Annual Report 2022
For the fiscal year from April 1, 2021 to March 31, 2022

Contents
1

A Message to Our Shareholders and Investors

3

Financial Highlights

4

Business Overview by Each Segment

5

Stock Information

6

Consolidated Financial Statements

14

Company Outline

A Message to Our Shareholders and Investors

Achieving both our corporate vision—Moving theworld forward as the leading provider of innovative
logistics and material handling solutions—and the targets of “Logisnext SolutionS 2023,”
our Medium-term management plan
My name is Yuichi Mano. I recently succeeded Takashi Kubo in the position of
President. As President, I will strive to guide our growth strategies while carefully
considering future logistics needs. At the same time, I will strive to lay robust
business foundations that generate stable performance amid dramaticallychanging business conditions.

Yuichi Mano
President

Career :Apr. 1986 Joined Mitsubishi Heavy Industries, Ltd.
Oct. 2011 General Manager of Forklift Sales Department, Forklift Business Division, General Machinery &Special Vehicles Business Headquarters, Mitsubishi Heavy Industries, Ltd.
Apr. 2013 Director, Senior Executive Officer, Head of Corporate Planning Office, the Company
Jul. 2014 Representative Director and President, Mitsubishi Caterpillar Forklift Europe B.V.
Apr. 2019 Senior Executive Officer, General Manager, Strategic Planning Office, the Company
Apr. 2020 Senior Executive Officer, Head of Overseas Sales and Marketing Headquarters, the Company
Apr. 2022 Senior Executive Officer, Division Head, General Manager, Corporate Strategy andPlanning Office, the Company (to present)

Summary of Business Performance in Fiscal 2021
uring the current consolidated fiscal year, economic activity in Japan and worldwide continued to recover from the
COVID-19 crisis. However, various factors, including rising resource, raw material and freight costs and rising inflationin the United States, continued to affect production and costs across various industries. Despite rapid recovery froma downturn unlike any other seen in recent years, supply chain disruptions continued to hamper supply, which has lagged
behind demand. Russia’s invasion of Ukraine in February added still more uncertainty for the future of the global
economy.
Under these circumstances, the markets for forklifts and other logistics equipment are holding steady levels similar
to those from before COVID-19. Overseas, demand generally trended above pre-COVID levels, although the marked reboundappears to have run its course in some regions.
While favorable conditions persist for order intake by Group companies, longer lead times traceable to delays inthe supply of various parts, including delays related to the global chip shortage, have significantly affected the Company.
The Company has also been affected by rising costs, including the rising cost of raw materials and freight.
To meet delivery times and to achieve production and shipping consistent with the growth in order intake, we willcontinue to secure and rectify parts supplies. We will also continue to focus on cutting costs. Nevertheless, the Russian
invasion of Ukraine has had indisputable consequences for global economic recovery at a time when no apparent end to
the COVID-19 pandemic is in sight. The current uncertainty in the global economy is near unprecedented.
Against this background, consolidated net sales in the current consolidated fiscal year were 465.4 billion yen(up 18.9% YoY). The recovery in forklift demand from the COVID-19 pandemic contributed to this sales growth.
With respect to profits, despite the impact of rising costs for raw materials and freight, growth in net sales andthe effects of reducing fixed expenses led to an operating profit of 3.5 billion yen (up 125.3% YoY); ordinary profit of 3.2
billion yen (up 60.9% YoY); and profit attributable to owners of parent of 0.7 billion yen (compared to a loss of 2.6 billion yen
in the same period of the preceding year).
Excluding the impact of goodwill amortization, operating profit was 13.0 billion yen (up 18.4% YoY). The operating
profit margin was 2.8% (unchanged YoY at the same percentage points).

D1

A Message to Our Shareholders and Investors

Future Outlook
he resolution and timing of the COVID-19 pandemic remain open questions. Supplies of various parts are delayed
due to the impact of numerous factors, including the global chip shortage, rising cost of resources and raw materials,
as well as rising freight charges and supply chain disruptions. The emergence of geopolitical risks and rising inflationworldwide appear likely to intensify economic uncertainty.
Nevertheless, markets for forklifts and other logistics equipment are holding steady at levels similar to those frombefore COVID-19 in Japan and even trending above pre-COVID levels overseas. We expect this trend to persist through theperiod ending March 31, 2023, the second year of the current “Logisnext SolutionS 2023” medium-term management plan.
The consolidated financial results forecast for the next consolidated fiscal year ending in March 2023 are 540.0
billion yen in net sales, 8.0 billion yen in operating profit, 7.0 billion yen in ordinary profit, and 2.5 billion yen in profit
attributable to owners of parent.
We expect operating profit before goodwill amortization of 17.5 billion yen and operating profit margin before
goodwill amortization of 3.2%.

