Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

August 4, 2023

Consolidated Financial Results
for the Three Months Ended June 30, 2023
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

Mitsubishi Logisnext Co., Ltd.
Tokyo Stock Exchange
7105
https://www.logisnext.com/en/
Yuichi Mano, Representative Director and President
Hiroki Mochizuki, Division Head, General Manager, Corporate Finance andAccounting Division, Corporate Finance and Accounting Headquarters
Telephone:+81-75-951-7171
Scheduled date to file quarterly securities report:
August 10, 2023
Scheduled date to commence dividend payments:–
Preparation of supplementary material on quarterly financial results: None
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2023 (April 1, 2023 to June 30,2023)(1) Consolidated operating results (cumulative)
Net sales
Three months ended
June 30, 2023
June 30, 2022

Operating profit

Millions of yen

166,127
135,296

Note: Comprehensive income

Reference:

10,322(1,597)

Profit attributable toowners of parent

Ordinary profit% Millions of yen

22.8
25.2

% Millions of yen––

For the three months ended June 30, 2023:
For the three months ended June 30, 2022:

Basic earnings
per share
Three months ended
June 30, 2023
June 30, 2022

(Percentages indicate year-on-year changes.)

9,629(1,470)% Millions of yen––¥15,007 million¥7,047 million

6,608(1,539)%––[112.9%][–%]Diluted earnings
per share
Yen

Yen

61.96
(14.44)

61.76–

Operating profit before amortization of goodwill
For the three months ended June 30, 2023:¥12,829 million[–%]
For the three months ended June 30, 2022:¥1,089 million[(68.7)%]
Mitsubishi Logisnext Co., Ltd. (the “Company”) uses operating profit before amortization of goodwill as a key
management indicator.
Note: The year-on-year change in operating profit before amortization of goodwill for the three months ended June 30,2023 was 1,077.3%, and because the rate of increase exceeds 1,000% is shown as “–.”(2) Consolidated financial position
Total assets
As ofJune 30, 2023
March 31, 2023
Reference:

EquityNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

508,766
475,432

89,87476,02717.6
15.9

838.12707.19As of June 30, 2023:
As of March 31, 2023:¥89,289 million¥75,455 million

2. Cash dividends
Annual dividends per shareFirst quarter-end Second quarter-end Third quarter-end
Yen

Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024

Yen–

Fiscal year-end

Yen

Total

Yen

Yen

–

–

9.00

9.00

–

–

16.00

16.00

–

Fiscal year ending
March 31, 2024
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024 (April 1, 2023 to March
31, 2024)
Net sales
Millions of yen

Fiscal year ending
March 31, 2024

630,000(Percentages indicate year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share

Operating profit% Millions of yen

2.4

25,000% Millions of yen

70.0

23,000% Millions of yen

97.5

13,000Note: Revisions to the earnings forecasts most recently announced: None
Reference: Operating profit before amortization of goodwill¥35,000 million [40.0%]

%

Yen

88.0

121.89

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): Yes
Excluded:
1 company (Mitsubishi Logisnext Americas (Marengo) Inc.)(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial
statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common stock)(i) Total number of issued shares at the end of the period (including treasury stock)
As of June 30, 2023

106,712,013 shares

As of March 31, 2023

106,705,013 shares(ii) Number of treasury stock at the end of the period
As of June 30, 2023

175,916 shares

As of March 31, 2023

7,216 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the
fiscal year)
Three months ended June 30, 2023

106,649,872 shares

Three months ended June 30, 2022

106,640,797 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
Caution regarding forward-looking statements
The forward-looking statements, including the financial forecasts shown in this document are based on
information currently available to the Company and on certain assumptions deemed to be reasonable. As
such, they do not constitute guarantees by the Company of future performance. Actual performance andother results may differ materially from these forecasts due to various factors. For matters related to theearnings forecasts, please see “1. Qualitative information regarding financial results for the first threemonths, (3) Explanation of consolidated earnings forecasts and other forward-looking statements” onpage 4 of the attached material.

Mitsubishi Logisnext Co., Ltd.

