FY2021 Financial Results Briefing(FY2021:From April 1, 2021 to March 31, 2022)

May 25, 2022
MITSUBISHI LOGISNEXT CO., LTD.

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

FY2021 Financial Results(FY2021:From April 1, 2021 to March 31, 2022)

Takashi Kubo, President© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

1. FY2021 Summary
Economic Market Trends➢ The global economy continues to recover trend from COVID-19. However, the rapid
recovery phase has not been able to keep up with demand, and increasing material andtransportation costs, supply chain disruptions, and rising inflation in the U.S. arehaving a significant impact on production and costs.
➢ In Japan, the material handling equipment market has remained steady pre-COVID-19
levels. Overseas, although the elevated demand related to COVID-19 in some areas has
slowed, the market has remained above the level prior to COVID-19 due to growing
material handling needs.
➢ Although orders for material handling equipment remain strong, delays in the supply ofvarious assembly components have resulted in longer lead times and higher costs forus as well.

Summary of FY2021 Results➢ Net sales increased by 18.9% YoY due to the recovery of forklift demand after COVID-19.
➢ Operating profit increased 18.4% YoY (before amortization of goodwill, etc.) due tosales increases and efforts to reduce fixed costs, despite the impact of increasingmaterial and transportation costs.
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

3

2. Financial Highlights
Net sales increased by 18.9% YoY to 465.4B JPY, achieving a record high.
On the other hand, operating profit margin (before amortization of goodwill, etc.) remained flat
due to the impact of increased material costs and other factors.
Profit and Loss Statement

FY2020

FY2021YOY Change

Unit: Hundred million JPY

Net Sales

3,915.0

4,654.1+739.1+18.9％

109.9（2.8％）

130.1（2.8％）+20.2+18.4％

94.0

94.2

15.9
（0.4％）

35.9（0.8％）+20.0+125.3％20.1（0.5％）

32.4（0.7％）+12.3+60.9％△26.8（△0.7％）

7.2（0.2％）+34.0

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

Amortization of Goodwill
Operating Profit(Operating profit margin)

Ordinary Profit(Ordinary profit margin)

Profit Attributable to Owners of
Parent(Net income margin)

Change of Business Record

Unit:
Hundred million JPY

4,700
4.4%

4.9%

―

―

―

FY2020 actual FX rates: USD = JPY106.06, EUR = JPY123.70, CNY = JPY15.67
FY2021 actual FX rates: USD = JPY112.38, EUR = JPY130.56, CNY = JPY17.51

4.1%

Net Sales

4,400
2.8%

4,100

2.8%

Operating profit margin（％）

3,800(Before amortization of goodwill, etc.)

3,500
FY2017FY2018FY2019© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

FY2020

FY20214

3. Business Results by Segment
Net Sales : Net sales increased due to the recovery of forklift demand mainly in Americas,
Europe and Asia.
FY2021 Sales by Region
Unit:
Hundred million JPY

Domestic Business

Increase 4,654.1

5,000

Net Sales

Overseas Business

3,915.0 （+73.91BJPY）

4,000（+18.5％）3,000

2,914.5

2,230.1

2,000
1,000

1,684.8

1,739.5

FY2020

FY2021China& AsiaEurope 6.7％
17.3％（5.7％） Japan（16.9％）
37.4％（43.0％）

Americas38.6％（34.4％）0() = previous year

Operating Profit*

Operating profit (*): Despite the impact of the sharp rise of material and transportation costs,
operating profit increased due to sales increase and efforts to reduce fixed costs.
Unit:
Hundred million JPY

Domestic Business

150.0

Overseas Business

FY2021 Operating Profit by Segment

Increase 130.1

109.9
100.0

（+2.02BJPY）（+18.4％）

53.3

66.6

50.0

Overseas
Business
51.1％(48.5％)

56.6

63.6

FY2020

FY2021

Domestic
Business
48.9％(51.5％)

0.0* Operating Profit before amortization of goodwill, etc.

