Consolidated Financial Results
for the Year Ended March 31, 2019[ Japan GAAP ]May 14, 2019The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

Tokyo

URL:

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

Representative:

Takanori Ono, President

Inquiries:

Akio Kakutani, Executive Officer, General Manager,
Finance & Accounting DepartmentTel:+81 6 6444 1183

Date of general shareholders' meeting (as planned):

June 20, 2019

Dividend payable date (as planned):

June 21, 2019

Annual securities report filing date (as planned):

June 20, 2019

Supplemental material of annual results:

Yes

Convening briefing of annual results:

Yes

１．Consolidated financial results for the year ended March 31, 2019(April 1, 2018-March 31, 2019)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated operating results
Operating revenue％

Millions of yen

Operating income％

Millions of yen(％: year-on-year change)
Profit attributable toOrdinary income
Millions of yen

owners of parent％

Millions of yen％

Year ended March 31, 2019

186,172

5.9

8,795

(14.6)

11,295(10.9)

6,912(17.3)

Year ended March 31, 2018

175,756

6.4

10,302

12.1

12,684

12.0

8,358

7.1

Note: Comprehensive income:Year ended March 31, 2019: (236) million yen； －%Year ended March 31, 2018 : 20,663 million yen； 71.1%
Net income
per share

Diluted net
income per share

Yen

Yen

Net income toshareholders'equity ratio％

Ordinary income
to total assets ratio％

Operating income
to operating
revenues ratio％

Year ended March 31, 2019

79.80

79.57

3.8

3.4

4.7

Year ended March 31, 2018

94.84

94.60

4.7

3.9

5.9

Note: Investment profit (loss) on equity method:Year ended March 31, 2019 : 276 million yen
Year ended March 31, 2018 : 466 million yen* The Company conducted a 1-for-2 reverse stock split on its common shares (a consolidation of every two shares into one share, “shareconsolidation”) on October 1, 2018. Therefore, “Net income per share” and “Diluted net income per share” are calculated on theassumption that “share consolidation” was conducted at the beginning of the previous fiscal year.
(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Net assets per share

Millions of yen

Millions of yen％

Yen

As of March 31, 2019322,683

187,475

56.2

2,119.23

As of March 31, 2018

342,086

193,59354.2

2,123.09

Note: Owner's equity
As of March 31, 2019: 181,196 million yen
As of March 31, 2018: 185,247 million yen* The Company conducted a 1-for-2 reverse stock split on its common shares (a consolidation of every two shares into one share, “shareconsolidation”) on October 1, 2018. Therefore, “Net assets per share” is calculated on the assumption that “share consolidation” wasconducted at the beginning of the previous fiscal year.

- 1-(3) Consolidated cash flows
Cash flows fromoperating activities
Millions of yen

Cash flows frominvesting activities
Millions of yen

Cash flows fromfinancing activities
Millions of yen

Cash and cash equivalents,
end of period
Millions of yen

Year ended March 31, 2019

13,999(255)(20,555)

24,161

Year ended March 31, 2018

16,639(13,268)

3,355

31,2992．Dividends
Dividend per shareFirst
quarter

Secondquarter

FiscalThird
quarter year end

Total

Ratio of total
Total
Payout ratio amount of dividends
to net assets
dividend paid (consolidated)(consolidated)
Millions of yen
％
％

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2018

－

8.00

－

8.50

16.50

2,878

34.8

1.6

Year ended March 31, 2019

－

8.50

－

28.50

－

3,920

57.0

2.1

Year ending March 31, 2020
(Forecast)

－

18.00

－

28.00

46.00

44.7

* Dividend per share for the fiscal year ended March 31, 2019 consists of ¥13.00 for ordinary dividend and ¥15.50 for special dividend.
* Dividend per share for the fiscal year ending March 31, 2020 consists of ¥18.00 for ordinary dividend and ¥10.00 for 120th anniversarycommemorative dividend.
* The Company conducted “share consolidation” on October 1, 2018. Therefore, Dividend per share for the year ended March 31, 2019reflects such “share consolidation” on October 1, 2018. Therefore, Dividend per share for the year ended March 31, 2019 reflects such“share consolidation” and Total Dividend per share states “ － ”. Without taking into account such “share consolidation”,
Fiscal-year-end Dividend per share for the year ended March 31, 2019 would be ¥14.25 and Total Dividend per share for the year
ended March 31, 2019 would be ¥22.75 (Dividend per share would be an increase of ¥6.25 compared with the last fiscal year). See“Explanation for the proper use of forecasts and other special instructions” for details.

