FY2023 Q1
Financial Results
(April 1 to June 30, 2023)
Aug. 10, 2023
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.
1. FY2023 Q1 Summary
Economic Market Trends
- The global economy has seen inflation persist despite the continuing monetary tightening by central banks in various countries to control inflation and, with Russia's prolonged aggression in Ukraine showing no end in sight, its growth is slowing. Although the increase in transport costs has subsided, inflation is driving not only higher labor costs but also higher costs in a wide range of areas including fuel and components costs, which is having a growing impact.
- The domestic market for material handling equipment remained firm at pre-COVID-19 levels. Overseas demand in the Americas has continued to exceed pre-COVID-19 levels, as it did in the previous fiscal year, due to stable logistics needs despite economic slowdowns. Europe's economy has stagnated, in part due to the impacts of inflation. Although demand is trending downward, it is remaining at pre-COVID-19 levels. Asia has weakened slightly because of inflation and increasing interest rates. China is showing signs of recovery due to the lifting of the zero-COVID policy but behind market expectations.
- At Mitsubishi Logisnext, the problem of longer lead times due to delays in the supply of various components is gradually abating but high costs persist. The Group as a whole secured sufficient orders and worked on achieving production improvements by eliminating components shortages in Japan and overseas, accelerating shipments.
Summary of FY2023 Q1 Results
- Net sales increased by 22.8% YoY due to an increase in units sold mainly in Japan and the Americas, as well as the effects of price optimization.
- Operating profit before amortization of goodwill increased 1,077.3% YoY despite inflationary cost increases because net sales increased contribute to the acceleration of shipments and the effects of price optimization.
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. | 2 |
2. Financial Highlights
Unit: Hundred million JPY | |||||||||
Profit and Loss | |||||||||
FY2022 Q1 | FY2023 Q1 | YoY Change | |||||||
Statement | |||||||||
Net Sales | 1,352.9 | 1,661.2 | +308.3 | +22.8% | |||||
Operating Profit | 10.8 | 128.2 | +117.4 | +1,077.3% | |||||
(Before amortization of goodwill) | (0.8%) | (7.7%) | |||||||
(Operating profit margin) | |||||||||
Amortization of | 26.8 | 25.0 | ― | ― | |||||
Goodwill | |||||||||
Operating Profit | -15.9 | 103.2 | +119.2 | ― | |||||
(Operating profit margin) | ― | (6.2%) | |||||||
Ordinary Profit | -14.7 | 96.2 | +111.0 | ― | |||||
(Ordinary profit margin) | ― | (5.8%) | |||||||
Profit Attributable to | -15.3 | 66.0 | +81.4 | ― | |||||
Owners of Parent | |||||||||
― | (4.0%) | ||||||||
(Net income margin) | |||||||||
FY2022 Q1 actual FX rates: USD=JPY129.57 | EUR=JPY138.12 | CNY=JPY19.58 | |||||||
FY2022 Q4 actual FX rates: USD=JPY135.47 | EUR=JPY140.97 | CNY=JPY19.75 | |||||||
FY2023 Q1 actual FX rates: USD=JPY137.37 | EUR=JPY149.47 | CNY=JPY19.56 | |||||||
Balance Sheet | FY2022 Q4 | FY2023 Q1 | YoY Change | ||||||
4,754.3 | 5,087.6 | +333.3 | +7.0 | ||||||
Total Assets | % | ||||||||
3,994.0 | 4,188.9 | +194.8 | +4.9 | ||||||
Total Liabilities | % | ||||||||
Net Assets | 760.2 | 898.7 | +138.4 | +18.2% |
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved. | 3 |
3. Business Results by Segment
Net Sales
Operating Profit*
- Net sales increased by 22.8% YoY, due to an increase in units sold in Japan and the Americas, the contribution of the effects of price optimization and the tailwind from
the impact of yen depreciation.
Unit: | FY2023 Q1 Sales by Region | ||
Hundred million JPY | Japan | Overseas | |
2,000 | Increased 1,661.2 | China& | |||
Europe Asia | |||||
1,352.9 | +308.3 | ||||
1,500 | 15.5% | 5.4% Japan | |||
(+22.8%) | |||||
(6.9%) 26.9% | |||||
1,000 | 1,214.2 | (18.7%) | (28.8%) | ||
962.8 | |||||
500 | 390.1 | 447.0 | Americas | ||
0 | 52.2% | ||||
FY2022 Q1 | FY2023 Q1 | (45.6%) |
() = previous year
- Operating profit increased by 1,077.3% YoY. In Japan, export business contributed due to the impact of yen depreciation despite higher costs, while overseas businesses contributed significantly due to the increase in units sold in the Americas, the effects of price optimization, and the yen depreciation.
Hundred million JPY | Japan Overseas | FY2023 Q1 Operating Profit by Segment | |||
Unit: | |||||
150.0 | Increased | 128.2 | |||
+117.4 | Japan | ||||
100.0 | (+1,077.3%) | 98.5 | 23.2% | ||
(26.6%) | |||||
50.0 | 10.8 | Overseas | |||
7.9 | 29.7 | 76.8% | |||
(73.4%) | |||||
0.0 | 2.8 | ||||
FY2022 Q1 | FY2023 Q1 | () = previous year |
* Operating profit before amortization of goodwill
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4. Net Sales by Region (including FX impacts)
Japan | |||
(Unit: Hundred million JPY) | Increased | ||
500 | 447.0 | ||
+56.8 | |||
400 | 390.1 | (+14.6%) | |
300 | |||
200 | |||
100 | |||
0 | |||
FY2022 Q1 | FY2023 Q1 | ||
Europe | |||
FX impact | |||
(Unit: Hundred million JPY) | Increased | 16.5 | |
300 | 253.4 | 256.9 | |
+3.5 | |||
250 | (+1.4%) | ||
200 | |||
150 | |||
100 | |||
50 | |||
0 | |||
FY2022 Q1 | FY2023 Q1 |
© MITSUBISHI LOGISNEXT CO., LTD. All rights reserved.
Americas | FX impact | |
(Unit: Hundred million JPY) | Increased | 49.2 |
1,000 | 866.9 | |
+250.4 | ||
800 | (+40.6%) | |
616.4 | ||
600 | ||
400 | ||
200 | ||
0 | ||
FY2022 Q1 | FY2023 Q1 |
China & Asia
FX impact | |||
(Unit: Hundred million JPY) | Decreased | 0.4 | |
100 | 92.9 | 90.3 | |
-2.5 | |||
80 | (-2.7%) | ||
60 | |||
40 | |||
20 | |||
0 | |||
FY2022 Q1 | FY2023 Q1 | ||
5 |
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Mitsubishi Logisnext Co. Ltd. published this content on 25 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 September 2023 06:14:03 UTC.