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

() = previous year5

4. Sales by Region
Japan

Increase(Unit: Hundred million JPY)

2,000

Americas

Increase(Unit: Hundred million JPY)

JPY）1,739.5
1,684.8（+5.47B（+3.2％）

1,500

1,500

（+45.03B JPY）1,796.3（+33.5％）2,000

1,346.1

991.5

903.3

877.4

1,000

1,000
500

807.4

836.2

FY2020

FY2021

697.0

500
0

0
1H

FY2020(Unit: Hundred million JPY)

661.8

400
200

(Unit: Hundred million JPY)（+14.33B JPY） 805.1（+21.6％）600

2H

China and Asia

Increase

1,000

FY2021
1H

2H

Europe

800

804.8

649.0

436.8
364.3

Increase

400
300（+9.08B JPY）（+40.9％）

313.1

222.3
161.5

200

121.6

297.5

368.3

FY2020

FY2021

0

100

151.5

100.6
0

1H

2H

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

FY2020

FY2021
1H

2H

6

5. Net Sales FY2020 vs FY2021
Net sales increased by 18.9% YoY due to increased post-COVID-19 demand.
However, because of production and shipment delays caused by supply chain disruptions,sales were failing to keep up with the increase in orders, and the financial forecast of
470B JPY not being achieved.
(Unit: Hundred million JPY)

China & Asia
EuropeAmericas97.1
FX
impact

82.1

Japan

54.7

349.3
4,654.1

155.9

3,915.0

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

Increasedby 73.9B JPY（+18.9%）FY20217

6. Operating Profit FY2020 vs FY2021
Operating profit (before amortization of goodwill, etc.) increased by 18.4% YoY
due to increased sales spurred by the market recovery, despite the impact
increasing of material and transportation costs.
(Unit: Hundred million JPY)
Material
costs
Gross profit Sales priceincrease improvement increase
due to sales
increase /Mix

25.8
Transportation
costs
increase△93.7
Expenseincrease(selling costs, etc.)△87.0
withinfare hikes△51.1
volume increase△35.9

Amortizationof goodwill, etc.

220.4

15.9

△94.0
FY2020△41.9

US tariffs

FX
effects

△12.4

14.8

Operating profit increased
109.9
by 2B JPY（+18.4%）(Before amortization of goodwill, etc.)

FY2020(Before amortizationof goodwill, etc.)© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

Consolidation
adjustments,
etc.

Amortizationof goodwill, etc.

△5.8

130.1
35.9

△94.2
FY2021(Before amortizationof goodwill, etc.)

FY20218

7. Consolidated Balance Sheet
Total assets increased YoY to 42.2B JPY due to an increase in working capital such as
inventory and accounts receivable.
(Unit: Hundred million JPY)
4,056

Assets3,634

Current assets

1,928

Assetsincreased by
42.2B JPY

1,706

Including
FX impact
20B JPY

FY20202,376

Total fixed assets

1,680

4,056
Liabilities
increased by
33.9B JPY

3,080

(Intangible fixed assets)(Inv estments andother assets)

Current assets

3,634

Liabilities/
Net Assets(Tangible fixed assets)

FY2021

Fixed assets

554

Item

Total assets

Item

Total net assets
Total liabilities and net assets

Net assets
increased by
8.3B JPY

FY2020637
FY2021

Net assets

1,928
981
545
180
1,706
3,634

FY2021

Change

2,376
1,023
470
187
1,680
4,056

+448
+41
△ 75
+8
△ 25
+422

Current assets: Increase
Increase in inventories and accounts receivable, etc.
Fixed assets: Decrease
Decrease due to amortization of goodwill, etc.

Current liabilities
Fixed liabilities
Total liabilities

3,419

FY2020

FY2020
1,489
1,590
3,080
554
3,634

FY2021
1,807
1,612
3,419
637
4,056

Change
+318
+21
+339
+83
+422

Liability: Increase
Increase in accounts payable.
Net assets : Increase
Increase in foreign currency translation adjustments, etc.

