Consolidated Financial Results
for the Year Ended March 31, 2009
May 11, 2009The Sumitomo Warehouse Co., Ltd.
Stock Code:9303

Stock Exchange Listings:

Tokyo and Osaka

URL:

http://www.sumitomo-soko.co.jp/

Representative:

Shoichi Abbe, President

Contact Responsibility:

Soji Yagi, Executive Officer, General Manager,
Finance & Accounting Department

Phone Number:+81 6 6581 1183

Date of an Annual General Meeting Shareholders:June 25, 2009

Starting date of dividend payment:

June 26, 2009

Date of the filing of the Securities Report:

June 25, 2009

１．Consolidated Financial Results for the Year Ended March 31, 2009(April 1, 2008-March 31, 2009)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated Results of Operations
Operating revenue(％: change from the previous year)

Operating income

Ordinary income％

Net income

Millions of yen％

Year ended March 31, 2009

131,871

（4.3）

7,126

(15.7)

7,767(15.5)

1,671(68.0)

Year ended March 31, 2008

137,732

13.3

8,457

14.8

9,194

12.7

5,230

0.4

Net income
per share

Dilutive Net
Income per share

Return on
EquityRatio of Ordinary
income to total assets

Ratio of Operating
income to sales

Yen

Yen

％

％

％

Millions of yen％

Millions of yen

Millions of yen％

Year ended March 31, 2009

9.08

9.04

1.5

3.4

5.4

Year ended March 31, 2008

27.02

26.88

3.9

3.5

6.1

Notes: Equity in earnings of affiliates:
Year ended March 31, 2009 : 137 million yen
Year ended March 31, 2008 : 160 million yen(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net asset per share

Millions of yen

Millions of yen％

Yen

As of March 31, 2009

216,097104,22146.3

560.96

As of March 31, 2008

240,392

124,71250.1

629.78Notes: Equity
Year ended March 31, 2009 : 100,075 million yen
Year ended March 31, 2008 : 120,443 million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended March 31, 2009

10,618(10,037)

3,207

14,669Year ended March 31, 2008

9,826

(12,962)565

11,718-1-

2．Dividends
Dividends per share
Total amount
Dividend
Dividend payout
First
Second Thirdof dividend
payout ratio
net assets ratio
Quarter Quarter Quarter Year-end Annual(Consolidated) (Consolidated)(Annual)
ended
ended
ended
％
％
Yen
Yen
Yen
Yen
Yen Millions of yen
Year ended March 31, 2008

－

5.00

－

5.00

10.00

1,928

37.0

1.4

Year ended March 31, 2009

－

5.00

－

5.00

10.00

1,819

110.1

1.7

Year ending March 31, 2010
(Forecast)

－

5.00

－

5.00

10.00

－

50.1

－

3. Forecasts for the Year Ending March 31, 2010 (April 1, 2009-March 31, 2010)
Operating revenue
Millions of yen％

Operating income
Millions of yen％

Ordinary income
Millions of yen％(%: change from the previous year)
Net income
Net income
per share
Millions of yen％

Yen

Six months

59,500(14.4)

2,900(24.9)

3,100(28.7)

1,600(30.2)

8.97

Full year

119,000

(9.8)

6,300

(11.6)

6,600(15.0)

3,500

109.4

19.62

4. Other(1) Changes of significant subsidiaries during the current fiscal year (change of specified subsidiaries that affected the scope of
consolidated reporting): None
(2) Changes of accounting policies applied, procedures and disclosures for presenting consolidated financial statement
Changes by revision of accounting standard: Yes
Changes other than the above: None
Note: please see “(6) Changes in Accounting Policies” on page 13 for further details.
(3) Number of shares issued (common stock)
Number of shares issued at the end of the fiscal year (including treasury stock) :As of March 31, 2009 : 195,936,231 shares
As of March 31, 2008 : 195,936,231 shares
Number of treasury stocks at the end of the fiscal year :As of March 31, 2009 : 17,534,066 shares
As of March 31, 2008 : 4,690,909 shares

Note:
These forecasts are based on information currently available and certain assumptions judged to be reasonable. The Company’s actual
results may differ materially from those discussed in these forecasts as a result of numerous factors outside of Company’s control.

