Consolidated Financial Results
for the Third Quarter Ended December 31, 2009
February 9, 2010

The 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

Starting date of dividend payment:―Date of the filing of the Quarterly Report:

February 12, 2010

１．Consolidated Financial Results for the Third Quarter Ended December 31, 2009 (April 1, 2009- December 31, 2009)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated Results of Operations
Operating revenue％

Millions of yen(％: change from the previous year)

Operating income

Ordinary income％Millions of yen

Net income％Millions of yen％

Millions of yen

Nine months ended December 31, 2009

89,893(13.7)

5,645(3.2)

6,190(7.6)

3,131(11.4)

Nine months ended December 31, 2008

104,104

－

5,831

－

6,702－

3,536－Net income per shareYen
Nine months ended December 31, 2009

17.56

Nine months ended December 31, 2008

19.01

Dilutive Net Incomeper share
Yen－18.92(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net asset per share

Millions of yen

Millions of yen％

Yen

As of December 31, 2009

230,508

111,32446.4

600.02As of March 31, 2009

216,097104,22146.3

560.96

Notes: Equity
Third quarter ended December 31, 2009 : 107,041 million yen
Year ended March 31, 2009 : 100,075 million yen

2．Dividends
First Quarter
ended
Yen

Dividends per share
Second Quarter
Third Quarter
endedendedYen
Yen

Year ended March 31, 2009－

5.00

－

Year ending March 31, 2010－5.00－

Year ending March 31, 2010(Forecast)
Notes: Revision of cash dividend forecast for this period : None

-1-Year-end

AnnualYen

Yen
5.00

10.00

5.00

10.00

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

Full year

Millions of yen％

119,000(9.8)

Operating income
Millions of yen

7,300％

Ordinary income
Millions of yen

2.4

7,600％(2.2)(%: change from the previous year)
Net income
Net income
per share
Millions of yen

4,000％

Yen

139.3

22.42Note: Revision of forecasts for this period: None

4. Other(1) Changes of significant subsidiaries during the period (change of specified subsidiaries that affected the scope of consolidated
reporting): None
(2) Adoption of simplified accounting methods and special accounting methods for quarterly consolidated financial statements: Yes(3) Changes of accounting policies applied, procedures and disclosures for presenting consolidated financial statement
Changes by revision of accounting standard: None
Changes other than the above: None
(4) Number of shares issued (common stock)
Number of shares issued at the end of the period (including treasury stock) :As of December 31, 2009 : 195,936,231 shares
As of March 31, 2009 : 195,936,231 shares
Number of treasury stocks at the end of the period :As of December 31, 2009 : 17,538,683 shares
As of March 31, 2009 : 17,534,066 shares
Average number of shares issued at the end of the period :As of December 31, 2009 : 178,399,948 shares
As of December 31, 2008 : 185,992,018 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 quarterly balance sheets(Millions of yen)
As of December 31, 2009

As of March 31, 2009

Cash and deposits

20,54815,781

Notes and operating accounts receivable

16,666

15,05144185

207Real estate for sale in process－3

Work in process

47

78

Deferred tax assets

844875

Other

3,000

3,866

Allowance for doubtful accounts

(108)

(79)

41,18835,789

Buildings and structures, net

64,586

67,259Machinery, equipment and vehicles, net

4,051

4,710

746

732

46,424

46,420Construction in progress

341

613

Other, net

146116,164

119,744

Goodwill

2,191

2,436

Leasehold right

6,164

6,162

Software

2,222

2,277

Other

433

599

11,011

11,47754,02041,393Long-term loans receivable

953

1,062

Deferred tax assets

444

348

Other

7,251

6,545

Allowance for doubtful accounts

(525)

(263)

Total investments and other assets

62,14349,086

189,320

180,308

230,508

216,097

AssetsCurrent assetsShort-term investment securities
Real estate for sale

Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net
Land

Total property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets
Investment securities

Total noncurrent assets
Total assets-3-(Millions of yen)
As of December 31, 2009

As of March 31, 2009

Notes and operating accounts payable-trade

9,111

8,578

Short-term loans payable

10,827

11,196

Income taxes payable

2,416

317

Provision for bonuses

941

1,450Other

5,694

4,733

Total current liabilities

28,991

26,276Long-term loans payable

59,631

58,861

Deferred tax liabilities

13,1709,607

Provision for retirement benefits

3,608

3,254

105

90

12,902

12,939775

846

90,19385,599119,184

111,876

Capital stock

21,822

21,822

Capital surplus

19,177

19,177Retained earnings

63,324

61,978Treasury stock(9,124)(9,122)

Total shareholders' equity

95,20093,855

13,257

7,656

0(16)

Foreign currency translation adjustment(1,417)(1,419)Total valuation and translation adjustments

11,840

6,219

6464

Minority interests

4,218

4,081

Total net assets

111,324

104,221230,508

216,097

Liabilities
Current liabilities

Noncurrent liabilities

Provision for directors' retirement benefits
Long-term deposits received
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Subscription rights to shares

Total liabilities and net assets-4-(2) Consolidated quarterly statements of income(Millions of yen)Nine months ended
December 31, 2008

