Consolidated Financial Results
for the Second Quarter Ended September 30, 2010 [ Japan GAAP ]November 5, 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:

Satoru Yonemitsu, General Manager, Finance &Accounting Department

Phone Number:+81 6 6581 1183

Starting date of dividend payment:

December 10, 2010

Date of the filing of the Quarterly Report:

November 10, 2010

Supplementary Material

Yes

Financial Results Presentation

Yes

１．Consolidated Financial Results for the Second Quarter Ended September 30, 2010 (April 1, 2010- September 30, 2010)
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

Six months ended September 30, 2010

65,059

10.7

4,933

46.6

5,480

51.2

3,288

75.4

Six months ended September 30, 2009

58,772（15.5）

3,365(12.9)

3,625(16.6)

1,874(18.2)Net income per share
Yen

Dilutive Net Income
per share
Yen

Six months ended September 30, 2010

18.43

－

Six months ended September 30, 2009

10.51

－

(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net asset per share

Millions of yen

Millions of yen％

Yen

As of September 30, 2010

226,923

111,94947.4

602.40

As of March 31, 2010

235,986

114,37746.6

616.54

Notes: Equity
Second quarter ended September 30, 2010 : 107,465million yen
Year ended March 31, 2010 : 109,988 million yen

2．Dividends
First Quarter
ended
Yen

Dividends per share
Second Quarter
Third Quarter
ended
ended
Yen
Yen

Year ended March 31, 2010

－

5.00

Year ending March 31, 2011

－

5.00

Year ending March 31, 2011
(Forecast)
Notes: Revision of cash dividend forecast for this period : None-1-Year-end

Annual

Yen

Yen

－

5.00

10.00

－

5.00

10.00

3. Forecasts for the Year Ending March 31, 2011 (April 1, 2010-March 31, 2011)
Operating revenue

Full year

Millions of yen％

128,000

5.2

Operating income
Millions of yen

9,300

％

Ordinary income
Millions of yen

17.6

10,100％19.8(%: change from the previous year)
Net income
Net income
per share
Millions of yen

5,700

％

Yen

85.7

31.95

Note: Revision of forecasts for this period: Yes

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: Yes
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 September 30, 2010 : 195,936,231 shares
As of March 31, 2010 : 195,936,231 shares
Number of treasury stocks at the end of the period :As of September 30, 2010 : 17,542,067 shares
As of March 31, 2010 : 17,540,425 shares
Average number of shares issued at the end of the period :As of September 30, 2010 : 178,394,810 shares
As of September 30, 2009 : 178,400,621 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 September 30, 2010

As of March 31, 2010

Cash and deposits

26,11023,569Notes and operating accounts receivable

16,262

16,7494

4

Real estate for sale

129

185

Work in process

26

27

Deferred tax assets

999

1,093

Other

3,326

3,089

Allowance for doubtful accounts

(100)

(95)

46,75844,623

Buildings and structures, net

61,55563,513

Machinery, equipment and vehicles, net

3,556

3,860

696

760

46,22346,222

Construction in progress

229

400

Other, net

63

66

112,325

114,825637

687

Leasehold right

5,797

6,173

Software

2,019

2,152

Other

319

429

8,773

9,443

51,24658,899Long-term loans receivable

633

947

Deferred tax assets

512

481

Other

7,113

7,248

Allowance for doubtful accounts

(440)

(483)

Total investments and other assets

59,06567,093

180,165

191,362

226,923

235,986

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 September 30, 2010

As of March 31, 2010

Notes and operating accounts payable-trade

8,734

9,330

Short-term loans payable

9,869

10,126

Income taxes payable

1,743

3,098

Provision for bonuses

1,534

1,438

Other

4,842

5,342

Total current liabilities

26,72429,337Long-term loans payable

59,59260,124

Deferred tax liabilities

12,14615,162

Provision for retirement benefits

3,160

3,590

73

114

12,40912,440869

839

88,25092,271

114,974

121,609

Capital stock

21,822

21,822

Capital surplus

19,177

19,177Retained earnings

65,65763,261

Treasury stock(9,125)(9,124)

Total shareholders' equity

97,532

95,136

11,507

16,09842Foreign currency translation adjustment(1,580)(1,250)Total valuation and translation adjustments

9,932

14,85164

64

Minority interests

4,419

4,324

Total net assets

111,949

114,377

226,923

235,986

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)Six months ended
September 30, 2009

Six months ended
September 30, 2010

Warehouse income

9,221

10,511

Harbor transportation income

15,751

18,366

International transportation income

10,882

12,534

Land transportation income

12,287

12,980Rent income of warehouse and logistics facilities

2,706

2,597

Operating revenue

Rent income of real estate

4,917

4,884

Other

3,004

3,184

Total operating revenue

58,77265,059

Cost of sales

32,63737,288Personal expenses

8,045

8,279

Rent expenses

3,803

3,840

Taxes and dues

1,020

914

Depreciation

2,928

2,765

Other

3,166

3,414

Total operating cost

51,60156,503Operating gross profit

7,170

8,555

1,852

1,827

Provision for bonuses

360

341

Retirement benefit expenses

131

114

Amortization of goodwill

163

49

Other

1,295

1,287

Total selling, general and administrative expenses

3,804

3,621

3,365

4,933

Interest and dividends income

535

655

Equity in earnings of affiliates

100

277

Other

168

123

Total non-operating income

805

1,055

Interest expenses

444

404

Other

101

104

Total non-operating expenses

545

509

3,625

5,480

Operating cost

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

Operating income
Non-operating income

Non-operating expenses

Ordinary income-5-(Millions of yen)Six months ended
September 30, 2009

Six months ended
September 30, 2010

Gain on sales of noncurrent assets－

98

Total extraordinary income－

98

Loss on retirement of noncurrent assets

72

49

Loss on valuation of investment securities

198

157

－

32

271

238

Extraordinary income

Extraordinary loss

Loss on adjustment for changes of accounting standard
for asset retirement obligations
Total extraordinary losses
Income before income taxes and minority interests

