FY2023 Financial Results
(April 1 ,2023 to March 31,2024)
Broad-line provider of logistics equipment headquartered
in Kyoto, Japan.
L o g i s n e x t s o l u t i o n s a r e s u p p o r t i n g l o g i s t i c a l
o p e r a t i o n s t h r o u g h o u t t h e w o r l d .
May 29, 2024
Mitsubishi Logisnext Co., Ltd.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.
FY2023
Summary of Financial Results
Takatoshi Uno
Director, Senior Executive Officer
CFO
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.
1. Key Points in FY2023 Results
Forklift
Market
Conditions
Status of
Mitsubishi
Logisnext
- The domestic market remained firm at pre-COVID-19 levels.
- Overseas, demand immediately decreased in reaction to the temporary special demand after COVID-19, but is currently recovering.
- Competition is intensifying due to the entry of Li-ion battery (LiB) equipped models from China.
- All numerical targets specified in the previous "LS23" medium-term management plan were achieved and net sales and profits reached record levels.
- Lengthening lead times were shortened to nearly appropriate levels through production improvements. The order backlog has not yet reached an appropriate level only in the U.S., where there was a 9-month backlog at the end of March 2024.
Performance
Overview
- Net sales increased by 14.0% YoY due to the expanded effects of price optimization in Japan and overseas and the contribution of the impact of yen depreciation.
- Operating profit before amortization of goodwill increased 111.5% YoY due to the contribution of accelerating shipments in the Americas and the expanded effects of price optimization in Japan and overseas.
Net Sales
701.7 B yen
YoY +14.0%
Operating Profit*
52.8 B yen
YoY +111.5%
Profit Attributable to Owners of Parent
27.5 B yen
YoY +298.0%
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. | * Operating profit before amortization of goodwill 3 |
2. Review of the "LS23" Medium-Term Plan
"Logisnext Solutions 2023" Medium-Term Management Plan (abbreviated "LS23")
Build up Business | Accelerate Growth |
Resilience | Strategy |
Further Develop
Global and
Regional Branding Strategies
Net sales of 500 billion yen
Operating profit* of 30 billion yen and operating profit margin* of 6%
(*before amortization of goodwill)
Capital adequacy ratio of 20% or more
- Net sales already achieved in FY22.
- Operating profit, operating profit margin, and capital adequacy ratio achieved in FY23.
Unit: Hundred million yen | Already | 7,017 | |||||
Achieved | |||||||
6,154 | Achieved | ||||||
Net Sales | 7.5% | ||||||
4,654 | Achieved | ||||||
Achieved | |||||||
Operating | 4.1% | 22.0% | |||||
Profit Margin | |||||||
528 | |||||||
2.8% | |||||||
Capital | 15.6% | Operating Profit | 15.9% | 249 | |||
Adequacy | |||||||
Ratio | 130 | ||||||
FY2021 | FY2022 | "LS23" | FY2023 | 4 | |||
3. Financial Highlights
Unit: Hundred million yen | ||
FY22 | FY23 | YoY Change |
Net Sales | 6,154.2 | 7,017.7 | +863.4 | +14.0% |
Operating Profit | 249.9 | 528.7 | +278.8 | +111.5% |
(Before amortization of goodwill) | (4.1%) | (7.5%) | ||
(Operating profit margin) | ||||
Amortization of | 102.8 | 102.7 | ― | ― |
Goodwill | ||||
Operating Profit | 147.0 | 426.0 | +278.9 | +189.6% |
(Operating profit margin) | (2.4%) | (6.1%) | ||
Ordinary Profit | 116.4 | 374.7 | +258.3 | +221.8% |
(Ordinary profit margin) | (1.9%) | (5.3%) | ||
Profit Attributable to | 69.1 | 275.2 | +206.0 | +298.0% |
Owners of Parent | ||||
(1.1%) | (3.9%) | |||
(Net income margin) | ||||
Capital Adequacy | 15.9% | 22.0% | ||
Ratio | ||||
ROE | 10.0% | 28.6% | ||
FX rates | ||||
USD | 135.47 yen | 144.62 yen | ||
EUR | 140.97 yen | 156.80 yen | ||
CNY | 19.75 yen | 20.14 yen | ||
5 | ||||
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. |
4. Business Results by Segment
Net Sales
- Net sales increased by 14.0% YoY due to the expanded effects of price optimization in Japan and overseas.
