Consolidated Financial Results
for the Year Ended March 31, 2014[ Japan GAAP ]May 13, 2014

The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

Tokyo

URL:

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

Representative:

Shoichi Abbe, President

Inquiries:

Akio Kakutani, General Manager,
Finance & Accounting DepartmentTel:+81 6 6581 1183

Date of general shareholders' meeting (as planned):

June 25, 2014

Dividend payable date (as planned):

June 26, 2014

Annual securities report filing date (as planned):

June 25, 2014

Supplemental material of annual results:

Yes

Convening briefing of annual results:

Yes

１．Consolidated financial results for the year ended March 31, 2014(April 1, 2013-March 31, 2014)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated operating results
Operating revenue％

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

Operating income％

Millions of yen

Ordinary income
Millions of yen％

Net income
Millions of yen％

Year ended March 31, 2014

164,917

5.4

9,693

(5.0)

11,126

(0.2)

6,224

0.0

Year ended March 31, 2013

156,422

11.9

10,201

6.1

11,151

6.5

6,222

(4.4)

Note: Comprehensive income:Year ended March 31, 2014 : 15,581 million yen； -29.4%
Year ended March 31, 2013 : 22,072 million yen； 177.1%
Net income
per share

Diluted net
income per share

Yen

Yen

Net income toshareholders'equity ratio％

Ordinary income
to total assets ratio％

Operating income
to operating
revenues ratio％

Year ended March 31, 2014

34.88

34.86

4.4

4.0

5.9

Year ended March 31, 2013

34.89

34.89

5.0

4.4

6.5

Note: Investment profit (loss) on equity method:Year ended March 31, 2014 : 179 million yen
Year ended March 31, 2013 : 11 million yen(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Net assets per share

Millions of yen

Millions of yen％

Yen

As of March 31, 2014

289,028

154,03650.9

823.82As of March 31, 2013

263,931140,29750.7

749.60Note: Owner's equity
As of March 31, 2014: 147,065 million yen
As of March 31, 2013: 133,743 million yen(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and equivalents,
end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended March 31, 2014

9,265

(13,150)

8,905

22,616

Year ended March 31, 2013

14,073(10,185)(10,926)

16,492- 1 -2．Dividends
Dividend per shareFirst
quarter

Secondquarter

FiscalThird
quarter year end

Total
Yen

Ratio of total
Total
Payout ratio amount of dividends
to net assets
dividend paid (consolidated)(consolidated)
Millions of yen
％
％

Yen

Yen

Yen

Yen

Year ended March 31, 2013

－

5.50

－

5.50

11.00

1,962

31.5

1.6

Year ended March 31, 2014

－

5.50

－

6.50

12.00

2,142

34.4

1.5

Year ending March 31, 2015
(Forecast)

－

6.00

－

6.00

12.00

30.2

3. Consolidated forecasts for the year ending March 31, 2015 (April 1, 2014-March 31, 2015)
Operating revenue
Millions of yen％

Operating income
Millions of yen％

Ordinary income
Millions of yen％(%: change from the previous year)
Net income
Net income
per share
Millions of yen％

Yen

Six months

84,000

5.1

4,700

(4.6)

5,300

(7.3)

3,800

12.5

21.29

Full year

170,000

3.1

9,700

0.1

10,900

(2.0)

7,100

14.1

39.78

4. Other(1) Material changes in subsidiaries during this period (Changes in scope of consolidations resulting from change in subsidiaries): None(2) 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
(3) Number of issued and outstanding shares (common stock)
Number of issued and outstanding shares (including treasury stock):
As of March 31, 2014 : 195,936,231 shares
As of March 31, 2013 : 195,936,231 shares
Number of treasury stock:
As of March 31, 2014 : 17,419,652 shares
As of March 31, 2013 : 17,516,981 shares
Average number of shares :Year ended March 31, 2014 : 178,483,098 sharesYear ended March 31, 2013 : 178,327,572 shares* Status of auditing processes
This financial results are exempt from auditing processes based on the Financial Instruments and Exchange Act, and auditing processesof financial statements based on the Financial Instruments and Exchange Act has not been completed at the time of disclosure of thisfinancial results.
* 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 balance sheets(Millions of yen)
As of March 31, 2013
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

