Consolidated Financial Results
for the First Quarter Ended June 30, 2019 [ Japan GAAP ]August 7, 2019The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

TokyoURL:

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

Representative:

Takanori Ono, President

Inquiries:

Akihiko Hoshino, General Manager,
Finance & Accounting DepartmentTel:+81 6 6444 1183

Quarterly statement filing date (as planned):

August 13, 2019

Dividend payable date (as planned):－Supplemental material of quarterly results:

NoneConvening briefing of quarterly results:

None

1. Consolidated financial results for the first quarter ended June 30, 2019 (April 1, 2019- June 30, 2019)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated operating results
Operating revenue
Millions of yen(％: year-on-year change)

Operating income％％

Millions of yen

Profit attributable toOrdinary income
Millions of yen

owners of parent％

Millions of yen％

Three months ended June 30, 201947,135

6.9

2,631

38.2

3,884

24.7

2,490

12.0

Three months ended June 30, 201844,1103.2

1,903(26.1)

3,115(15.3)

2,223

(9.3)

Note: Comprehensive income:Three months ended June 30, 2019: (898) million yen； －%Three months ended June 30, 2018: 1,874 million yen； (76.2%)
Net income per share
Yen

Diluted net incomeper share
Yen

Three months ended June 30, 2019

29.13

29.04

Three months ended June 30, 2018

25.48

25.42

* 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 the assumptionthat “share consolidation” was conducted at the beginning of the previous fiscal year.
(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen％

As of June 30, 2019322,513

184,097

55.1

As of March 31, 2019322,683

187,475

56.2

Note: Owner’s equity
As of June 30, 2019: 177,679 million yen
As of March 31, 2019: 181,196 million yen- 1-

2. Dividends
First quarter

Second quarter

YenYenYear ended March 31, 2019－Year ending March 31, 2020

－Year ending March 31, 2020(Forecast)

Dividend per share
Third quarter
Fiscal year end
Yen

Total

Yen

8.50

－

28.50

18.00

－28.00

Yen－

46.00

Note: Correction of dividend forecast from the most recent dividend forecast: None
* The fiscal year-end dividend per share for the year ended March 31, 2019 consists of ¥13.00 for ordinary dividend and ¥15.50 for specialdividend.
* The fiscal year-end dividend per share for the year ending March 31, 2020 consists of ¥18.00 for ordinary dividend and ¥10.00 for 120thanniversary commemorative dividend.
* The Company conducted “share consolidation” on October 1, 2018. Therefore, the fiscal year-end dividend per share for the year ended
March 31, 2019 reflects such “share consolidation” and the total dividend per share for the year states “－”. Taking into account such“share consolidation”, the total dividend per share for the year would be ¥45.50.

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

Operating income
Millions of yen％

Ordinary income
Millions of yen％(％: year-on-year change)
Profit attributable toNet incomeowners of parent
per share
Millions of yen％

Yen

Six months

95,000

5.5

5,200

31.9

6,400

20.4

4,050

137.8

47.37

Full year

192,000

3.1

10,85023.4

13,100

16.0

8,800

27.3

102.92

Note: Correction of financial forecast from the most recent financial forecast: Yes

4. Other(1) Material changes in subsidiaries during this period (Changes in scope of consolidations resulting from change in subsidiaries): None(2) Applying of specific accounting of the consolidated quarterly financial statements: Yes(3) 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
(4) Number of issued and outstanding shares (common stock)
Number of issued and outstanding shares (including treasury stock):
As of June 30, 2019 : 86,386,615 shares
As of March 31, 2019 : 86,386,615 shares
Number of treasury stock:
As of June 30, 2019 : 885,422 shares
As of March 31, 2019 : 885,392 shares
Average number of shares:
First quarter ended June 30, 2019 : 85,501,193 sharesFirst quarter ended June 30, 2018 : 87,253,499 shares*The Company conducted “share consolidation” on October 1, 2018. Accordingly, “the average number of shares” for the firstquarter ended June 30, 2018 and 2017 have been calculated on the assumption that such “share consolidation” was conductedat the beginning of the previous fiscal year.
* Status of quarterly reviewing processes
This Financial Results is not subject to review based on the Japanese Financial Instruments and Exchange Act.

