Consolidated Financial Results
for the Third Quarter Ended December 31, 2011 [ Japan GAAP ]February 9, 2012

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:

Satoru Yonemitsu, General Manager,
Finance & Accounting Department

Phone Number:+81 6 6581 1183

Date of the filing of the Quarterly Report:

February 13, 2012

Starting date of dividend payment:―Supplementary Material

None

Financial Results Presentation

None

１．Consolidated Financial Results for the Third Quarter Ended December 30, 2011 (April 1, 2011- December 31, 2011)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated Results of Operations
Operating revenue(％: change from the previous year)

Operating income％

Ordinary income

Net income

Millions of yen％

Nine months ended December 31, 2011

101,681

3.2

7,574

1.2

8,489

0.6

5,311

31.8

Nine months ended December 31, 2010

98,493

9.6

7,484

32.6

8,438

36.3

4,028

28.6

Millions of yen

Millions of yen％％

Millions of yen

Notes: Comprehensive income:Nine months ended December 31, 2011: 555 million yen；-74.8 %Nine months ended December 31, 2010: 2,204 million yen; － %Net income per share
Yen

Dilutive Net Incomeper share
Yen

Nine months ended December 31, 2011

29.79

29.79

Nine months ended December 31, 2010

22.58

22.58

(2) Consolidated Financial Position
Equity ratio

Total assets

Net assets

Millions of yen

Millions of yen％

As of December 31, 2011

225,220

112,878

47.5

As of March 31, 2011

228,377

112,94147.4

Notes: Equity
As of December 31, 2011: 106,908 million yen
As of March 31, 2011: 108,350 million yen

2．Dividends
Dividends per shareFirst Quarter
ended
Yen

Second Quarter
ended
Yen

Third Quarter
ended
Yen

Year ended March 31, 2011

－5.00

－

Year ending March 31, 2012

－

5.00

－

Year ending March 31, 2012
(Forecast)
Notes: Revision of cash dividend forecast since the latest disclosure: None-1-Year-end

Annual

Yen

Yen
5.00

10.00

5.00

10.00

3. Forecasts for the Year Ending March 31, 2012 (April 1, 2011-March 31, 2012)
Operating revenue

Full year

Millions of yen％

141,000

8.1

Operating income
Millions of yen％

9,800(%: change from the previous year)
Net income
Net income
per share

Ordinary income
Millions of yen

2.0

10,700％Millions of yen

2.2

6,200％

Yen

41.8

34.77

Note: Revision of forecasts since the latest disclosure: None

4. Other(1) Changes of significant subsidiaries during the period (change of specified subsidiaries that affected the scope of consolidatedreporting): None
(2) Adoption of special accounting methods for quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policy in accordance with revision of accounting standard: None
2) Changes other than 1): None
3) Changes in accounting estimates: None
4) Restatements: 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, 2011 : 195,936,231 shares
As of March 31, 2011 : 195,936,231 shares
Number of treasury stocks at the end of the period :As of December 31, 2011 : 17,614,162 shares
As of March 31, 2011 : 17,602,905 shares
Average number of shares issued during the period :Third quarter ended December 31, 2011 : 178,325,176 shares
Third quarter ended December 31, 2010: 178,393,201 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 March 31, 2011

As of December 31, 2011

Cash and deposits

28,87528,234

Notes and operating accounts receivable

16,61917,81044Real estate for sale

112

95

Work in process

27

43

Deferred tax assets

988

573

Other

3,125

3,804

Allowance for doubtful accounts

(100)

(148)

49,65250,417

Buildings and structures, net

59,55857,939Machinery, equipment and vehicles, net

3,317

3,193

672

652

46,222

46,213

Construction in progress

733

2,468

Other, net

54

213

110,558

110,681

587

3,977

Leasehold right

4,330

4,311

Software

1,798

1,519

Other

374

440

7,090

10,24953,34344,709Long-term loans receivable

610620

Deferred tax assets

480

1,973

Other

7,094

6,937

Allowance for doubtful accounts

(454)

