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

Logisnext Solutions
Comprehensive Manufacturer of Logistical Equipment,
Headquartered in Nagaokakyo, Kyoto.

June 1, 2023
MITSUBISHI LOGISNEXT© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

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

Takatoshi Uno
Director, Executive Officer
CFO© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

1. FY2022 Summary
Economic Market Trends◼ The global economy remains stagnant or continues to slow down due to policies of increasing interest
rates by central banks in various countries in order to control inflation and the impact of Russian
aggression in Ukraine since February last year. In addition, increasing material and transport costs andsupply chain disruptions have shown signs of improvement overall but remain significant in some areas.
◼ In the material handling equipment market, demand in Japan remains at pre-COVID-19 levels.
Overseas demand in the Americas, has continued to exceed pre-COVID-19 levels because logistics
needs remain strong despite economic slowdowns. Demand in Asia remains at the same high levels as
the previous year, but is declining in Europe although maintaining pre-COVID-19 levels. China has
shown signs of modest recovery due to the lifting of the zero-COVID policy, but has yet to recover fromthe decline in the first half of FY2022.
◼ Mitsubishi Logisnext has been affected by longer lead times due to delays in the supply of components,
by higher material and transportation costs and other factors, but orders are generally steady, though
there are regional differences. Production and shipments are being promoted in Japan and overseas,
and the effects of price optimization have begun to show.

Summary of FY2022 Results◼

Net sales increased by 32.2% YoY due to an increase in units sold mainly in the Americas and Europe,
as well as the impact of the weak JPY.

◼

Operating profit (before amortization of goodwill, etc.) increased 92.1% YoY due to a significant
increase in sales against the background of strong orders in the Americas and strong performance inthe rental business, as well as the impact of the weak JPY and price optimization.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

3

2. Financial Highlights
Unit: Hundred million JPY

Profit and Loss
Statement

FY2021

FY2022YoY Change

4,654.0

6,154.2+1,500.1+32.2％

130.1

249.9

(2.8％)(4.1％)+119.8+92.1％

Amortization of
Goodwill

94.2

102.8

―

―

Operating Profit

35.9

147.0

(Operating profit margin)(0.8％)(2.4％)+111.1+309.4%

32.4

116.4

(0.7％)(1.9％)+84.0+259.4%7.1

69.1(0.2％)(1.1％)+61.9+864.0%Net Sales
Operating Profit(Before amortization of goodwill, etc.)(Operating profit margin)

Ordinary Profit(Ordinary profit margin)

Profit Attributable to
Owners of Parent(Net income margin)

FY2021 actual FX rates: USD=JPY112.38 EUR=JPY130.56 CNY=JPY17.51
FY2022 actual FX rates: USD=JPY135.47 EUR=JPY140.97 CNY=JPY19.75

Balance SheetFY2021

FY2022YoY Change

Total Assets

4,056.0

4,754.3+698.3+17.2％

Total Liabilities

3,418.6

3,994.0+575.4+16.8％

637.3

760.2

+122.9+19.3％Net Assets© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

4

3. Business Results by Segment

Net Sales◼ Net sales increased by 32.2% YoY, due to a slight increase in Japan and an increasein units sold overseas, mainly in the Americas and Europe, and the impact of the
weak JPY
Japan

Unit:
Hundred million JPY

8,000

FY2022 Sales by Region

Overseas

Increased 6,154.2+1,500.1

6,000
4,000

4,654.0 (+32.2％)

Operating Profit*(37.4％)

4,390.9

2,914.52,000

0China&
Europe Asia
Japan
16.8％ 6.4％
28.7％
(6.7％)(17.3％)

1,739.5

1,763.2

FY2021

FY2022

Americas48.1％(38.6％)() = previous year

◼ Operating profit increased by 92.1% YoY partly due to FX impacts. Profit in Japandecreased due to the limited effects of price optimization compared to higher costs,
whereas overseas profit benefited from higher sales and price optimization effects
Unit:
Hundred million JPY

Japan

300.0

200.0

100.0

0.0
* Operating Profit before amortization of goodwill, etc.

