Q1 Financial Resultsfor FY2022(FY2022: From April 1, 2022 to March 31, 2023)

Aug. 24, 2022

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

1. FY2022 Q1 Summary
Economic Market Trends➢ In the global economy, there are growing fears of a recession due to tightening financial
conditions caused by rising prices in Europe and the Americas, the Shanghai lockdown
caused by the spread of COVID-19, and Russia's invasion of Ukraine. In addition, the rapid
recovery phase has not been able to keep up with demand, causing higher material andtransportation costs and continued supply chain disruptions.
➢ In Japan, the material handling equipment market has remained steady at pre-COVID-19
levels, while overseas markets varied by region. Demand exceeded under pre-COVID-19
levels in the Americas, remained weak in Europe, remained firm in Asia, and decreased
significantly early in the year in China, due to the impact of the Shanghai lockdown.
➢ At Mitsubishi Logisnext, orders takings are generally strong, but we were affected by higher
costs and longer lead times due to delays in the supply of various assembly components.

Summary of FY2022 Q1 Results➢ Net sales increased by 25.2% YoY due to an increase in units sold mainly in the Americas andEurope, where there is a sufficient backlog of orders from the previous year, as well as due tothe impact of yen depreciation.
➢ Operating profit (before amortization of goodwill, etc.) decreased 68.7% YoY due to increasingmaterial and transportation costs, and the delayed contribution of sales price improvements.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

2

2. Financial Highlights
Unit: Hundred million JPY

Profit and Loss
StatementNet Sales

FY2021 Q1YOY Change

1,080.7

1,352.9+272.1+25.2％

34.7

10.8

-23.8

-68.7％

Operating Profit(Before amortization of goodwill, etc.)

FY2022 Q1（3.2％）（0.8％）

Amortization ofGoodwill

22.7

26.8

Operating Profit

12.0（1.1％）-15.9（-1.2％）

-28.0

―

11.9（1.1％）-14.7（-1.1％）

-26.6

―

-0.3

-15.3

-15.0―(Operating profit margin)(Operating profit margin)

Ordinary Profit(Ordinary profit margin)

Profit Attributable toOwners of Parent(Net income margin)（-0.0％）（-1.1％）――FY2021 Q1 actual FX rates: USD＝JPY109.49 EUR＝JPY131.93 CNY＝JPY16.95
FY2021 Q4 actual FX rates: USD＝JPY112.38 EUR＝JPY130.56 CNY＝JPY17.51
FY2022 Q1 actual FX rates: USD＝JPY129.57 EUR＝JPY138.12 CNY＝JPY19.58

Balance SheetFY2021 Q4

FY2022 Q1YOY Change

Total Assets

4,056.0

4,462.6+406.6+10.0％

Total Liabilities

3,418.6

3,763.3+344.7+10.1％

637.3

699.2

+61.9+9.7％

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

33. Business Results by Segment
Net Sales: Net sales of the domestic business decreased due to delays in the supply ofassembly components, on the other hand in the overseas business increased due toan increase in units sold and foreign exchange impacts.

Net Sales

Unit:
Hundred million JPY

Domestic Business

Overseas Business

Increase 1,352.9

1,500

1,080.7（+27.21 B JPY）（+25.2％）

1,000

962.8

671.4
500
409.2

390.1

FY2021 Q1

FY2022 Q10

FY2022 Q1 Sales by Region

China&Other Asia
Europe 6.9％ Japan
18.7％（6.8％） 28.8％（18.2％）（37.9％）

Americas45.6％（37.1％）() = previous year

Operating Profit*

Operating profit *: Operating profit decreased due to increasing material and transportation
costs, and the delayed contribution of sales price improvements.
Unit:
Hundred million JPY

Domestic Business

40.0

FY2022 Q1 Operating Profit by Segment

34.7
DomesticBusiness
26.6％

Decrease

30.0
20.0

Overseas Business

23.4（-2.38 B JPY）（-68.7％）

10.8

10.0
11.3

7.9
2.80.0
FY2021 Q1* Operating Profit before amortization of goodwill, etc.