(369)

Total investments and other assets

61,07553,872

178,725

174,802228,377

225,220

AssetsCurrent assets

Short-term investment securities

Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net
Land

Total property, plant and equipment
Intangible assets
Goodwill

Total intangible assets
Investments and other assets
Investment securities

Total noncurrent assets
Total assets-3-(Millions of yen)
As of March 31, 2011

As of December 31, 2011

Notes and operating accounts payable-trade

9,051

10,676

Short-term loans payable

8,925

29,212

Income taxes payable

1,665

1,041

Provision for bonuses

1,380

912

Other

5,068

6,476

Total current liabilities

26,091

48,320500

500Long-term loans payable

59,492

38,748Deferred tax liabilities

12,856

8,129

Provision for retirement benefits

3,219

3,276

94

99

12,346

12,358835

907

89,34464,021

115,436

112,341

Capital stock

21,822

21,822

Capital surplus

19,176

19,175Retained earnings

65,85069,340Treasury stock(9,150)(9,154)

Total shareholders' equity

97,698101,184

Valuation difference on available-for-sale securities

12,5488,077

Foreign currency translation adjustment(1,895)(2,353)

Total accumulated other comprehensive income

10,652

5,724

79

89

Minority interests

4,511

5,881

Total net assets

112,941

112,878

228,377

225,220

Liabilities
Current liabilities

Noncurrent liabilities
Bonds payable

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

Accumulated other comprehensive income

Subscription rights to shares

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)
Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

Warehouse income

15,863

16,245

Harbor transportation income

27,70029,294

International transportation income

19,156

19,722Land transportation income

19,837

20,880Rent income of warehouse and logistics facilities

3,831

3,695

Rent income of real estate

7,329

6,911

Operating revenue

Other

4,775

4,931

Total operating revenue

98,493

101,681

Cost of sales

56,703

59,842

Personal expenses

12,404

12,592Rent expenses

5,746

5,635

Taxes and dues

1,404

1,478

Operating cost

Depreciation

4,189

4,021

Other

5,112

5,057

Total operating cost

85,561

88,628Operating gross profit

12,932

13,053

3,107

3,112

Provision for bonuses

165

140

Retirement benefit expenses

177

170

Amortization of goodwill

7492

Provision of allowance for doubtful accounts

－29

Other

1,923

1,933

Total selling, general and administrative expenses

5,448

5,479

7,484

7,574

Interest and dividends income

1,161

1,294

Equity in earnings of affiliates

358

257

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

Operating income
Non-operating income

Other

161

137

1,681

1,689

Interest expenses

599

563

Other

128

211

Total non-operating expenses

727

774

8,438

8,489

Total non-operating income
Non-operating expenses

Ordinary income-5-(Millions of yen)
Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

Gain on sales of noncurrent assets

152

32

Compensation income

461－

Total extraordinary income

614

32

Loss on retirement of noncurrent assets

66

256

Loss on valuation of investment securities

42191

Provision of allowance for doubtful accounts－

148

Loss on disaster－

65

Impairment loss

1,431

－

32

－

1,571

662

Income before income taxes and minority interests

7,481

7,860

Income taxes-current

2,853

2,485

Income taxes-deferred

354

(179)

Total income taxes

3,208

2,305

Income before minority interests

4,273

5,554

244

243

4,028

5,311

Extraordinary income

Extraordinary loss

Loss on adjustment for changes of accounting standard
for asset retirement obligations
Total extraordinary losses

Minority interests in income
Net income-6-(Consolidated quarterly statements of comprehensive income)(Millions of yen)
Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

4,273

5,554

(1,569)(4,501)9－(483)

(467)

(25)

(30)

(2,069)(4,999)