T

Actions Plans
he continuing spread of COVID-19 around the world and the Russia-Ukraine conflict have together cast a shadow
over the global economy, which had been in a pattern marked by recovery. These factors have led us to a major
turning point in the age of globalism. While conditions for order intake in the logistics industry remain firm, due toinvestments in automation and labor savings with a view to the post-COVID world, other factors continue to constrain
production and sales, such as supply issues traceable to rising resource costs and supply chain disruptions. The issues
confronting the logistics equipment industry include the need to adapt to a dramatically changing business environment andto realize a sustainable society through optimized logistics.
Drawing on our corporate vision—Moving the world forward as the leading provider of innovative logistics and material
handling solutions—we established the Sustainability Council in 2021. We are currently pursuing management with anemphasis on sustainability, including efforts to tackle the challenge of carbon neutrality. In implementing the “Logisnext
SolutionS 2023” medium-term management plan, of which this is the second year, we seek to achieve the following target
figures for fiscal 2023： 500.0 billion yen in consolidated net sales, 30.0 billion yen in operating profit before goodwill
amortization, and a capital adequacy ratio of 20%. Further, we will strive to strengthen corporate value over the medium to longterm while continuing to identify solutions to society’s challenges, through addressing the following priority topics.

T

1. Japan Domestic Business
・Structural improvements to boost production, including rapid response for parts in short supply
・Measures to address rising materials costs and freight charges
・Strengthening employee engagement by strengthening internal brand awareness・Achieving business reforms by accelerating activities promoting digital transformation (DX)・Measures related to lithium-ion batteries
・Expanding solution businesses for AGV (Auto Guided Vehicle), port cargo handling machines, and the like
2. Overseas Business
・Structural improvements to boost production, including rapid response for parts in short supply
・Measures to address rising materials costs and freight charges
・Strengthening employee engagement by strengthening internal brand awareness・Enhancing direct sales and expanding solution businesses in the United States
・Promoting branding strategies in Europe
・Measures related to lithium-ion batteries and deploying solutions businesses in APAC
・Reappraising production and sales systems in China

We humbly ask for the continued support and understanding from our shareholders.
> Go here to review the “Logisnext SolutionS 2023” medium-term management plan.
> Go here to review our sustainability initiatives.

2Financial Highlights

Net Sales

Operating Profit(Billion yen)

433.0(Billion yen)

448.3

448.9

465.4
391.4

19.1

21.9
18.3

13.0

10.9

FY2017FY2018FY2019FY2020

FY2021

9.2

13.1

8.4

FY2017FY2018FY20193.5

1.5
FY2020

FY2021

Goodwill amortization amount.

Ordinary Profit

Profit Attributable to Owners of Parent(Billion yen)(Billion yen)

7.0
2.9

13.7
8.4

FY20170.7

7.0

FY2018FY20192.0

3.2

FY2020

FY2021△5.2
FY2017FY2018

Earnings per Share

Return on Equity

(Yen)

(%)

FY2019△2.6
FY2020

11.2

66.48
27.64

5.0

1.2

6.73

△49.24FY2017

FY2021FY2018FY2019△8.7△25.19FY2020FY2017

FY2021

3

FY2018FY2019△4.9FY2020

FY2021

Business Overview by Each Segment

Japan Domestic BusinessSupported by solid demand for forklifts that returned to pre-COVID
levels, the domestic business segment recorded net sales of
173.9 billion yen (up 3.2% YoY). Segment profit was 1.5 billion yen(up 122.5% YoY). Sales of after-sales services, auxiliary parts, andindustrial engines contributed to growth.

37.4%

Sales Composition
by Business Segment
Sales

Operating Profit(Billion yen)(Billion yen)

Excluding the impact of goodwill amortization, segment profit was
6.3 billion yen (up 12.3% YoY).

168.4

173.9
6.3

5.6

1.5

0.6
FY2020

FY2020

FY2021

FY2021

Goodwill amortization amount.