Attached Material
Index
1. Qualitative information regarding financial results for the first three months .......................................... 2(1) Explanation of operating results ......................................................................................................... 2(2) Explanation of financial position........................................................................................................ 4(3) Explanation of consolidated earnings forecasts and other forward-looking statements ..................... 4
2. Quarterly consolidated financial statements and significant notes thereto ............................................... 5(1) Quarterly consolidated balance sheet ................................................................................................. 5(2) Quarterly consolidated statement of income and quarterly consolidated statement ofcomprehensive income ....................................................................................................................... 7
Quarterly consolidated statement of income (cumulative) ................................................................. 7
Quarterly consolidated statement of comprehensive income (cumulative) ........................................ 8(3) Notes to quarterly consolidated financial statements ......................................................................... 9
Notes on premise of going concern .................................................................................................... 9
Notes on significant changes in the amount of shareholders’ equity .................................................. 9
Segment information .......................................................................................................................... 9
3. Other ....................................................................................................................................................... 11-1-

Mitsubishi Logisnext Co., Ltd.

1. Qualitative information regarding financial results for the first three months(1) Explanation of operating results
The global economy in the three months ended June 30, 2023, has seen inflation persist despite thecontinuing efforts of central banks in various countries to raise or maintain interest rates in order tocontrol inflation and, with Russia’s prolonged aggression in Ukraine showing no end in sight, its
growth is slowing. Although the increase in transport costs caused by the rapid recovery phase out of
the COVID-19 pandemic has subsided, inflation is driving not only higher labor costs but also higher
costs in a wide range of areas including fuel and components. In Japan and overseas, this is having a
growing impact.
Against this backdrop, the domestic market for forklifts and other material handling equipment
remained firm at pre-COVID-19 levels. Though overseas demand in the Americas is on a downward
trend as buyers take a wait-and-see approach due to a sense of economic slowdown, demand continues
to exceed pre-COVID-19 levels, as it did in the previous fiscal year, due to stable logistics needs. On
the other hand, Europe’s economy has stagnated, in part due to the impacts of inflation. Althoughdemand is trending downward from the temporary rebound, it is remaining at pre-COVID-19 levels. In
addition, Asia was relatively unaffected by the situation in Ukraine, although the market has weakened
slightly because of inflation and interest rate hikes. China is showing signs of recovery due to thelifting of the zero-COVID policy but behind market expectations.
At the Company, the major challenge of longer lead times due to delays in the supply of various
components is gradually abating but high costs persist. Despite these circumstances, the Group as awhole secured sufficient orders. In addition, the Group worked on achieving production improvements
by eliminating the components shortages in Japan and overseas, accelerating shipments. As a result, theeffects of price optimization were effectively expanded. However, there are signs of interest rate policy
reversal in Japan and the Americas at present, and the outlook for the global economy in the current
inflationary environment remains unclear and unpredictable.
Under these circumstances, net sales for the period under review totaled ¥166,127 million (up 22.8%
year on year).
Profits were affected by high costs but net sales increased contribute to the acceleration of shipments
and the effect of price optimization, consequently operating profit was ¥10,322 million (compared to aloss of ¥1,597 million in the same period of the previous fiscal year), ordinary profit was ¥9,629
million (compared to a loss of ¥1,470 million in the same period of the previous fiscal year), and profit
attributable to owners of parent was ¥6,608 million (compared to a loss of ¥1,539 million in the same
period of the previous fiscal year).
Operating profit before amortization of goodwill was ¥12,829 million (up 1,077.3% year on year), andthe operating profit margin was 7.7% (up 6.9 percentage points year on year).
(Billions of yen)
Net sales
Operating profit before
amortization of goodwill(%)

Three months ended
June 30, 2022

Three months ended
June 30, 2023

Change(Billions of yen)(%)

135.29166.12

30.83

22.8

1.08

12.82

11.74

1,077.3

0.8

7.7

Operating profit (loss)(%)(1.59)
–

10.32
6.2

11.92

–

Ordinary profit (loss)(%)(1.47)
–

9.62
5.8

11.10

–

(1.53)

6.60

8.14

–

–

4.0

Profit (loss) attributable toowners of parent
(%)

-2-

Mitsubishi Logisnext Co., Ltd.