- The impact of yen depreciation was also a tailwind.
Unit: | Japan Overseas | FY23 Sales by Region | |||||
Hundred million yen | |||||||
China& | |||||||
8,000 | Increased 7,017.7 | ||||||
6,154.2 | Europe Asia | ||||||
7,000 | +863.4 | ||||||
6,000 | (+14.0%) | 15.0% | 5.2% | Japan | |||
5,000 | (16.8%) | (6.4%) | 27.1% | ||||
5,113.2 | |||||||
4,000 | 4,390.9 | (28.7%) | |||||
3,000 | |||||||
2,000 | Americas | ||||||
1,000 | 1,763.2 | 1,904.4 | |||||
52.7% | |||||||
0 | |||||||
FY22 | FY23 | (48.1%) | |||||
() = the same period last year
Operating Profit*
- Operating profit increased by 111.5% YoY due to the expanded effects of price optimization, the settling of increase in marine transportation costs, and the impact of yen depreciation.
Unit: | Japan Overseas | FY23 Operating Profit by Segment |
Hundred million yen |
600 | Increased | 528.7 | Japan | ||
500 | |||||
+278.8 | |||||
18.7% | |||||
400 | (+111.5%) | ||||
249.9 | 429.7 | (21.4%) | |||
300 | |||||
Overseas | |||||
200 | 196.5 | ||||
100 | 81.3% | ||||
53.4 | 99.0 | (78.6%) | |||
0 | |||||
* Operating profit before | FY22 | FY23 |
amortization of goodwill | () = the same period last year | |
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. | 6 |
5. Net Sales by Region (including FX impacts)
Japan | |||
(Unit: Hundred million yen) | Increased 1,904.4 | ||
2,000 | 1,763.2 | ||
+141.1 | |||
1,500 | (+8.0%) | ||
975.5 | |||
960.0 | |||
1,000 | |||
500 | 803.2 | 928.8 | |
0 | |||
FY22 | FY23 | ||
1H | 2H |
Europe | ||||
(Unit: Hundred million yen) | FX impact | |||
Increased | 98.8 | |||
1,500 | ||||
+18.6 | 1,052.6 | |||
1,033.9 | (+1.8%) | |||
1,000 | ||||
546.9543.1
500
486.9509.5
0
FY22 | FY23 |
1H 2H
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.
Americas | FX impact | |||
(Unit: Hundred million yen) | 234.0 | |||
Increased | 3,698.6 | |||
4,000 | ||||
2,960.7 | +737.9 | |||
3,000 | (+24.9%) | |||
1,887.7 | ||||
2,000 | 1,652.3 | |||
1,000 | 1,308.4 | 1,810.9 | ||
0 | ||||
FY22 | FY23 | |||
1H | 2H | |||
China & Asia | FX impact | |||
(Unit: Hundred million yen) | ||||
3.2 | ||||
396.2 | Decreased | 361.9 | ||
400 | ||||
-34.2 | ||||
300 | 198.8 | (-8.6%) | ||
173.5 | ||||
200 | ||||
100 | 197.3 | 188.4 | ||
0 | ||||
FY22 | FY23 | |||
1H | 2H | |||
7 |
6. Net Sales - FY2022 vs FY2023
◼ Japan: | Net sales increased due to steady orders, the resolution of component shortages, |
and the effects of price optimization. |
- Overseas: Net sales increased due to the expanded effects of price optimization in line with an increase in units sold in the Americas. In contrast, net sales decreased in Europe
and China & Asia regions due to worsening market conditions.
