Annual Results for FY 2015

June 2, 2016
Mitsubishi Nichiyu Forklift Co., Ltd.

Company Profile
Company nameHead office

Mitsubishi Nichiyu Forklift Co., Ltd.
1-1, 2-Chome, Higashikotari, Nagaokakyo-shi, Kyoto 617-8585 JAPAN

Establishment

August 1937

Paid-in capital

4,890 million yen (as of March 31, 2016)

Business lines

Development, design, manufacture and sales of logistics system products
such as battery-powered forklift, engine-powered forklift, transportation
robot, automated warehouse, and warehouse management system (WMS).
[Japan][Overseas]

Offices and plants

Kyoto and Shiga
United States
Houston, Texas
Pearl, Mississippi
Grand Rapids, Michigan
Pico Rivera, California
EuropeThe Netherlands and Finland
China
Dalian and Shanghai
Asia
Thailand, Singapore, etc.

Annual production
capacity

Approx. 75,000 units

Number of employees of
consolidated base

Approx. 5,500

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

1

Major Production and Sales Bases
Mitsubishi
Caterpillar Forklift
Europe (MCFE)

Mitsubishi Heavy
Industries
Forklift Dalian (MFD)
Rocla Denmark

Rocla Solution
Rocla Russia

Mitsubishi
Caterpillar Forklift
America (MCFA)Southern California
Material Handling
Headquarters
and Kyoto Plant

Shiga Plant

Mitsubishi Nichiyu Forklift
260 sales and service depots in Japan
Rocla Oy

Nichiyu Forklifts India(NID)

Nichiyu Forklift Shanghai (NIX)
Rapidparts

MF Shanghai (MFC)
Daily Equipment

Shanghai Nichiyu
Forklift manufacturing(NFS)

Mitsubishi Nichiyu
Forklift Asia Pacific(MNA)

Copyright © 2015 Mitsubishi Nichiyu Forklift Co., Ltd.

Nichiyu Forklift
Thailand (NFT)

Production
Sales

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FY 2015 Financial Results
Hideaki Ninomiya, President and CEO

Outlook of FY2015 Financial Results
Market environment
Regarding the world economy, the United States, Europe and other industrialized markets generally
maintained a mild recovery trend. On the other hand, economic slowdown in China and moderated
growth of emerging countries and resource-rich countries brought uncertainties over the future of theworld economy.
In Japan, the economic recovery trend continued with improvements in capital investments andemployment, due to yen depreciation and falling oil prices. However, the recovery slowed down in thelatter half of the fiscal year due to appreciation of the yen and unstable movement of the financial
market, as well as the influence of economic weakness in China and Asia.

Overview of Our Consolidated Financial Results
In Japan, the Company made concentrated efforts in sales and service activities, such as entire modelchangeover of reach-type battery-powered forklifts, which are our major product category, andrelease of engine-powered forklifts compliant with Tier 4 emission regulations for non-road diesel
engines. Overseas, although sales in China and other emerging countries were sluggish, sales in the
United States were strong. On the profit side, we have strived to establish optional sourcing on a
global basis, along with efforts to reduce cost and improve quality.

Net sales: 242,519 million yen – An increase of JPY 16,694 million (7.4%) from FY 2014 *Operating income: 10,086 million yen – An increase of JPY 3,262 million (47.8%) from FY 2014 *As we changed financial closing date of some consolidated subsidiaries from the end of December to the end of March in previous fiscal year (ended March 2015) to unify
the accounting period of all the consolidated subsidiaries, the consolidated financial results for the previous fiscal year (on a published financial statement basis) include 15
months net sales and operating income of the said subsidiaries. So for the convenience of comparison, we adjusted the net sales and operating income of the said
subsidiaries for the previous fiscal year corresponding to 12 months period.
Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

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1. Historical Results in Recent Years(Unit: 100 million yen)