Operating results by segment are as follows.
Japan
Net sales in Japan were ¥44,701 million (up 14.6% year on year) as orders remained steady,components shortages have been abating, and the effects of price optimization are also starting tocontribute. Segment profit was ¥1,762 million (compared to a loss of ¥917 million in the same periodof the previous fiscal year) given increased net sales and the impact of yen depreciation in the export
business despite the persistent high-cost environment.
Segment profit before amortization of goodwill was ¥2,972 million (up 925.6% year on year).
Japan(Billions of yen)
Net sales
Operating profit before
amortization of goodwill(%)
Operating profit (loss)(%)

Three months ended
June 30, 2022

Three months ended
June 30, 2023

Change(Billions of yen)

(%)

39.01

44.70

5.68

14.6

0.28

2.97

2.68

925.6

2.68

–

0.7

6.7

(0.91)–

1.76
3.9

Overseas
Net sales in Overseas were ¥121,426 million (up 26.1% year on year) due to an increase in units sold in
the Americas, the contribution of the effects of price optimization, and the tailwind from the impact ofyen depreciation. Segment profit was ¥8,560 million (compared to a loss of ¥679 million in the same
period of the previous fiscal year) due largely to the increase in net sales.
Segment profit before amortization of goodwill was ¥9,857 million (up 1,132.3% year on year).
Especially in the same period of the previous fiscal year in Overseas, price optimization had not beenable to cover the higher costs in the inflationary environment post-COVID-19. Since then, the gradualelimination of components shortages has led to increased production, accelerated shipments, the effects
of price optimization have been steadily realized, and net sales and segment profit in Overseas
increased significantly.
Overseas(Billions of yen)
Net sales
Operating profit before
amortization of goodwill(%)
Operating profit (loss)(%)

Three months ended
June 30, 2022

Three months ended
June 30, 2023

Change(Billions of yen)

(%)

96.28

121.42

25.14

26.1

0.79

9.85

9.05

1,132.3

0.8

8.1(0.67)
–

8.56
7.1

9.24

–

-3-

Mitsubishi Logisnext Co., Ltd.

(2) Explanation of financial position
As of June 30, 2023, total assets were ¥508,766 million, an increase of ¥33,334 million from the end of
the previous fiscal year. Current assets increased by ¥21,403 million as a result of increases in accounts
receivable and inventories, partly due to the impact of yen depreciation. Non-current assets increasedby ¥11,930 million as a result of increases in machinery, equipment and vehicles, and leased assets,
partly due to the impact of yen depreciation.
Total liabilities were ¥418,892 million, an increase of ¥19,487 million from the end of the previous
fiscal year. The main factors were the impact of yen depreciation, as well as increases in income taxes
payable, long-term borrowings, other current liabilities, and other non-current liabilities.
Net assets, excluding share acquisition rights and non-controlling interests, were ¥89,289 million, an
increase of ¥13,834 million from the end of the previous fiscal year. The main factors were an increase
in retained earnings from profit attributable to owners of parent and an increase in foreign currencytranslation adjustment.
(3) Explanation of consolidated earnings forecasts and other forward-looking statements
There are no changes to the consolidated earnings forecasts announced on May 10, 2023.

-4-

Mitsubishi Logisnext Co., Ltd.

2. Quarterly consolidated financial statements and significant notes thereto(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-5-

As of June 30, 2023

13,245

21,610101,148

105,115

2,507
62,84014,80530,64640,749(1,383)
264,561

2,074
77,82014,50732,92033,512(1,596)285,965

21,803
72,685
22,13327,758
4,551
148,933

22,316
81,35622,17728,637
4,807
159,295

25,473
15,664
41,137

24,676
16,15940,836

7,152
13,698(50)
20,800210,871475,432

7,609
15,100(39)
22,670222,801
508,766

Mitsubishi Logisnext Co., Ltd.
(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Provision for loss on liquidation of subsidiaries andassociates
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Provision for product warranties
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
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-6-

As of June 30, 2023

86,24015
51,344
7,199
3,313
4,798

86,517–
48,245
7,710
6,674
2,399

94

28

4,215

4,279

75

75

51,411
208,70957,191
213,122

124,281
20,332
2,561

131,781
20,5612,933

7

7

16,26327,248
190,695
399,405

16,63933,846
205,770
418,892

4,938
34,775
16,704(2)
56,415

4,940
34,77722,353(202)
61,8682,387
17,019(367)
19,040277
294
76,027475,432

2,693
25,121(393)
27,421272
312
89,874
508,766

Mitsubishi Logisnext Co., Ltd.