-2-Consolidated Financial Results(1) Consolidated balance sheets(Millions of yen)
As of March31, 2008

As of March31, 2009

Cash and deposits

12,916

15,781

Notes and operating accounts receivable

18,042

15,051

Short-term investment securities

59

4Real estate for sale－

207

Real estate for sale in process

－

3

286

－

Work in process－

78

Deferred tax assets

995

875

Other

3,373

3,866

Allowance for doubtful accounts

(109)

(79)

35,56335,789Buildings and structures, net

64,47867,259Machinery, equipment and vehicles, net

3,378

4,710

659

732

Land

46,06746,420Construction in progress

7,379

613

－

6

121,964

119,744

Goodwill

2,747

2,436

Leasehold right

3,575

6,162

Software

338

2,277

Other

2,440

599

Total intangible assets

9,102

11,47766,436

41,393Long-term loans receivable

598

1,062

Deferred tax assets

205

348

Other

6,791

6,545

Allowance for doubtful accounts

(268)

(263)

Total investments and other assets

73,762

49,086

204,828

180,308240,392

216,097

AssetsCurrent assets

Real estate inventries

Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net

Other, net
Total property, plant and equipment
Intangible assets

Investments and other assets
Investment securities

Total noncurrent assets
Total assets-3-

(Millions of yen)
As of March31, 2008

As of March31, 2009

Notes and operating accounts payable-trade

10,210

8,578

Short-term loans payable

10,741

11,196450－

Income taxes payable

2,300

317

Provision for bonuses

1,512

1,450

Other

6,640

4,733

Total current liabilities

31,85526,276Long-term loans payable

47,74558,861

Deferred tax liabilities

18,206

9,607

Provision for retirement benefits

3,305

3,254

85

90

13,556

12,939923

846

Liabilities
Current liabilities

Current portion of bonds with subscription rights to shares

Noncurrent liabilities

Provision for directors' retirement benefits
Long-term deposits received
Other
Total noncurrent liabilities

83,82485,599115,679

111,876

Capital stock

21,822

21,822

Capital surplus

19,17819,177Retained earnings

62,17961,978Treasury stock(3,114)(9,122)

Total shareholders' equity

100,067

93,85519,998

7,656

Deferred gains or losses on hedges

24

(16)

Foreign currency translation adjustment352(1,419)Total valuation and translation adjustments

20,375

6,219

51

64

Minority interests

4,217

4,081

Total net assets

124,712104,221240,392

216,097

Total liabilities
Net assets
Shareholders' equity

Valuation and translation adjustments
Valuation difference on available-for-sale securities

Subscription rights to shares

Total liabilities and net assets-4-(2) Consolidated statements of income(Millions of yen)
Year ended
March 31, 2008

Year ended
March 31, 2009

Operating revenue
Warehouse income

20,491

19,356

Harbor Transportation Income

37,98937,240International Transportation Income

30,974

27,638Land Tranportation Income

28,50026,380－5,397

Rent income of warehouse and logistics facilities
Rent income of real estate

14,273

9,894

Other

5,502

5,963

137,732

131,871

Cost of sales

82,76977,665

Personal cost

16,07016,037

Rent expenses

7,669

7,814

Taxes and dues

2,001

2,222

Depreciation

5,520

6,161

Other

8,104

7,344

Total operating cost

122,135

117,244

Operating gross profit

15,597

14,626

4,177

4,212

Provision for bonuses

270

357

Retirement benefit expenses

190

259

Amortization of goodwill

323

324

Other

2,178

2,345

Total selling, general and administrative expenses

7,139

7,499

8,457

7,126

Interest income

126

132

Dividends income

1,180

1,275

Total operating revenue
Operating cost

Selling, general and administrative expenses
Salaries and allowances and welfare expenses

Operating income
Non-operating income

Equity in earnings of affiliates

160

137

Other

318

355

1,785

1,901

Interest expenses

752

914

Contribution

25

168

Other

269

177

1,047

1,260

9,194

7,767

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income-5-(Millions of yen)
Year ended
March 31, 2008