As of March 31, 2014

23,175
17,692
80
29
1,061
3,706
(119)

30,582
19,232
79
18
922
4,456
(136)

45,62755,154Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Vessels, net
Tools, furniture and fixtures, net
LandConstruction in progress
Other, net

60,659
2,906
8,795
977
46,1592,148
279

62,556
3,760
8,306
1,123
47,655
3,466
475

Total property, plant and equipment

121,926

127,344

3,602
4,858
1,717
599

3,833
5,512
1,670
225

10,777

11,242

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

76,258
385
2,333
6,983
(360)

86,118
472
2,458
6,506
(268)

Total investments and other assets

85,60095,285

218,304

233,873

263,931

289,028

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, 2013
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
Provision for retirement benefits
Net defined benefit liability
Provision for directors' retirement benefits
Long-term deposits received
Other

As of March 31, 2014

11,047100
25,444
1,933
1,441
6,037

12,321100
10,563
1,528
1,516
7,368

46,00433,398400
42,11918,971
2,604

12,30056,29022,191－
125
12,295
1,111

－
1,948
116
7,669
1,076

77,629101,592

Total liabilities

123,634

134,991

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

21,822
19,17574,710(9,103)

21,822
19,17378,972(9,053)

106,606

110,915

27,58732,738

(451)
－

3,181
229

27,13636,149

88
6,465

99
6,871

140,297

154,036

263,931

289,028

Total non-current liabilities

Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets- 4 -(2) Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Year ended
March 31, 2013
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

Year ended
March 31, 2014

22,37935,42427,47327,527
23,411
5,102
9,308
5,796

22,67936,16932,72027,906
26,112
5,148
8,475
5,704

156,422

164,917

95,50017,197
9,590
1,750
6,137
7,263

102,003
18,364
9,536
1,920
6,163
8,070

Total operating cost

137,440

146,060

Operating gross profit

18,981

18,857

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

4,660
292
243
403
3,180

4,919
328
230
469
3,216

8,780

9,164

10,201

9,693

83
1,282

54
1,491

11

179

471

499

1,847

2,225

734
164

583
208

898

792

11,151

11,126

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

Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using
equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income- 5 -(Millions of yen)
Year ended
March 31, 2013
Extraordinary income
Gain on sales of non-current assets
Gain on liquidation of subsidiaries and associates
Compensation income

Year ended
March 31, 201438

Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Business structure improvement expenses
Office transfer expenses
Impairment loss
Loss on valuation of investment securities
Loss on valuation of golf club membership
Environmental expenses

－
－

34
37
182

38

253

177

666
224
91

－
－
65
67
9
623

Total extraordinary losses

－
－
－
－

942

983

Income before income taxes and minority interests

10,246

10,396

Income taxes - current
Income taxes - deferred

3,659
39

3,240
653

Total income taxes

3,698

3,894

Income before minority interests

6,547

6,502

325

277

6,222

6,224

Minority interests in income
Net income- 6 -(Consolidated statements of comprehensive income)(Millions of yen)
Year ended
March 31, 2013

Year ended
March 31, 2014

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

6,547

6,502

13,622
1,819

5,189
3,458

82

431

15,524

9,078

Comprehensive income

22,072

15,581

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to minority interests

21,560511

15,008572- 7 -(3) Consolidated statements of changes in net assets
Year ended March 31, 2013
(Millions of yen)
Shareholders' equity

Balance at beginningof current period
Changes of items
during period

Capital stock

Capital surplus

Retained earnings

Treasury shares

Total shareholders'equity21,822

19,17570,539(9,154)102,383

Dividends of surplus(2,050)(2,050)Net income

6,222

6,222

Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

0

(2)