Nippon Yusoki

Mitsubishi Nichiyu Forklift
OperatingincomeNet sales

2,602

200

2,500

344

2,000

2,258

2,058
1,500

22.4
79.1

0

2,425

90.6

1,000

500

3-monthimpact3-monthimpact

100.9

FY
2013
2014年3⽉期
Operatingincome

50

3.5%

3.8%

Net sales

100

68.2

834
16.0 1.9%
FY20122013年3⽉期

150

4.2%
0

FY 20142015年3⽉期

FY
2015
2016年3⽉期

Operatingincome margin

As we changed financial closing date of some consolidated subsidiaries from the end of December to the end of March in previous fiscal year (ended March 2015) to unify
the accounting period of all the consolidated subsidiaries, the consolidated financial results for the previous fiscal year (on a published financial statement basis) include 15
months net sales and operating income of the said subsidiaries. So for the convenience of comparison, we adjusted the net sales and operating income of the said
subsidiaries for the previous fiscal year corresponding to 12 months period.
Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

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2. Overview of Consolidated Financial Statements(Unit: 100 million yen)

FY 2014Item
Net sales
Operating income(Operating income margin)

Ordinary income(Ordinary income margin)

Net income(Net income margin)

Item

After excluding theimpact of unifying
financial closing dates(after excluding the impact of
unifying financial closing dates)

2,602

2,258

2,425

167

+7.4％

90.6

(3.5％)

68.2(3.2％)

100.9

32.6

+47.8％

89.6

70.0

96.0

26.0

+37.1％

14.3+43.6％(4.2％)(3.4％)(3.1％)(4.0％)

44.8

32.8

47.1

(1.7％)(1.5％)FY 2014

Total assets

1,629

Total liabilities

1,047
581

Net assets

FY 2015Comparison to
the previous term

(1.9％)FY 2015

1,922
1,340
582

Comparison to
the previous term

293
292
1

18.0％
27.9％
0.2％

As we changed financial closing date of some consolidated subsidiaries from the end of December to the end of March in previous fiscal year (ended March 2015) to unify
the accounting period of all the consolidated subsidiaries, the consolidated financial results for the previous fiscal year (on a published financial statement basis) include 15
months net sales and operating income of the said subsidiaries. So for the convenience of comparison, we adjusted the net sales and operating income of the said
subsidiaries for the previous fiscal year corresponding to 12 months period.
Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

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3. Financial Results by Segment
Net sales
2,058

Overseas
Domestic

2,258(Unit: 100 million yen)

2,425

Net sales by region (FY ended March 2016)

Asia & China

10%
Domestic
⽇本

欧州
Europe34%

15%
⽶州
Americas41%
FY 2013

FY 2014

FY 2015

OperatingincomeOverseas(Unit: 100 million yen)Domestic

100.9

79.2

Domestic

Overseas
FY 2013

FY 2014

FY 2015*Figures for FY ended March 2015 have been adjusted to exclude the impact of unifying
accounting period of certain overseas consolidated subsidiaries.
Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

In the overseas business segment,
while sales in China and Asia
decreased due to market
deterioration, the overall sales
significantly increased due to thebuoyant U.S. market, market recovery
in the Europe and foreign exchange
gains due to the falling yen exchange
rate.

Operating income by segment (FY ended March 2016)

14.4%

68.2

In the domestic business segment,
sales increased due to expansion in
the demand for battery-powered
forklifts as compared to the previous
term and increased sales of logistics
systems.

85.6%

In the domestic business segment,
operating income decreased due tooverseas transfer of the production oflarge-size engine-powered forklifts
and increased cost for development
and improvement of new models.
In the overseas business segment,
operating income significantly
increased due to the buoyant resultsin North America as well as
contributions from the yen
depreciation and a significant
compression of deficit byrestructuring the European business.

74. Consolidated Balance Sheet
1,922
1,629

(Unit: 100 million yen)

Current
assets(Unit: 100 million yen)

Item

AssetsCurrent assets

Noncurrent
assetsLiabilities/Net assets

1,629
Liabilities

FY 2015

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

980

▲87

447

▲14

(Investments and other assets)

101

495

394

Major
increases/decreases

Total noncurrent assets

561

942

380

1,629

1,922

293

While inventory was reduced (▲8,300 million yen) by optimizing
the working capital, stock holding in affiliates increased due tothe acquisition of UniCarriers.
(Unit: 100 million yen)

(Unit: 100 million yen)

Liabilities+ 292
100 million yen

Major
increases/decreases

FY 2014

1,067
461

Net assets+ 100
100 million yen

NetassetsIncrease/decrease(Non-current tangible andintangible assets)

FY 2015

1,922

FY 2015

Assets+293
100 million yen

Total assets

FY 2014

FY 2014Item

FY 2014

FY 2015

Increase/decrease

Current liabilities

875

1,197

Non-current liabilities

173

143

322
▲30

Total liabilities

1,047

1,340

292

Total net assets

581

582

1

1,629

1,922

293

Total liabilities andnet assets

While borrowings in overseas subsidiaries decreased, current
liabilities significantly increased due to acquisition of UniCarriers
financed by short-term borrowing.

