
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

FY2019FormulaNet income△ 1.4%

Total assets
Net income
Shareholders' equity
Operating profit
Sales
Net incomeSales△ 0.2%(2.7％) loss as a result of deteriorating△ 0.9%

business performance caused the(1.5％) expansion of the COVID-19
pandemic.

(2.5％)

14.2%

3.3 times

3.7 times

JPY △49.24

JPY △32.0△17.7 times△37.0 times

1.7 times

2.5 times

Interest-bearing debt
Shareholders' equity

Book value per share(4.1％)

14.7%

Total assets

Price book value ratio
(PBR)

1.9%

4.8 times

Shareholders' equity

Earnings per share△ 6.4%

5.5 times

Inventories

Share value(12.2％)

5.5 times

Cost of sales

Price earnings ratio(PER)△ 8.7%

5.8 times

Sales

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

This index worsened due to a net(1.4％) loss as a result of deteriorating

1.0 times

Accounts receivable

Comments△ 0.9%

1.2 times

Total assets

Net income(2.8％)(Before amortizationof goodw ill, etc.)

business performance caused the(6.1％) expansion of the COVID-19
pandemic.

△ 1.2%

Sales

Shares outstanding

FY2020-3Q(Before amortizationof goodw ill, etc.)

This index worsened due to a net

The net loss and dividend
payment reduced retainedearnings and worsened thecapital adequacy ratio.

Stock prices：
End of FY2019：JPY 874
End of FY2020 3Q：JPY 1,18410【Reference】 Quarterly Financial Results
Domestic Business

Unit: Hundred million JPY

1,275.4

1,400

Net Sales

1,200

1,050.4

1,020.4

241.4

1,000
800
600

627.9

553.4

599.8

Overseas Business

EQD

1,142.8
115.6

560.4

905.3

949.2

100.0

106.1

987.9
103.1

421.5

419.5

460.4

400200

422.5

466.9

434.1

466.7

383.8

423.5

424.4

1Q

2Q

3Q

4Q

1Q

2Q

3Q

0FY2019

4Q

FY2020※1,2：Excluding EQD acquisition costs

Domestic Business

Unit: Hundred million JPY

OperatingProfit (*)

6050

45.5

8.9
24.1
32.5

23.9

20
100

12.9
1Q

* Operating Profit before
amortization of goodwill, etc.

46.7※1403048.2

24.0

Overseas Business

42.8
※20.7
8.5
※3

33.5

0.6
5.3
4.4

13.8

2Q

3Q

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

10.4

4Q

1Q

EQD

※3： 1.5 billion in transfer pricing
adjustments from the Americas

32.9
1.8
14.4

33.3
2.5

16.7

15.3

2Q

3Q

15.5

4Q

FY202011【Reference】 Forklift Market Trends 【Shipping】(Apr.-Dec.)
The forklift market through 3Q FY2020, shipments were up 11.9% YoY to 1,241,000 units,driven by the still strong Chinese market, in addition to the recovery trend in economic
activities in each region. Excluding China, shipments were down △7.5% YoY to 765,000 units.
JapanEuropeAmericas(incl. Middle East & Africa)(1,000 units)(1,000 units)100
839086(1,000 units)

100.0% 350

8980

80.0%

300

266

280

305

100.0% 600

301

80.0%

250
6062686465

65

40

60.0%
40.0%200150198210233

22760.0%
211

20.0%

40.0%

00.0%
FY2016 FY2017 FY2018 FY2019 FY2020

500533454500
390400300

300

28633520.0%

1000.0%0Asia & Japan
Oceania 5.2％
Ameri
5.9％(1,000 units)

438
344

208

200

100.0%
80.0%
60.0%
40.0%

China
43.0％

20.0%

10000.0%
FY2016 FY2017 FY2018 FY2019 FY2020

345375547
406

100.0%

516
390

80.0%
358

60.0%
40.0%

200

FY2016 FY2017 FY2018 FY2019 FY2020

China
600

400498300

10020500

460

20.0%0.0%
FY2016 FY2017 FY2018 FY2019 FY2020

Asia & Oceania(1,000 units)

cas
17.0％
Global Market

140

In FY2020 3Q

100

1,24180thousand units(Electric forklifts: Europe(incl. Middle East63.5%)

110

12060

100.0%

12495

10794756580.0%8360.0%7440.0%40& Africa)

20

28.9％

020.0%
0.0%
FY2016 FY2017 FY2018 FY2019 FY2020

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

Percent electric forklifts

12【Reference】 Forklift Market Trends 【Orders】(Apr.-Dec.)➢ Orders have been showing a recovery trend, due to global economic activity
resumed (+14.5% YoY to 272,000 units, Excluding the Chinese market : +3.6%
YoY to 163 thousand).
➢ Demand in the Chinese market has continued to grow.(+52.0% YoY to 355,700(Unit: Thousand units)
units).
Order intake（excl. Class III*）
200.0
150.0

152.0

157.2

140.9

19.7

18.7

17.9

61.4

Year-on-year△ 4.5％

136.1
55.2

13.6
35.9

50.3
49.1

61.5

18.1

19.8

FY2020-2Q

FY2020-3Q

53.7

50.0

51.3

48.4

57.6

44.1

22.5

20.9

19.5

20.0

37.6
18.6

FY2019-1Q

FY2019-2Q

FY2019-3Q

FY2019-4Q

FY2020-1Q

150.0
100.0
50.0

Americas

Europe(incl. Middle East & Africa)

83.2

75.5

75.3

69.2

83.2

75.5

75.3

69.2

FY2019-1Q

FY2019-2Q

FY2019-3Q

FY2019-4Q

0.0

21.1

105.7

58.5

Japan

135.9

162.8

16.8

100.0

0.0

Year-on-year△ 3.5％

Year-on-year
＋3.6％

18.4

Asia & Oceania

60.4(Unit: Thousand units)

Year-on-year+ 49.2％Year-on-year+ 69.1％

118.9

127.7

118.9

127.7

109.1

FY2020-1Q

FY2020-2Q

FY2020-3Q

Year-on-year+ 44.9％

109.1

China
※Class III : Self-propelled electric small lift
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13

Disclaimer:⚫ This material is prepared for the sole purpose of providing investors with information andnot 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.

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