2,204

555

Comprehensive income attributable to owners of the parent

1,971

384

Comprehensive income attributable to minority interests

233

171

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to-7-

(3) Consolidated quarterly statements of cash flows(Millions of yen)
Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

Income before income taxes and minority interests

7,481

7,860

Depreciation and amortization

4,6874,561

Loss on disaster－65

Impairment loss

1,431－74

92

Increase (decrease) in provision

(827)

(467)

Interest and dividends income(1,161)(1,294)

Interest expenses

599

563

Equity in (earnings) losses of affiliates

(358)

(257)

Loss (gain) on sales of property, plant and equipment

(84)

(32)

Loss on retirement of property, plant and equipment

66

256

Loss (gain) on valuation of investment securities

42191

Decrease (increase) in notes and accounts receivable-trade

(575)

(654)

Increase (decrease) in notes and accounts payable-trade31181

Other, net(4)671Subtotal

11,402

11,737

Interest and dividends income received

1,175

1,321

Interest expenses paid

(725)

(666)

－(338)

Income taxes paid

(4,821)(3,069)Net cash provided by (used in) operating activities

7,030

8,984

Payments into time deposits(17,033)(19,597)

Proceeds from withdrawal of time deposits

15,15919,988Purchase of property, plant and equipment(1,109)(3,928)Proceeds from sales of property, plant and equipment

118

67

Purchase of intangible assets

(270)

(271)

Proceeds from sales of intangible assets

418－

Purchase of investment securities

(34)

(29)

－(4,396)

Purchase of investments in subsidiaries－(239)

Payments of loans receivable

(88)

(96)

Collection of loans receivable

50067

Other, net

130

219

(2,210)(8,216)

Net cash provided by (used in) operating activities

Amortization of goodwill

Payments for loss on disasterNet cash provided by (used in) investing activities

Purchase of investments in subsidiaries resulting in change
in scope of consolidation

Net cash provided by (used in) investing activities-8-(Millions of yen)Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

Increase in short-term loans payable

7,849

7,160

Decrease in short-term loans payable(7,416)(6,965)

Proceeds from long-term loans payable

450

310

Repayment of long-term loans payable(1,610)(961)－1,500(1,734)(1,733)

(75)

(86)

(2,537)(776)

Effect of exchange rate change on cash and cash equivalents

(230)

(257)

Net increase (decrease) in cash and cash equivalents

2,051

(265)

Cash and cash equivalents at beginning of period

10,484

15,249from change of scope of consolidation－30

Cash and cash equivalents at end of period

12,53615,014

Net cash provided by (used in) financing activities

Proceeds from stock issuance to minority shareholders
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities

Increase (decrease) in cash and cash equivalents resulting-9-

(4) Segment Information
Information related to operating revenue and income (loss) by reportable segment
Nine months ended December 31, 2010

(Millions of yen)
Reportable segment

Adjustment(Note 1)

Consolidated
Statements ofIncome(Note 2)

Logistics

Real Estate

Total

90,981

7,511

98,493－98,4936310

317(317)－Total

90,988

7,822

98,810(317)

98,493

Segment income

5,738

4,463

10,201(2,717)

7,484

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Segment income adjustment of ¥ -2,717 million includes company-wide expenses of ¥ -2,797 million which are not allocated to
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 show operating income as recorded on the Consolidated quarterly statements of income.

Nine months ended December 31, 2011

(Millions of yen)
Reportable segment

Adjustment(Note 1)

Consolidated
Statements ofIncome(Note 2)

Logistics

Real Estate

Total

94,711

6,970

101,681－

101,681

6

298

305

(305)

－

Total

94,718

7,268

101,987(305)

101,681

Segment income

6,295

4,086

10,382(2,807)

7,574

Operating revenue
Operating revenue to outside customers
Intersegment transfersNotes: 1. Segment income adjustment of ¥ -2,807 million includes company-wide expenses of ¥ -2,835 million which are not allocated to
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 show operating income as recorded on the Consolidated quarterly statements of income.

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