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.

May 8, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(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 of Annual General Meeting of Shareholders:June 26, 2024
Scheduled date to commence dividend payments:
June 27, 2024
Scheduled date to file annual securities report:
June 26, 2024
Preparation of supplementary material on financial results:
None
Holding of financial results briefing:
Yes (for analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (April 1, 2023 to March
31, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Millions of yen% Millions of yen

701,770
615,421

Note: Comprehensive income

14.0
32.2

Reference:% Millions of yen

189.6
309.4

37,47911,646

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share
Fiscal year ended
March 31, 2024
March 31, 2023

42,603
14,709Profit attributable toowners of parent

Ordinary profit% Millions of yen

221.8
259.4

27,520
6,913¥42,348 million¥13,114 million

%

298.0
864.0

[222.9%][47.7%]

Ratio of ordinary
Ratio of operating
profit to total
profit to net sales
assetsDiluted earnings
per share

Return on equity

Yen

Yen

%

%

%

258.0664.82

257.29
64.61

28.6
10.0

7.4
2.6

6.1
2.4

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024:¥23 million
For the fiscal year ended March 31, 2023:¥84 million
Operating profit before amortization of goodwill
For the fiscal year ended March 31, 2024:¥52,876 million[111.5%]For the fiscal year ended March 31, 2023:¥24,995 million[92.1%]
Mitsubishi Logisnext Co., Ltd. (the “Company”) uses operating profit before amortization of goodwill as a key
management indicator.

(2) Consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023
Reference:

EquityNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

531,495
475,432

117,333
76,02722.0
15.9

1,094.53
707.19Cash flows fromfinancing activities

Cash and cash
equivalents at end of
periodAs of March 31, 2024:
As of March 31, 2023:¥116,740 million¥75,455 million(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

64,56328,743(56,828)(40,233)(1,978)
11,72920,166
13,245

2. Cash dividends
Annual dividends per share

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecast)Fiscalyear-end

Total cash
dividends(Total)Ratio of
Payout ratio
dividends to(Consolidated)
net assets(Consolidated)First
quarter-end

Secondquarter-end

Thirdquarter-end

Yen

Yen

Yen

Yen

Yen

Millions of
yen

%

%

–

–

–

9.00

9.00

960

13.9

1.4

–

–

–

20.00

20.00

2,133

7.8

2.2

–

–

–

24.00

24.00

Total

8.8

3. Forecasts of consolidated financial results for the fiscal year ending March 31, 2025 (April 1, 2024
to March 31, 2025)
Net sales
Millions of yen

Fiscal year ending
March 31, 2025

Reference:

680,000(Percentages indicate year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share

Operating profit% Millions of yen(3.1)

38,000% Millions of yen(10.8)

Operating profit before amortization of goodwill

33,000% Millions of yen(12.0)

29,000¥48,000 million[(9.2)%]

%

Yen

5.4

271.94

* 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) 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
(3) Number of issued shares (common stock)(i) Total number of issued shares at the end of the period (including treasury stock)
As of March 31, 2024

106,739,013 shares

As of March 31, 2023

106,705,013 shares(ii) Number of treasury stock at the end of the period
As of March 31, 2024

81,275 shares

As of March 31, 2023

7,216 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

106,643,031 sharesFiscal year ended March 31, 2023

106,657,566 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (April 1, 2023 toMarch 31, 2024)(1) Non-consolidated operating results
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Millions of yen% Millions of yen

174,470
164,231

6.2
5.1

Basic earnings
per share
Fiscal year ended
March 31, 2024
March 31, 2023
Reference:(Percentages indicate year-on-year changes.)
Ordinary profit% Millions of yen

1,400(2,409)

–
–

612
2,328

Profit% Millions of yen(73.7)
–

1,335
1,168

Diluted earnings
per share
Yen

Yen

12.52
10.96

12.49
10.92

Operating profit before amortization of goodwill
For the fiscal year ended March 31, 2024:¥5,879 million[184.1%]For the fiscal year ended March 31, 2023:¥2,069 million[(28.9)%]The Company uses operating profit before amortization of goodwill as a key management indicator.

