Consolidated Financial Results
for the Second Quarter Ended September 30, 2017 [ Japan GAAP ]November 7, 2017

The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

TokyoURL:

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

Representative:

Takanori Ono, President

Inquiries:

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

Quarterly statement filing date (as planned):

November 10, 2017

Dividend payable date (as planned):

December 1, 2017

Supplemental material of quarterly results:

YesConvening briefing of quarterly results:Yes

1. Consolidated financial results for the second quarter ended September 30, 2017 (April 1, 2017- September 30, 2017)
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

Six months ended September 30, 201786,302

8.2

4,987

7.9

6,143

5.1

4,265

11.1

Six months ended September 30, 2016

79,727(9.4)

4,623(13.7)

5,847(11.4)

3,840(4.5)

Note: Comprehensive income:Six months ended September 30, 2017: 11,520 million yen；－%Six months ended September 30, 2016: -4,123 million yen；－%
Net income per share
Yen

Diluted net income
per share
Yen

Six months ended September 30, 2017

23.96

23.89

Six months ended September 30, 2016

21.49

21.46

(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen％

As of September 30, 2017

310,172

185,815

57.3

As of March 31, 2017305,751

178,83655.9

Note: Owner’s equity
As of September 30, 2017: 177,594 million yen
As of March 31, 2017: 171,059 million yen

2. Dividends
Dividend per shareFirst quarter
Yen

Second quarter
Yen

Third quarter
Yen

Year ended March 31, 2017

－7.00

－Year ending March 31, 2018

－

8.00

－Year ending March 31, 2018－(Forecast)
Note: Correction of dividend forecast from the most recent dividend forecast: None- 1-

Fiscal year end
Yen

Total
Yen

8.50

15.50

8.00

16.00

3. Consolidated forecasts for the year ending March 31, 2018 (April 1, 2017-March 31, 2018)
Operating revenue

Full year

Millions of yen％

170,000

2.9

Operating income
Millions of yen

10,600％Ordinary income
Millions of yen

15.3

12,400％9.5(％: year-on-year change)
Profit attributable toNet income
owners of parent
per share
Millions of yen

8,200％

Yen

5.1

45.88

Note: Correction of financial forecast from the most recent financial forecast: None

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 September 30, 2017 : 176,373,231 shares
As of March 31, 2017 : 195,936,231 shares
Number of treasury stock:
As of September 30, 2017 : 1,969,039 shares
As of March 31, 2017 : 17,191,197 shares
Average number of shares:
Second quarter ended September 30, 2017 : 178,035,307 shares
Second quarter ended September 30, 2016 : 178,712,138 shares* Status of quarterly reviewing processes
This Financial Results is not subject to review based on the Japanese Financial Instruments and Exchange Act.
* 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 Company’s control.

- 2-Consolidated Financial Results(1) Consolidated quarterly balance sheets(Millions of yen)
As of March 31, 2017

As of September 30, 201730,933
19,12441
16787
5,565(167)

25,30920,040
36
16779
6,080
(124)

56,30052,138Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Vessels, netTools, furniture and fixtures, netLandConstruction in progress
Other, net

71,838
3,814
6,878
856
54,230253
656

70,187
3,672
6,640
780
54,538181
650

Total property, plant and equipment

138,527

136,650

2,492
5,444
1,012
1,122

2,219
5,427
1,086
1,464

10,071

10,196

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

92,382
113
1,880
6,724
(248)

103,187
104
1,782
6,362
(249)

Total investments and other assets

100,852

111,186

249,451

258,033

305,751

310,172

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

Intangible assets
Goodwill
Leasehold right
Software
Other
Total intangible assets

Total non-current assets
Total assets- 3-

(Millions of yen)
As of March 31, 2017

As of September 30, 201712,155100
14,081
1,819
1,580
5,733

12,24950
15,791
1,849
1,887
6,040

35,47037,87025,00033,17921,530
2,872
41
7,894
925

25,00025,05824,692
2,970
31
7,875
858

91,44486,487

Total liabilities

126,915

124,357

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

21,822
19,36593,910(8,936)