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

98. Cash Flow・Operating C/F decreased by 12.86B JPY (33.48B JPY in the same period last year).
・Working capital increased due to the increase in inventories caused byproduction and shipment delays.
・Free cash flow was decreased to YoY 9.63B JPY due to declines in operating cash
(Unit: Hundred million JPY)
flow.
Amortization
Workingofcapitalgoodwill, etc. deterioration
Depreciation
expenses

Other
operatingCF+70.3△104.9150.0

Tangible fixed
asset acquisition△27.1

Long-term
borrowings
Short-term Other Short-term repayment
loan
investing borrowings
Cash dividends
FX
decrease
repayment
CF
Other
payment
impact,etc.
Financial CF
Tangible fixed

Pre-tax
profit+28.3+239.6△260.4 +9.4

FY2020△10.6

asset sale

△8.7

△1.8

125.6

△8.5

+69.2

△27.0

Cash and cash equivalents decreased 2.4B JPY
Cash generated by operating activities+20.62B（＋33.48B in the same period last year）

Cash used in investing activities△19.24B（△22.47B in the same period
last year ）＋7.9

FY2021

Cash used in financing activities△4.6B（△11.93B in the same period
last year ）Free cash flow ＋1.38B JPY（+11.01B JPY in the same period last year）© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

10【Reference】 Key Performance Indicators
Performance

Indicator
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(Before amortizationof goodw ill, etc.)(Before amortizationof goodw ill, etc.)

Net income△ 0.7%

Total assets
Net income
Shareholders' equity

Sales
Sales
Total assets
Sales
Accounts receivable
Cost of sales
Inventories

Capital adequacy ratio

0.2%(2.2％) The index improved due to△ 4.9%(6.4％)

1.2%

0.4%(2.8％)

0.8%(2.8％) The index improved due to the△ 0.7%(1.6％)

0.2%

Sales
Net income(1.5％)

1.1 times

1.2 times

5.4 times

6.0 times

4.9 times

4.6 times

15.1%

15.6%

3.3 times

3.0 times

revcovery of businessperformance as indicated by(2.1％) increased sales.

Total assets

D/E ratio

Price earnings ratio(PER)
Price book value ratio(PBR)

Interest-bearing debt
Shareholders' equity
Net income
Shares outstanding

JPY △25.19

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

Comments

turnaround in line with business(8.6％) performance.

Operating profit

Shareholders' equity

Earnings per share
Sahre

FY2021

FY2020

Formula2.5 times

Capital adequacy ratio improved due tothe increase foreign currency translation
adjustments resulting from thedepreciation of the yen.

JPY 6.73 (JPY 89.52)
138.5 times (10.4 times) Stock prices：
1.6 times

End of FY2020：JPY 1,296
End of FY2021：JPY 932

11

【Reference】 Capital Expenditure and R&D Expenses■ Capital Expenditure
Unit: Hundred million JPY

300
250

267.1

269.1

FY2021

FY2022 plan

181.3

200
150
100
50
0
FY2020Operating investments

Lease/rental investments■ R&D Expenses
Unit: Hundred million JPY

80.0
60.0

43.6

46.5

FY2020

FY2021

58.1

40.0
20.0
0.0

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

FY2022 plan12

【Reference】 Quarterly Financial Results
Domestic Business

Unit: Hundred million JPY

Overseas Business

EQD（Equipment Depot, Inc.）

1,400

Net Sales

1,200
1,000
800
600

905.4
100.0

987.9
103.1

949.3
106.1

1,072.4
110.8

1,080.8
110.2

1,080.1
109.5

561.3

543.7

1,207.4
127.5

1,285.8
105.7

632.8

723.8

421.5

419.6

460.4

508.6

383.9

423.6

424.4

453.0

409.3

426.9

447.1

456.2

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

400

200
0

FY2020
Unit: Hundred million JPY

Domestic Business

Operating
Profit (*)

40
30
20
10
0
* Operating Profit before
amortization of goodwill, etc.