FY2022 Operating Profit by Segment

Overseas

Increased

249.9
Japan
21.4％

+119.8(+92.1％)130.1(48.9％)
196.5

Overseas
78.6%

66.5
63.5

53.4

FY2021

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

(51.1％)() = previous year5

4. Net Sales by Region (including FX impacts)
Japan(Unit: Hundred million JPY)

2,000

1,739.5

Increased+23.7(+1.4％)

Americas(Unit: Hundred million JPY)

1,763.2

1,500

4,000

+1,164.4(+64.8％)

3,000

903.3

960.0

1,000

2,000

500

836.2

803.2

FY2021

FY2022

1,796.3

2H

Increased

1,500
1,000

+228.8(+28.4％)0

FY2022
1H

2H

China & Asia
FX impact
69.7

1,033.9805.0(Unit: Hundred million JPY)

Increased

500
400

313.0

+83.1
(+26.6％)

300

546.9
500

1,308.4

FY2021

Europe(Unit: Hundred million JPY)

1,652.3

804.8

0
1H

2,960.7

991.4

1,000

0

FX impact
504.7

Increased

436.8
368.2

486.9

FY2021

FY2022

200
100

FX impact
11.6

396.2
198.8

161.5
197.3

151.5

0
1H

2H

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

FY2021

FY2022
1H

2H

6

5. Net Sales – FY2021 vs FY2022◼ Japan:Net sales increased slightly as service sales increased to compensate for decreased
shipments due to parts shortages in the first half of FY2022.

◼ Overseas: Net sales increased due to contribution from increased units sold, mainly in theAmericas, and growth in rental businesses at EQD*, in addition to the impact of the
weak JPY. Sales also increased in Europe and Asia.

EuropeAmericas
FX
impactJapan+159.1(Unit: Hundred million JPY)

+71.5

+659.7+23.7
6,154.2+586.04,654.0

China &
Asia

Increased+1,500 (+32.2%)

FY2021

FY2022* Equipment Depot, Inc.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

7

6. Operating Profit – FY2021 vs FY2022◼ Material costs have peaked out in the Americas, while remaining high in Japan. Labor costs arealso seriously high due to inflation◼ Operating profit (before amortization of goodwill, etc.) increased by 92.1% YoY due to higher
sales, price optimization efforts, and the impact of the weak JPY(Unit: Hundred million JPY)
FX
effects

Material
costs
increase

Amortizationof goodwill, etc.

-94.2

Amortizationof goodwill, etc.

+11.3
-102.8

+96.1
249.9

147.0

130.1

35.9

FY2021

U.S. tariffs
Sales priceimprovements +11.6

Consolidation
adjustments,
etc.

-268.7+279.6FY2021

FY2022(Before amortizationof goodwill, etc.)(Before amortizationof goodwill, etc.)

Transportation
costs
increase-59.2
Including:Transport cost hikes -27.7
Volume increase-31.5

Profit increase
due to sales
increase /Product mix

Labor costs
increase, etc.

+159.9-110.8© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

FY2022

Operating profit(Before amortization of goodwill, etc.)

increased by 119.8 (+92.1%)

8

7. Consolidated Balance Sheet◼ Total assets increased due to an increase in lease assets resulting from the adoption of the new
U.S. lease accounting standards ”ASC842” and the impact of the weak JPY

Assets

4,056
2,375

(Unit: Hundred million JPY)

4,754
Item

2,645
Assetsincreasedby 698FY2021
2,375
1,022
470
187
1,680
4,056

Current assets(Tangible fixed assets)(Intangible fixed assets)(Inv estments andother assets)

2,108

1,680

Total fixed assets

Total assets

FY2022

Change

2,645
1,489
411
208
2,108
4,754

+269
+466
-58
+20
+428
+698

Current assets: Increased
FY2021

FY2022

Fixed assets

Current assets

Increased due to exchange rate conversion effects andincrease in accounts receivable and inventories, etc.

Fixed assets: Increased
Increase in lease assets due to adoption of “ASC842”.