3. Consolidated forecasts for the year ending March 31, 2020 (April 1, 2019-March 31, 2020)
Operating revenue％

Yen

95,000

5.5

5,000

26.8

6,200

16.6

3,850

126.1

45.03

Full year

192,000

3.1

10,85023.4

13,100

16.0

8,800

27.3

102.92Millions of yen％

Ordinary income

Six months

Millions of yen％

Operating income

Millions of yen％(％: year-on-year change)
Profit attributable to
Net income
owners of parent
per share
Millions of yen

4. Other(1) Material changes in subsidiaries during this period (Changes in scope of consolidations resulting from change in subsidiaries): None(2) Changes in accounting policies, accounting estimates and retrospective restatement
1) Changes in accounting policies based on revisions of accounting standard: None
2) Changes in accounting policies other than ones based on revisions of accounting standard: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(3) Number of issued and outstanding shares (common stock)
Number of issued and outstanding shares (including treasury stock):
As of March 31, 2019 : 86,386,615 shares
As of March 31, 2018 : 88,186,615 shares
Number of treasury stock:
As of March 31, 2019 : 885,392 shares
As of March 31, 2018 : 932,794 shares
Average number of shares:
Year ended March 31, 2019 : 86,628,224 sharesYear ended March 31, 2018 : 88,132,121 shares- 2-

*The Company conducted “share consolidation” on October 1, 2018. Accordingly, the number of issued and outstanding sharesand the number of treasury stock at March 31, 2018 and the average number of shares for the year ended March 31, 2018 and2017 have been calculated on the assumption that such “share consolidation” was conducted at the beginning of the previous
fiscal year.
* Status of auditing processes
This Financial Results is not subject to audits by certified public accountants or auditing firms.
* Explanation for the proper use of forecasts and other special instructions
1. The forecasts are based on information currently available and certain assumptions judged to be reasonable. The Company’s actual
results may differ materially from the forecasts as a result of numerous factors outside of Company’s control.
2. At the 141th General shareholders' meeting held on June 27, 2018, “share consolidation” on October 1, 2018 was approved. The
Company also changed the share trading unit from 1,000 shares to 100 shares on the same date. Without taking into account such“share consolidation”, Dividends and consolidated financial results for the year ended March 31, 2019 would be as follows:(1) Dividends for the year ended March 31, 2019
Dividend per share for the second quarter¥8.50 (Note 1)
Dividend per share for the fiscal year end¥14.25 (Note 2)(2) Consolidated financial results for the year ended March 31, 2019 (full-year)
Net income per share for the year ended March 31, 2019¥39.90Note 1: Dividend per share for the second quarter was paid according to the number of shares prior to the “share consolidation”.
Note 2: The amount is calculated without taking into account such “share consolidation”.
Note 3: The total annual dividend per share for the year ended March 31, 2019 without taking into account such “shareconsolidation” is projected to be ¥22.75.

- 3-

Consolidated Financial Results(1) Consolidated quarterly balance sheets(Millions of yen)
As of March 31, 2018

As of March 31, 201945,90520,824
35
77
4,844
(129)

28,17622,494
52
14
5,732
(122)

71,55856,347

Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Vessels, net
Tools, furniture and fixtures, net
LandConstruction in progress
Other, net

71,777
3,673
6,401
765
57,517390
692

71,841
2,915
4,641
910
62,534
5,192
576

Total property, plant and equipment

141,219

148,611

2,145
7,102
1,399
1,470

62
5,687
1,502
198

12,118

7,451

Investments and other assets
Investment securities
Long-term loans receivable
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts

108,463
506
190
1,409
6,893
(273)