FY2021

33.0
1.8

33.4
2.5

14.5

15.5

10.4
0.6
5.4
4.4

16.8

15.4

1Q

2Q

3Q

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

33.0
1.1

Overseas Business

34.8
3.5

11.9
20.0
20.1
11.3
4Q

1Q

EQD

37.2
28.3
6.2

6.4

29.8

7.2

6.5

6.0
16.1

10.8
23.7

2Q

12.5
3Q

4Q

FY202113

【Reference】 Stock Price Trend
in 2022
Year high value: 1,155 JPY (Jan 12)
Year low value: 710 JPY (Apr 27)

Closing priceon May 24

822JPY(as of May 24, 2022)
1800

Nikkei Average

1600

45,000

October 2017
Established“Mitsubishi Logisnext Co.,
Ltd”

Logisnext share value

40,00035,000

1200

1000

800

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

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

20,000600

15,000400

July 2015
Announced acquisitionof UniCarriers
Corporation shares200

May 2017
Announced
integration with
UniCarriers
Corporation0
Jan 2008

10,0005,000

0
Jan 2010

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

Jan 2014

Jan 2016

Jan 2018

Jan 2020

Jan 2022

14

Nikkei225 (JPY)

Our company (JPY)1400

FY2022 Business Planand
Progress of Mid-Term Management Plan

Takashi Kubo, President© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

1. Message from the President
We are now in the second year of our medium-term management plan, entering the
growth and expansion phase. In addition to the current important issues of rectifying
the parts supply network and recovering from production delays, the optimization oforder backlogs and inventories is an urgent task for our group this fiscal year, andwe are currently working as a unified group to quickly resolve these issues whilestrengthening our financial base and promoting our growth strategy.
Furthermore, we will make a full-fledged effort to manage our company with astrong awareness of sustainability, and strive to achieve sustainable growth of ourcompany and increase our corporate value. As a comprehensive manufacturer oflogistics equipment that supports social infrastructure, the entire group will do its
utmost to meet your expectations.

Takashi Kubo, President

My name is Mano, and I will take over Kubo’s position as President. We would liketo build a strong business foundation that will provide stable performance despite
the recent drastic changes in the business environment. At the same time, we would
like to actively work on our growth strategy, which is focused on future logistics
needs.
We will unite and work together to achieve our mid-term management plan,
Logisnext SolutionS 2023. At the same time, we will strive to realize our corporate
philosophy of moving the world forward as the leading provider of innovative
logistics and material handling solutions. We ask for your continued support.

Yuichi Mano

（ Scheduled to become president on June 24.）
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

16

2. Forklift Market Trends 【Shipping】(Jan. - Dec.)
Shipments were up 24.4% YoY to 1,969,000 units in the forklift market for the January to
December 2021 period, driven by the strong Chinese market, in addition to the strong
economic recovery in Europe, Americas, and Asia.
Japan(1,000 units)

100

85

EuropeAmericas(incl. Middle East & Africa)(1,000 units)
90

88

88

91

(1,000 units)

100.0% 400

80

80.0%

60

60.0%

100.0%
277

300

304

333
300

284

40.0%

20

20.0%

0

0.0%
CY2017 CY2018 CY2019 CY2020 CY2021

628

378

438

463

485

615

100.0%
80.0%

60.0%

400

60.0%

300

100

20.0%

40.0%

0

0.0%

APAC Japan
6.8％ 4.6％ Americas

100.0%

16.9％

80.0%

Global Market
In CY2021

60.0%

China
40.5％

20.0%
0.0%
CY2017 CY2018 CY2019 CY2020 CY2021

Note: Due to a change 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.