%

14.3
–

(2) Non-consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023
Reference:

EquityNet assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

226,963234,784

54,09153,52523.7
22.7

504.74499.04As of March 31, 2024:
As of March 31, 2023:¥53,835 million¥53,247 million* Financial results reports are exempt from audit 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. Overview of operating results and others, (4) Future outlook” on page
4 of the attached material.

Mitsubishi Logisnext Co., Ltd.

Attached Material
Index
1. Overview of operating results and others ................................................................................................. 2(1) Overview of operating results during the fiscal year under review .................................................... 2(2) Overview of financial position during the fiscal year under review................................................... 4(3) Overview of cash flows during the fiscal year under review ............................................................. 4(4) Future outlook .................................................................................................................................... 4(5) Basic policy regarding the distribution of profit and dividends for the fiscal year ended March
31, 2024 and the fiscal year ending March 31, 2025 .......................................................................... 5
2. Basic rationale for selection of accounting standards ............................................................................... 5
3. Consolidated financial statements and significant notes thereto............................................................... 6(1) Consolidated balance sheet ................................................................................................................ 6(2) Consolidated statement of income and consolidated statement of comprehensive income ............... 8
Consolidated statement of income...................................................................................................... 8
Consolidated statement of comprehensive income ............................................................................ 9(3) Consolidated statement of changes in equity ................................................................................... 10(4) Consolidated statement of cash flows .............................................................................................. 12(5) Notes to consolidated financial statements ....................................................................................... 14
Notes on premise of going concern .................................................................................................. 14
Changes in presentation.................................................................................................................... 14
Segment information ........................................................................................................................ 15
Per share information ....................................................................................................................... 17
Subsequent events ............................................................................................................................ 17
4. Other ....................................................................................................................................................... 18
Supplementary Information .............................................................................................................. 18-1-

Mitsubishi Logisnext Co., Ltd.

1. Overview of operating results and others(1) Overview of operating results during the fiscal year under review
The moderate recovery in the global economy continued in the fiscal year under review amid
advancing disinflation. However, China’s economic growth stalled partly because of the continued
slump in real estate, and there were geopolitical risks including Russia’s prolonged aggression in
Ukraine and military clashes between Israel and Hamas, so the situation differed between regions. On
the other hand, for Japan it was a year of progress in normalization of economic and social activities.
Despite the higher prices caused by the prolonged yen depreciation, capital expenditure and personal
consumption were both firm.
Against this backdrop, the domestic market for forklifts and other material handling equipment
remained firm at pre-COVID-19 levels. Overseas, immediately following weakness as temporary
special demand following COVID-19 leveled off, there were signs of recovery in the Americas, whilematerial handling equipment demand recovered through the second half of the fiscal year, even in
Europe, where there has not been an economic recovery amid the easing of inflationary pressures. On
the other hand, demand is firm in Asia even as the special demand following COVID-19 has subsided,and material handling equipment demand is showing signs of recovery even in China, where theeconomy has stalled due to the continued slump in real estate. In addition, amid the trend towards
electric vehicles, trends for increased competition have become evident in all regions, even if not
uniform, due to the entry of Chinese made lithium battery vehicles.
At the Company, the major challenge of longer lead times has been shortened through production
improvements, and while delivery times are still on the longer side in the U.S.A., they are virtually atappropriate levels in other regions. Nevertheless, there are still concerns about stabilizing the supply
chain, so we still need to continue initiatives to ensure stable procurement and transport. The global
economy continues to recovery, albeit gradually, but the outlook for the global economy is becoming,and the situation is unclear and unpredictable due to factors including China’s economic slump, interest
rate and foreign exchange trends, aggression in Ukraine and deteriorating conditions in the Middle
East.
Under these circumstances, net sales for the fiscal year under review totaled ¥701,770 million (up14.0% year on year).
Shipments greatly exceeded those of the previous fiscal year, mainly in the Americas, due to production
streamlining, and this, together with the effect of price optimization, contributed to an increase in net
sales. Consequently, operating profit was ¥42,603 million (up 189.6% year on year), ordinary profit
was ¥37,479 million (up 221.8% year on year), and, with the decrease in tax expenses due to thereversal of valuation allowance, profit attributable to owners of parent was ¥27,520 million (up 298.0%
year on year).
Operating profit before amortization of goodwill was ¥52,876 million (up 111.5% year on year), andthe operating profit margin was 7.5% (up 3.5 percentage points year on year).
As a result, record highs were achieved for net sales as well as operating profit, ordinary profit, profit
attributable to owners of parent and operating profit before amortization of goodwill. The targets in theMedium-Term Plan “Logisnext Solutions 2023” from FY2021 to FY2023 (¥500 billion in net sales,¥30 billion in operating profit before amortization of goodwill, 6% for the corresponding operating
profit margin, and at least 20% for the equity-to-asset) were all exceeded.