Year ended
March 31, 2009

Extraordinary income
Gain on sales of noncurrent assets

34

75

Gain on sales of investment securities

972

－

1,006

75

126

62

Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Impairment loss－

165

Loss on valuation of investment securities

69

4,519

Compensation for damage

409

89

Settlement package－

67

Restructuring loss

236

－

189

－

1,032

4,905

Loss on dissolution of tha welfare pension fund of
consolidated subsidiaries
Total extraordinary losses
Income before income taxes and minority interests

9,168

2,937

Income taxes-current

3,619

1,066

Income taxes-deferred

(113)

(63)

Total income taxes

3,506

1,002

432

263

5,230

1,671

Minority interests in income
Net income-6-(3) Consolidated statements of changes in net assets(Millions of yen)
Year ended
March 31, 2008
Shareholders' equity
Capital stock
Balance at the end of previous period
Changes of items during the period
Issuance of new shares-exercise of subscription rights to shares
Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the end of previous period
Changes of items during the period
Issuance of new shares-exercise of subscription rights to shares
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period
Retained earnings
Balance at the end of previous period
Effect of changes in accounting policies applied to foreign subsidiaries
Changes of items during the period
Employee welfare Fund
Change of scope of consolidation
Dividends from surplus
Net income
Total changes of items during the period
Balance at the end of current period
Treasury stock
Balance at the end of previous period
Changes of items during the period
Purchase of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period
Total shareholders' equity
Balance at the end of previous period
Effect of changes in accounting policies applied to foreign subsidiaries
Changes of items during the period
Issuance of new shares-exercise of subscription rights to shares
Employee welfare Fund
Change of scope of consolidation
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Total changes of items during the period
Balance at the end of current period-7-

Year ended
March 31, 2009

21,27021,822552
552
21,822－－
21,822

18,71019,178

552
(84)
468
19,178－(1)(1)
19,17758,862－

62,17910(1)
20(1,931)
5,230
3,317
62,179－－(1,883)
1,671(212)
61,978(1,466)(3,114)(1,830)182(1,647)(3,114)(6,013)
4(6,008)(9,122)

97,376－

100,067
10

1,105
(1)
20
(1,931)
5,230(1,830)98
2,690
100,067－－－(1,883)
1,671(6,013)
3(6,221)
93,855

(Millions of yen)
Year ended
March 31, 2008
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Deferred gains or losses on hedges
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Foreign currency translation adjustment
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Total valuation and translation adjustments
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Subscription rights to shares
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Minority interests
Balance at the end of previous period
Changes of items during the period
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period
Total net assets
Balance at the end of previous period
Effect of changes in accounting policies applied to foreign subsidiaries
Changes of items during the period
Issuance of new shares-exercise of subscription rights to shares
Employee welfare Fund
Change of scope of consolidation
Dividends from surplus
Net income
Purchase of treasury stock
Disposal of treasury stock
Net changes of items other than shareholders' equity
Total changes of items during the period
Balance at the end of current period-8-Year ended
March 31, 2009

47,00919,998(27,010)(27,010)
19,998(12,342)(12,342)
7,656

5

24

18
18
24

(41)
(41)
(16)

146

352

205
205
352

(1,771)(1,771)(1,419)47,161

20,375(26,786)(26,786)
20,375(14,155)(14,155)
6,219

32

51

19
19
51

12
12
64

3,801

4,217

416
416
4,217

(136)
(136)
4,081

148,372－

124,712
10

1,105
(1)
20
(1,931)
5,230(1,830)98(26,350)(23,659)
124,712－－－(1,883)
1,671(6,013)
3(14,279)(20,501)
104,221

(4) Consolidated statements of cash flows(Millions of yen)
Year ended
March 31, 2008

Year ended
March 31, 2009

Net cash provided by (used in) operating activities
Income before income taxes and minority interests

9,168

2,937

Depreciation and amortization

5,708

6,491

－

165

Amortization of goodwill

323

324

Increase (decrease) in allowance for doubtful accounts

(4)

(79)

Increase (decrease) in provision for retirement benefits

(381)

(49)

