Consolidated Financial Results
for the Second Quarter Ended September 30, 2019 [ Japan GAAP ]November 7, 2019The 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, General Manager,
Finance & Accounting DepartmentTel:+81 6 6444 1183

Quarterly statement filing date (as planned):

November 12, 2019

Dividend payable date (as planned):

December 2, 2019

Supplemental material of quarterly results:

Yes

Convening briefing of quarterly results:

Yes(Figures are rounded down to the nearest million yen)
1. Consolidated financial results for the second quarter ended September 30, 2019 (April 1, 2019-September 30, 2019)(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％

Six months ended September 30, 201995,231

5.8

5,551

40.8

6,853

28.9

4,302

152.6

Six months ended September 30, 2018

90,0404.3

3,943(20.9)

5,317(13.4)

1,703(60.1)

Note: Comprehensive income:Six months ended September 30, 2019: 3,096 million yen；－%Six months ended September 30, 2018: (1,103) million yen；－%
Net income per share
Yen

Diluted net income
per share
Yen

Six months ended September 30, 2019

50.45

50.28

Six months ended September 30, 2018

19.52

19.46

* The Company conducted a 1-for-2 reverse stock split on its common shares (a consolidation of every two shares into one share, “shareconsolidation”) on October 1, 2018. Therefore, “Net income per share” and “Diluted net income per share” are calculated on theassumption that “share consolidation” was conducted at the beginning of the previous fiscal year.
(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen％

As of September 30, 2019

340,897

187,132

53.0

As of March 31, 2019322,683

187,475

56.2

Note: Owner’s equity
As of September 30, 2019: 180,637 million yen
As of March 31, 2019: 181,196 million yen- 1-

2. Dividends
First quarter

Second quarter

Yen

Yen

Dividend per share
Third quarter
Fiscal year end
Yen

Year ended March 31, 2019

－

8.50

Year ending March 31, 2020

－

18.00

Year ending March 31, 2020
(Forecast)

Total

Yen

－

28.50

－

28.00

Yen
－

46.00

Note: Correction of dividend forecast from the most recent dividend forecast: None
* The fiscal year-end dividend per share for the year ended March 31, 2019 consists of ¥13.00 for ordinary dividend and ¥15.50 for special
dividend.
* The fiscal year-end dividend per share for the year ending March 31, 2020 consists of ¥18.00 for ordinary dividend and ¥10.00 for 120th
anniversary commemorative dividend.
* The Company conducted “share consolidation” on October 1, 2018. Therefore, the fiscal year-end dividend per share for the year
ended March 31, 2019 reflects such “share consolidation” and the total dividend per share for the year states “－”. Taking into
account such “share consolidation”, the total dividend per share for the year would be ¥45.50.

3. Consolidated forecasts for the year ending March 31, 2020 (April 1, 2019-March 31, 2020)
Operating revenue

Full year

Millions of yen％

192,000

3.1

Operating income
Millions of yen

10,850％Ordinary income
Millions of yen

23.4

13,100％16.0(％: year-on-year change)
Profit attributable to
Net income
owners of parent
per share
Millions of yen

8,800

％

Yen

27.3

102.92

Note: Correction of financial forecast from the most recent financial forecast: None

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: None
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 September 30, 2019 : 86,386,615 shares
As of March 31, 2019 : 86,386,615 shares
Number of treasury stock:
As of September 30, 2019 : 1,560,989 shares
As of March 31, 2019 : 885,392 shares
Average number of shares:
Second quarter ended September 30, 2019 : 85,283,545 shares
Second quarter ended September 30, 2018 : 87,262,685 shares*The Company conducted “share consolidation” on October 1, 2018. Accordingly, “the average number of shares” for thesecond quarter ended September 30, 2018 and 2017 have been calculated on the assumption that such “share consolidation”
was conducted at the beginning of the previous fiscal year.
* Status of quarterly reviewing processes
This Financial Results is not subject to review based on the Japanese Financial Instruments and Exchange Act.

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* 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.

- 3-Consolidated Financial Results(1) Consolidated quarterly balance sheets(Millions of yen)
As of March 31, 2019

As of September 30, 2019

Cash and deposits

28,17639,867

Notes and accounts receivable-trade

22,49422,077

Real estate for sale

52

32

Work in process

14

9

Other

5,732

5,559

Allowance for doubtful accounts

(122)

(115)

56,34767,430

Buildings and structures, net

71,841

78,981

Machinery, equipment and vehicles, net

2,915

3,741

Vessels, net

4,641

4,451

910

1,078

Land

62,534

63,844

Construction in progress

5,192

3,655

576

2,651

148,611

158,404

62

53

Leasehold interests in land

5,687

5,125

Software

1,502

1,361

Other

198

244

7,451

6,785

102,344

100,615

Long-term loans receivable

492

479

Deferred tax assets

453

500

Other

7,256

6,957

Allowance for doubtful accounts

(275)

(277)

Total investments and other assets

110,272

108,275

266,335

273,466

322,683

340,897

AssetsCurrent assets

Total current assets
Non-current assets
Property, plant and equipment

Tools, furniture and fixtures, net

Other, net
Total property, plant and equipment
Intangible assets
Goodwill

Total intangible assets
Investments and other assets
Investment securities

Total non-current assets
Total assets- 4-

(Millions of yen)
As of March 31, 2019

As of September 30, 2019

Notes and accounts payable-trade

14,03013,300

Short-term borrowings

15,35015,278

Income taxes payable

3,805

1,872

Provision for bonuses

1,741

2,022

Other

7,033

8,329

Total current liabilities

41,96140,802

Bonds payable

33,00048,000Long-term borrowings

23,96328,220

Deferred tax liabilities

24,16623,75652

45

Retirement benefit liability

3,437

3,499

Long-term deposits received

7,862

7,984

764

1,455

93,246112,962

135,208

153,764

Share capital

14,922

14,922

Capital surplus

13,112

13,177Retained earnings

103,299

105,164

Treasury stock(1,205)(2,145)