1,969
thousand units(Electric forklifts:
67.7%) Europe(incl. Middle East
& Africa)

31.2％

20.0%

100
0

CY2017 CY2018 CY2019 CY2020 CY2021

40.0%

531

200

(1,000 units)
797

535

500

40.0%

China
900
800
700
600
500
400
300
200
100
0

488

80.0%

200
40

600

0.0%
CY2017 CY2018 CY2019 CY2020 CY2021

APAC(1,000 units)

140

120

122
106

133

100.0%

112

100

80.0%

98

80

60.0%

60

40.0%

40
20.0%

20
0

0.0%
CY2017 CY2018 CY2019 CY2020 CY2021

Markets units
Percent electric forklifts

173. Forklift Market Trends 【Orders】(Quarterly)
Although the post-COVID-19 growth surge is normalizing, demand remains strong.
(+11.7% YoY to 304,000 units, excluding the Chinese market +26.5% YoY to 206,000 units)

Order intake（excl. Class III*）
Year-on-year+65.6％(Unit: 1,000 units)

400.0
350.0
300.0
250.0

205.3

200.0

16.8

150.0

69.2

100.0
50.0
0.0

55.2

224.6

263.6

271.9

18.4

21.1

13.6
127.7

339.9

348.4

26.0

27.8

138.8

74.4
50.3

Year-on-year+16.0％

Year-on-year+11.7％

305.8 303.7
28.4

29.9

108.3

97.7

70.7

86.1

128.4

109.1

118.9

35.9

Year-on-year+55.1％

86.7

60.4

44.1

37.6

49.1

61.5

20.0

18.6

18.1

19.8

80.4

83.2

77.9

68.8

20.3

22.3

20.5

21.2

CY2020/1Q CY2020/2Q CY2020/3Q CY2020/4Q CY2021/1Q CY2021/2Q CY2021/3Q CY2021/4Q
Japan

Americas

Europe(incl. Middle East & Africa)

China

APAC

*Class III : Self-propelled electric small lift
Note: Due to a change 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.

18

4. Our Order Results（Apr. - Mar.）
Orders in FY2021 were strong, up 55% YoY. Strong orders continue in the Americas,
Europe, and Asia due to post-COVID-19 growth surge.
Japan
1.2

1.0

(incl. Middle East & Africa)

2.5
1.0

0.9

1.4

1.0

2.1

2.0

1.2

1.0

0.8

1.5

0.6

1.3
1.0
0.8

0.8

1.1

1.0

1.0

0.4

0.6
0.4

0.5

0.2
0.0

0.2

0.0
FY2019FY20200.0

FY2021FY2019

1.0

1.0

1.0

EuropeFY2021

Japan
20％

China
2％

1.3

1.4

FY2020

APAC
12％

China

1.2

EuropeAmericas

Orders(incl. Middle East
In FY2021& Africa)

0.8
0.6

21％

0.4
0.2

Americas45％0.0FY2019FY2020

FY2021FY2019FY2020

FY2021

APAC
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0

1.5

1.0
0.8

FY2019FY2020

FY2021

Note: As FY2019=1 indexation. Even if it is the same number notation, by the decimal difference, a difference may occur to the height of the graph in an appearance.

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

19

5. Forklift Market Forecast and Sales Strategy
Japan

Americas••

The market is expected to be slightly higher than FY2021 levels.
The market share of electric forklifts is expected to increase due to the normalization of
production as a result of the elimination of delays in the supply of semiconductors, etc.
in FY2021, but market share is expected to decrease slightly due to a decline inshipments caused by the launch of the new small engine vehicle, “ERSIS”.

•

The market is expected to be lower than FY2021 due to a reactionary decline fromthe rapid increase in demand order backlog in FY2021 caused by longer lead time.
We aim to increase the market share by strengthening our sales approach for large
customers, strengthening rental business at EQD company, and launching a businesssolution division, as well as steadily focusing on accelerated orders, production,and shipments.

••

Europe•(incl. Middle East & Africa)

China

APAC

The market is expected to be due to a reactionary decline from the rapid increase indemand in FY2021 and the impact of the prolonged problems in Russia and Ukraine.
In addition to expanding sales of Class I products through the introduction of
the new electric forklifts “EDiA XL”, we aim to increase market share throughsales promotion activities to customers at its European direct sales companies
by utilizing its system, and by strengthening its response to customers by transferringproduction of compact engine forklifts to Spain.