85. Consolidated Cash Flow Statement(Unit: 100 million yen)Free cash flows improved by +3,090 million yen from +6,840 million yen for FY 2014
(excluding the impact of acquiring UniCarriers)*FCF for this fiscal year has been improved substantially from the previous fiscal year, excluding the impact of unifying accounting
period of certain overseas consolidated subsidiaries in the previous fiscal year.

Beginning balance of
cash and cash equivalents

131.5

Ending balance of
cash and cash equivalents
Increase/decrease of
cash and cash equivalents

102.8

▲28.7

Investing C/F▲507.7
Acquisition of
Fixed Assets
Acquisition of UC stock
Others▲100.5▲407.5+0.3

Operating C/F＋199.5
Income before taxes+93.6
Depreciation expenses+91.4
Decrease of working capital +34.3
Others▲19.8

Financing C/F+285.9
Increase ofborrowings
Dividend payment
Others+310.6▲10.6▲14.1

FCF ▲308.2+9,930 million yen(excluding the impact of acquiring UC)
An improvement of +3,090 million yen
from +6,840 million yen for FY ended March 2015

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

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6. FY 2015 Consolidated OP Analysis
Unit: 100 million yen

Achieved an increased operating income of +148% of the previous term on the 12-month
basis, excluding the impact of unifying financial closing dates, due to sales increases inNorth America and Europe, earnings improvements and the effect of yen depreciation.

Impact of
FY ended unifying
financialMarch 2015 closing dates

90.6（68.2）

One-off cost
Currency
reduction in Europe, fluctuation
Effect ofimpactrestructuring
Increase ingross profit
resulting fromsales increase

Cost reduction

5.5

3.1

Fiercercompetitionin Asia

Others▲2.3▲1.5

FY ended
March 2016

100.9

15.4
▲22.4

12.5

Impact of yen depreciation+1,480 million yen(including differences from exchanging local
currency basis P/L)
Impact of RMB appreciation ▲1,180 million yen

Results of overseas subsidiaries for Jan.-Mar. 2014
▲1,420 million yen
MN’s Royalty income from overseas subsidiaries forJan.-Mar. 2014
▲820 million yen

Operating income for FY ended March 2015 on
the 12-month basis, excluding the impact of
unifying financial closing dates and royalty
income, was 6,820 million yen.

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

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7. Key Financial Indicators
FY 2014

Item

Index

Return on Assets (ROA)
Overall
Return on Equity (ROE)
Ordinary income to net sales
Profitability
Net Income to net sales
Total assets turnover
Efficiency

Accounts receivable turnover
Inventory turnover
Share holder's equity ratio

SafetyDebt Equity ratio
Shareholders Price earnings ratio (PER)-related
indices
Price book-value ratio (PBR)

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

Calculation
Net Income
Total assets
Net Income
equity capital
Ordinary income
Net sales
Net Income
Net sales
Net sales
Total assets
Net sales
Accounts receivable-trade
Cost of goods soldInventory
Shareholder's equity
Total assets
Interest-bearing debt
Shareholders’ equity
Stock priceEarnings per share
Stock priceNet assets per share(excluding impact of
unifying financial
closing dates)

2.4%

FY 2015

Comment
Figures after excluding the impact

2.7% of unifying financial closing dates

7.4%

because the original figures reflect
15-month results of overseas
8.4% thesubsidiaries.

3.4%

4.0%

1.7%

1.9%

Same as above

1.4 cycles 1.4 cycles
5.6 cycles 5.9 cycles
3.9 cycles 4.6 cycles
34.5%

29.5% Worsened significantly due to the

0.9 times 1.3 times

40,400 million yen borrowing forthe acquisition of UniCarriers.