Total shareholders' equity

130,129

131,119

Valuation difference on available-for-sale securities

48,32847,211

Foreign currency translation adjustment

2,171

1,802

Remeasurements of defined benefit plans

568

504

51,06749,517

Share acquisition rights

285

342

Non-controlling interests

5,993

6,152

187,475

187,132

322,683

340,897

Liabilities
Current liabilities

Non-current liabilities

Provision for retirement benefits for directors (andother officers)

Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Total accumulated other comprehensive income

Total net assets
Total liabilities and net assets- 5-

(2) Consolidated quarterly statements of income and consolidated quarterly statements of comprehensive income(Consolidated quarterly statements of income)(Millions of yen)Six months ended

Six months ended

September 30, 2018

September 30, 2019

Warehouse income

12,72913,193

Harbor transportation income

18,282

19,065International transportation income

19,226

20,250Land transportation income

16,273

18,982

Shipping income

12,407

12,494

Rent income of warehouse and logistics facilities

2,787

2,747

Real estate lease revenue

4,955

5,063

Other

3,377

3,433

Total operating revenue

90,04095,231

Cost of sales

55,81458,725

Personal expenses

10,845

11,305

Rent expenses

5,392

5,244

Taxes and dues

1,102

1,195

Depreciation

3,464

3,744

Other

4,310

4,388

Total operating cost

80,92984,603Operating gross profit

9,110

10,627

2,559

2,557

Provision for bonuses

385

399

Retirement benefit expenses

109

104

Amortization of goodwill

184

8

Other

1,927

2,005

Total selling, general and administrative expenses

5,166

5,076

3,943

5,551

1,294

1,303

Share of profit of entities accounted for using equity method

126

150

Other

252

231

1,673

1,685

Interest expenses

221

208

Other

78

174

Total non-operating expenses

299

383

5,317

6,853

Operating revenue

Operating cost

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

Operating income
Non-operating income
Interest and dividend income

Total non-operating income
Non-operating expenses

Ordinary income- 6-(Millions of yen)Six months ended

Six months ended

September 30, 2018

September 30, 2019

Gain on sales of non-current assets

11

14

Gain on sales of investment securities

2,616

57

165

－

2,793

71

159

136

Impairment loss

5,029

－

Loss on disaster

66

40

5,255

177

Profit before income taxes

2,855

6,747

Income taxes-current

2,750

2,033

Income taxes-deferred

464

59

Total income taxes

3,215

2,092

Profit (loss)

(359)

4,655

Profit (loss) attributable to non-controlling interests(2,062)

352

Profit attributable to owners of parent

1,703

4,302

Extraordinary income

Penalty income
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets

Total extraordinary losses- 7-

(Consolidated quarterly statements of comprehensive income)(Millions of yen)Six months ended

Six months ended

September 30, 2018

September 30, 2019

(359)

4,655

Valuation difference on available-for-sale securities

255(1,116)

Foreign currency translation adjustment

(841)

(279)

Remeasurements of defined benefit plans, net of tax

(41)

(64)

(116)

(98)

(744)

(1,558)(1,103)

3,096

600

2,752

(1,703)

343

Profit (loss)
Other comprehensive income

Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)
Owners of parent
Non-controlling interests- 8-(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended Six months ended
September 30, 2018 September 30, 2019
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment loss
Amortization of goodwill
Increase (decrease) in provisionInterest and dividend income
Interest expenses
Share of loss (profit) 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 sales of investment securities
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
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
Proceeds from sales of investment securities
Collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Purchase of treasury stock
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

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2,855
3,680
5,029
184
271
(1,294)
221
(126)
(11)
159
(2,616)
(693)
118
(466)
7,310
1,546
(231)
(2,034)
6,591

6,747
3,963
－
8
271
(1,303)
208
(150)
(14)
136
(57)
293
(605)
609
10,1101,481(218)(3,941)
7,432(1,083)
3,987(6,956)
16
(478)
(21)
3,013
20
(226)
(1,728)(15,142)
3,645(10,357)
16
(289)
(90)
68
20
(234)
(22,363)

1,252(1,322)
1,000(8,432)－(1)(1,482)(142)(9,130)(240)(4,507)
31,29926,792

3,274(3,170)
11,547(7,463)15,000(939)(2,435)(489)
15,322(117)274
24,161
24,435

(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Six months ended September 30, 2018
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

72,615

12,407

5,017

90,040－90,040

263

278

202

743

(743)

－

Total

72,87912,685

5,219

90,784(743)

90,040

Segment income (loss)

4,896

(802)

2,432

6,526

(2,582)

3,943

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income (loss) of ¥ (2,582) million includes company-wide expenses of ¥ (2,543) million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neitherof the 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.
Six months ended September 30, 2019
Reportable segment
Adjustment(Millions of yen)Amount inconsolidated
quarterlystatements ofincome(Note 2)

Logistics

Shipping

Real estate

Total(Note 1)

77,57012,494

5,166

95,231－

95,231

261

296

225

783

(783)

－

Total

77,832

12,791

5,391

96,015(783)

95,231

Segment income

5,476

2

2,731

8,210

(2,658)5,551

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ (2,658) million includes company-wide expenses of ¥ (2,603) million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neitherof the 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 is an English convenience translation of a document that was originally prepared in the Japanese language and is provided forconvenience purposes only. In the event that there is a discrepancy between the Japanese and English versions, the Japanese version shallprevail.

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