(2) Quarterly consolidated statement of income and quarterly consolidated statement ofcomprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)Three months ended
June 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Insurance claim income
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on liquidation of subsidiaries and associates
Loss on disaster
Business restructuring expenses
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent-7-

Three months ended
June 30, 2023

135,296
108,323
26,97328,571(1,597)

166,127
123,71442,41332,090
10,322

161
143

276
41

33

4

295
101
734

279
96
698

555
52
607
(1,470)

1,353
37
1,391
9,629

77
–
–
77

235
0
54
290

44
–
399
0
–
88
533
(1,927)
301
(688)
(386)
(1,540)(0)(1,539)

5
29
–
–
104
–
139
9,780
4,148
(986)
3,161
6,618
10
6,608

Mitsubishi Logisnext Co., Ltd.

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 2022
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-8-

Three months ended
June 30, 2023

(1,540)

6,618

(40)
8,551
78

306
8,118
(26)

(0)

(9)

8,588
7,047

8,388
15,007

7,038

14,989817

Mitsubishi Logisnext Co., Ltd.

(3) Notes to quarterly consolidated financial statements
Notes on premise of going concern
Not applicable.
Notes on significant changes in the amount of shareholders’ equity
Not applicable.
Segment information
I.

Three months ended June 30, 2022

1. Information on the amounts of net sales and profit or loss by reportable segment(Millions of yen)
Reportable segment

Japan

Net sales(1) Sales to externalcustomers(2) Intersegment
sales or transfers

Overseas

Adjustments(Note 1)

Total

Amount reported
on the quarterly
consolidated
statement ofincome(Note 2)39,01496,282

135,296–

135,296

11,944401

12,346(12,346)–

Total

50,95996,683

147,642(12,346)

135,296

Segment loss

(917)

(679)

(1,597)–(1,597)

Notes: 1. Adjustments to segment net sales represent elimination of intersegment sales.
2. Total segment loss is consistent with operating loss in the quarterly consolidated statement of income.
3. The difference between segment loss and operating profit before amortization of goodwill, which theCompany uses as a key management indicator, is depreciation and amortization of goodwill and otheridentifiable assets (valuation differences) acquired on the date of business combination.
Japan

Overseas

Total

Segment loss

(917)

(679)

(1,597)

Amortization of goodwill

1,000

1,034

2,034

Depreciation and amortization ofvaluation difference

207

445

652

Operating profit before amortizationof goodwill

289

799

1,089

2. Information on impairment losses of non-current assets or goodwill, etc. by reportable segment
Material impairment losses of non-current assets
There are no material matters to report.
Material changes in the amount of goodwill
Goodwill was newly recorded in the “Overseas” segment. The amount of this goodwill was ¥2,731
million for the three months ended June 30, 2022. However, this is a provisionally calculated
amount of goodwill since the allocation of acquisition cost has not been completed.

-9-Mitsubishi Logisnext Co., Ltd.

II. Three months ended June 30, 2023
1. Information on the amounts of net sales and profit or loss by reportable segment(Millions of yen)
Reportable segment

Japan

Net sales(1) Sales to externalcustomers(2) Intersegment
sales or transfers
Total

Overseas

Adjustments(Note 1)

Total

Amount reported
on the quarterly
consolidated
statement ofincome(Note 2)44,701

121,426

166,127–

166,127

13,503506

14,009(14,009)–58,205

121,932

180,137(14,009)

166,127

1,762

8,560

10,322–

10,322

Segment profit

Notes: 1. Adjustments to segment net sales represent elimination of intersegment sales.
2. Total segment profit is consistent with operating profit in the quarterly consolidated statement of income.
3. The difference between segment profit and operating profit before amortization of goodwill, which theCompany uses as a key management indicator, is depreciation and amortization of goodwill and otheridentifiable assets (valuation differences) acquired on the date of business combination.
Japan

Overseas

Total

Segment profit

1,762

8,560

10,322

Amortization of goodwill

1,000

876

1,876

Depreciation and amortization ofvaluation difference

210

420

630

Operating profit before amortizationof goodwill

2,972

9,857

12,8292. Information on impairment losses of non-current assets or goodwill, etc. by reportable segment
There are no material matters to report.