- 2-* Explanation for the proper use of forecasts and other special instructions
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 the Company’s control.

- 3-Consolidated Financial Results(1) Consolidated quarterly balance sheets(Millions of yen)
As of March 31, 2019

As of June 30, 2019

Cash and deposits

28,17626,189Notes and accounts receivable-trade

22,49422,196

Real estate for sale

52

49

Work in process

14

17

Other

5,732

5,636

Allowance for doubtful accounts

(122)

(117)

56,34753,971

Buildings and structures, net

71,841

76,021

Machinery, equipment and vehicles, net

2,915

3,124

Vessels, net

4,641

4,546

910

1,021

Land

62,534

63,865Construction in progress

5,192

5,597

576

2,834

148,611

157,01162

58

Leasehold interests in land

5,687

5,125

Software

1,502

1,420

Other

198

241

7,451

6,845

102,344

96,928Long-term loans receivable

492

482

Deferred tax assets

453

486

Other

7,256

7,065

Allowance for doubtful accounts

(275)

(277)

Total investments and other assets

110,272

104,685

266,335

268,541

322,683

322,513

AssetsCurrent assets

Total current assets
Non-current assets
Property, plant and equipment

Tools, furniture and fixtures, net

Other, net
Total property, plant and equipment
Intangible assets
Goodwill

Total intangible assets
Investments and other assets
Investment securities

Total non-current assets
Total assets- 4-

(Millions of yen)
As of March 31, 2019

As of June 30, 2019

Notes and accounts payable-trade

14,03013,968

Short-term borrowings

15,35017,659

Income taxes payable

3,805

695

Provision for bonuses

1,741

1,275

Other

7,033

8,199

Total current liabilities

41,961

41,798

Bonds payable

33,00033,000Long-term borrowings

23,96327,816

Deferred tax liabilities

24,166

22,79852

40

Retirement benefit liability

3,437

3,461

Long-term deposits received

7,862

7,937

764

1,563

93,246

96,618135,208

138,416

Share capital

14,922

14,922

Capital surplus

13,112

13,112Retained earnings

103,299

103,352

Treasury stock(1,205)(1,205)

Total shareholders' equity

130,129

130,182

Valuation difference on available-for-sale securities

48,32844,506

Foreign currency translation adjustment

2,171

2,454

Remeasurements of defined benefit plans

568

536

51,06747,496

Share acquisition rights

285

285

Non-controlling interests

5,993

6,132

187,475

184,097

322,683

322,513

Liabilities
Current liabilities

Non-current liabilities

Provision for retirement benefits for directors (andother officers)

Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Total accumulated other comprehensive income

Total net assets
Total liabilities and net assets- 5-

(2) Consolidated quarterly statements of income and consolidated quarterly statements of comprehensive income(Consolidated quarterly statements of income)(Millions of yen)Three months ended

Three months ended

June 30, 2018

June 30, 2019

Operating revenue
Warehouse income

6,373

6,521

Harbor transportation income

9,054

9,270

International transportation income

9,433

10,296

Land transportation income

8,056

9,327

Shipping income

5,624

6,162

Rent income of warehouse and logistics facilities

1,378

1,374Real estate lease revenue

2,462

2,529

Other

1,726

1,654

Total operating revenue

44,11047,135

Cost of sales

27,25829,156

Personal expenses

5,423

5,631

Rent expenses

2,630

2,663

Taxes and dues

538

647

Depreciation

1,721

1,827

Other

2,038

2,085

Total operating cost

39,61142,012

Operating gross profit

4,499

5,122

1,283

1,273

Provision for bonuses

193

194

Retirement benefit expenses

60

51

Amortization of goodwill

88

4

Other

969

966

2,595

2,490

1,903

2,631

1,255

1,253

Share of profit of entities accounted for using equity method

7078

Other84

93

1,410

1,426

Interest expenses

108104Foreign exchange losses

6445

Other25

23

Total non-operating expenses

198173

3,115

3,884

Operating cost

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

Total selling, general and administrative expenses
Operating income
Non-operating income
Interest and dividend income