(2)

53

54

－

0

4,171

51

4,223

21,822

19,17574,710(9,103)

106,606

Accumulated other comprehensive income
Valuationdifferenceonavailable-for-salesecurities
Balance at beginningof current period
Changes of items
during period

13,997

Total
Subscription
Foreign
Minority
Remeasurements accumulated
rights tocurrencyinterestsof defined
othersharestranslation
benefit plans comprehensive
adjustment
income(2,199)－

11,79889

6,016

Total net
assets120,287

Dividends of surplus(2,050)Net income

6,222

Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period(2)54
13,5901,747－

15,338(0)449

15,787

13,5901,747－

15,338(0)449

20,01027,587(451)－

27,13688

6,465

140,297- 8 -Year ended March 31, 2014
(Millions of yen)
Shareholders' equity

Balance at beginningof current period
Changes of items
during period

Capital stock

Capital surplus

Retained earnings

Treasury shares

Total shareholders'equity21,822

19,17574,710(9,103)

106,606

Dividends of surplus(1,962)(1,962)

Net income

6,224

6,224

Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

(2)

(6)

(6)

56

54

－

(2)

4,261

49

4,309

21,822

19,17378,972(9,053)110,915

Accumulated other comprehensive income
Valuationdifferenceonavailable-for-salesecurities
Balance at beginningof current period
Changes of items
during period

27,587

Total
Subscription
Foreign
Minority
Remeasurements accumulated
rights tocurrencyinterestsof defined
othersharestranslation
benefit plans comprehensive
adjustment
income(451)－

27,13688

6,465

Total net
assets140,297

Dividends of surplus(1,962)

Net income

6,224

Purchase of treasury
shares
Disposal of treasury
sharesNet changes of items
other thanshareholders' equity
Total changes of items
during period
Balance at end ofcurrent period

(6)
54
5,150

3,632

229

9,013

11

405

9,429

5,150

3,632

229

9,013

11

405

13,73832,7383,181

229

36,14999

6,871

154,036- 9 -(4) Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Impairment loss
Compensation income
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for retirement benefits
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for directors' retirement benefits
Increase (decrease) in provision for bonuses
Loss on valuation of golf club memberships
Interest 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
Loss (gain) on liquidation of subsidiaries and associates
Loss (gain) on valuation of investment securities
Decrease (increase) in notes and accounts receivable - trade
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in deposits received
Other, net

Year ended
March 31, 2013

Year ended
March 31, 201410,2466,973
65

10,396
6,960
－
(182)
469
65

－
403
(37)
(420)
－
17
(0)
9
(1,365)
734
(11)
(38)
177
－
67
683
(696)
289
253

－
(314)
(8)
71
－
(1,546)
583
(179)
(34)
666
(37)
143
(854)
543
(4,185)(1,331)

Subtotal

17,350

11,226

Interest and dividend income received
Interest expenses paid
Proceeds from compensation
Income taxes paid

1,382
(762)
－
(3,897)

1,663
(640)
679
(3,663)

Net cash provided by (used in) operating activities

14,073

9,265

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
Purchase of shares of subsidiaries
Payments of loans receivableCollection of loans receivable
Other, net(13,355)
16,294(10,568)
119(1,119)(1,039)
－
(68)
325
(772)

(15,463)
14,332(9,663)129(1,111)(1,420)
(87)
(126)
39
220

Net cash provided by (used in) investing activities(10,185)(13,150)- 10 -

(Millions of yen)
Year ended
March 31, 2013

Year ended
March 31, 2014

8,841
(8,872)
13,170(21,923)－－54(2)(2,050)(66)(76)

10,468(9,490)21,690(23,378)
12,000(100)
54(6)(1,963)
(158)
(209)

(10,926)

8,905

827

1,103

Net increase (decrease) in cash and cash equivalents(6,211)

