Consolidated Financial Results
for the First Quarter Ended June 30, 2021 [ Japan GAAP ]August 5, 2021

The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

Tokyo

URL:

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

Representative:

Takanori Ono, President

Inquiries:

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

Quarterly statement filing date (as planned):

August 10, 2021

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

NoneConvening briefing of quarterly results:

None(Figures are rounded down to the nearest million yen)
1. Consolidated financial results for the first quarter ended June 30, 2021 (April 1, 2021- June 30, 2021)(1) Consolidated operating results(％: year-on-year change)
Operating revenue
Millions of yen

Operating income％％Millions of yen

Profit attributable toOrdinary income
Millions of yen

owners of parent％

Millions of yen％

Three months ended June 30, 2021

51,100

8.1

4,140

73.5

5,420

48.6

3,739

61.3

Three months ended June 30, 2020

47,2680.3

2,386(9.3)

3,646

(6.1)

2,318

(6.9)

Note: Comprehensive income:Three months ended June 30, 2021: 3,982 million yen； (35.4%)
Three months ended June 30, 2020: 6,167 million yen； －%Net income per share
Yen

Diluted net incomeper share
Yen

Three months ended June 30, 2021

45.62

45.49

Three months ended June 30, 2020

27.75

27.67

(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen％

As of June 30, 2021

349,020

197,555

54.5

As of March 31, 2021

348,968

196,24154.1

Note: Owner’s equity
As of June 30, 2021: 190,125 million yen
As of March 31, 2021: 188,959 million yen- 1-2. Dividends
First quarter

Second quarter

YenYenYear ended March 31, 2021－

Year ending March 31, 2022－

Year ending March 31, 2022(Forecast)

Dividend per share
Third quarter
Fiscal year end
Yen

TotalYen

Yen

24.00

－

24.00

48.00

30.00

－

34.00

64.00

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

3. Consolidated forecasts for the year ending March 31, 2022 (April 1, 2021-March 31, 2022)
Operating revenue

Operating incomeMillions of yen％Six months

102,000

9.7

8,500

91.4

9,800

69.2

Full year

208,000

8.3

16,80053.2

19,00040.2

Millions of yen％

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

Yen

6,800

102.4

83.04

13,10055.0

160.06

Millions of yen

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: Yes
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, 2021 : 82,886,615 sharesAs of March 31, 2021 : 82,886,615 shares
Number of treasury stock:
As of June 30, 2021 : 1,084,014 shares
As of March 31, 2021 : 765,824 shares
Average number of shares:
First quarter ended June 30, 2021 : 81,978,021 sharesFirst quarter ended June 30, 2020 : 83,548,089 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 the Company’s control.

- 2-Consolidated Financial Results(1) Consolidated quarterly balance sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Real estate for sale
Work in process
Other
Allowance for doubtful accounts

As of June 30, 2021

27,64023,003
20
3
6,394
(104)

27,48422,917
20
4
8,714
(103)

56,95859,037

Non-current assets
Property, plant and equipment
Buildings and structures, netMachinery, equipment and vehicles, netVessels, netTools, furniture and fixtures, net
LandConstruction in progress
Other, net

91,521
5,920
4,508
1,204
64,182407
2,685

90,642
5,816
4,411
1,178
64,781256
2,812

Total property, plant and equipment

170,431

169,899

Intangible assets
Goodwill
Leasehold interests in land
Software
Other

26
5,140
1,273
186

22
5,140
1,205
228

Total intangible assets

6,627

6,596

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

107,294
469
544
6,896
(252)

105,776
464
578
6,941
(274)

Total investments and other assets

114,952

113,486

292,010

289,982

348,968

349,020

Total current assets

Total non-current assets
Total assets- 3-

(Millions of yen)
As of March 31, 2021

As of June 30, 2021

14,107
14,462
－
2,529
1,941
8,059

13,43914,380
1,500
1,098
1,431
8,360

41,09940,21053,00020,10125,75753,00019,91925,436

60

62

3,567
7,874
1,266

3,649
7,915
1,270

111,627

111,254

Total liabilities

152,726

151,464

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

14,922
12,341
108,444(1,060)14,922
12,341
110,129(1,542)