••

The market is expected to be slightly lower than FY2021 due to the impact of COVID-19.
We will enhance our demo program and strengthen our sales promotion tools
for renewal of new models for customers who have been using old models
to increase demand for a long time.

•

The market is expected to be lower than FY2021 due to a reactionary decline in related
to replenishing distributors' new forklift inventory because of longer lead times
in the second half of FY2021.
We will maintain and strengthen our market share by steadily capturing
new forklift demand.

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

20

6. Production
FY2021
Production(Compared toplan)

FY2022
Production
forecast

FY2021 Production

FY2022 Production forecast

(YoY)

Japan

・Production was steady despite supply
delays of semiconductors, etc., and theimpact of COVID-19.
・Production of “GRENDiA” and “FOZE”,
compact engine forklifts, wasdiscontinued.

・Expect to significantly increase

Americas・Delays due to supply chain
disruptions and delays in the supplyof parts for semiconductors, etc.,
have been impacted.
・The impact of COVID-19, supply
chain disruptions due to the
problems in Russia and Ukraine, as
well as parts supply delays led to asignificant decline.

・Expect to increase production volume

・Production volume is expected to

China

・Production volume increased fromFY2020 due to strong orders from
Asia.

APAC

・Record production in its 10th year
in business.

Europe(incl. Middle East &Africa)© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

・Aim to maintain the shipment
volume of the new compact engine
forklift "ERSIS" by ensuring a timely
production start.

production by improving the supply
chain and aiming to reduce the orderbacklog.

by reducing the order backlog and bytransferring production of compact
engine forklifts (from Dalian plant toSpain plant) in April FY2022.

decrease due to the transfer of
production of compact engine forklifts
in April 2022.

・Aim to Increase production andpromote shipments by improving
supply chain.
21

7. Financial Forecast for FY2022
Key factors related to the financial forecast:
・Production delays due to shortages in the supply of electronic components used in semiconductors, andContinuous escalation of materials, transportation costs.
・Optimization of order backlogs and reduction of long delivery times should be assisted by rectifying parts
supply network issues and recovering production and shipment levels.
・In Japan, the material handling equipment market remains steady at the same level as before COVID-19.
Overseas, remain above the pre-COVID-19 level.
・Emergence of geopolitical risks, and negative impacts on the economy due to rising inflation in many
countries must be considered.
FY2021

FY2022

Units Sold

103,000 units

118,000 units+15,000 units+14.6%Net Sales

4,654.1

5,400.0+745.9+16.0%

130.1

175.0

+44.9

+34.5%(Unit: Hundred million JPY)

Operating Profit(Before amortization of goodwill, etc.)(Operating profit margin)（2.8％）（3.2％）

94.2

95.0

35.9

Amortization of
Goodwill, etc.
Operating Profit(Operating profit margin)－－（0.8％）

80.0（1.5％）+44.1+122.7%32.4（0.7％）

70.0（1.3％）+37.6+116.0%

7.2

25.0

+17.8

+248.7%

Ordinary Profit(Ordinary profit margin)

YoY Change

Profit Attributable to
Owners of Parent(Net income margin)（0.2％）（0.5％）

Dividend per Share

8 yen

9 yen

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

－－

FY2022 plan FX rate ：USD=JPY120 EUR=JPY130 CNY=JPY18.5

22

8. Operating Profit FY2021 vs FY2022 Plan
Operating profit (before amortization of goodwill, etc.) is expected to increase
only 34.5% YoY due to longer lead times caused by delays in the supply ofvarious components, including semiconductors, and the accompanying delay
in mark up, as well as increased material and transportation costs.
Gross profit
increasedue to sales
increase

Cost
reduction

9.6

Expenseincrease
US tariffs (selling costs, etc.)(Unit: Hundred million JPY)

10.7
FX
effects

Consolidation
adjustments,
etc.