6,123

Cash and cash equivalents at beginning of period

22,703

16,492

Cash and cash equivalents at end of period

16,492

22,616

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
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from sales of treasury shares
Purchase of treasury shares
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 11 -

(5) Segment Information[Segment Information]
1. General information about reportable segments
The reportable segments are the components of our Group, for each of which discrete financial information is available, and whose
operating results are regularly reviewed by the Company’s board of directors to make decisions about resources to be allocated to eachsegment 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 “Shipping business” consisting
mainly of vessel operations on the routes between the northwest coast of North America and East Asia by our subsidiary Westwood ShippingLines, Inc. In addition to these, the Company promotes “Real estate business” including leasing and sales of real estate etc., with a dedicateddepartment in its head office, mainly in such way as to put its real estate to more effective use.
The Company’s business comprises the segments corresponding to each business as mentioned above, and the Company presents“Logistics”, “Real estate” and “Shipping” as its three reportable segments.

2. Information related to operating revenue, income (loss), assets, and other items by reportable segment
Year ended March 31, 2013
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

123,622

23,411

9,388

156,422－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
Operating revenue to outside customers

156,422

462

176

390

1,029

(1,029)－124,084

23,588

9,778

157,451(1,029)156,422

Segment income

8,290

254

5,467

14,011(3,809)10,201

Segment assets

124,379

17,47535,479177,333

86,597

263,931

Depreciation

3,823

442

1,833

6,099

873

6,973

Amortization of goodwill

104

298

－

403

－

403

3,311

－

－

3,311

－

3,311

3,636

4,599

3,359

11,595838

12,434

Intersegment transfers
Total

Other items

Investment in associates accounted for byequity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) Adjustment in segment income of ¥ -3,809 million includes company-wide expenses of ¥ -3,990 million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable toneither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) Adjustment in segment assets of ¥ 86,597 million includes company-wide assets of ¥ 88,446 million, which are not allocatedto the respective reportable segments. Company-wide assets consist mainly of working funds (cash and deposits), long-term
investments (investment securities) and assets of administrative departments, of the Company and some of its consolidated
subsidiaries, which are not assignable to neither of the reportable segments.
(3) Adjustment in additions to property, plant and equipment and intangible assets of ¥ 838 million consist of the capital
investments not assignable to neither of the reportable segments for administrative departments of the Company and some ofits consolidated subsidiaries.
2. Segment income is adjusted to coincide with operating income as recorded on the consolidated statements of income.

- 12 -

Year ended March 31, 2014
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

130,206

26,112

8,598

164,917－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
Operating revenue to outside customers
Intersegment transfers
Total

164,917

422

211

378

1,012

(1,012)－

130,628

26,323

8,977

165,929(1,012)

164,917

Segment income

8,405

560

4,647

13,612(3,919)

9,693

Segment assets

128,104

18,92039,268186,293102,734

289,028

Depreciation

3,801

497

1,816

6,116

843

6,960

Amortization of goodwill

104

364

－

469

－

469

5,157

－

－

5,157

－

5,157

5,772

71

5,744

11,588437

12,025

Other items

Investment in associates accounted for byequity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) Adjustment in segment income of ¥ -3,919 million includes company-wide expenses of ¥ -3,849 million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable toneither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) Adjustment in segment assets of ¥ 102,734 million includes company-wide assets of ¥ 105,075 million, which are notallocated to the respective reportable segments. Company-wide assets consist mainly of working funds (cash and deposits),
long-term investments (investment securities) and assets of administrative departments, of the Company and some of its
consolidated subsidiaries, which are not assignable to neither of the reportable segments.
(3) Adjustment in additions to property, plant and equipment and intangible assets of ¥ 437 million consist of the capital
investments not assignable to neither of the reportable segments for administrative departments of the Company and some ofits consolidated subsidiaries.
2. Segment income is adjusted to coincide with operating income as recorded on the consolidated statements of income.

- 13 -