4,754

Liabilities/
Net Assets

4,056

3,418

637

Liabilities
increasedby 575

3,994

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

FY2022
2,087
1,906
3,994
760
4,754

Change
+280
+295
+575
+122
+698

Liabilities: Increased

760

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

Total net assets
Total liabilities and net assets

FY2022
Net assets

FY2021

Current liabilities
Fixed liabilities
Total liabilities

Net assets
increasedby 122

FY2021

Item

Increased due to exchange rate conversion effects.
Increase in lease obligations due to adoption of “ASC842”.

Net assets: Increased
Increase in retained earnings and foreign currency translation
adjustments.

98. Cash Flow
◼ Positive 28.7 B JPY C/F from operating activities achieved◼ C/F from investing activities was -40.2 B JPY due to increased investments in rental forklift
trucks driven by strong rental demand in the Americas◼ Free C/F was -11.4 B JPY, affected by the rearrangement of proceeds from asset sales fromoperating C/F to financing C/F, due to the adoption of the new U.S. lease accounting
standards ”ASC842” (* see page 11)(Unit: Hundred million JPY)

Amortization Other
operatingof
C/F
goodwill
Depreciation
expenses +77.2-170.7+258.4

Tangible fixed
asset acquisition
Cash dividends
payment
Increased
Increased
Other
other financial
short-term
FX
Decreased
Financial C/Ftransactions
borrowings
impact,etc.
-448.6
short-term Other
132.4
-8.5
-17.0
Long-term＋4.4
loan investing
borrowings
Tangible fixed
C/F
repayment
asset sale

Pre-tax
profit125.6 +122.4+13.7

FY2021

+79.6

-47.0

+216.1+27.4-100.7

FY2022

Cash and cash equivalents increased by 6
C/F from operating activities
28.7 B JPY(20.6 B JPY in the same
period last year)

C/F from investing activities-40.2 B JPY(-19.2 B JPY in the same
period last year)

C/F from financing activities
11.7 B JPY(-4.6 B JPY in the same period
last year)

Free C/F -11.4 B JPY(1.3 B JPY in the same period last year)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

109. Cash Flow – Rearrangement Detail◼ From FY2022, subsidiaries in the Americas adopted a new accounting standard for leases
under US-GAAP “ASC842”◼ As a result of the adoption of the standard, sales and leaseback transactions don’t meet therequirements for sales. Therefore, the proceeds from sales of assets, which were previouslyclassified as operating C/F, are now recognized as financial transactions (financing C/F). This
standard is also applied to similar transactions of European and other subsidiaries.
◼ Excluding the impact of the adoption of the new U.S. lease accounting standard, the free C/F is13.5 B JPY, which is a significant improvement of +12.1 B JPY YoY
Forklift truck suppliers(Including group companies)

Forklift truck suppliers(Including group companies)

S&LB① Forklift truck purchases
Sales companies (EQD, etc.)(Seller/Lessee)② Sales③ Leasebacks④ Lease/rental sales① Forklift truck purchases② Failures to sell

Financial institutions,etc.
(Purchaser/Lessor)

Sales companies (EQD, etc.)(Seller/Borrower)

Financial institutions,etc.
(Purchaser/Lender)

Customers

FY2022
FY2021

Beforerearrange
ment

206.2

460.1

Investing C/F-192.4-324.7

Free C/F

13.8

135.4

Financing C/F-46.0-133.1

Operating C/F

×③ Financing④ Lease/rental sales

Customers

Unit: Hundred
million JPY

Financialtransactions

YoY change

Rearrangement amountOperating C/F

Investing
C/F-172.7

After
rearrange
ment

Beforerearrange
ment

After
rearrange
ment

Rearrangement description

Transfer of proceeds from the sale of assets of

287.4+253.9+81.2 subsidiaries in the Americas to the financing C/F-77.6-402.3-132.3-209.9 of European subsidiaries, etc.