Overseas BusinessSupported by forklift demand trending above pre-COVID levels, theoverseas business segment recorded net sales of 291.4 billion yen(up 30.7% YoY). Growth in net sales also contributed to growth insegment profit, although this was offset by rising raw material andfreight costs. These conditions resulted in a segment profit figure of
2.0 billion yen (up 127.4% YoY).
Excluding the impact of goodwill amortization, segment profit was
6.6 billion yen (up 24.9% YoY).

62.6%

Sales Composition
by Business Segment
Sales

Operating Profit(Billion yen)(Billion yen)

291.4
223.0

6.6

5.3
0.9
FY2020

FY2020

FY2021

2.0

FY2021

Goodwill amortization amount.

Major Overseas Network As of April 1,2022
Head Office

Production baseMain sales baseMitsubishi Logisnext Europe B.V.
Mitsubishi Logisnext Europe AB
Mitsubishi Logisnext Europe Oy
●
●
●
●
●●●
●●
●
●

Mitsubishi Heavy Industries
Forklift (Dalian) Co., Ltd.

●●●

Mitsubishi Logisnext Europe S.A.
Logisnext Manufacturing(Thailand) Co., Ltd. ●Mitsubishi Logisnext Co., Ltd.

●

●●

●

●
●

Equipment Depot, Inc.

●

●

●

Shanghai Nichiyu Forklift
Manufacturing Co., Ltd.

●
●●
●
●
●
● ●
●
●

●●

Mitsubishi Logisnext
Americas (Marengo) Inc.
Mitsubishi Logisnext
Americas (Houston) Inc.

Mitsubishi Logisnext
Forklift (Shanghai) Co., Ltd.
Mitsubishi Logisnext
Asia Pacific Pte. Ltd.

Mitsubishi Logisnext
Americas Inc.

4

Stock Information

Stock Information

As of March 31, 2022

Common stock

392,725,256 sharesClassified stock

32,274,744 shares

Shares issued

Common stock

106,645,013 shares

Number of shareholders

Common stock

22,529Total number of authorized shares

Major Shareholders (Common Stock)
Name of shareholder

No. of shares

Equity position(thousand shares)(%)

Mitsubishi Heavy Industries, Ltd.

68,88864.60

The Master Trust Bank of Japan, Ltd.(Trust Account)

5,724

5.37

GS Yuasa Corporation

4,701

4.41

Custody Bank of Japan, Ltd.(Trust Account)

4,111

3.86

GOVERNMENT OF NORWAY

1,418

1.33

MUFG Bank, Ltd.

1,363

1.28

The Bank of Kyoto, Ltd.

1,301

1.22

JP MORGAN CHASE BANK 385781

833

0.78

Nippon Life Insurance Company

764

0.72

Tokio Marine & Nichido Fire Insurance Co., Ltd.

667

0.63

*1
*2

Number of shares held is rounded down to the nearest thousand shares.
The percentage of total shares held is calculated based on the number of shares excluding treasury stock of 5,216 shares.

Major Shareholders (Common Stock)
Securities companies etc. 0.34%

Treasury stocks 0.01%

Individual shereholders etc. 6.25%
Foreign shareholders 8.99%
Financial institution 14.22%
General corporations 70.19%

5Consolidated Financial Statements

Consolidated Balance Sheets(Millions of yen)

As of March 31, 2021

Item
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract assets
Electronically recorded monetary claims - operating
Lease receivables and investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

15,00069,127−
1,639
15,88437,5699,940
13,744
24,103
6,922△1,138

192,793

49,031

As of March 31, 2022

12,562−82,382
2,030
14,95050,602
13,34632,773
19,374
10,830△1,274
237,578

52,616△28,400△31,750

20,630133,385△87,217
46,168
19,695△17,457
2,238
21,841
10,867△4,731
6,136
1,115
98,13020,866
144,196△95,565
48,63021,007△18,908
2,098
21,841
12,811△5,9106,901
1,936
102,273

35,60918,86254,47230,106
16,90047,007

7,152
114
824
6,647
3,275
△53
17,960170,563
363,357

7,139
106
864
7,403
3,285
△56
18,742
168,023
405,601

Consolidated Financial Statements

Consolidated Balance Sheets(Millions of yen)