134,649

135,852

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

52,086
1,434
788

50,862
2,663
746

Total accumulated other comprehensive income

54,30954,273

285
6,997

271
7,158

196,241

197,555

348,968349,020

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Commercial papers
Income taxes payable
Provision for bonuses
OtherTotal current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
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- 4-(2) Consolidated quarterly statements of income and consolidated quarterly statements of comprehensive income(Consolidated quarterly statements of income)(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

6,527
8,891
10,168
9,987
6,196
1,437
2,512
1,546

6,997
7,672
12,473
11,175
7,163
1,488
2,525
1,603

47,26851,10029,438
5,761
2,628
590
2,041
1,965

30,458
6,184
2,731
578
2,283
2,192

42,42544,429Operating gross profit

4,842

6,670

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

1,268
200
6349181,281
258
524933

2,455

2,530

Operating income

2,386

4,140

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

1,178
29202

1,303
60
104

1,410

1,467

108－4185
69
33

150

187

3,646

5,420

Operating revenue
Warehouse income
Harbor transportation income
International transportation income
Land transportation income
Shipping income
Rent income of warehouse and logistics facilities
Real estate lease revenue
OtherTotal operating revenue
Operating costs
Cost of sales
Personal expenses
Rent expenses
Taxes and dues
Depreciation
Other
Total operating costs

Total selling, general and administrative expenses

Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income- 5-

(Millions of yen)Three months ended
June 30, 2020Three months ended
June 30, 2021

1227

1227

3,634

5,393

924
173

1,168
236

Total income taxes

1,097

1,405

Profit

2,536

3,988

218

248

2,318

3,739

Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes-current
Income taxes-deferred

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 6-

(Consolidated quarterly statements of comprehensive income)(Millions of yen)Three months ended
June 30, 2020
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method

Three months ended
June 30, 2021

2,536

3,988

4,637(942)(3)(1,228)
1,076
(41)

(60)

187

3,630

(5)

Comprehensive income

6,167

3,982

(Comprehensive income attributable to)
Owners of parent
Non-controlling interests

5,975
192

3,703
278

Total other comprehensive income- 7-(3) Consolidated quarterly statements of cash flows(Millions of yen)Three months ended Three months ended
June 30, 2020
June 30, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwillIncrease (decrease) in provisions
Interest 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

3,634
2,147
4(527)(1,178)108(29)
12363
(0)
395

5,393
2,388
4(489)(1,303)85(60)
27(1,900)
(503)
105

Subtotal

4,930

3,747

Interest and dividends received
Interest paid
Income taxes paid

1,150(101)(1,208)1,294(74)(2,480)Net cash provided by (used in) operating activities

4,770

2,487

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from collection of loans receivable
Other, net(515)117(4,887)
3(83)
(7)
5(73)

(307)
437
(1,569)5(89)(11)
4(126)Net cash provided by (used in) investing activities(5,439)(1,656)952(897)(7,146)－(0)(2,231)
(314)

1,030
(1,108)
(185)
1,500
(499)
(1,811)(365)(9,637)(1,439)

(338)

461

Net increase (decrease) in cash and cash equivalents(10,645)(147)

Cash and cash equivalents at beginning of period

34,54925,272

Cash and cash equivalents at end of period

23,90325,125

Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of commercial papers
Purchase of treasury stock
Dividends paid
Other, netNet cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 8-(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Three months ended June 30, 2020
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

38,533

6,196

2,538

47,268－47,268

101

151

127

380

(380)

－

Total

38,634

6,347

2,666

47,649(380)

47,268Segment income (loss)

2,459

(175)

1,370

3,654(1,267)

2,386

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (1,267) million in segment income (loss) includes company-wide expenses of ¥ (1,237) million which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neither ofthe 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, 2021
Reportable segment
Adjustment(Millions of yen)Amount inconsolidated
quarterlystatements ofincome(Note 2)

Logistics

Shipping

Real estate

Total(Note 1)

41,386

7,163

2,551

51,100－51,100

148

305

132

586

(586)

－

Total

41,534

7,468

2,683

51,686(586)

51,100

Segment income

3,286

715

1,402

5,404

(1,264)

4,140

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (1,264) million in segment income includes company-wide expenses of ¥ (1,238) million which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neither ofthe reportable 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.

This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between
this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation ordirect, indirect or any other forms of damages arising from the translation.

- 9-