-2-

Mitsubishi Logisnext Co., Ltd.

(Billions of yen)
Net sales
Operating profit before
amortization of goodwill(%)

ChangeFiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

615.42701.77

86.34

14.0

24.99

52.87

27.88

111.5

(Billions of yen)

(%)

4.1

7.5

Operating profit
(%)

14.70
2.4

42.60
6.1

27.89

189.6

Ordinary profit
(%)

11.64
1.9

37.47
5.3

25.83

221.8

6.91

27.52

20.60

298.0

1.1

3.9

Profit attributable to ownersof parent(%)

Operating results by segment are as follows.
Japan
Net sales in Japan were ¥190,441 million (up 8.0% 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 ¥5,062 million (up 891.5% year on year) due to the increase in net
sales, the settling of increase in marine transportation costs and the impact of yen depreciation in theexport business despite the persistent high-cost environment.
Segment profit before amortization of goodwill was ¥9,903 million (up 85.4% year on year).
Japan(Billions of yen)
Net sales
Operating profit before
amortization of goodwill(%)
Operating profit(%)

ChangeFiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

176.32190.44

14.11

8.0

5.34

9.90

4.56

85.4

3.0

5.2

0.51
0.3

5.06
2.7

4.55

891.5

(Billions of yen)(%)

Overseas
Net sales in Overseas were ¥511,329 million (up 16.5% year on year) due to the expanded effects ofprice optimization in line with an increase in units sold in the Americas, and an increase in foreignexchange translated amounts from the impact of yen depreciation. Segment profit was ¥37,541 million(up 164.4% year on year) due largely to the increase in net sales.
Segment profit before amortization of goodwill was ¥42,972 million (up 118.6% year on year).
Especially in the same period of the previous fiscal year in Overseas, price optimization in the first halfof the period had not been able to cover the higher costs in the inflationary environment post-COVID19. Since then, the gradual elimination of components shortages has led to increased production,
accelerated shipments, and net sales and segment profit in Overseas increased significantly.
Overseas(Billions of yen)
Net sales
Operating profit before
amortization of goodwill(%)
Operating profit(%)

ChangeFiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

439.09511.32

72.23

16.5

19.65

42.97

23.31

118.6

4.5

8.4

14.19
3.2

37.54
7.3

23.34

164.4

-3-

(Billions of yen)(%)

Mitsubishi Logisnext Co., Ltd.