-172.7-77.6-114.9+121.6-128.7+172.7

+77.6

117.2

-87.1

+163.2© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

due to the adoption of “ASC842”

Transfer to financing C/F for similar transactions

11

Reference: Key Performance Indicators
Return-on-assets (ROA)

Operating profit margin

Total asset turnover

Financial
Soundness

Profitability

Return-on-equity (ROE)

Asset Efficiency

Performance

Indicator

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

FormulaNet income
Total assets
Net income
Shareholders' equity
Operating profit
Sales
Net income
Sales
Sales
Total assets
Sales
Accounts receivable
Cost of sales
Inventories
Shareholders' equity
Total assets
Interest-bearing debt
Shareholders' equity
Net income

Earnings per share

Before amortizationof goodw ill, etc.*1

0.2%

2.2%

1.6%

1.2%

8.6%

10.0%

0.8%

2.8%

2.4%

0.2%

2.1%

1.1%

1.2 times

1.4 times

6.0 times

6.8 times

4.6 times

4.7 times

15.6%

15.9%

3.0 times

3.0 times

Each indicator improved as aresult of a recovery in
12.6% performance due to asignificant increase in sales, the
4.1% effects of price optimizationand the impact of JPY
depreciation.

2.7%

89.52 JPY

64.82 JPY 155.12 JPY

138.5 times

10.4times

14.5 times

Stock priceBook value per share

1.6 times

1.3 times

Comments

3.3%

6.73 JPY

Shares outstanding
Stock price

FY2022

Before amortizationof goodw ill, etc.*1

6.1 times Stock prices:
End of FY2021: 932 JPY
End of FY2022: 941 JPY*1 For reference purposes© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

12Reference: CAPEX and R&D Expenses■CAPEX◼ The significant increase in lease rental investments in FY2022 compared to FY2021
includes the impact of adapting to the new U.S. lease accounting standards.
Unit: Hundred million JPY

456.9

500
400
300

430.0

267.1

200
100
0

FY2021■R&D Expenses

FY2022
Operating investments

FY2023 plan

Lease and rental investments

Unit: Hundred million JPY

60.0

46.5

50.4

51.9

FY2022

FY2023 plan

40.0
20.0

0.0

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

13

Reference: Quarterly Financial Results (By Business)Japan

Unit: Hundred million JPY

Overseas

Net Sales

2,000

1,500

1,080.7

1,080.1

1,207.3

1,000

1,285.7

1,352.9

1,442.9

1,744.6

1,145.6

1,252.5

671.4

653.1

760.3

829.5

962.8

1,029.8

409.2

426.9

447.0

456.2

390.1

413.1

467.9

492.0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

500

0

FY2021

FY2022Japan

Unit: Hundred million JPY

Operating Profit*

1,613.6

Overseas

90.3

100

* Operating profit before
amortization of goodwill, etc.

97.4

80

51.2

60
40
20
0

34.7

28.2

23.4

12.1

11.3

16.0

Q1

Q2

37.2

17.3
Q3

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

77.5

24.3

19.8

Q3

Q4

29.8

13.5
23.6

66.0

12.5
Q4

10.8
7.9
2.8
Q1

45.0
6.2
Q2

FY202214

Reference: Quarterly Financial Results (By Category)
Product sales

Unit: Hundred million JPY

Net Sales/
Japan

600

409.2

426.9

447.0

456.2

11.6
19.7

11.2
20.9

11.6
21.6

11.2
21.2

154.2

163.8

167.9

171.0

223.6

230.8

245.9

252.6

1Q

2Q

3Q

4Q

500
400
300

Services

Lease/rental

413.1

390.1
12.4
20.2

10.2
21.3

158.8

168.2

198.4

213.2

1Q

2Q

467.9

492.0

11.8
23.5

12.2
23.1

173.4

177.6

259.1

279.0

3Q

4Q

200
100
0

FY2021
Product sales

Unit: Hundred million JPY

FY2022Services

Lease/rental

1,400
1,200

Net Sales/
Overseas

Other

1,000
800
600
400
200
0

671.4
16.9
57.1
181.8

653.1
13.1
61.3
178.4

760.3
16.7
96.3
196.5

829.5
16.5
78.9
203.6

962.8

35.2
95.1
259.9

639.5
2Q

415.5

400.3

450.7

530.3

1Q

2Q

3Q

4Q

1Q

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

1,029.8

23.7
84.2
235.2
619.6

FY2021Other

1,145.6
38.9
100.5
257.6

748.6

3Q

1,252.5
39.4
84.4
270.5

858.1

4Q

FY202215

Reference: Stock Price Trends
In 2023
Year high value: 1,230 JPY (May 11)
Year low value:
635 JPY (Jan 16)

Closing priceon May 31(as of May 31, 2023)

1,145 JPY

1800

Mitsubishi Logisnext (JPY)

1400

Nikkei Average
Mitsubishi Logisnext
stock price

1200

600

35,00030,000April 2013
Established “Mitsubishi
Nichiyu Forklift Co., Ltd”

1000

800

40,000

October 2017
Established“Mitsubishi Logisnext Co., Ltd”

25,000November 2012
Announced merger with theforklift truck business of
Mitsubishi Heavy
Industries, Ltd.