102,344492－

Total investments and other assets

117,190

110,272

270,527

266,335

342,086

322,683

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Real estate for sale
Work in process
Other
Allowance for doubtful accounts
Total current assets

Intangible assets
Goodwill
Leasehold right
Software
Other
Total intangible assets

Total non-current assets
Total assets

- 4-

453
7,256
(275)

(Millions of yen)
As of March 31, 2018

As of March 31, 201912,9667,000
17,948
1,953
1,644
6,875

14,030－48,38741,96133,00028,80026,64233,00023,96324,166

38

52

2,755
7,924
943

3,437
7,862
764

100,105

93,246

Total liabilities

148,492

135,208

Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock

14,922
15,491
99,353(1,231)

14,922
13,112103,299(1,205)

128,537

130,129

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

52,132
3,571
1,006

48,3282,171
568

Total accumulated other comprehensive income

56,71051,067

248
8,097

285
5,993

193,593

187,475

342,086

322,683

Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of bonds
Short-term loans payable
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Long-term deposits received
Other
Total non-current liabilities

Total shareholders' equity

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets- 5-

15,350
3,805
1,741
7,033

(2) Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Year ended
March 31, 2018
Operating revenue
Warehouse income
Harbor transportation income
International transportation income
Land transportation income
Shipping income
Rent income of warehouse and logistics facilities
Rent income of real estate
Other

Year ended
March 31, 201924,09135,42938,02630,213
26,036
5,433
9,787
6,738

25,92338,03540,07534,451
25,353
5,546
9,942
6,844

175,756

186,172

Operating cost
Cost of sales
Personal expenses
Rent expenses
Taxes and dues
Depreciation
Other

107,315
20,925
10,268
2,050
7,092
8,065

116,670
21,915
10,814
2,150
6,955
8,709

Total operating cost

155,716

167,217

Operating gross profit

20,03918,955

Selling, general and administrative expenses
Salaries and allowances and welfare expenses
Provision for bonuses
Retirement benefit expenses
Amortization of goodwill
Other

5,194
337
247
362
3,595

5,380
373
208
197
3,999

9,737

10,160Operating income

10,302

8,795

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Other

101
2,098
466
343

93
2,354
276
386

3,010

3,111

391
83
153

441
－

628

611

12,684

11,295

Total operating revenue

Total selling, general and administrative expenses

Total non-operating income
Non-operating expenses
Interest expenses
Bond issuance cost
Other
Total non-operating expenses
Ordinary income

- 6-

169

(Millions of yen)
Year ended
March 31, 2018
Extraordinary income
Gain on sales of non-current assets
Gain on donation of non-current assets
Compensation income
Gain on sales of investment securities
Penalty income

342
28
－

Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment loss
Compensation expenses
Loss on disaster

299
－

86
15
2,000
3,142
165

669

5,409

157
－

287
5,102
－

170
－

Total extraordinary losses

Year ended
March 31, 2019

152

327

5,542

Profit before income taxes

13,026

11,162

Income taxes-current
Income taxes-deferred

3,754
500

5,688
342

Total income taxes

4,254

6,031

Profit

8,771

5,131

413

(1,781)

8,358

6,912

Profit (loss) attributable to non-controlling interests
Profit attributable to owners of parent- 7-

(Consolidated statements of comprehensive income)(Millions of yen)
Year ended
March 31, 2018Year ended
March 31, 2019

8,771

5,131

10,92516
313
583(3,830)
－

53

(192)

11,892(5,367)

Comprehensive income

20,663(236)(Comprehensive income attributable to)
Owners of parent
Non-controlling interests

20,172491

1,269(1,505)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
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

- 8-

(903)
(440)

(3) Consolidated statements of changes in net assets
Year ended March 31, 2018
(Millions of yen)
Shareholders' equity
Balance at beginning ofcurrent period
Changes of items during
periodTransfer to other capitalsurplus from capital stock

Capital stock

Capital surplus

Retained earnings

Treasury stock

Total shareholders' equity

21,822

19,36593,910(8,936)

126,162(6,900)6,900－

Dividends of surplus(2,914)(2,914)