As of March 31, 2021

Item

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Lease liabilities
Accounts payable - other
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and other officers)
Provision for product warranties
Provision for loss on liquidation of subsidiaries and associates
Notes payable - facilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Long-term accounts payable - other
Deferred tax liabilities
Provision for product warranties
Provision for retirement benefits for directors (and other officers)
Retirement benefit liability
Long-term deposits received
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

As of March 31, 2022

42,67015,60640,346
4,005
2,368
7,327
2,590
4,255
73
3,093
75
110
26,416
148,939

63,504
17,191
42,207
4,300
2,983
8,048
3,862
4,348
68
3,062
75
211
30,840180,704

130,165
5,810
3
3,693
2,016
14
15,7705
1,544
159,023
307,962

131,678
7,013
−
3,003
2,247
9
15,907
5
1,294
161,159
341,863

4,913
34,75010,506△2
50,167

4,924
34,762
10,644△2
50,328

2,421
2,371
△107
4,685
251
290
55,394363,357

2,380
10,533△111
12,803273
333
63,737
405,601

Overview of Consolidated Balance Sheets
Total assets as of the end of the current consolidated fiscal year were 405,601 million yen (up 42,243 million yen YoY). Major
contributing factors included an increase in trade accounts receivable and inventories.
Total liabilities were 341,863 million yen, up 33,901 million yen YoY. Major contributing factors included an increase in tradeaccounts payable.
Net assets other than share acquisition rights and non-controlling interests were 63,131 million yen (up 8,278 million yen YoY),
due mainly to an increase in foreign currency translation adjustments.
The resulting capital adequacy ratio was 15.6% (compared to 15.1% as of the end of the previous consolidated fiscal year).
Net assets per share were 592.02 yen (compared to 514.70 yen as of the end of the previous consolidated fiscal year).
7

Consolidated Financial Statements

Consolidated Income Statements
Item
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Insurance claim income
Gain on sale of shares of subsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on disaster
Loss on liquidation of subsidiaries and associates
Business restructuring expenses
Loss on termination of retirement benefit plan
Loss on sale of investment securities
Total extraordinary losses
Profit (loss) before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent(Millions of yen)

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

391,496299,752
91,744
90,1491,594

465,406
362,377
103,029
99,436
3,592

614
70
−
24
1,019
428
2,157

563
88
11
183
23
476
1,347

1,423
120
193
1,737
2,014

1,485
−
213
1,699
3,240

154
0
170
18
343

170
11
8
−
190

274
254
82
65
1,875
668
0
3,222
△865
4,301
△2,6101,691△2,556126△2,683

240
171
7
−
179
−
−
598
2,832
3,850
△1,763
2,087
744
27
717

Overview of Consolidated Income Statements
Consolidated net sales in the current consolidated fiscal year were 465,406 million yen (up 18.9% YoY). The recovery in forklift
demand from the COVID-19 pandemic contributed to this sales growth.
With respect to profits, despite the impact of rising costs for raw materials and freight, growth in net sales and the effects ofreducing fixed expenses led to an operating profit of 3,592 million yen (up 125.3% YoY); ordinary profit of 3,240 million yen (up60.9% YoY); and profit attributable to owners of parent of 717 million yen (compared to a loss of 2,683 million yen in the same
period of the preceding year).
Excluding the impact of goodwill amortization, operating profit was 13,013 million yen (up 18.4% YoY). The operating profit
margin was 2.8% (unchanged YoY at the same percentage points).
8

Consolidated Financial Statements

Consolidated statement of comprehensive income
Item(Millions of yen)

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

△2,556

744

841

△41

3,591

8,196

Remeasurements of defined benefit plans, net of tax

949

△44

Share of other comprehensive income of entities accounted
for using equity method

△3

23

5,378

8,133

2,821

8,878

Comprehensive income attributable to owners of parent

2,607

8,834

Comprehensive income attributable to non-controllinginterests

214

44

Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to9Consolidated Financial Statements

Statement of changes in consolidated shareholders’ equity
Years ended March 31, 2021

(Millions of yen)