(2) Overview of financial position during the fiscal year under review
As of March 31, 2024, total assets were ¥531,495 million, an increase of ¥56,062 million from the endof the previous fiscal year, due to an increase in foreign exchange translated amounts mainly from theimpact of yen depreciation. Current assets increased by ¥26,294 million due to an increase ininventories, and non-current assets increased by ¥29,768 million due to an increase in machinery,equipment and vehicles.
Total liabilities were ¥414,162 million, an increase of ¥14,756 million from the end of the previous
fiscal year, due to an increase in foreign exchange translated amounts mainly from the impact of yen
depreciation.
Net assets, excluding share acquisition rights and non-controlling interests, were ¥116,740 million, an
increase of ¥41,284 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.
As a result, the equity-to-asset ratio was 22.0% (15.9% at the end of the previous fiscal year), and net
assets per share were ¥1,094.53 (¥707.19 at the end of the previous fiscal year).
(3) Overview of cash flows during the fiscal year under review
Cash and cash equivalents (the “cash”) at the end of the fiscal year under review were ¥20,166 million,
an increase of ¥6,921 million from the end of the previous fiscal year. The status of cash flows and theircontributing factors are as follows.
Cash flows from operating activities
Cash provided by operating activities was ¥64,563 million, an increase of ¥35,820 million from¥28,743 million at the end of the previous fiscal year (up 124.6% year on year). The main factors are
increases in profit before income taxes and depreciation. In addition, the collection of accounts
receivables and the decline in the amount of increase in inventories also contributed although there wasan increase in the payment amount of trade payables.
Cash flows from investing activities
Cash used in investing activities was ¥56,828 million, an increase of ¥16,595 million from ¥40,233
million at the end of the previous fiscal year (up 41.2% year on year). Payments during the fiscal year
under review increased due to the purchase of property, plant and equipment and an increase in shortterm loans receivable.
Cash flows from financing activities
Cash used in financing activities was ¥1,978 million, a decrease of ¥13,708 million from ¥11,729
million at the end of the previous fiscal year (down 116.9% year on year). This was mainly due torepayments of short-term borrowings.
(4) Future outlook
The moderate recovery in the global economy continued amid advancing disinflation, but the outlook is
unclear and unpredictable amid increased uncertainty due to factors including China’s economic slump,and geopolitical risks in Europe and the Middle East.
Nevertheless, the market for forklifts and other material handling equipment remains firm at preCOVID-19 levels in Japan, while overseas markets are strong with signs of recovery according toregion.
Under these circumstances, the Company forecasts consolidated earnings for the next fiscal year (fiscal
year ending March 31, 2025), which is the first year of the next 3-year Medium-Term Plan “Logisnext
Transform 2026 (LT26),” of ¥680 billion in net sales, ¥38 billion in operating profit, ¥33 billion in
ordinary profit, and ¥29 billion in profit attributable to owners of parent.
-4-Mitsubishi Logisnext Co., Ltd.

In that event, there would be ¥48 billion of operating profit before amortization of goodwill and 7.1%
for the corresponding operating profit margin. In addition, we forecast the equity-to-asset ratio at theend of the next fiscal year to be 25%, with return on equity, which is the newly set target under LT26
for establishing management practices based on an awareness of the cost of capital, to be at least 20%.
(5) Basic policy regarding the distribution of profit and dividends for the fiscal year ended March 31,
2024 and the fiscal year ending March 31, 2025
The Company’s basic policy is to distribute profit and dividends with consideration given to a balance
between the enhancement of dividends to shareholders and internal reserves for establishing a businessbase, according to the earnings situation in each period.
In line with the above policy, the plan is to pay dividends from surplus for the fiscal year under reviewof ¥20 per share for the fiscal year-end dividend and ¥24 per share for the dividend for the next fiscal
year, in light of the consolidated earnings forecast stated in “(4) Future outlook.”

2. Basic rationale for selection of accounting standards
In order to make it possible to compare consolidated financial statements between periods and between
companies, for the time being, the Group’s policy is to prepare consolidated financial statements inaccordance with Japanese standards.
Furthermore, with regard to the application of international accounting standards, the Group’s approach isto respond appropriately after deliberating the situation both in Japan and overseas.

-5-

Mitsubishi Logisnext Co., Ltd.

3. Consolidated financial statements and significant notes thereto(1) 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
Lease receivables and investments in leases
Merchandise and finished goods
Work in process
Raw materials and supplies
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-6-

As of March 31, 2024

13,245

20,166

101,148

100,196

2,507
13,44362,84014,80530,646
12,744
14,561(1,383)
264,561

2,605
14,032
76,935
13,58735,027
18,425
11,726(1,847)
290,856

56,894(35,090)
21,803
172,861(100,176)
72,685
21,383(19,021)
2,361
22,13333,733(5,975)27,7582,189
148,933

60,246(37,483)
22,762
207,563(109,705)
97,85821,160(18,495)
2,665
21,67535,409(7,940)27,4686,724
179,155

25,473
15,664
41,137

19,401
14,41533,816

7,152
814
9,415
3,467
(50)
20,800210,871475,432

7,961
1,197
14,241
4,314(47)
27,667
240,639
531,495

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
Current portion of long-term borrowings
Lease liabilities
Accounts payable - otherAccrued expenses
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
Notes payable - facilities
Other interest-bearing liabilities
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Provision for product warranties
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Other interest-bearing liabilities
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-7-