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

OverseasBusiness73.4％(32.5％)(67.5％)FY2022 Q1() = previous year4

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

(Unit: Hundred million JPY)

500
400

Decrease

800（-4.7％）

600

409.2 （-1.91 B JPY） 390.1

Increase（+21.6 B JPY） 616.4（+53.9％）

95.5

400.4

300

←FX impact

400200

409.2

390.1
200

10000
FY2021 Q1

FY2022 Q1

FY2021 Q1Europe300200(Unit: Hundred million JPY)

Increase

196.4（+5.7 B JPY）（+29.0％）

100

253.4
11.4

←FX impact

80

Increase

74.6（+1.82 B JPY）（+24.5％）92.9
2.9←FX impact

60150100

FY2022 Q1

China & Other Asia

(Unit: Hundred million JPY)

250

520.9

400.4

196.4

242.0

4074.690.0

205000
FY2021 Q1

FY2022 Q1© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2021 Q1

FY2022 Q15

5. Net Sales – FY2021 Q1 vs FY2022 Q1
Net sales increased by 25.2% YoY due to an increase in units sold mainly in theAmericas and Europe, where there is a sufficient backlog of orders from the previousyear, as well as due to the impact of yen depreciation.
However, both in Japan and overseas, longer lead times due to supply chain disruptions
continue.
(Unit: Hundred million JPY)
EuropeAmericas
FX
impactChina &Other Asia

15.4
45.6

Japan-19.1

120.5
1,352.9109.8
1,080.7

FY2021 Q1© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Increasedby 27.2 B JPY（+25.2%）

FY2022 Q16

6. Operating Profit – FY2021 Q1 vs FY2022 Q1
Operating profit (before amortization of goodwill, etc.) decreased by 68.7% YoY due toincreasing material and transportation costs, and the delayed contribution of sales priceimprovements caused by longer lead times.
(Unit: Hundred million JPY)

Material
Sales pricecosts
improvements increase

Operating profit decreased
2.3 B JPY（-68.7%）(Before amortizationof goodwill, etc.)

Profit increase
due to sales
increase /Mix

44.6
Transportation
costs
increase-77.9

Amortizationof goodwill, etc.

48.3

Labor costs
Increase, etc.

34.7
12.0

FY2021 Q1FXeffects

-34.4

-22.7
FY2021 Q1withinfare hikes-27.1
volume increase -7.3

(Before amortizationof goodwill, etc.)-17.0

Consolidationadjustments,etc.

5.0
7.5

Amortizationof goodwill, etc.

10.8
FY2022 Q1(Before amortizationof goodwill, etc.)

-26.8

-15.9

FY2022 Q1© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

77. Consolidated Balance Sheet
Total assets increased due to an increase in lease assets resulting from the revision of the U.S.GAAP
and the impact of yen depreciation.
(Unit: Hundred million JPY)
4,462

4,056

Item
Current assets

Assets(Tangible fixed assets)

2,453

2,375

Assetsincreased by40.6 B JPY

1,680(Intangible fixed assets)(Inv estments andother assets)

Total fixed assets

2,008

Total assets

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

FY2022Q1
2,453
1,317497
192
2,008
4,462

Change+78+295+27+5+328+406

Current assets: Increased
Increased due to the impact of yen depreciation

FY2021 Q4

FY2022 Q1Fixed assets

Current assets

4,462

Liabilities/
Net Assets

4,056
Liabilities
increased by
34.4 B JPY

3,418

FY2021 Q4

Net assets

3,763

Item

Liabilities

Total net assets
Total liabilities and net assets

FY2021Q4
1,807
1,611
3,418
637
4,056

FY2022
Q1
1,945
1,818
3,763
699
4,462

Change+138+206+344+61+406

Liability: Increased

699

FY2022 Q1© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Increased in lease assets due to revision of theU.S.GAAP, etc.

Current liabilities
Fixed liabilities
Total liabilities

Net assets
increased by6.1 B JPY

637

Fixed assets: Increased

Increased in lease obligations due to revision of theU.S.GAAPNet assets : Increased
Decreased in retained earnings and increased in foreign
currency translation adjustments

8[Reference] Key Performance Indicators
Return-on-assets (ROA)

Operating profit margin

Total asset turnover

Financial
Soundness

Profitability

Return-on-equity (ROE)

Asset Efficiency

PerformanceIndicator

Net income margin

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 salesInventories
Shareholders' equity
Total assets
Interest-bearing debt
Shareholders' equity
Net income

Earnings per share(2.2％)

Book value per share© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

-1.4%(8.6％)

-9.3%

0.8%

(2.8％)

-1.2%

0.2%

(2.1％)-1.1%

1.2 times

1.3 times

6.0 times

6.5 times

4.6 times

4.3 times

15.6%

15.5%

3.0 times

3.2 times(JPY 89.52)

138.5 times (10.4 times)

Share value(Before amortizationof goodw ill, etc.)