Increase (decrease) in provision for directors' retirement benefits

(112)

4

Increase (decrease) in provision for bonuses

(36)

(61)

Impairment loss

(1,306)(1,408)Interest expenses

Interest and dividends income

752

914

Equity in (earnings) losses of affiliates

(160)

(137)

Loss (gain) on sales of property, plant and equipment

(34)

(75)

Loss on retirement of property, plant and equipment

126

62

Loss (gain) on sales of investment securities

(972)

0

Loss (gain) on valuation of investment securities

69

4,519

Loss on business restructuring

236－

Decrease (increase) in notes and accounts receivable-trade

271

2,401

Increase (decrease) in notes and accounts payable-trade(151)(1,349)

Increase (decrease) in deposits received

(485)

(837)

Commission fee

40

12

Other, net

(82)

208

Subtotal

12,971

14,044

Interest and dividends income received

1,309

1,404

Interest expenses paid

(677)

(859)

Income taxes paid

(3,776)(3,970)Net cash provided by (used in) operating activities

9,826

10,618-9-

(Millions of yen)
Year ended
March 31, 2008

Year ended
March 31, 2009

Net cash provided by (used in) investing activities
Payments into time deposits

(746)

(472)

Proceeds from withdrawal of time deposits

397

613

Purchase of property, plant and equipment(10,766)(6,228)107

121

Purchase of intangible assets(1,099)(3,337)Purchase of investment securities(1,255)(108)

Proceeds from sales of investment securities

1,227

0

－

(51)

Payments of loans receivable

(369)

(693)

Collection of loans receivable

140

63

Other, net

(597)

55

(12,962)(10,037)

Increase in short-term loans payable

4,405

11,153

Decrease in short-term loans payable(4,312)(10,775)

Proceeds from long-term loans payable

8,150

13,664

Repayment of long-term loans payable(3,782)(2,393)－(450)

Purchase of treasury stock(1,830)(6,013)

Cash dividends paid

(1,931)(1,884)

Cash dividends paid to minority shareholders

(96)

(82)

Fee for arrangement of syndicated loans

(40)

(12)

Proceeds from sales of property, plant and equipment

Purchase of investments in subsidiaries

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Redemption of bonds

Other, net

5

1

565

3,207

145

(837)

Net increase (decrease) in cash and cash equivalents(2,424)

2,950

Cash and cash equivalents at beginning of period

13,977

11,718165－

11,718

14,669Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

Increase in cash and cash equivalents from newly consolidated subsidiary
Cash and cash equivalents at end of period- 10 -

(5) Segment Information
1. Information by operational segment
Year ended March 31, 2008

(Millions of yen)
Corporate

Logistics

Real Estate

Total

127,775

9,956

137,732－

137,732

2

385

387

( 387)－

127,778

10,341138,119( 387)

137,732

Operating cost

121,237

4,633

125,870

3,404

129,274

Operating income

6,540

5,708

12,249(3,791)

8,457

135,037

35,218170,255

70,136240,392

Depreciation

3,440

2,103

5,543

164

5,708

Capital expenditures

11,995675

12,671534

13,206& Elimination

Consolidated

Ⅰ Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue

Ⅱ Assets, Depreciation & Capital expenditures
AssetsYear ended March 31, 2009

(Millions of yen)
Corporate

Logistics

Real Estate

Total

121,758

10,112

131,871－

131,871

8

195

204

( 204)－

121,767

10,308132,075( 204)

131,871

Operating cost

116,278

4,295

120,574

4,170

124,744

Operating income

5,488

6,012

11,501(4,374)

7,126

125,260

36,455

161,715

54,382

216,097

4,215

1,970

6,186

305

6,491

& Elimination

Consolidated

Ⅰ Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue

Ⅱ Assets, Depreciation , Impairment loss
& Capital expenditures
AssetsDepreciation
Impairment loss
Capital expenditures

98

26

125

40

165

4,817

3,078

7,895

210

8,106

Notes: 1.
Segment
Logistics

Main operations
Warehousing (stock operations, bonded cargo handling)
Harbor transportation, Customs clearance

Real Estate

International multimodal transportation, Air cargo agent
Land transportation
Office space and land leasing

2. Corporate costs and expenses of ¥3,791 million and ¥ 4,374 million for years ended March 31, 2008 and 2009, respectively, consisted
mainly of expenses of administrative departments of the Company and some of its consolidated subsidiaries.