As of March 31, 2024

86,24015
47,344
4,000
7,199
9,122
22,2093,313
4,798

78,894–42,7664,000
7,811
10,88627,317
2,901
6,401

94

102

4,215

4,272

75

75

10
3,979
16,089208,709–
7,709
20,233
213,374

124,281
20,332
3,210
2,561

118,402
19,615
3,778
405

7

5

16,263
22,536
1,501
190,695
399,405

16,484
40,665
1,429
200,787
414,162

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

4,949
34,79343,265(92)
82,9152,387
17,019(367)
19,040277
294
76,027475,432

2,705
30,977
141
33,824
255
337
117,333
531,495

Mitsubishi Logisnext Co., Ltd.

(2) Consolidated statement of income and consolidated statement of comprehensive income
Consolidated statement of income(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Insurance claim income
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on sale of investment securities
Loss on valuation of investment securities
Loss on liquidation of subsidiaries and associates
Loss on disaster
Business restructuring expenses
Loss on COVID-19
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent-8-

Fiscal year ended
March 31, 2024

615,421477,337
138,084
123,375
14,709701,770522,047
179,722
137,119
42,603

795
202

1,443
104

84

23

–
390
1,472

137
448
2,158

3,873
301
361
4,535
11,646

6,884
–
397
7,281
37,479

1,288
53
14
1,356

437
208
–
645

118
–
1
12
408
7
121
89
758
12,2437,737(2,365)
5,372
6,871
(42)
6,913

614
29
0
–
–
–
853
–
1,497
36,627
13,482(4,404)
9,077
27,54929
27,520Mitsubishi Logisnext Co., Ltd.

Consolidated statement of comprehensive income(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther 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-9-

Fiscal year ended
March 31, 2024

6,871

27,549

2
6,493
(255)

313
13,980
508

2

(3)

6,243
13,114

14,79942,34813,15042,305(36)

43

Mitsubishi Logisnext Co., Ltd.

(3) Consolidated statement of changes in equity
Fiscal year ended March 31, 2023
(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

4,924

34,762

10,644

(2)

13

13

Balance at beginning of period

Total shareholders’equity50,328Changes during period
Issuance of new shares exercise of share acquisitionrights26

Dividends of surplus

(853)

(853)

Profit attributable to ownersof parent

6,913

6,913

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

13

13

6,060

–

6,087

4,938

34,775

16,704(2)

56,415

Accumulated other comprehensive income
Valuation
Total accumulated Share acquisition Non-controlling
Foreign currency Remeasurements
rightsinterests
difference onothertranslationof defined
available-forcomprehensive
adjustment
benefit planssale securities
incomeBalance at beginning of period

2,380

10,533(111)

12,803273

333

Total net assets

63,737

Changes during period
Issuance of new shares exercise of share acquisitionrights26

Dividends of surplus(853)

Profit attributable to ownersof parent

6,913

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

6

6,486

(255)

6,237

4

(39)

6,202

6

6,486

(255)

6,237

4

(39)

12,2892,387

17,019(367)

19,040277

294

76,027- 10 -

Mitsubishi Logisnext Co., Ltd.

Fiscal year ended March 31, 2024
(Millions of yen)
Shareholders’ equity
Share capital

Capital surplus

Retained earnings

Treasury shares

4,938

34,775

16,704

(2)

11

11

Balance at beginning of period

Total shareholders’equity56,415

Changes during period
Issuance of new shares exercise of share acquisitionrightsDividends of surplus
Profit attributable to ownersof parent

22
(960)

(960)

27,52027,520Purchase of treasury shares
Restricted stockcompensation

7

(199)

(199)

110

117

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

1118

26,560(89)

26,5004,949

34,79343,265(92)

82,915

Accumulated other comprehensive income
Valuation
Total accumulated Share acquisition Non-controlling
Foreign currency Remeasurements
rightsinterests
difference onothertranslationof defined
available-forcomprehensive
adjustment
benefit planssale securities
incomeBalance at beginning of period

2,387

17,019(367)

19,040277

294

Total net assets

76,027

Changes during period
Issuance of new shares exercise of share acquisitionrights22

Dividends of surplus(960)

Profit attributable to ownersof parent

27,520Purchase of treasury shares(199)

Restricted stockcompensation

117

Net changes in items otherthan shareholders’ equity

317

13,957508

14,784(22)

43

14,805

Total changes during period

317

13,957508

14,784(22)

43

41,306

Balance at end of period

2,705

30,977

141

33,824

255

337

117,333- 11 -

Mitsubishi Logisnext Co., Ltd.