14,922
15,48296,656(1,299)126,162

125,761

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

41,253
(10)
3,231
421

48,459
(5)
2,905
472

Total accumulated other comprehensive income

44,896

51,832

197
7,579

265
7,954

178,836

185,815305,751

310,172

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
Net defined benefit liability
Provision for directors' retirement benefits
Long-term deposits received
Other
Total non-current liabilities

Total shareholders' equity

Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets- 4-(2) Consolidated quarterly statements of income and consolidated quarterly statements of comprehensive income(Consolidated quarterly statements of income)(Millions of yen)Six months ended
September 30, 2016

Six months ended
September 30, 2017

11,41817,602
15,22013,501
11,309
2,804
4,746
3,122

11,777
17,757
18,131
14,783
13,039
2,707
4,887
3,217

79,72786,302

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

47,165
9,643
4,895
1,120
3,600
3,812

52,601
10,2625,001
1,011
3,486
3,930

Total operating cost

70,23776,294

Operating gross profit

9,490

10,008Selling, general and administrative expenses
Salaries and allowances and welfare expenses
Provision for bonuses
Retirement benefit expenses
Amortization of goodwill
Other

2,371
331
138
196
1,828

2,470
382
132
177
1,857

4,866

5,020

Operating income

4,623

4,987

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

1,009
168
325

1,110
185
176

1,503

1,471

223
55

191
124

279

315

5,847

6,143

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
Total operating revenue

Total selling, general and administrative expenses

Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income- 5-(Millions of yen)Six months ended
September 30, 2016

Six months ended
September 30, 2017

21319

21319

100

44100

44

Profit before income taxes

5,768

6,419

Income taxes-current
Income taxes-deferred

1,704
53

1,881(25)

Total income taxes

1,757

1,856

Profit

4,010

4,562

170

297

3,840

4,265

Extraordinary income
Gain on sales of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 6-(Consolidated quarterly statements of comprehensive income)(Millions of yen)Six months ended
September 30, 2016

Six months ended
September 30, 2017

4,010

4,562

(4,562)11(3,067)47

7,260
8(288)
50(562)(72)(8,134)

6,957

Comprehensive income(4,123)

11,520(Comprehensive income attributable to)
Owners of parent
Non-controlling interests(4,005)(118)

11,201
319

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- 7-(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended Six months ended
September 30, 2016 September 30, 2017
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provisionInterest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Loss (gain) on sales of non-current assets
Loss on retirement of non-current assets
Decrease (increase) in notes and accounts receivable-trade
Increase (decrease) in notes and accounts payable-trade
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
Payments of loans receivableCollection of loans receivable
Other, net

5,768
3,800
196
23(1,009)
223
(168)
(21)
100(140)
622
446
9,842
1,009
(223)
(2,266)8,361

6,4193,672
177
255(1,110)
191
(185)
(319)
44(960)
211
(45)
8,349
1,198(198)(1,735)
7,614(10,602)
7,063(6,165)26(274)(48)(74)
20(50)(5,209)5,567(2,379)1,252(685)
(328)
(9)
19115

Net cash provided by (used in) investing activities
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
Purchase of treasury stock
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents(10,105)(1,655)2,739(2,449)－(3,769)(1)(1,429)(190)(5,100)(1,202)

1,512(2,546)350(5,726)(3,165)(1,517)(53)(11,147)(79)

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(8,047)23,94815,900(5,267)24,55919,291- 8-

(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Six months ended September 30, 2016
Reportable segment
Adjustment(Note 1)

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

Logistics

ShippingReal estate

Total

63,54911,3094,868

79,727－79,727

186

76

180

443(443)－

Total

63,735

11,386

5,049

80,171(443)

79,727

Segment income

4,785

160

2,183

7,129

(2,505)

4,623

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ -2,505 million includes company-wide expenses of ¥ -2,474 million, which are not allocatedto the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neither of thereportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
2. Segment income is adjusted to coincide with operating income as recorded on the consolidated quarterly statements of income.

Six months ended September 30, 2017
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

68,307

13,0394,955

86,302－86,302

317

111

197

625(625)－Total

68,624

13,1505,152

86,928(625)86,302

Segment income (loss)

5,050(49)2,503

7,504(2,516)

4,987

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income (loss) of ¥ -2,516 million includes company-wide expenses of ¥ -2,509 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 has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.

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