Material
costs
increase
Sales priceimprovement/
Mix

13.1
△81.0

20.0

104.2

206.7
175.0

130.1

Transportation
costs
increase△168.3
FY2021(Before amortizationof goodwill, etc.)

Operating profit increaseby 4.5B JPY（+34.5%）

FY2022
Planned actual value(Before amortizationof goodwill, etc.)(Before amortization of goodwill, etc.)© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

△51.4

FY2022
188.0
Plan(Before amortizationof goodwill, etc.)23

9. FY2022 Business Plan
「Logisnext SolutionS 2023」（『LS23』）
Accelerate Growth
Strategy

Build up BusinessResilience

Net Sales
Operating Profit

Strengthen the financial base

Implement the three basic
strategies
Reorganize sales network
Strengthen sales expansion system
Built brand strategy
FY2021
Start-up andfoundationbuilding phase➢➢➢

TargetLS23 Achievement ofplanned values(Before amortization of goodwill, etc.)

Net Sales
465.4B JPY
Operating Profit
13B JPY(Before amortization of goodwill, etc.)

540B JPY
17.5B JPY

Further Develop
Our Global And
Regional Branding Strategies

New product development
New business development
Increase awareness of"Logisnext”

FY2022Growth andexpansion
phase

Net Sales

500 BJPY+Further increase

Operating Profit

30B JPY(Before amortization of goodwill, etc.)

FY2023Completionand evolution
phases

The second year of “Logisnext SolutionS 2023”, the “growth and expansion phase”.
Promptly resolve the problems related to longer lead time due to increasing material andtransportation costs and delays in parts supply.
Generate cash, strengthen the financial base, and make appropriate investments, including in oursales expansion system.

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

2410. Build up Business Resilience -Strengthen the existing business■ New Product Launch for the domestic market➢ Integrated model of compact engine forklifts• New small engine forklift truck, "ERSIS" launched in March 2022, isintegrated model combines the strengths of engine forklifts “GRENDiA” and“FOZE”.
Features
Superb environmental impact levels
・ Equipped with in-house engines that meetthe latest emission standards

High workability

・ Mast ascent speed in top of class・ Powerful climbing ability

Full range of safety functions

・ Integrated vehicle management systemequipped on all models© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

25

11. Build up Business Resilience -Strengthen the existing business■ New Product Launch for the overseas market➢ Introduced new electric forklifts for the European market•

Developed “EDiA XL”, a high-performance mid-size (4.0-5.5tons) electric forklift,
designed to meet the demand for combustion engine forklift replacements, was launched
for the European market in April 2021.
Features
Superb environmental impact levels
・ Best-in-class energy efficiency

High workability

・ Auto-boost function increases driving power as needed

Stable handling・ Superior ability to reduce vibration when lowering themast

Comfortable operability

・ Compact steering wheel for security and safe driving
・ Ergonomic dual joysticks

Aim to expand sales in the European market,
where advanced carbon-neutral initiatives are strong© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

26

12. Build up Business Resilience -Strengthen the existing business■Sales expansion in Asia and Oceania➢ Strong sales of new electric forklifts launched in Asia and Oceania markets•“FB-80” (ALESIS in Japan), a compact electric forklift manufactured at the Thailand plant(Logisnext Manufacturing(Thailand) Co., Ltd.) seen the addition of a 3 tons class edition,
receiving high praise in the Asia and Oceania regions and is selling well.

•

We contributed to achieving the highest annual production volume ever last year in
FY2021, the 10th year since the Thailand plant was established.

Logisnext Manufacturing(Thailand) Co., Ltd.
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

FB-80
27

13. Accelerate growth strategy -Expand our solutions portfolio■Expansion of Solution Business➢ Launched Solution Business Division in the U.S. EQD company•

Established “EQ SOLUTIONS” as a business solutions division of EQD company, a
direct sales company.