(4) Consolidated statement of cash flows(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for product warranties
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity
methodLoss (gain) on sale of investment securities
Decrease (increase) in trade receivables
Decrease (increase) in investments in leases
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Purchase of shares of subsidiaries and associates
Net decrease (increase) in short-term loans receivable
Long-term loan advances
Proceeds from collection of long-term loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from other financial transactions
Repayments of other financial transactions
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities- 12 -

Fiscal year ended
March 31, 2024

12,24325,844
–
7,727
18
449
1,126
347
(998)
3,873

36,62729,549
29
7,665
328
1,601
(2,647)330(1,547)
6,884

(84)

(23)

(51)
(14,741)
1,126
1,792
762
(3,695)
3,352
39,092
1,003(3,738)(7,614)28,743

(208)
9,262
638
1,828
(15,295)
3,976
5,398
84,398
1,503(6,895)(14,441)
64,563(44,868)
1,370
(830)
(33)
185

(53,127)
1,385(1,041)(33)
369(3,939)

–

–
7,965
(11)
11
(83)
(40,233)(433)(3,991)––
43(56,828)

2,744
1,611
(11,681)
25,025(3,409)(1,704)
–
(853)
(2)
0
11,729(6,989)4,357(14,228)
26,925(9,195)(1,691)
(199)
(960)
–
4
(1,978)

Mitsubishi Logisnext Co., Ltd.
(Millions of yen)
Fiscal year ended
March 31, 2023
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 13 -

443
683
12,562
13,245

Fiscal year ended
March 31, 2024
1,164
6,921
13,245
20,166

Mitsubishi Logisnext Co., Ltd.

(5) Notes to consolidated financial statements
Notes on premise of going concern
Not applicable.
Changes in presentation
Consolidated balance sheet
Transactions related to the lease business of overseas subsidiaries that were liabilities treated foraccounting purposes as financial transactions were presented in the previous fiscal year throughinclusion in “Other” under “Current liabilities” and in “Other” under “Non-current liabilities.” Due toits increased financial materiality, they are separately presented as “Other Interest-bearing liabilities”
from the fiscal year under review. To reflect this change in presentation, the consolidated financial
statements for the previous fiscal year have been reclassified.
As a result, in the consolidated balance sheet for the previous fiscal year, ¥3,979 million presented in“Other” under “Current liabilities” has been reclassified as “Other interest-bearing liabilities” under“Current liabilities,” and ¥22,536 million presented in “Other” under “Non-current liabilities” has been
reclassified as “Other interest-bearing liabilities” under “Non-current liabilities.”“Accrued expenses,” which was included in “Other” under “Current liabilities” in the previous fiscal
year, has been separately presented from the fiscal year under review, due to its increased financial
materiality. To reflect this change in presentation, the consolidated financial statements for the previous
fiscal year have been reclassified.
As a result, ¥22,209 million presented in “Other” under “Current liabilities” in the consolidated balance
sheet for the previous fiscal year, has been reclassified as “Accrued expenses.”“Long-term deposits received” which was presented separately under “Non-current liabilities” in theprevious fiscal year, is included in “Other” under “Non-current liabilities” in the fiscal year underreview, due to its decreased financial materiality. To reflect this change in presentation, theconsolidated financial statements for the previous fiscal year have been reclassified.
As a result, ¥5 million presented in “Long-term deposits received” under “Non-current liabilities” inthe consolidated balance sheet for the previous fiscal year, has been reclassified as “Other.”Consolidated statement of income“Subsidy income” which was presented separately under “Non-operating income” in the previous fiscal
year, is included in “Other” in the fiscal year under review, due to its decreased financial materiality. To
reflect this change in presentation, the consolidated financial statements for the previous fiscal year
have been reclassified.
As a result, ¥28 million presented in “Subsidy income” under “Non-operating income” in the
consolidated statement of income for the previous fiscal year, has been reclassified as “Other.”- 14 -

Mitsubishi Logisnext Co., Ltd.