Nine months ended
December 31, 2009

Warehouse income

14,747

14,009Harbor transportation income

29,347

24,666

International transportation income

23,283

16,522Land transportation income

20,751

18,754

Rent income of warehouse and logistics facilities

4,043

4,050

Operating revenue

Rent income of real estate

7,458

7,421

Other

4,473

4,468

104,104

89,893

Cost of sales

62,17750,175

Personal expenses

12,358

12,231

Rent expenses

5,960

5,577

Taxes and dues

1,698

1,501

Depreciation

4,595

4,436

Other

5,836

4,696

Total operating cost

92,62678,618Operating gross profit

11,477

11,275

3,252

3,047

Provision for bonuses

191

175

Retirement benefit expenses

193

201

Amortization of goodwill

243

245

Other

1,764

1,959

Total selling, general and administrative expenses

5,645

5,629

5,831

5,645

Interest and dividends income

1,365

906

Equity in earnings of affiliates

139

186

Total operating revenue
Operating cost

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

Operating income
Non-operating income

Other

207

229

1,713

1,322

Interest expenses

683

660

Other

159

116

Total non-operating expenses

843

776

6,702

6,190

Total non-operating income
Non-operating expenses

Ordinary income-5-

(Millions of yen)
Nine months ended
December 31, 2008

Nine months ended
December 31, 2009

Loss on retirement of noncurrent assets

56

105

Loss on valuation of investment securities

270

234

Provision of allowance for doubtful accounts－266

Special retirement expenses－38

Impairment loss

67－

Compensation for damage89－

Total extraordinary losses

484

645

Income before income taxes and minority interests

6,217

5,545

Income taxes-current

2,371

2,595

Income taxes-deferred

63(350)Total income taxes

2,434

2,244

246

168

3,536

3,131

Extraordinary loss

Minority interests in income
Net income-6-(3) Consolidated quarterly statements of cash flows(Millions of yen)
Nine months ended
December 31, 2008

Nine months ended
December 31, 2009

Income before income taxes and minority interests

6,217

5,545

Depreciation and amortization

Net cash provided by (used in) operating activities
4,782

4,919

Impairment loss

67

－Amortization of goodwill

243

245

Increase (decrease) in provision

(608)

151

Interest and dividends income(1,365)(906)Interest expenses

683

660

Equity in (earnings) losses of affiliates

(139)

(186)

56

105

Loss on retirement of property, plant and equipment
Loss (gain) on valuation of investment securities

270

234

Decrease (increase) in notes and accounts receivable-trade(812)(1,765)

Increase (decrease) in notes and accounts payable-trade

306

533

Other, net

442

1,007

Subtotal

10,143

10,544

Interest and dividends income received

1,354

914

Interest expenses paid

(776)

(814)

(3,910)(708)

Income taxes paid

－

1,200

6,811

11,136(520)(13,462)

Proceeds from withdrawal of time deposits

621

4,340

Purchase of property, plant and equipment(5,263)(976)

2737(762)(345)

Purchase of investment securities(95)(3,168)

Payments of loans receivable

(484)

(96)

Collection of loans receivable

40

112

(113)

(523)

(6,550)(14,082)

Increase in short-term loans payable

6,853

10,045Decrease in short-term loans payable(6,045)(9,953)

Income taxes refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Payments into time deposits

Proceeds from sales of property, plant and equipment
Purchase of intangible assets

Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Proceeds from long-term loans payable

9,964

2,288

Repayment of long-term loans payable(1,603)(1,979)Purchase of treasury stock(5,184)－Cash dividends paid

(1,824)(1,727)

Other, net

(101)

(88)

Net cash provided by (used in) financing activities

2,056(1,414)

Effect of exchange rate change on cash and cash equivalents

(347)

6

Net increase (decrease) in cash and cash equivalents

1,970(4,354)

Cash and cash equivalents at beginning of period

11,718

14,669Cash and cash equivalents at end of period

13,68910,315-7-

(4) Segment Informationa. Information by operational segment
Nine months ended December 31, 2008

(Millions of yen)
Corporate

Logistics

Real Estate

Total

96,507

7,596

104,104－104,104

8

139

148

(148)

－96,516

7,735

104,252(148)

104,104

4,516

4,581

9,097

(3,266)

5,831& Elimination

Consolidated

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income
Nine months ended December 31, 2009

(Millions of yen)
Logistics

Real Estate

Total

82,343

7,549

89,893

Corporate& Elimination

Consolidated

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income－89,893

6163

170

(170)

－

82,3507,713

90,063(170)

89,893

4,449

4,596

9,045

(3,400)5,645

Notes:
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 leasingb. Information by geographic segment
Nine months ended December 31, 2008

(Millions of yen)JapanOthers

Total

94,456

9,647

104,104

Corporate& Elimination

Consolidated

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income－

104,104

641

3,707

4,349

(4,349)－95,09813,355

108,454(4,349)104,104

8,516

581

9,097

(3,266)

5,831

Nine months ended December 31, 2009(Millions of yen)
CorporateJapan

OthersTotal

83,617

6,276

89,893－89,893

469

2,829

3,299

(3,299)－84,087

9,105

93,192(3,299)89,893

8,680

364

9,045

(3,400)5,645& Elimination

Consolidated

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

Notes: “Others” consists of Asia, Europe and North America.

c. 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.

-8-