18.6 times 10.4 times End of FY2014: 678 yen
1.3 times 0.9 times

End of FY2015: 460 yen

118. Financial Forecast for FY 2016
(Unit: 100 million yen)

FY ended March 2016
(Result)

FY ending March 2017
(Forecast)

Units sold60,752 units

65,000 units

Net sales

2,425

2,350

101

110

Item

Operating income(Operating income margin)

Ordinary income(Ordinary income margin)

Net profit(Net profit margin)

Dividend per share(4.2％)(4.7％)

96100(4.0％)(4.3％)

4760(1.9％)(2.5％)

11 yen/share

11 yen/share

Based on our basic policy of ensuring steady sales/profits and paying out
appropriate profits to the shareholders, dividend per share for FY ended
March 2016 increased by 1 yen from the previous term (10 yen).
Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

12

9. Financial Forecast for FY 2016
(Breakdown of Forecasted Increases and Decreases)

Unit: 100 million yen

Expecting increased operating income as compared to FY ended March 2016 by covering negative
impacts of yen appreciation and order decreases due to market downturn in China and emerging
economies with thorough cost reduction measures and earnings improvement in Europe.
Contributions fromrestructuring andearnings in Europe
Cost reduction

FY ended
March 2015

Quality
improvement

4.0

10.0

Market downturn in China

Currency
fluctuation impact

▲4.0
Other

▲15.0

15.0

FY endingMarch 2017
(Forecast)

▲0.9
110.0

100.9
90.6
Promoting management（68.2）reorganization efforts toimprove profit.
Positive effects will comeout from this term.

Promoting reduction ofstock and complainthandling cost through QCD(quality, cost and delivery)
improvement activities.

A substantial decrease inorders is expected due to a
rapid economic slowdown
in China.

Due to a sharp appreciation of the yen against
major currencies, a negative currency fluctuation
impact of ▲1,500 million yen after currencytranslation is expected as compared to theprevious term.
* Currency fluctuation impact is estimated based on themost recent actual foreign exchange rates.
1 dollar = 110 yen, 1 euro = 125 yen, 1 RMB = 17 yen
Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

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Reflections on Mid-Term Management Plan (Best Integration 2017)
and Management Policy for FY ended March 2017(116th Term)

Hideaki Ninomiya, President and CEO

1. Market Environment■Economic trends

 As to the mature economies, although economic situations in the United States and Europe have been
generally strong, there are strong uncertainties for the future with downward risks such as thecontroversy over the possibility of the United Kingdom leaving the EU and economic weakness inemerging countries. The Japanese economy is expected to see only a very slow growth, as comparedto other mature economies, due to weak consumer spending.
 As to the emerging economies, while China, whose growth has been slowing down, shows signs ofshort-term economic stability, it does not allow an optimistic view on the future. Although Asian
countries have continued to lack strength due to sluggish exports, they are expected to maintain aflat trend, supported by solid domestic demand and financial policies of their governments.

■Trends in the forklift market
 With respect to the forklift market in 2015, the mature economies saw a 7.3% increase as comparedto the previous year due to the growth in Western Europe and North America. On the other hand,the emerging economies saw a significant decrease of ▲8.2% with the impact of the shrinking
Chinese market. The worldwide market is expected to have only a mild growth in 2016.
(Unit: 1,000 units)

700

944

989

1,063

1,064

600
500
400
Number of units inmature economies

300
200

Number of units inemerging economies

100
0

2012

2013

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

2014

2015

2016

2017

[Source: World Industrial Truck Statistics (WITS)]

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1. Market Environment■Historical trends of market size by region
Eastern Europe/CIS

Western Europe(Unit: 1,000 units)(Unit: 1,000 units)

400

261 257 279

307

100

60

59

50

200

North America(Unit: 1,000 units)(Unit: 1,000 units)

100

57

Japan
72

73

81

300

83

53

200

173 186

211 223

50
100

0

0
2012 2013 2014 2015 2016 2017

Middle East/Africa(Unit: 1,000 units)

60

40

40
20
0

40

40

<2014>

39

EasternEurope/CIS Middle
Asia/ 5.6% East/
Australia
Africa
7.4%
3.7%
Japan
2012 2013 2014 2015 2016 2017
7.6%

Asia/Australia(Unit: 1,000 units)100

2012 2013 2014 2015 2016 2017

78

76

78

83

North
America
19.8%

Latin
America
4.2%
WesternEurope26.3%

002012 2013 2014 2015 2016 2017

EasternEurope/CIS
4.9%

Latin America<2015>

MiddleEast/
Africa3.6%(Unit: 1,000 units)