1.2%

JPY 6.73

Shares outstanding
Share value

FY2022 Q1(Before amortizationof goodw ill, etc.)

1.6 times

Comments(0.8％)
The figures deteriorated due to(3.1％) a loss in profit caused byincreasing material andtransportation costs, and the(0.8％) delayed contribution of sales
price improvements.

(0.7％)

JPY -57.76 (JPY 36.40)
1.3 times(23.9 times) Stock prices：
End of FY2021：JPY 932
End of FY2022 Q1：JPY 870

9[Reference] Quarterly Financial Results
Domestic Business

Unit: Hundred million JPY

1,285.7

1,352.9

760.3

829.5

962.8

1,500

Net Sales

Overseas Business1,207.3

1,080.7

1,080.1

671.4

653.1

409.2

426.9

447.0

456.2

390.1

Q1Q2Q3Q4Q1

1,0005000

FY2021

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

4020

28.2
23.4

13.5

11.3

Q3

Q4

Overseas Business

12.1

29.8
17.3

10.8

23.6

10

Q4

37.2

34.7

30

Q3

FY2022

Domestic Business

Unit: Hundred million JPY

Q2

16.0

12.5

7.9
2.80Q1Q2

Q3

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

Q4Q1Q2

FY202210

[Reference] Forklift Market Trends – Orders (Quarterly)
Strong demand remained mainly in the Americas and China, but growth in demand has
slowed due to Russia's invasion of Ukraine and the Shanghai lockdown in China.
(+5.4% YoY to 358,000 units, or +17.7% YoY to 237,000 units excluding the Chinesemarket)

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

YoY+65.6％

400.0
350.0

339.9

348.4
27.8

26.0
300.0
250.0

138.8

YoY
+16.0％

YoY+11.7％

305.8

303.7

28.4

29.9

128.4

29.9

121.5

82.6

86.7

74.4

358.2

97.7108.3

200.0
150.0

YoY
+5.4％

YoY
+55.1％

70.7

86.1

100.0
104.7

50.0

80.4

83.2

77.9

68.8

0.0

20.3

22.3

20.5

21.2

19.5

CY2021 Q1CY2021 Q2

CY2021 Q3

CY2021 Q4

CY2022 Q1JapanAmericas

Europe (incl. Middle East & Africa)

China

APAC

*Class III: Self-propelled electric small lift
Note: Due to changes in the statistical disclosure policy of WITS member organizations,the figures are based on calendar year from January to December.

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

11[Reference] Forklift Market Trends – Shipping (Jan. - Jun.)
Amid growing uncertainty in the global economy, the forklift market for January to June 2022 inJapan declined slightly from the previous year, while that in the Americas remained firm.

Japan(1,000 units)

10090(1,000 units)
88

91

88

80.0%
44

47

46

45

40

JIVA Note:
41 JIVA
39

20304

40.0%

0.0%

154

229

151

136

155 ITA ITA
127
110

60.0%
40.0%

535

531

485

615

100.0%
80.0%

20.0%

00.0%

16.9％

100.0%

Global Market
In CY2021
China
40.5％

40.0%
20.0%
0.0%CY2018 CY2019 CY2020 CY2021 CY2022

300

260261234

300

40.0%

1,969

20.0%

10000.0%
CY2018 CY2019 CY2020 CY2021 CY2022

APAC(1,000 units)

140122

120

133
112

60.0%

80

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

31.2％

60
40

100.0%
80.0%

98

100

62

56

64
48

200Note: 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 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.

60.0%

400

200

APAC Japan
6.8％ 4.6％ Americas

60.0%
265

600

CY2018 CY2019 CY2020 CY2021 CY2022

430

237

80.0%

100

80.0%

463

284
Note:

(1,000 units)

628

333

500

China797300

300
200

CY2018 CY2019 CY2020 CY2021 CY2022

438(1,000 units)

100.0% 700

60.0%

20.0%

0900
800
700
600
500
400
300
200
1000(incl. Middle East & Africa)

100.0% 400

8060EuropeAmericas

40.0%
20.0%
0.0%

CY2018 CY2019 CY2020 CY2021 CY2022

Market units
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 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.

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