(Unit: Hundred million yen)
Americas
FX | Japan | +503.9 | -80.1 | -37.4 | |
Europe | |||||
China & | |||||
impacts | +141.1 | ||||
Asia |
+336.0
7,017.7
6,154.2 | Net Sales increased |
by 863 (+14.0%) |
FY22 | FY23 |
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. | 8 |
7. Operating Profit* - FY2022 vs FY2023
- Material costs remained high in Japan. Expenses increased due to inflationary effects, such as a rise in labor costs in response to wage increases.
- Operating profit* increased 111.5% YoY due to the effects of price optimization, the settling of increase in marine transportation costs, and the impact of yen depreciation.
* Operating profit before amortization of goodwill | (Unit: Hundred million yen) |
FX Consolidation impacts, adjustments,
etc.etc.
Effects of
price optimization
Operating profit*
increased by 278 (+111.5%)
Amortization
of goodwill
Sales increase | |||||
and | |||||
Decrease in mix optimization | |||||
-102.8 | transport | ||||
Increase in | costs | ||||
material costs | |||||
Amortization | |||||
of goodwill | |||||
Increase in | Including: | ||||
labor costs, etc. | Decrease in transport costs | +73.9 | |||
Increase in volume | -1.5 | ||||
FY22 | FY22 | FY23 | FY23 | ||
(before amortization | (before amortization | ||||
of goodwill) | of goodwill) | ||||
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. | 9 |
8. Consolidated Balance Sheet
- Net assets increased due to an increase in retained earnings from net profit and an increase in foreign currency translation adjustment. The capital adequacy ratio improved to 22.0%, achieving the "LS23" target.
4,754 | 5,314 |
Assets | 2,645 | 2,908 | ||||
Assets | ||||||
increased | ||||||
2,108 | by 560 | 2,406 | ||||
FY22 End | FY23 End | |||||
Non-current assets | Current assets | |||||
4,754 | 5,314 |
Liabilities/ AssetsNet | by 413 | 1,173 | |||
Liabilities | |||||
increased | 4,141 | ||||
3,994 | by 147 | ||||
Net assets | |||||
increased | |||||
760 | |||||
FY22 End | FY23 End | ||||
Net assets | Liabilities | ||||
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.
(Unit: Hundred million JPY)
Item | FY22 End | FY23 End | Change |
Current assets | 2,645 | 2,908 | +262 |
Property, plant and equipment | 1,489 | 1,791 | +302 |
Intangible assets | 411 | 338 | -73 |
Inv estments and | 208 | 276 | +68 |
other assets | |||
Total non-current assets | 2,108 | 2,406 | +297 |
Total assets | 4,754 | 5,314 | +560 |
Current assets: Increased
Due to exchange rate conversion effects, an increase in cash and deposits, an increase in inventory, etc.
Non-current assets: Increased
Due to exchange rate conversion effects, an increase in property, plant and equipment, etc.
Item | FY22 End | FY23 End | Change |
Current liabilities | 2,087 | 2,133 | +46 |
Non-current liabilities | 1,906 | 2,007 | +100 |
Total liabilities | 3,994 | 4,141 | +147 |
Total net assets | 760 | 1,173 | +413 |
Total liabilities and net assets | 4,754 | 5,314 | +560 |
Liabilities: Increased
Due to exchange rate conversion effects, an increase in other financial liabilities, etc.
Net assets: Increased
Due to an increase in retained earnings and a larger foreign currency translation adjustment.
FY22 Q4-end rate: USD = 133.53 yen | EUR = 145.72 yen CNY = 19.42 yen 10 |
FY23 Q4-end rate: USD = 151.41 yen | EUR = 163.24 yen CNY = 20.83 yen |
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Mitsubishi Logisnext Co. Ltd. published this content on 12 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 July 2024 06:28:03 UTC.