Segment information
Segment information
1. Overview of reportable segments
The reportable segments of the Company are components of the Company for which discrete
financial information is available and regularly reviewed by the Board of Directors to makedecisions about allocation of managerial resources and to assess their operating results.
The Company provides goods and services though the Japan sales division and the Overseas sales
division respectively. A comprehensive strategy is established in cooperation with the production
division or the technical division, leading to the expansion of business activities. Therefore, theCompany is comprised of segments by goods and services and by Japan and Overseas, with tworeportable segments being “Japan” and “Overseas.”“Japan” is a business conducted within Japan of the production and sales of mainly forklifts andother material handling equipment as well as maintenance parts. This also includes the sale ofincidentally related merchandise and maintenance parts. “Overseas” is a business conducted
outside Japan of the production and sales of mainly forklifts and other material handling equipment
as well as maintenance parts. This also includes the sale of incidentally related merchandise andmaintenance parts.
2. Method for calculating amounts of net sales, profit or loss, assets and other items by reportablesegment
The accounting method for the operating segments that are reportable complies with the accounting
policy that has been adopted in preparing the consolidated financial statements. Profit or loss ofreportable segments is based on operating profit. Intersegment revenue or transfers are based on
actual market price.
3. Information on the amounts of net sales, profit or loss, assets and other items by reportable segment
Fiscal year ended March 31, 2023
(1) Information on the amounts of net sales, profit or loss, assets and other items by reportablesegment(Millions of yen)
Reportable segment

Net sales(1) Sales to external customers(2) Intersegment sales ortransfers
Total
Segment profit
Segment assets
Other items
Depreciation
Amortization of goodwill
Increase in property, plantand equipment andintangible assets

Amount recorded in the
Adjustments consolidated financial
statements

Japan

Overseas

Total

176,325

439,095

615,421–615,42155,2401,999

57,239(57,239)–

231,565

441,095

672,661(57,239)

615,421510
149,386

14,199326,045

14,709475,432––

14,709475,432

10,7984,000

15,046
3,726

25,844
7,727––

25,844
7,727

9,547

62,371

71,918–71,918Notes: 1. Adjustments to segment net sales represent elimination of intersegment sales.
2. Total segment profit is consistent with operating profit on the consolidated statement of income.

- 15 -

Mitsubishi Logisnext Co., Ltd.
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 identifiable assets(valuation difference) and amortization of goodwill acquired on the date of business combination.
Japan

Overseas

Total

Segment profit

510

14,19914,709Amortization of goodwill

4,000

3,726

7,727

Depreciation and amortization ofvaluation difference

830

1,728

2,558

Operating profit before
amortization of goodwill

5,341

19,65324,995(2) Information on impairment losses of non-current assets or goodwill, etc. by reportable segment
There are no material matters to report.
Fiscal year ended March 31, 2024
(1) Information on the amounts of net sales, profit or loss, assets and other items by reportablesegment(Millions of yen)
Reportable segment

Net sales(1) Sales to external customers(2) Intersegment sales ortransfers
Total
Segment profit
Segment assets
Other items
Depreciation
Amortization of goodwill
Increase in property, plantand equipment andintangible assets

Amount recorded in the
Adjustments consolidated financial
statements

Japan

Overseas

Total

190,441

511,329

701,770–

701,770

55,761

1,908

57,669(57,669)–

246,202513,237

759,440(57,669)

701,770

5,062
150,273

37,541
381,222

42,603
531,495––

42,603
531,495

11,1024,000

18,447
3,664

29,5497,665––

29,5497,665

12,233

41,46453,698–53,698Notes: 1. Adjustments to segment net sales represent elimination of intersegment sales.
2. Total segment profit is consistent with operating profit on the 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 identifiable assets(valuation difference) and amortization of goodwill acquired on the date of business combination.
Japan

Overseas

Total

Segment profit

5,062

37,54142,603

Amortization of goodwill

4,000

3,664

7,665

Depreciation and amortization ofvaluation difference

841

1,766

2,607

Operating profit before
amortization of goodwill

9,903

42,972

52,876(2) Information on impairment losses of non-current assets or goodwill, etc. by reportable segment
There are no material matters to report.