Latin
America
3.5%WesternEurope28.8%

Asia/
Australia
7.8%

60

47

China
25.4%

China
22.6%

53

45

40

37

20
0

2012 2013 2014 2015 2016 2017

Japan
7.8%
North
America
21.0%

2012 2013 2014 2015 2016 2017

China
(Unit: 1,000 units)

300

215

245

270

241

200
50

0

[Market structure by region]
2012 2013 2014 2015 2016 2017

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

100
02012 2013 2014 2015 2016 2017

[Source: World Industrial Truck Statistics (WITS)]

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2. Progress of Mid-Term Management Plan (Best Integration 2017)
Net sales in FY2015 marked an approx. 7.4% increase from the previous term (on the 12month basis) due to sales increases in mature economies. Operating income also improvedby 0.7 points due to successful efforts in cost reduction and quality improvement asimportant strategies as well as achievement of optimal sourcing among other reasons.
The Mid-Term Management Plan will be revised within the 1st half of FY2016 inorder to reflect changes in external environments surrounding the Group andactions to be taken to maximize synergies with UniCarriers Holdings Corporation.
Net sales(Unit: 100 million yen)

3,000
2,500
2,000

* The figure for net sales in FY2012 is forreference as it was before the merger
between Nippon Yusoki and MHI’s
forklift business.

1,904

2,258

3.8％
2.9％

2,425

3.5％

9.0%
8.0%

2,350
8.0％

On
12-monthbasis

On15-month
basis

1,000
500

2,602

2,058

1,500

2,800

Operatingincome margin

7.0%
6.0%
5.0%

4.2％

4.7％

4.0%

To be revised

3.0%
2.0%
1.0%

0

0.0%
FY2012FY2013Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

FY2014FY2015FY2016
PlannedFY2017
Mid-term
Management Plan
* FY2014 accounts for the 15-month period for overseas subsidiaries (except NFT).

17

3. Summary of Mid-Term Management Plan (Best Integration 2017)■Summary for FY2014 to FY2015
FY2013
Conceptualization
andstart-up phase

FY2014FY2015

Cross-unit study and establishment of corporate philosophy, management policies, integrated
product development plan, optimal global SCM* and sourcing*SCM: Supply chain management

Strategy
implementation
phase

Optimization of production/sourcing in each region and cost reduction efforts
Establishment of framework and process of market-oriented development anddesign utilizing global R&D resources.(“glocal”* product development)* glocal: the combination of global and local

Expansion andsophistication
phase
Operating income <Units sold>(Unit: 100 million yen)120

Release of new products for different local needs
Improvement of production capacity and efficiency based on
optimal global SCM* Figure in ( ) includes the 15-month results of overseas subsidiaries.

52

53

57(64)

6165(90.6)

40

50

100.9

40

79.1

60

110

73.4

30

OperatingincomeUnits sold

20

20
0

70
60

100
80

Units sold
(Unit: 1,000 units)

10
FY2012
Reference(before merger)

FY2013First term
after merger

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

FY2014FY2015

Best Integration 2017 Result

FY2016
Planned

018

3. Summary of Mid-Term Management Plan (Best Integration 2017)■Release of new products for different local needs

Released new products that suited different local needs with GDC and
LDC flexibly and closely sharing technologies and designs.
Obtained design awards in various regions and showed industryleading design capability.
* GDC: Global Design Center *LDC: Local Design Center[Awards obtained]

2015
2016


Product nameAward

Reach-type forklift for Japan“Platter”

Good Design Award BEST100

Counter-balance type batterypowered forklift for Europe “EDiA”

reddot award 2015

Rocla-designed reach-type forklift
for Europe “SENSiA”

reddot award 2016

LDC-designed reach-type
forklift for Europe “SENSiA”

Released diesel engine-powered forklift for Japan and UnitedStates that complies with Tier 4 emission regulation for non-road
diesel engines. Industry-leading environmental technologies
enabled satisfaction of various local environmental regulations aswell as fuel efficiency improvement of 10% to 20%*, reducing CO2
emissions.
* “fuel efficiency improvement of 10% to 20%”2.0t-3.5t diesel vehicle: Improved by 20.4%
3.5t-5.5t diesel vehicle: Improved by 21.5%
6.0t-7.0t diesel vehicle: Improved by 10% to 20%(All compared to our conventional vehicle for Japan)

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

Diesel engine-powered forklift for Japan“GRENDiA EX” (3.5t-5.5t) compliant with
Tier 4 emission regulation for non-road
diesel engines.