Profit attributable toowners of parent

8,358

8,358
(3,167)(3,167)

15

83

98

(10,789)

10,789－Purchase of treasury stock
Disposal of treasury stock
Retirement of treasurystock
Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current
period(6,900)(3,874)

5,443

7,705

2,374

14,922

15,491

99,353(1,231)

128,537

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning ofcurrent period
Changes of items during
periodTransfer to other capitalsurplus from capital stock

41,253

Total
Share
NonDeferred Foreign
Remeasurements accumulated acquisition controlling
gains or currencyof definedotherrightsinterests
losses on translation
benefit plans comprehensive
hedges adjustment
income

(10)

3,231

421

44,896

197

7,579

Total net
assets

178,836－

Dividends of surplus(2,914)

Profit attributable toowners of parent

8,358

Purchase of treasury stock(3,167)

Disposal of treasury stock98

Retirement of treasury
stock

－

Net changes of items otherthan shareholders' equity

10,879

10

339

584

11,81351

518

12,383

Total changes of items during
periodBalance at end of current
period10,879

10

339

584

11,81351

518

14,75752,132

－

3,571

1,006

56,710248

8,097

193,593- 9-

Year ended March 31, 2019
(Millions of yen)
Shareholders' equity

Balance at beginning ofcurrent period
Changes of items during
periodCapital stock

Capital surplus

Retained earnings

Treasury stock

Total shareholders' equity

14,922

15,491

99,353(1,231)

128,537

Dividends of surplus(2,967)(2,967)

Profit attributable toowners of parent

6,912

6,912
(2,498)(2,498)

(6)

66

60

(2,457)

2,457－

Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests

85

85

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current
period－(2,378)

3,945

25

1,592

14,922

13,112103,299(1,205)130,129

Accumulated other comprehensive income

Balance at beginning ofcurrent period
Changes of items during
periodValuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

52,132

3,571

Share
acquisitionrights

Noncontrollinginterests

Total net
assets248

8,097

193,593

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income1,006

56,710

Dividends of surplus(2,967)

Profit attributable toowners of parent

6,912

Purchase of treasury stock(2,498)

Disposal of treasury stock60

Retirement of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests－

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of current
period85(3,804)(1,400)(437)(5,642)36(2,104)(7,710)(3,804)(1,400)(437)(5,642)36(2,104)(6,118)48,3282,171

568

51,067285

5,993

187,475- 10 -

(4) Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Gain on donation of non-current assets
Compensation income
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for directors(and other officers)
Increase (decrease) in provision for bonuses
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity method
Loss (gain) on sales of non-current assets
Loss on retirement of non-current assets
Loss (gain) on sales of investment securities
Decrease (increase) in notes and accounts receivable-trade
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities- 11 -

Year ended
March 31, 2018Year ended
March 31, 201913,026
7,473
－
(28)
－
362
(37)
449

11,162
7,424
5,102
(15)
(2,000)
197
(4)
238

(3)

13

58
(2,200)
391
(466)
(342)
157
(299)
(1,338)594
110
44
17,952
2,282(397)(3,197)
16,63998(2,448)
441
(276)
(86)
287
(3,142)(1,834)
1,179
292
(920)
15,711
2,687(454)(3,945)
13,999(18,464)
10,388(5,632)
1,281(1,177)(36)449(2,984)
13,405(13,533)
133
(624)
(40)
3,597

(143)

－

(17)
34
49
(13,268)

(26)
37
(218)
(255)

(Millions of yen)

Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from sales of treasury stock
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
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- 12 -

Year ended
March 31, 2018Year ended
March 31, 2019

2,879
(7,033)6,650(7,822)
15,000(100)
79(3,167)(2,913)
(73)
(142)
3,355
12
6,739
24,55931,2992,386(2,438)
3,607(10,990)－(7,000)38(2,498)(2,966)(510)(183)(20,555)(326)(7,138)31,29924,161