20,00015,000400

July 2015
Announced acquisitionof UniCarriers
Corporation shares200

May 2017
Announced
integration with
UniCarriers
Corporation

10,0005,000

0
Jan 2008

0
Jan 2010

Jan 2012

Jan 2014© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

Jan 2016

Jan 2018

Jan 2020

Jan 2022

16

Nikkei 225 (JPY)

1600

45,000FY2023 Business Plan

Yuichi Mano
President© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

1. Forklift Market Trends – Shipping◼ Japan (JIVA statistics) remained at the same level as the previous year, while demand in theAmericas (ITA statistics) continued to exceed the previous year levels because the material
handling equipment market remained strong despite the economic slowdowns

Japan(1,000 units)

100
80
60

88

88

91

18

22

25

21
22

23

20

(JIVA)
83

300

80%
23

22

23

23

21

(1,000 units)

100%
400
300

77

21

200
40%

19

JIVA

20%
22

23 21

21

CY2019 CY2020

CY2021

CY2022

CY2023

0

0%

100

79

284

71

628
463
115
109
120

186
177

100%

169

80%

198

167

243

181

187

205

CY2021

CY2022

170

119

94

CY2019CY2020

88

63

83

72

73

72

60%
40%

80%

60% 400

66

40% 300
200
20%
100

ITA

65
84 62

86

CY2022

CY20230%

APAC Japan
8.2％ 4.5％
Americas
18.9％

0%

129
119
142

161

80%

154

147

157

154

114
108
126

143

161

CY2019CY2020CY2021

CY2022

60%
40%

20%
0%

APAC

(1,000 units)

133

140

112

100

27

1,483

80

98
27

35

29
30

0
CY2019

23

100%
80%

45

34

27

60

thousand units
40(Electric forklifts: Europe
69.6%) (incl. Middle East 20

31.1％

100%

141

120

& Africa)

137

615

0

Note: 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 was used to calculate Japan values and ITA data for the Americas.
Other regions are blank after Q4 CY2022, because national statistical data has not been published.
Due to different standards for JIVA and WITS, some models are not included. ITA does not include sales volumes of Chinese and Korean manufacturers.

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

485

Global Market
In CY2022(Jan.-Sep.)
China
37.3％

20%

600

97 73
98

531

500

0
CY2019 CY2020 CY2021

797

(ITA)
266

90

72

China

(1,000 units)

100% 700

333
77

60%

24

22

900
800
700
600
500
400
300
200
100
0

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

25

40

EuropeAmericas

60%
40

40%

35

24
24

29

CY2020CY2021

20%

37

0%
CY2022Market units
Percent electric forklifts

18

2. Forklift Market Trends – Orders (Quarterly)◼ Orders decreased YoY in all regions except Japan◼ Although demand is stronger than pre-COVID-19 levels, it has gradually declined due to theglobal economic slowdowns

Purchase Orders (excl. Class III*)
+5.4％
YoY

(Unit: 1,000 units)

400.0
350.0

340

358

348
28

26

306

304

28

30

108

98

300.0
250.0

128

139

200.0
150.0

317

-15.1％
YoY

31

260

251

28

27

88

82

55

55

122
103
83

87

74

30

-9.1％
YoY

71

86

76

100.0
50.0

80

83

78

69

0.0

20

22

21

21

-17.3％
YoY

105

84

67

67

20

23

22

21

CY2021/1Q CY2021/2Q CY2021/3Q CY2021/4Q CY2022/1Q CY2022/2Q CY2022/3Q CY2022/4Q
Japan

Americas

Europe (incl. Middle East & Africa)