19

3. Summary of Mid-Term Management Plan (Best Integration 2017)■Reinforcement of production capacity based on optimal global SCM
 Reduced cost and achieved localized production by expanding local sourcing at Dalian
Plant in China.
 Established a dedicated plant for electric vehicles in the United States to improve
production capacity. Promoted environment-friendly production by introducing a mast
welding line and powder coating equipment for warehousing models and large-size
forklifts.
 Started mass production of reach-type forklifts in Thai Plant. Provided a foundation for
expanding the warehousing business in the ASEAN market.
Expanded the supply of battery-powered forklifts in general to the sales network
formerly affiliated with Mitsubishi.
 Started production of middle-size forklifts (10t-16t) in Japan. Provided optimal
production capability by diversifying sourcing that had been from the United Statesonly.
 Achieved inventory reduction of 18.4% compared to the previous term by improving
global supply chain management.

Reach-type forklift
manufactured in Thai Plant(1.0t-2.5t)

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

Forklift production line
in Dalian Plant in China

Electric vehicle production linein the U.S. Plant

20

3. Summary of Mid-Term Management Plan (Best Integration 2017)■Active promotion of business alliances Reinforced product lineup and solution capability of automatedwarehouses through cooperation with Daifuku Co., Ltd.
 Released reach-type forklift in Americas in collaboration with
Jungheinrich AG in Germany.
 Acquired 35% shares of UniCarriers Corporation and became
the world’s third largest forklift manufacturing group.
Reach-type forklift for North America“EOS” in collaboration with
Jungheinrich AG■Expansion of logistics solutions business Held “Logistics Solutions Fair” for customers that
introduced products and solutions morethoroughly than in day-to-day sales activities andprovided “answers, hints and inspirations” forimproving their logistics.
Number of visitors

A snapshot in Logistics Solution Fair 2016 in Okayama
Number of visitors

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

Number of visiting customer companies

21

3. Summary of Mid-Term Management Plan (Best Integration 2017)■Integration of sales companies in Asia

Completed the merger of Nichiyu Asia (NAS) and MNA(former MCFS) as of January 1, 2016 in order to createsynergies in brand power, sales capabilities, productlineup, resources, etc. between Nichiyu and Mitsubishi
and expand business in the ASEAN market.
* Office functions were integrated at the end of December 2013

Also reorganized sales networks in Singapore, Malaysia
and Australia.

■Expansion of service network in ChinaCompleted provision of service stations in major cities
in China by opening Wuhan Workshop in August 2015.
This reinforced earning power and improved conveniencefor customers.

■Streamlining of sales bases in Japan

MNA Headquarters

Workshops in China
DalianBeijingSuzhouShanghai

Wuhan
Guangzhou

Promoted restructuring of sales bases in Japan since theintegration of the former distribution companies affiliated with
Nippon Yusoki and Mitsubishi Heavy Industries Forklift
Marketing in April 2009 (restructured about 50 offices in 7
years). Reinforced the sales organization and enabled provisionof high-quality services and more efficient business processing.

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

Nichiyu MHI Kinki Co., Ltd. Kyoto Office22

4. Measures for Further Growth■Emphasized Strategies
Glocal ProductDevelopment

Glocal Production

 Further strengthen localization of product development
to support sales strategies in each region
 Promote development for more flexible offering ofsolutions Pursue optimal sourcing and sophisticate global SCM
 Further promote local sourcing
 Reduce cost by strategic purchasing and use of common
parts

Restructuring of Headquarters’
Functions and control of fixed costs

Growth Strategies

 Sophisticate management of the globally consolidatedgroup Strengthen measures to control fixed costs
 Reduce cost by minimizing lead time and stock

Reinforcement ofManagement Base Further reinforce corporate governance Provide human resources management that corresponds
to more sophisticated and complex businesses
 Promote more efficient management by improving IT
infrastructure Concentrate resources and put investment priority on
the warehousing business Further expand the post-sales services business Further strengthen the solutions business

Creation of Synergies
 Maximize synergies from collaboration with UniCarriersin sales/development/purchasing and use of advanced
and innovative technologies of the MHI GroupNew growth strategies for “quantitative growth” and “qualitative growth”
will be developed within the 1st half of FY2016.
Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

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5. Collaboration with UniCarriers■Joint ownership of UniCarriers Mitsubishi Nichiyu Forklift Co., Ltd.
and Mitsubishi Heavy Industries
Forklift & Engine Turbocharger
Holdings Corporation (MFET) acquired
the entire stock of UniCarriers
Holdings Corporation, with 35% and
65% holding, respectively. UniCarriers
became an equity method affiliate of
Mitsubishi Nichiyu Forklift.