Total non-operating income
Non-operating expenses

Ordinary income- 6-(Millions of yen)Three months ended

Three months ended

June 30, 2018

June 30, 2019

Extraordinary income
Penalty income165－

Total extraordinary income

165－

Loss on retirement of non-current assets

2324

Total extraordinary losses

2324

3,257

3,859

Income taxes-current

881

891

Income taxes-deferred

105

298

Total income taxes

986

1,189

2,270

2,670

46

179

2,223

2,490

Extraordinary losses

Profit before income taxes

ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 7-

(Consolidated quarterly statements of comprehensive income)(Millions of yen)

ProfitThree months ended

Three months ended

June 30, 2018

June 30, 2019

2,270

2,670Valuation difference on available-for-sale securities

614(3,831)

Foreign currency translation adjustment

(873)

250

Remeasurements of defined benefit plans, net of tax

(20)

(32)

(115)

45(395)(3,568)1,874(898)

1,886(1,080)(12)

182

Other comprehensive income

Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)
Owners of parent
Non-controlling interests- 8-(3) Consolidated quarterly statements of cash flows(Millions of yen)Three months ended Three months ended
June 30, 2018
June 30, 2019
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provisionInterest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity method
Loss on retirement of non-current assets
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Other, net

3,257
1,824
88(443)(1,255)108(70)2356(107)
(58)

3,859
1,937
4(480)(1,253)
104(78)24316(72)460Subtotal

3,424

4,823

Interest and dividends received
Interest paid
Income taxes paid

1,495(106)(1,951)

1,273
(100)
(3,849)Net cash provided by (used in) operating activities

2,861

2,146

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
Collection of loans receivable
Other, net

(773)
2,620
(4,719)6(319)(6)
11(178)(1,305)826(7,541)5(177)(6)
10(186)

Net cash provided by (used in) investing activities(3,359)(8,375)860(786)
1,000(8,223)(1,368)
(76)

2,992
(648)
11,000(7,181)(2,247)(220)(8,593)

3,693

(172)

65

Net increase (decrease) in cash and cash equivalents(9,263)(2,469)Cash and cash equivalents at beginning of period

31,29924,161

Cash and cash equivalents at end of period

22,035

21,691

Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 9-(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Three months ended June 30, 2018
Reportable segment
Adjustment(Note 1)

(Millions of yen)Amount inconsolidated
quarterlystatements ofincome(Note 2)

Logistics

Shipping

Real estate

Total

35,997

5,624

2,488

44,110－44,110125103101330(330)－Total36,122

5,728

2,590

44,441(330)44,110

Segment income (loss)

2,460(479)

1,171

3,152(1,248)

1,903

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income (loss) of ¥ (1,248) million includes company-wide expenses of ¥ (1,225) 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. Segment income (loss) is adjusted to coincide with operating income as recorded on the consolidated quarterly statements ofincome.
Three months ended June 30, 2019
Reportable segment
Adjustment(Millions of yen)Amount inconsolidated
quarterlystatements ofincome(Note 2)

Logistics

Shipping

Real estate

Total(Note 1)

38,404

6,162

2,568

47,135－

47,135

127

164

126

419(419)－

Total

38,532

6,327

2,695

47,554(419)

47,135

Segment income (loss)

2,649

(144)

1,370

3,874(1,242)

2,631

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income (loss) of ¥ (1,242) million includes company-wide expenses of ¥ (1,266) 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. Segment income (loss) is adjusted to coincide with operating income as recorded on the consolidated quarterly statements ofincome.

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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