China

APAC

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

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

19

3. Mitsubishi Logisnext Order Results (Apr. - Mar.)◼ Orders in the Americas and APAC are strong, and overall orders also exceed pre-COVID-19
levels in FY2019◼ Orders decreased 20% YoY due to the global economic slowdowns

Japan

Americas

1.2

2.5

1.0

2.0

0.8

1.4
1.2

1.0

1.0

0.9

1.0

1.5

1.7

0.8

1.1

1.0

0.5

0.2

0.0

0.0

0.0

FY2020

FY2021

FY2022FY2019

1.4
1.3

1.0
1.0

1.0

FY2020APAC
China 12％
2％

China
1.2

0.8

0.6

0.8

FY2021FY2019FY202224％(incl. Middle East
& Africa)

1.2

Americas
46％

0.2
0.0
FY2019FY2020

FY2021

FY2022

1.5
1.2

1.0
0.8

1.0
0.8

0.6

0.4

FY2021

1.6
1.4

OrdersIn FY2022

FY2020

APAC

Japan

Europe
16％

0.8

0.4

0.2
FY2019

1.0

0.6

1.0

0.4

1.3

1.0

2.1

0.6

0.8

Europe(incl. Middle East & Africa)

0.4
0.2
0.0

FY2022FY2019FY2020

FY2021

FY2022

Note: Assuming FY2019 = 1. Even if the same number is indicated, the graph may have different heights due to decimal differences.

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

20

4. Forklift Market Outlook and Mitsubishi Logisnext Status◼ The market remains strong compared to pre-COVID-19 levels, but declining compared to
FY2022, except in Japan and China◼ Mitsubishi Logisnext shipments are expected to increase, recovering from delays in production
and shipments due to shortages of semiconductors and other components in FY2022. In theAmericas, there are backlog orders of about one year, so the recent market slowdown is
expected to have little impact on results

Mitsubishi Logisnext Status

Market Outlook in FY2023
Japan

The market has continued to remain flat at
pre-COVID-19 levels for several years.
Expected to increase slightly compared to FY2022••

Strive to relieve forklift truck shipment delays
due to parts shortages in FY2022
The effects of sales price improvement will begin
to fully show in FY2023

The market remains strong compared topre-COVID-19 levels.
Expected to be lower than in FY2022 due to therecent economic slowdown caused by monetary
tightening
The market remains at the same level as
pre-COVID-19 levels. Expected to be slightly
lower than FY2022 levels due to the impact ofRussian aggression in Ukraine and price increases
by various companies

•

•

China

The market is expanding and is expected toincrease compared to FY2022.
The introduction of Tier 4 emission regulations in
2022 will accelerate the shift to electrification

Owing to the relaxation of the zero-COVID
policy, we will capture demand for alternatives
to engine forklifts by expanding sales of
the “FB-80” compact electric forklift

APAC

The market is expanding due to the recovery
phase from COVID-19, but sales are expected to
decline slightly compared to FY2022 due to slowing
economic growth•

Promote production and shipping tostandardize lead times

Americas

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

•••

The effects of sales price improvement had
fully shown in the second half of FY2022
Securing semiconductors, relieving backlog
orders for about a year, promoting production
and shipments
The effects of sales price improvement had
fully shown in FY2022
Aiming to increase market share by promoting
sales of new WH models launched in FY2022

21

5. Progress of Mid-Term Management Plan
“Logisnext SolutionS 2023” (”LS23”)
Further Develop
Global andRegional Branding Strategies

Accelerate Growth
Strategy

Build up BusinessResilience Sales 500 B JPY
 Operating profit* 30 B JPY, Profit ratio 6%
 Capital adequacy ratio >20％
Sales
achieved

Unit: Hundred million JPY

6,300

6,154

Sales
3,914

5.6%

◼ Achievement of “LS23”
target for operating profit*
is expected in FY2023

4,564
4.1%

20%

2.8%
Profit ratio•

Operating profit* will increase
due to the production andshipment of a large backlog
orders and price optimization
efforts•

Capital adequacy ratio is
expected to improve to 20%
through efforts to obtain free
C/F

15.9%

2.8%
Capitaladequacy ratio
15.1%◼ “LS23” target sales of 500 B
JPY exceeded in FY2022

350

15.6%

249

Operating 109
ratio

130

FY2020

FY2021“LS23”FY2022* Operating profit before amortization of goodwill, etc.