•

In addition to solutions for distribution warehouses, such as material handling products
and warehouse products, “EQ SOLUTIONS” has expanded its offerings, including
automated equipment such as unmanned forklifts and automated warehouses.

•

We offer total solutions to customers across a wide range of industries, including not
only distribution warehouses, but also manufacturing, beverage, food, and wholesale
operations.

Material handling andautomation equipment© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

Unmanned forklifts

Warehouse products2814. Accelerate growth strategy -Expand our solutions portfolio■Development of New Technology➢ Development of a “mixed fleet solution”•

We have developed a “mixed fleet solution” at our European base, which is acomprehensive solution of middleware, software, and material handling equipment thatenables manned and unmanned forklift trucks to coexist.

•

Operations commenced at a customer warehouse in Belgium with DHL, a major
European logistics company, as the pilot customer.

Unmanned forklift

Manned forklift

Mixed fleet solution（Image）© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

29

15. Accelerate growth strategy -Expand our solutions portfolio■Use of Unmanned Transport Technology➢ Start of demonstration experiment to automate the loading andunloading of trucks outdoors• The unmanned forklifts demonstration experiment for loading and unloading is
to be conducted with Konoike Transport Co., Ltd. and Mitsubishi Heavy
Industries by March 2024.
• We aim to reduce the workload of forklift operators and reduce truck dwelltime, thereby contributing to manpower and labor savings in the logistics field.
Road map

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

30

16. Further develop our global and regional branding strategies -ESG■Efforts toward the realization of Carbon Neutrality➢ Orders received for new tire-type gantry crane (RTG)•

Received orders from Kamigumi Co., Ltd. for RTGs that can reduce CO2 emissions andbe converted to hydrogen fuel cell technology in the future. Two units will be installed
during FY2022 and a total of 18 units by the end of FY2027.

•

We aim for zero greenhouse gas emissions at ports, striving to realize the goal of carbon
neutral ports (CNP).

Compliant with Tier 4
exhaust gas regulations
New type power generation
180KVA

Conventional
generator220KVA

Can be converted to hydrogenfuel cells in the future© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

31

17. Further develop our global and regional branding strategies■Published “Mitsubishi Logisnext SDGs Report 2021”➢ Achieving towards the carbon neutrality by 2040•

Formulated our global CO2 emissions (Scope 1 and 2) reduction targets.
“40% reduction by 2030 (relative to fiscal 2017 levels), net zero by 2040”➢ Establishment of Sustainability Promotion Structure•••

The sustainability council was established as the supreme body for promotion and managementof sustainability activities.
Under the sustainability council, subcommittees are established for each materiality activity area.
Each subcommittee sets its own policies and targets for each materiality and promotes its own
initiatives.

➢ Integrated with Environmental Report••

Integrated environmental reports, which were previously published separately, into this SDGs
report.
Integrated information on environmental initiatives and achievements.

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

32

18. Response to the TSE market reform■Transition to Standard Market➢ Efforts to achieve listing maintenance criteria•

We selected the "Standard Market" based on the overall judgment that maintaining thecurrent capital relationship with Mitsubishi Heavy Industries and continuing to utilize
and strengthen cooperation with the comprehensive strengths of Mitsubishi Heavy
Industries as well as conducting independent management as a listed company would
be optimal.

•

As a result of efforts to achieve the 25% listing maintenance criteria, we haveachieved standardization at 25.6% as of March 31, 2022.
Compliance with listing maintenance criteria in standard market

Our status
June 30, 2021
(as of the transitionreference date)

Our status
March 31, 2022
Listing maintenancecriteria

Number ofshareholders

Number of
Total market
Tradable sharetradable units capitalization ofratio
of stocktradable shares

12,014 people

242,746 units

27.4B JPY

22.7%

21,257 people

272,582 units

26.4B JPY

25.6%

400 people

2,000 units

1B JPY

25%

Plan period as statedin the original plan
© MITSUBISHI LOGISNEXT CO.,LTD. All rights reserved.

March 31,2023
33

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 use it relying on his
or 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. 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.

34

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