3,353

5,340

Income taxes-current

1,762

1,686

Income taxes-deferred

(374)

203

Total income taxes

1,387

1,890

Income before minority interests

－

3,450

Minority interests in income

90

162

1,874

3,288

Net income-6-(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended
September 30, 2009

Six months ended
September 30, 2010

Income before income taxes and minority interests

3,353

5,340

Depreciation and amortization

Net cash provided by (used in) operating activities
3,247

3,094

Amortization of goodwill

163

49

Increase (decrease) in provision

307

(382)

Interest and dividends income

(535)

(655)

Interest expenses

444

404

Equity in (earnings) losses of affiliates

(100)

(277)

Loss on retirement of property, plant and equipment

72

49

Loss (gain) on valuation of investment securities

198

157

Decrease (increase) in notes and accounts receivable-trade

(420)

405

Increase (decrease) in notes and accounts payable-trade

(44)

(556)

Other, net

697

(327)

Subtotal

7,383

7,302

Interest and dividends income received

539

663

Interest expenses paid

(475)

(416)

Income taxes paid

(268)

(3,101)

Income taxes refund

1,200

－

Net cash provided by (used in) operating activities

8,380

4,447

(6,533)(10,524)

Proceeds from withdrawal of time deposits

710

9,069

Purchase of property, plant and equipment

(546)

(555)

23

57

(229)

(169)

－

418

Net cash provided by (used in) investing activities
Payments into time deposits

Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Proceeds from sales of intangible assets(3,158)(18)

Payments of loans receivable

Purchase of investment securities

(82)

(80)

Collection of loans receivable

74

311

Other, net

535(9,737)(1,456)

Increase in short-term loans payable

7,162

4,426

Decrease in short-term loans payable(6,312)(4,383)

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Proceeds from long-term loans payable

378

200

Repayment of long-term loans payable(1,417)(1,032)

Cash dividends paid

(890)

(892)

Other, net

(95)

(41)

(1,174)(1,724)

226

(168)

Net increase (decrease) in cash and cash equivalents(2,305)

1,098

Cash and cash equivalents at beginning of period

14,66910,484

Cash and cash equivalents at end of period

12,363

11,583

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents-7-(4) Segment Information[Information by operational segment]
Six months ended September 30, 2009

(Millions of yen)
Corporate

Consolidated

Logistics

Real Estate

Total

53,708

5,063

58,772－

58,772

4

96

101

(101)

－

53,712

5,160

58,873(101)

58,772

2,556

3,086

5,642

(2,277)

3,365& Elimination

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income
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 leasing[Information by geographic segment]
Six months ended September 30, 2009

(Millions of yen)
Corporate

Consolidated

Japan

OthersTotal

54,383

4,389

58,772－

58,772

290

1,765

2,056

(2,056)－54,673

6,154

60,828(2,056)

58,772

5,516

125

5,642

(2,277)

3,365& Elimination

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

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

[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-[Segment Information]
1. General information about reportable segment
The reportable segment is the component of our Group, for which discrete financial information is available, and whose operating results
are regularly reviewed by the Company’s chief operating decision maker including Board of Directors to make decisions about resources to beallocated to the segment and assess its performance.
The Company, in cooperation with its domestic and overseas subsidiaries, operates “Logistics Business” including warehousing, harbortransportation, international transportation and land transportation etc., which, constituting respective parts of total logistics business, have amutual relationship to each other and are deemed to be inseparable in management of the Company, and promotes “Real Estate business”
including leasing and sales of real estate etc., with a dedicated department in head office, mainly in such way as to put the real estate theCompany owns to more effective use. Therefore, the Company, according to such business formation, comprises the segments corresponding
to each service and presents “Logistics” and ”Real Estate” as two reportable segments.

2. Information related to operating revenue and income (loss) by reportable segment
Six months ended September 30, 2010

(Millions of yen)
Reportable segment

Adjustment

Logistics

Real Estate

Total

60,042

5,016

65,059(Note 1)

Consolidated
Statements ofIncome(Note 2)

Operating revenue
Operating revenue to outside customers－

65,059

4

200

205

(205)

－

Total

60,0475,217

65,264(205)

65,059Segment income

3,833

2,951

6,784

(1,850)4,933Intersegment transfers

Notes: 1. Segment income adjustment of ¥ -1,850 million includes company-wide expenses of ¥ -1,848 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 Statements of Income.

3. Information concerning impairment loss from noncurrent assets, goodwill and other items by reportable segment
None

Additional Information
Effective from the first quarter ended June 30, 2010, the “Revised Accounting Standard for Disclosures about Segments of an Enterprise andRelated information” (ASBJ Statement No. 17, March 27, 2009) and the “Guidance on the Accounting Standard for Disclosures about
Segments of an Enterprise and Related information” (ASBJ Guidance No. 20, March 21, 2008) are applied.

(5) Changes in Accounting Policies
Application of accounting standard for asset retirement obligations
Effective from the first quarter ended June 30, 2010, the“Accounting Standard for Asset Retirement Obligations” (ASBJ Statement No. 18,
March 31, 2008) and the “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008)
are applied.
As a result of this application, income before income taxes and minority interests for six months ended September 30, 2010 decreased by¥32 million. The change in the asset retirement obligation amount resulting from the application of these accounting standards is ¥32 million.

-9-