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

FY2023
Forecast

22

6. FY2023 Forecast◼ Although the market environment is expected to deteriorate YoY due to concerns about the
global economic slowdown, we are planning to increase unit solds by promoting production
and shipments of backlog orders, mainly in the Americas, through production improvements◼ Record highs are expected in sales and all profit categories(Unit: Hundred million JPY)

FY2022

FY2023 Forecast

YoY Change

Units Sold

112,000 units

115,000 units

+3.0

+2.7%

Net Sales

6,154.2

6,300.0+145.7+2.4%(Before amortization of goodwill, etc.)

249.9

350.0

(Operating profit margin)(4.1％)(5.6％)+100.0+40.0%

Amortization of
Goodwill, etc.

102.8

100.0

Operating Profit

147.0

250.0

(Operating profit margin)(2.4％)(4.0％)

Ordinary Profit

116.4

230.0

(Ordinary profit margin)(1.9％)(3.7％)

Profit Attributable to
Owners of Parent(Net income margin)

69.1

130.0

(1.1％)(2.1％)

Dividend per Share

9円

16円

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

－－+102.9+70.0%+113.5+97.5%+60.8+88.0%－－FY2023 Plan FX rates: USD=JPY130 EUR=JPY140 CNY=JPY20

23

7. Operating Profit* – FY2022 vs FY2023 Forecast◼ Procurement conditions are expected to improve YoY due to a decrease in material andtransportation costs◼ Increased labor costs and expenses are inevitable due to global inflation and normalization ofbusiness activities after-COVID-19(単位：億円)◼ Operating profit* is expected to increase by 10 B JPY to 35 B JPY due to an increase in units
sold and the effects of price optimization that offset the impact of higher labor costs, etc.

Sales priceimprovements

Increasedmaterial
costs

Increasedtransportation
costs

Unit: Hundred million JPY
FX
effects, etc.

Increased expenses
due to increased
staff andsales activities
Increased costs
due to inflationary
impactProfit increase
due to sales
increase /Mix
U.S. tariffs

FY2022

Operating profit*
increase by 10 B JPY(+40.0%)* Operating profit before amortization of goodwill, etc.

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

FY2023
Forecast
24

8. Final Year of “LS23”◼ In FY2023, as the completion and evolution phase, we will improve our profitability
in various ways
◼ Providing safe and secure material handling solutions and promoting logistics
operations
FY2021

FY2022

FY2023

Start-up and foundationbuilding phase

Growth andexpansion phase

Completion andevolution phase

Strengthening
Profitability

Initiatives in Material
Handling Solutions

Improvement“Logisnext” Brand•

Further expand business in theAmericas•

Strive to relieve the backlog oforders for MLA*, strengthen Norlift(now EQD Northwest) acquired by
EQD in FY2022, and strengthen
the lease rental business•

Strengthen direct sales and leaserental businesses in Europe•

Strengthen the “EQ Solutions”
business in the Americas•

Implement differentiation
strategy through mixed fleet
solutions for Europe business•

Collaborate with Mitsubishi
Heavy Industries, etc.

•

Improve employee engagement•

Improve stakeholder awareness•Recruit and develop next
generation•

Promote regional cooperation•

Promote social contribution*Mitsubishi Logisnext Americas Inc.

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

25

9. Strengthening Profitability◼ Aim to secure sales by further promoting production in FY2023◼ Price optimization efforts will begin fully contributing to sales from the second halfof FY2022, expanding profitability.
MLA

Net Sales in the Americas
Unit: Hundred million JPY

2,961

3,000
2,000

•

Promote a stable supply ofsemiconductors and relieve backlog
orders of around one year•

Continue to secure orders despite
growing fears of a recession

1,796
1,346

1,000
0
FY2020

FY2021

FY2022Net Sales of EQD

FY2020

FY2021

FY2022

FY2023

FY2024EQD

FY2023

FY2025© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

•

Record performance achieved in FY2022•

Norlift (now EQD Northwest), acquired in
2022, exceeded revenue plan from thefirst year•