3. Corporate assets of ¥77,004 million and ¥55,531 million at March 31, 2008 and 2009, respectively, consisted mainly of cash and cash
equivalents, investment securities and assets of the administrative departments of the Company and some of its consolidated
subsidiaries.

- 11 -

2. Information by geographic segment
Year ended March 31, 2008

(Millions of yen)
Corporate

Japan

OthersTotal

124,496

13,235

137,732－

137,732

779

4,897

5,677

( 5,677)－& Elimination

Consolidated

Ⅰ Operating revenue① Operating revenue to outside customers② Intersegment transfers

125,275

18,133

143,409( 5,677)

137,732

Operating cost

Total operating revenue

113,853

17,306

131,160(1,885)

129,274

Operating income

11,422827

12,249(3,791)

8,457

155,417

14,935

170,353

70,039240,392

Ⅱ AssetsYear ended March 31, 2009

(Millions of yen)
Corporate

Japan

OthersTotal

121,192

10,679131,871－

131,871

729

4,400

5,130

( 5,130)－& Elimination

Consolidated

Ⅰ Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating cost
Operating income
Ⅱ Assets

121,921

15,080137,002( 5,130)

131,871

111,011

14,489125,500(756)

124,744

10,910590

11,501(4,374)

7,126

148,994

12,277161,271

54,826

216,097

Notes: 1. “Others” consists of Asia, Europe and North America.
2. Corporate costs and expenses of ¥3,791 million and ¥4,374 million for year ended March 31, 2008 and 2009, respectively, consisted
mainly of expenses of administrative departments of the Company and some of its consolidated subsidiaries.
3. Corporate assets of ¥77,004 million and ¥55,531 million at March 31, 2008 and 2009, respectively, consisted mainly of cash and cash
equivalents, investment securities and assets of the administrative departments of the Company and some of its consolidated subsidiaries.
3. Overseas operating revenue
The Companies’ overseas operating revenue, which represents operating revenue to customers outside Japan, was immaterial. Accordingly,
overseas operating revenue was not disclosed.

- 12 -

(6) Changes in Accounting Policies①Changes in Standards and Method of Measurement of Inventories
Inventories held for the purpose of ordinary sales were previously stated at specific cost. Effective from the current fiscal year, theCompany and its domestic subsidiaries have applied the “Accounting Standard for Measurement of Inventories” (ASBJ Statement No.9, July
5, 2006), and these inventories are stated at the lower of cost or net selling value on the balance sheet date.
This impact from this change on profit and loss is immaterial.
②Application of practical solution on unification of accounting policies applied to foreign subsidiaries for consolidated financial statements
Effective from the current fiscal year, the “Practical Solution on Unification of Accounting Policies Applied to Foreign
Subsidiaries for Consolidated Financial Statements” (Practical Issues Task Force (PITF) No. 18, May 17, 2006) is applied andnecessary revisions have been made in terms of consolidated closing.
This impact from this change on profit and loss is immaterial.
③Application of accounting standard for lease transactions
With regard to finance leases without ownership transfer, the Company and its domestic subsidiaries applied formerly accounting
treatment consistent with that for rental transactions. However, effective from the current fiscal year, the Company and its domestic
subsidiaries applied the “Accounting Standard for Lease Transactions” (ASBJ Statement No. 13, First Committee of the BusinessAccounting Council, June 17, 1993; amended March 30, 2007) and the “Guidance on Accounting Standard for Lease Transactions”(ASBJ Guidance No. 16, January 18, 1994 (Accounting System Committee, Japanese Institute of Certified Public Accountants);
amended March 30, 2007), using accounting treatment consistent with regular purchase transactions.
This impact from this change on profit and loss is immaterial.
For finance leases without ownership transfer whose start-date predates March 31, 2008, the Company and its domestic
subsidiaries continue to use accounting treatment consistent with ordinary rental transactions.

- 13 -