- 10 -

Mitsubishi Logisnext Co., Ltd.

3. Other
Reference: Consolidated financial results for the three months ended June 30, 2023
1. Financial highlights(Billions of yen)
Fiscal year ending March 31, 2024

Fiscal year ended March 31, 2023
Q1
(Apr.Jun.)

Q2(Jul.Sep.)

Q3(Oct.Dec.)

Q4(Jan.Mar.)

Total

Q1
(Apr.Jun.)

135.29144.29161.36174.46615.42

166.12

166.12

1.08

5.12

9.03

9.74

24.99

12.82

12.82

0.8

3.5

5.6

5.6

4.1

7.7

7.7

(2.68)(2.44)(2.49)(2.65)(10.28)(2.50)(2.50)

Operating profit(Operating profit
margin) (%)(1.59)

2.67

6.54

7.08

14.70

10.32

10.32

(1.2)

1.9

4.1

4.1

2.4

6.2

6.2

Ordinary profit(Ordinary profit
margin) (%)(1.47)

2.49

5.23

5.38

11.64

9.62

9.62

(1.1)

1.7

3.2

3.1

1.9

5.8

5.8

(1.53)

0.18

4.23

4.03

6.91

6.60

6.60

(1.1)

0.1

2.6

2.3

1.1

4.0

4.0

USD

129.57133.97136.51135.47137.37EUR

138.12138.73140.59140.97149.47

Net sales
Operating profit before
amortization of
goodwill(Operating profit
margin) (%)
Amortization of
goodwill

Profit attributable toowners of parent(Net profit margin)(%)

Q2(Jul.Sep.)

Q3(Oct.Dec.)

Q4(Jan.Mar.)

Exchange rates

Total

(Yen)

2. Segment information(Billions of yen)
Fiscal year ending March 31, 2024

Fiscal year ended March 31, 2023
Q1
(Apr.Jun.)
Net sales
OperatingprofitQ2(Jul.Sep.)

Q3(Oct.Dec.)

Q4(Jan.Mar.)

Total

Q1
(Apr.Jun.)

Q2(Jul.Sep.)

Q3(Oct.Dec.)

Q4(Jan.Mar.)

Total

Japan

39.01

41.31

46.79

49.20

176.32

44.70

44.70

Overseas

96.28

102.98114.56125.25439.09121.42121.42

Japan

0.28

0.62

2.43

1.98

5.34

2.97

2.97

Overseas

0.79

4.50

6.60

7.75

19.65

9.85

9.85

* Operating profit represents operating profit before amortization of goodwill
Net sales by region(Billions of yen)
Fiscal year ended March 31, 2023

Fiscal year ending March 31, 2024

RegionQ1(Apr.Jun.)

Q2(Jul.Sep.)

Q3(Oct.Dec.)

Q4(Jan.Mar.)

Total

Q1
(Apr.Jun.)

Q2(Jul.Sep.)

Q3(Oct.Dec.)

Q4(Jan.Mar.)

Total

Japan

39.01

41.31

46.79

49.20

176.32

44.70

44.70

Americas

61.64

69.19

78.43

86.80

296.07

86.69

86.69

Europe

25.34

23.35

26.40

28.29

103.39

25.69

25.69

China & Asia

9.29

10.44

9.72

10.16

39.62

9.03

9.03

Total

135.29144.29161.36174.46615.42

166.12

166.12- 11 -

Mitsubishi Logisnext Co., Ltd.

3. Units sold of forklifts(Thousands of units)
Fiscal year ending March 31, 2024

Fiscal year ended March 31, 2023
Q1
(Apr.Jun.)

Q2(Jul.Sep.)

Q3(Oct.Dec.)

Q4(Jan.Mar.)

Total

Q1
(Apr.Jun.)

Q2(Jul.Sep.)

Q3(Oct.Dec.)

Q4(Jan.Mar.)

Total

Japan

6

6

7

7

26

7

7

Overseas

21

19

22

25

86

21

21

Total

27

25

29

31

112

28

28

- 12 -