(5) Segment Information[Segment Information]
1. General information about reportable segments
The reportable segments are the components of our Group, for each of which discrete financial information is available, and whose operating
results are regularly reviewed by the Company’s board of directors to make decisions about resources to be allocated to each segment and assess
its performance.
The Company, in cooperation with its domestic and overseas subsidiaries, operates “Logistics business” including warehousing, harbortransportation, international transportation and land transportation etc., which, constituting respective parts of total logistics business, have amutual relationship to each other and are deemed to be inseparable in management of the Company, and “Shipping business” consisting mainlyof vessel operations on the routes between the northwest coast of North America and East Asia by our subsidiary Westwood Shipping Lines,
Inc. In addition to these, the Company promotes “Real estate business” including leasing and sales of real estate etc., with a dedicated department
in its head office, mainly in such way as to put its real estate to more effective use.
The Company’s business comprises the segments corresponding to each business as mentioned above, and the Company presents “Logistics”,“Real estate” and “Shipping” as its three reportable segments.
2. Information related to operating revenue, income (loss), assets, and other items by reportable segment
Year ended March 31, 2018
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

139,523

26,036

10,196

175,756－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
Operating revenue to outside customers
Intersegment transfers
Total
Segment income (loss)
Segment assets

175,756

591

386

399

1,376

(1,376)－140,114

26,422

10,595

177,133(1,376)

175,756

9,865

(76)

5,250

15,038(4,736)

10,302

146,211

15,94544,764

206,921

135,164

342,086

4,126

526

2,346

6,999

474

7,473

4

358

－

362

－

362

6,171

22

－

6,193

－

6,193

3,697

542

2,706

6,947

768

7,715

Other items
Depreciation
Amortization of goodwill
Investment in associates accounted for byequity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) Adjustment in segment income (loss) of ¥ (4,736) million includes company-wide expenses of ¥ (4,795) million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neitherof the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) Adjustment in segment assets of ¥ 135,164 million includes company-wide assets of ¥ 135,469 million, which are not allocatedto the respective reportable segments. Company-wide assets consist mainly of working funds (cash and deposits), long-term
investments (investment securities) and assets of administrative departments, of the Company and some of its consolidated
subsidiaries, which are not assignable to neither of the reportable segments.
(3) Adjustment in additions to property, plant and equipment and intangible assets of ¥ 768 million consist of the capital investments
not assignable to neither of the reportable segments for administrative departments of the Company and some of its consolidated
subsidiaries.
2. Segment income (loss) is adjusted to coincide with operating income as recorded on the consolidated statements of income.

- 13 -

Year ended March 31, 2019
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

150,763

25,353

10,055

186,172－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
Operating revenue to outside customers
Intersegment transfers
Total

186,172

531

519

416

1,467

(1,467)－

151,294

25,873

10,472

187,640(1,467)

186,172

Segment income (loss)

10,328(1,671)

5,058

13,715(4,920)8,795

Segment assets

154,566

10,05345,243

209,863

112,820322,683

4,210

431

2,277

6,918

506

7,424

22

175

－

197

－

197

6,006

－

－

6,006

－

6,006

12,329303

2,904

15,537397

15,935

Other items
Depreciation
Amortization of goodwill
Investment in associates accounted for byequity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) Adjustment in segment income (loss) of ¥ (4,920) million includes company-wide expenses of ¥ (4,865) million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neitherof the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) Adjustment in segment assets of ¥ 112,820 million includes company-wide assets of ¥ 113,250 million, which are not allocatedto the respective reportable segments. Company-wide assets consist mainly of working funds (cash and deposits), long-term
investments (investment securities) and assets of administrative departments, of the Company and some of its consolidated
subsidiaries, which are not assignable to neither of the reportable segments.
(3) Adjustment in additions to property, plant and equipment and intangible assets of ¥ 397 million consist of the capital investments
not assignable to neither of the reportable segments for administrative departments of the Company and some of its consolidated
subsidiaries.
2. Segment income (loss) is adjusted to coincide with operating income as recorded on the consolidated statements of income.

This document is an English convenience translation of a document that was originally prepared in the Japanese language and is provided forconvenience purposes only. In the event that there is a discrepancy between the Japanese and English versions, the Japanese version shallprevail.

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