Shareholders’ equity
Capitalsurplus

Share capital

4,904

Balance at beginning of period

Retainedearnings

35,785

Cumulative effects of changes inaccounting policies

Total
shareholders’equityTreasuryshares△2

14,79655,483△148

Restated balance

4,904

35,785

8

8

△148
△2

14,64755,335

Changes during period
Issuance of new shares-exerciseof share acquisition rights

16

Dividends of surplus△1,384△1,384

Profit attributable to owners ofparent△2,683△2,683Purchase of treasury shares

0Change in ownership interest ofparent due to transactions with
non-controlling interests0△1,043△1,043△72

Change in scope of consolidation△72

Net changes in items other thanshareholders’ equity
Total changes during period
Balance at end of period

8△1,035△4,1400△5,168

4,913

34,75010,506△2

50,167

Accumulated other comprehensive income
Valuation
Total
RemeaShare
Nondifference
Foreignaccumusurementsoncurrency of defined lated other acquisition controllingrightsinterests
available- translation
comprebenefit
for-saleadjustment
hensiveplans
securities
incomeBalance at beginning of period

1,575

Cumulative effects of changes inaccounting policies
Restated balance△1,170△1,010

0
1,575

△605

219

2,227

△1,010△604

57,326△147

0△1,169Total net
assets219

2,227

57,178Changes during period
Issuance of new shares-exerciseof share acquisition rights

16

Dividends of surplus△1,384

Profit attributable to owners ofparent△2,683Purchase of treasury shares

0Change in ownership interest ofparent due to transactions with
non-controlling interests△1,043

Change in scope of consolidation△72

Net changes in items other thanshareholders’ equity

845

3,540

903

5,289

31

△1,936

3,384

Total changes during period

845

3,540

903

5,289

31

△1,936△1,783

Balance at end of period

2,421

2,371

△107

4,685

251

290

55,39410

Consolidated Financial Statements

Statement of changes in consolidated shareholders’ equity
Years ended March 31, 2022

(Millions of yen)

Shareholders’ equity
Capitalsurplus

Share capital

Balance at beginning of period

4,913

Retainedearnings

34,750△2

10,506

Cumulative effects of changes inaccounting policies

Total
shareholders’equityTreasuryshares50,167272

Restated balance

4,913

34,750

11

11

272
△2

10,77950,440Changes during period
Issuance of new shares-exerciseof share acquisition rights
Dividends of surplus

23
△852

△852

717

717

Profit attributable to owners ofparentNet changes in items other thanshareholders’ equity
Total changes during period

11

11

△135

−

△111

Balance at end of period

4,924

34,762

10,644△2

50,328

Accumulated other comprehensive income
Valuation
Total
RemeaShare
NonForeign
difference
accumusurements
acquisition controllingcurrency
on
lated
other
defined comprerights
interests
available- translation ofbenefit
adjustment
for-salehensiveplans
securities
incomeBalance at beginning of period

2,421

△107

2,371

4,685

251

290

Cumulative effects of changes inaccounting policies
Restated balance

Total net
assets55,394
272

2,421

△107

2,371

4,685

251

290

55,667

Changes during period
Issuance of new shares-exerciseof share acquisition rights

23
△852

Dividends of surplus
Profit attributable to owners ofparent717

Net changes in items other thanshareholders’ equity

△40

8,162

△4

8,117

22

42

8,181

Total changes during period

△40

8,162

△4

8,117

22

42

8,069

Balance at end of period

2,380

10,533△111

12,803273

333

63,73711

Consolidated Financial Statements

Condensed Consolidated Statement of Cash Flows
Item(Millions of yen)

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

Cash flows from operating activities
Profit (loss) before income taxes

△865

2,832

Depreciation

23,522

23,956254

171

Amortization of goodwill

7,126

7,030

Increase (decrease) in allowance for doubtful accounts

△106

13

Increase (decrease) in provision for bonuses

△219

92

Increase (decrease) in provision for product warranties

△235

△138

242

84

Interest and dividend income

△684

△652

Interest expenses

1,423

1,485

120

△11

0

△11

Loss (gain) on sale of shares of subsidiaries and associates△18−

Decrease (increase) in trade receivables

6,838△8,662

Decrease (increase) in investments in leases

△285

1,362

Decrease (increase) in inventories

5,997△20,913△10,130

18,123

1,159

−

636

△602

Other, net

2,692

291

Subtotal

37,46724,451694

663

Interest paid

△1,461△1,449

Income taxes paid

△3,220△3,043

Net cash provided by (used in) operating activities

33,48020,621△17,522△26,042658

936

Purchase of intangible assets

△606

△668

Purchase of investment securities

△33

△28

6

2

△581

−

△4,391

6,918

△31

△50

Proceeds from collection of long-term loans receivable

33

40

Other, net

△6

△351

△22,475△19,243

Impairment losses

Increase (decrease) in retirement benefit liability

Share of loss (profit) of entities accounted for using equity method
Loss (gain) on sale of investment securities