■Shareholding relations
Shareholders

Mitsubishi Heavy Industries (MHI)
Mitsubishi Heavy Industries
Forklift & Engine Turbocharger
Holdings Corporation (MFET)* Wholly-owned subsidiary of MHI

Mitsubishi Nichiyu
Forklift

UniCarriers

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

Engine and turbo-charger business(Company name is to be
determined)

Mitsubishi Nichiyu Forklift& UniCarriers
Net sales
4,119
Share

(Simply combined the figures for FY ended March 2015.)

10.6%(Unit: 100 million yen)

RankingCompany nameCountry Net sales

Share

1

Toyota Industries
Corporation

Japan

9,249

22.1%

2

KION

Germany

6,315

15.7%

3

Jungheinrich

Germany

3,372

8.4%

4

Hyster-Yale

US

2,812

7.0%

5

Crown

US

2,541

6.3%

6

Mitsubishi
Nichiyu Forklift

Japan

2,258

6.2%

7

Cargotec

Finland

2,007

5.0%

8

UniCarriers

Japan

1,861

4.4%

9

Manitou

France

1,403

3.5%

10

Anhui Heli

China

1,096

2.7%

11

Hangcha Group

China

992

2.5%

12

Komatsu

Japan

847

2.0%

13

Clark

Korea

720

1.8%

14

Doosan Corporation

Korea

576

1.4%

15

Hyundai

Korea

459

1.1%

16

Merlo

Italy

387

1.0%

Source: “World Ranking Industrial-Trucks 2014-2015” by German magazine “DHF intralogistik”* Figures for overseas companies are translated at 1 euro = 135 yen.

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5. Collaboration with UniCarriers
Accelerate growth momentum by creating synergies fromcollaboration with UniCarriers and support of MHI Group at an
early stage.
[Sales][R&D]

 Reinforce product lineup by leveraging brandpowers of both companies
 Maintain and expand business though multibrand management

 Release highly value-added products andenter into new business areas with doubled
resources Create highly value-added products andbusiness models using advanced andinnovative technologies owned by
MHI Group[Purchasing]Maximizing
Synergies

 Reduce cost at an early stage throughcollaboration in purchasing activities
 Further reduce cost by using common partsand components between product brands andleveraging larger quantities

Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

[Others]

 Further accelerate glocal management
 Further streamline production and SCM
 Streamline and reinforce corporate and backoffice functions25

<Reference>■Investment Plan
(Unit: 100 million yen)

140

130
117

120
100

106

103

80
Lease/rental investment

60

Ordinary investment* Excluding M&A

40

Including
3,200 million yen
investment in IT
system20
0
FY2013ResultCopyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

FY2014
Result

FY2015Result

FY2016
Planned26

NoticeThis material is provided exclusively for the purpose of information provision forinvestors and not for solicitation of stock sales or purchases. Forward-looking
descriptions in this material are based on targets and forecasts and do not
represent the commitments or warranties by the Company. Please be aware that
actual financial results in the future may differ from the Company’s present
forecasts. In addition, although descriptions relating to financial results andforecasts were prepared based on various data that the Company believes to betrustworthy, the Company does not warrant their correctness or safety. This
material is provided on the condition that each investor will use it for any purposeat their own discretion and responsibility and the Company hereby disclaims any
responsibility whatsoever in any event.
Contact:
Mitsubishi Nichiyu Forklift Co., Ltd.
Administration Department (Matsuura or Koizumi)
1-1, 2-Chome, Higashikotari, Nagaokakyo-shi,
Kyoto 617-8585 JAPAN
TEL:+81-(0)75-951-7171
FAX:+81-(0)75-955-3797
http://www.nmf.co.jp/
Copyright © 2016 Mitsubishi Nichiyu Forklift Co., Ltd.

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