Additional investment in rental fleet tomeet the growing rental market
2610. Initiatives for Material Handling Solutions Business (1)◼ Promote the development of global material handling solutions business incollaboration with overseas bases◼ Aim to expand material handling solutions business by offering ΣSynX*1 andhuman-machine coordination

Americas
➢
•

•

➢

MLA
Expand sales of Rocla-branded
AGVs and other products
manufactured by MLFI*2
Automated Compact Truck ACT
through MLA's distributor network

Europe•Differentiate with mixed-fleet solutions(forklifts and AGVs) in advanced
decarbonization and automation markets•

Parallel development at MLFI based on
MHI's ΣSynX technology

Established new “Rocla AGV
Demonstration Center” at Marengo Plant

EQD “EQ Solutions”•

Strengthen by expanding
the organization andproviding sales education•

The value of contracts signed
in FY2022 reached a record high

Japan
•

Joint development with Mitsubishi
Heavy Industries and othercompanies•

Automate warehouselogistics with AGF
offering ΣSynX*1 “ΣSynX” (Sigma Synx) is Mitsubishi Heavy Industries' concept for automation and intelligence in logistics equipment*2 Mitsubishi Logisnext Europe Oy© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

27

11. Initiatives for Material Handling Solutions Business (2)◼ Japan: Collaboration with Rapyuta Robotics◼ Mitsubishi Logisnext lunched a business alliance and collaboration with Rapyuta Robotics Co.
Ltd., a startup company from ETH Zürich that has cutting-edge technology for robot solutions
and provides development, integration and operation support.
The collaboration will contribute to the advancement and acceleration of digital transformationin the material handling industry

Mitsubishi Logisnext’
forklift trucks•

No. 1 software company
in AMR field

Made-in-Japan
quality and support

12-14 Apr 2023.
Demonstration of autonomous
forklift at Kansai Logix 2023

Autonomous forklift trucks with Rapyuta Robotics' control unit mounted on
Mitsubishi Logisnext electric forklift trucks*Autonomous Mobile Robot© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

28

12. Initiatives for Material Handling Solutions Business (3)◼ Japan: Collaboration with MHI and Kirin Group◼ Mitsubishi Heavy Industries, Kirin Beverage Company, Ltd., and Kirin Group Logistics Co., Ltd.
have jointly demonstrated an automated picking solution for beverage warehouses◼ ΣSynX technology automates and makes picking operations intelligent, solving challenges ofthe beverage industry(Conventional picking flowchart)①Delivery by
AGF②Coordination
between AGF and AGV③Transfer by
AGV④Picking(Automated picking flowchart)© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

29

13. Improvement “Logisnext” Brand◼ Continuous improvement of "Logisnext" brand through employee engagement,
stakeholder awareness, regional cooperation and social contribution

Improvement of “Logisnext” Brand
1. Improvement of employee engagement
Sponsorship of Kyoto
Communication via internal
Philharmonic Ensemble
network

2. Raise of
stakeholder
awareness

Expansion of information
Sponsorship of Kyoto Sanga FC
Shakeup of website and its
via
social media (Youtube)(Football 1st league)
contents
Sponsorship of Dynabores(Rugby 1st league) 5. Promotion of social contribution 3. Recruit and development ofnext generation
Support sports
Sponsorship of
Support Lakeprojects in theprofessional golfer
Biwa cleanup
Support engineering
Kyoto/Shigaarea
Ms. Ayaka Furue
education for youth
4. Promotion of regional cooperation

Traffic advertisement
in Kyoto/Shiga areas

Support school
education in the
Shiga area

New initiatives in
FY2023 and beyond

Initiatives◆ Improve employee engagement◆ Improve stakeholder awareness◆ Recruit and develop next
generation◆ Promote regional cooperation◆ Promote social contribution© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

30

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 Strategy and Planning Office
Mitsubishi Logisnext Co., Ltd.
1-1, 2-chome, Higashikotari, Nagaokakyo-shi, Kyoto 617-8585
TEL: 075-956-4419 FAX: 075-955-8993
URL: www.logisnext.com© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.

31

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