Increase (decrease) in trade payables
Increase (decrease) in advances received
Increase (decrease) in accrued consumption taxes

Interest and dividends received

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment

Proceeds from sale of investment securities
Purchase of shares of subsidiaries and associates
Net decrease (increase) in short-term loans receivable
Long-term loan advances

Net cash provided by (used in) investing activities

12Consolidated Financial Statements

Condensed Consolidated Statement of Cash Flows
Item(Millions of yen)

Fiscal year ended

Fiscal year ended

March 31, 2021

March 31, 2022

Cash flows from financing activities
Net increase (decrease) in short-term borrowings

△572

△870

Proceeds from long-term borrowings

2,865

4,311

Repayments of long-term borrowings△6,882△4,492

Repayments of lease liabilities△2,773△2,691Dividends paid

△1,384△853

Repayments to non-controlling shareholders△3,078−Dividends paid to non-controlling interests

△105

△1

△0

△2

△11,931△4,601

591

785

Net increase (decrease) in cash and cash equivalents△335△2,437

Cash and cash equivalents at beginning of period

15,33515,000Cash and cash equivalents at end of period

15,00012,562Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

Overview of Condensed Consolidated Statement of Cash Flows
Cash and cash equivalents (“funds” hereinafter) stood at 12,562 million yen at the end of the current consolidated fiscal
year, down 2,437 million yen from the end of the previous consolidated fiscal year. The standing of each type of cash flow
and major contributing factors are reviewed below.
Cash flows from operating activities
The funds increased from operating activities were 20,621 million yen (down 38.4% YoY), reflecting a decline of 12,859
million yen from 33,480 million yen in the previous consolidated fiscal year.
This was due mainly to an increase in trade receivables and inventories.
Cash flows from investing activities
Funds used in investing activities were 19,243 million yen (down 14.4% YoY), reflecting a decline of 3,231 million yen from
22,475 million yen in the previous consolidated fiscal year. Major contributing factors included increased expenditures on
the acquisition of property, plant and equipment and progress on reducing short-term loans receivable.
Cash flows from financing activities
Funds used in financing activities were 4,601 million yen, down 7,330 million yen from 11,931 million yen in the previous
consolidated fiscal year. Major contributing factors included expenditures on repayments to non-controlling shareholders in
the previous consolidated fiscal year and reductions in repayments of borrowings.

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Company Outline

Company Outline

As of March 31, 2022

Company Name

Mitsubishi Logisnext Co., Ltd.

Established

August 4, 1937

Capital Stock

4,924 million yen

Stock Exchange ListingStandard Market, Tokyo Stock Exchange

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

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 24, 2022

Takashi Mikogami

Representative Director and Chairman(Executive Vice President, President and CEO, Logistics, Thermal & Drive Systems,
Mitsubishi Heavy Industries, Ltd.)

Yuichi Mano

Representative Director and President

Masataka Shinya

Director

Takatoshi Uno

Director

Masayuki Suematsu

Director(Senior Vice President, Head of Business Strategy Office, Vice President,
Logistics, Thermal & Drive Systems, Mitsubishi Heavy Industries, Ltd.)

Osamu Ando

External Director(President, Shimadzu Access Corporation)

Kyoko Kobayashi

External Director（Lawyer, Partner at Irokawa Legal Professional Corporation, External Audit,
KAWAKAMI PAINT MANUFACTURING CO.,LTD., External Director,
Nippon Pillar Packing Co., Ltd.)

Fumio Kobayashi

External Director
Senior Managing Director, Japan Material Flow InstituteKoji Baba

Audit and Supervisory Board Member

Shinji Ichihara

Audit and Supervisory Board Member

Masahide Kuragaki

External Audit and Supervisory Board Member

Yasuyuki Fukuoka

External Audit and Supervisory Board Member(Statutory Auditor, DN Lighting Co., Ltd.)

Shigeru Yoshimura

External Audit and Supervisory Board Member

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