Consolidated Financial Results
for the Second Quarter Ended September 30, 2020 [ Japan GAAP ]November 6, 2020

The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

TokyoURL:

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):

November 11, 2020

Dividend payable date (as planned):

December 1, 2020

Supplemental material of quarterly results:

YesConvening 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, 2020 (April 1, 2020-September 30, 2020)(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, 2020

92,945

(2.4)

4,440

(20.0)

5,790(15.5)

3,360(21.9)

Six months ended September 30, 201995,231

5.8

5,55140.86,853

28.9

4,302

152.6

Note: Comprehensive income:Six months ended September 30, 2020: 10,647 million yen；243.9%
Six months ended September 30, 2019: 3,096 million yen；－%
Net income per share
Yen

Diluted net income
per share
Yen

Six months ended September 30, 2020

40.21

40.10

Six months ended September 30, 2019

50.45

50.28

(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen％

As of September 30, 2020

325,144

180,184

53.3

As of March 31, 2020

318,458

171,97651.9Note: Owner’s equity
As of September 30, 2020: 173,143 million yen
As of March 31, 2020: 165,291 million yen- 1-

2. Dividends
First quarter

Second quarter

Yen

Yen

Dividend per share
Third quarter
Fiscal year endYen

Year ended March 31, 2020

－

18.00

Year ending March 31, 2021

－

24.00

Year ending March 31, 2021
(Forecast)

Total

Yen

Yen－

29.00

47.00

－

24.00

48.00

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, 2020 consists of ¥19.00 for ordinary dividend and ¥10.00 for 120thanniversary commemorative dividend.

3. Consolidated forecasts for the year ending March 31, 2021 (April 1, 2020-March 31, 2021)
Operating revenue

Full year

Millions of yen％

187,000(2.5)

Operating income％

Millions of yen

9,500

Ordinary income
Millions of yen(14.4)

11,800％(13.2)(％: year-on-year change)
Profit attributable toNet income
owners of parent
per share
Millions of yen

7,200％

Yen(19.6)

86.15

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: 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, 2020 : 84,386,615 shares
As of March 31, 2020 : 84,386,615 shares
Number of treasury stock:
As of September 30, 2020 : 784,446 shares
As of March 31, 2020 : 838,377 shares
Average number of shares:
Second quarter ended September 30, 2020 : 83,572,636 shares
Second quarter ended September 30, 2019 : 85,283,545 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, 2020

As of September 30, 2020

36,367
21,851
27
105,774(121)27,682
20,574
27
105,824(97)

63,91154,021

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

77,487
4,875
4,261
1,000
64,048
8,239
3,107

83,691
5,347
4,095
1,158
64,0897,804
2,799

Total property, plant and equipment

163,020

168,987

Intangible assets
Goodwill
Leasehold interests in land
Software
Other

44
5,125
1,284
233

35
5,125
1,211
239

Total intangible assets

6,687

6,611

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

77,232
330
535
6,993
(253)

88,022
329
523
6,903
(255)

Total investments and other assets

84,83995,523

254,547

271,122

318,458

325,144

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Real estate for sale
Work in process
Other
Allowance for doubtful accounts
Total current assets

Total non-current assets
Total assets- 3-(Millions of yen)
As of March 31, 2020

As of September 30, 2020

12,6705,000
19,7471,243
1,823
7,13312,040
5,000
12,520
2,045
2,076
9,895

47,61943,57843,00025,07016,271

43,00024,715
19,447

54

49

4,800
8,076
1,588

4,861
7,997
1,308

98,862

101,380

Total liabilities

146,482

144,959

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

14,922
12,115
106,514(1,191)

14,922
12,115
107,445(1,114)132,361

133,369

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans31,030
2,196(298)38,544
1,535(305)

Total accumulated other comprehensive income

32,92939,774

294
6,391

292
6,748

171,976

180,184

318,458

325,144

Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of bonds payable
Short-term borrowings
Income taxes payable
Provision for bonuses
Other
Total 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)Six months ended
September 30, 2019

Six months ended
September 30, 2020

13,19319,065
20,25018,982
12,494
2,747
5,063
3,433

13,10017,71519,87920,344
10,890
2,860
5,041
3,113

95,231

92,94558,725
11,3055,244
1,195
3,744
4,388

57,291
11,512
5,281
1,250
4,099
4,133

84,60383,569Operating gross profit

10,627

9,375

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

2,557
399
104
8
2,005

2,550
411
134
8
1,829

5,076

4,934

Operating income

5,551

4,440

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

1,303
150
231

1,206
72
352

1,685

1,631

208
174

20378383281

6,853

5,790

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
Other
Total 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
Other
Total non-operating expenses
Ordinary income- 5-(Millions of yen)Six months ended
September 30, 2019

Six months ended
September 30, 2020

1457

11－71

11136
40131－177131

Profit before income taxes

6,747

5,670

Income taxes-current
Income taxes-deferred

2,033
59

2,029(135)

Total income taxes

2,092

1,894

Profit

4,655

3,775

352

415

4,302

3,360

Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on disaster
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 6-(Consolidated quarterly statements of comprehensive income)(Millions of yen)Six months ended
September 30, 2019

Six months ended
September 30, 2020

4,655

3,775

(1,116)
(279)
(64)

7,565
(608)
(7)

(98)

(77)

(1,558)

6,872

Comprehensive income

3,096

10,647(Comprehensive income attributable to)
Owners of parent
Non-controlling interests

2,752
343

10,205
442

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
Total other comprehensive income- 7-

(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended Six months ended
September 30, 2019 September 30, 2020
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provisions
Interest 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
- 8-

6,747
3,963
8
271
(1,303)
208
(150)
(14)
136
(57)
293
(605)
609
10,1101,481(218)(3,941)
7,432

5,670
4,312
8
226
(1,206)
203
(72)
(11)
131
－
1,163
(554)
423
10,294
1,325(219)(1,261)
10,138(15,142)
3,645(10,357)
16(289)(90)68
20(234)(22,363)(952)
488(7,825)59(206)(21)
0
6(139)(8,591)

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

1,252(1,517)－(7,289)－(0)(2,422)(486)(10,463)(169)(9,085)34,54925,464

(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Six months ended September 30, 2019
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

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

22,731

8,210(2,658)5,551

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (2,658) million in segment income 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.
Six months ended September 30, 2020
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

76,913

10,8905,141

92,945－92,945

204

294

255

754

(754)

－

Total

77,117

11,184

5,397

93,699(754)

92,945

Segment income (loss)

4,897(621)

2,759

7,034

(2,593)

4,440

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (2,593) million in segment income (loss) includes company-wide expenses of ¥ (2,541) 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.

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-