- 16 -

Mitsubishi Logisnext Co., Ltd.

Per share information(Yen)
Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2024

Net assets per share

707.19

1,094.53

Basic earnings per share

64.82

258.06

Diluted earnings per share

64.61

257.29Note: The bases for calculating basic earnings per share and diluted earnings per share are as follows.
Fiscal year ended March 31, 2023

Fiscal year ended March 31, 2024

Basic earnings per share
Profit attributable to owners of parent(Millions of yen)

6,913

27,520––

Profit attributable to owners of parent
pertaining to common stock (Millions of
yen)

6,913

27,520

Average number of outstanding common
stock during the period (Thousands ofshares)106,657

106,643––

Increase in number of shares of common
stock (Thousands of shares)

354

320

[Of which, share acquisition rights(Thousands of shares)]

[354]

[320]

Overview of potential shares not included in
the calculation of the diluted earnings per
share because of the lack of dilution effects––

Profit not attributable to commonshareholders (Millions of yen)

Diluted earnings per share
Adjustment of profit attributable toowners of parent (Millions of yen)

Subsequent events
Not applicable.

- 17 -

Mitsubishi Logisnext Co., Ltd.

4. Other
Supplementary Information
Consolidated financial results for the fiscal year ended March 31, 2024
1. Financial highlights(Billions of yen)
Fiscal year ended 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

135.29144.29161.36174.46615.42

166.12

177.64177.18180.81701.77

1.08

5.12

9.03

9.74

24.99

12.82

14.98

15.82

9.23

52.87

0.8

3.6

5.6

5.6

4.1

7.7

8.4

8.9

5.1

7.5

(2.68)(2.56)(2.57)(2.46)(10.28)(2.50)(2.56)(2.59)(2.60)(10.27)

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

2.56

6.46

7.27

14.70

10.32

12.41

13.23

6.63

42.60

(1.2)

1.8

4.0

4.2

2.4

6.2

7.0

7.5

3.7

6.1

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

2.38

5.15

5.57

11.64

9.62

11.43

11.78

4.63

37.47

(1.1)

1.6

3.2

3.2

1.9

5.8

6.4

6.7

2.6

5.3

(1.53)

0.11

4.18

4.15

6.91

6.60

9.95

8.02

2.93

27.52

(1.1)

0.1

2.6

2.4

1.1

4.0

5.6

4.5

1.6

3.9

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

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

(Yen)

USD

129.57133.97136.51135.47137.37141.00143.29144.62

EUR

138.12138.73140.59140.97149.47153.39155.29156.802. Segment information(Billions of yen)
Fiscal year ended March 31, 2024

Fiscal year ended March 31, 2023

Net sales
OperatingprofitQ1(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

48.18

48.63

48.91

190.44

Overseas

96.28

102.98114.56125.25439.09121.42129.45128.54131.89511.32

Japan

0.28

0.62

2.43

1.98

5.34

2.97

2.58

3.86

0.48

9.90

Overseas

0.79

4.50

6.60

7.75

19.65

9.85

12.40

11.96

8.75

42.97

* Operating profit represents operating profit before amortization of goodwill- 18 -

Mitsubishi Logisnext Co., Ltd.
Net sales by region(Billions of yen)
Fiscal year ended March 31, 2023

Fiscal year ended 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

48.18

48.63

48.91

190.44

Americas

61.64

69.19

78.43

86.80

296.07

86.69

94.40

93.44

95.33

369.86

Europe

25.34

23.35

26.40

28.29

103.39

25.69

25.25

26.20

28.10

105.26China & Asia

9.29

10.44

9.72

10.16

39.62

9.03

9.80

8.89

8.46

36.19

Total

135.29144.29161.36174.46615.42

166.12

177.64177.18180.81701.77

3. Units sold of forklifts(Thousands of units)
Fiscal year ended 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

7

7

28

Overseas

21

19

22

25

86

21

21

20

20

82

Total

27

25

29

31

112

28

29

27

27

110

- 19 -