Consolidated Financial Results
for the Year Ended March 31, 2010
May 13, 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:

Soji Yagi, Executive Officer, General Manager,
Finance & Accounting Department

Phone Number:+81 6 6581 1183

Date of an Annual General Meeting Shareholders:June 29, 2010

Starting date of dividend payment:

June 30, 2010

Date of the filing of the Securities Report:

June 29, 2010

１．Consolidated Financial Results for the Year Ended March 31, 2010(April 1, 2009-March 31, 2010)
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％

Year ended March 31, 2010

121,619

（7.8）

7,910

11.0

8,433

8.6

3,068

83.6

Year ended March 31, 2009

131,871

（4.3）

7,126

(15.7)

7,767(15.5)

1,671(68.0)Net income
per share

Dilutive Net
Income per share

Return on
EquityRatio of Ordinary
income to total assets

Ratio of Operating
income to sales

Yen

Yen

％

％

％

Year ended March 31, 2010

17.20

Year ended March 31, 2009

9.08

％

Net income

Millions of yen

Millions of yen

－
9.04

％

Millions of yen

Millions of yen

％

2.9

3.7

6.5

1.5

3.4

5.4

Notes: Equity in earnings of affiliates:
Year ended March 31, 2010 : 294 million yen
Year ended March 31, 2009 : 137 million yen(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net asset per share

Millions of yen

Millions of yen％

Yen

As of March 31, 2010

235,986

114,37746.6

616.54As of March 31, 2009

216,097104,22146.3

560.96

Notes: Equity
Year ended March 31, 2010 : 109,988 million yen
Year ended March 31, 2009 : 100,075 million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Year ended March 31, 2010

14,523(17,115)(1,682)

10,484

Year ended March 31, 2009

10,618(10,037)

3,207

14,669-1-

2．Dividends
Dividends per share
Total amount
Dividend
Dividend payout
First
Second Thirdof dividend
payout ratio
net assets ratio
Quarter Quarter Quarter Year-end Annual(Consolidated) (Consolidated)(Annual)
ended
ended
ended
％
％
Yen
Yen
Yen
Yen
Yen Millions of yen
Year ended March 31, 2009

－

5.00

－

5.00

10.00

1,819

110.1

1.7

Year ended March 31, 2010

－

5.00

－

5.00

10.00

1,784

58.1

1.7

Year ending March 31, 2011
(Forecast)

－

5.00

－

5.00

10.00

34.3

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

Yen

64,000

8.9

4,300

27.8

4,700

29.6

2,600

38.7

14.57

Full year

128,000

5.2

8,500

7.5

9,200

9.1

5,200

69.4

29.15

Millions of yen％

Ordinary income

Six months

Millions of yen％

Operating income

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

4. Other(1) Changes of significant subsidiaries during the current fiscal year (change of specified subsidiaries that affected the scope of
consolidated reporting): None
(2) Changes of accounting policies applied, procedures and disclosures for presenting consolidated financial statement
Changes by revision of accounting standard: None
Changes other than the above: None
(3) Number of shares issued (common stock)
Number of shares issued at the end of the fiscal year (including treasury stock) :As of March 31, 2010 : 195,936,231 shares
As of March 31, 2009 : 195,936,231 shares
Number of treasury stocks at the end of the fiscal year :As of March 31, 2010 : 17,540,425 shares
As of March 31, 2009 : 17,534,066 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 balance sheets(Millions of yen)
As of March31, 2009

As of March31, 2010

Cash and deposits

15,781

23,569Notes and operating accounts receivable

15,051

16,749

4

4

207

185

Real estate for sale in process

3－

Work in process

78

27

Deferred tax assets

875

1,093

3,866

3,089

(79)

(95)

35,78944,623

Buildings and structures, net

67,25963,513

Machinery, equipment and vehicles, net

4,710

3,860

732

760

46,42046,222

613

400

6

66

119,744

114,825

Goodwill

2,436

687

Leasehold right

6,162

6,173

Software

2,277

2,152

Other

599

429

11,477

9,443

Investment securities

41,39358,899Long-term loans receivable

1,062

947

348

481

Other

6,545

7,248

Allowance for doubtful accounts

(263)

(483)

Total investments and other assets

49,086

67,093

180,308

191,362

216,097

235,986

AssetsCurrent assets

Short-term investment securities
Real estate for sale

Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets

Deferred tax assets

Total noncurrent assets
Total assets-3-

(Millions of yen)
As of March31, 2009

As of March31, 2010

Notes and operating accounts payable-trade

8,578

9,330

Short-term loans payable

11,196

10,126

Income taxes payable

317

3,098

Provision for bonuses

1,450

1,438

Other

4,733

5,342

Total current liabilities

26,27629,337Long-term loans payable

58,861

60,124

Deferred tax liabilities

9,607

15,162

Provision for retirement benefits

3,254

3,590

90

114

12,93912,440846

839

85,59992,271

111,876

121,609

Capital stock

21,822

21,822

Capital surplus

19,177

19,177Retained earnings

61,97863,261

Treasury stock(9,122)(9,124)

Total shareholders' equity

93,855

95,136

7,656

16,098(16)2Foreign currency translation adjustment(1,419)(1,250)Total valuation and translation adjustments

6,219

14,85164

64

Minority interests

4,081

4,324

Total net assets

104,221

114,377

216,097

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 statements of income(Millions of yen)
Year ended
March 31, 2009

Year ended
March 31, 2010

Operating revenue
Warehouse income

19,35618,983

Harbor Transportation Income

37,24033,270International Transportation Income

27,63823,183

Land Tranportation Income

26,38024,981

Rent income of warehouse and logistics facilities

5,397

5,369

Rent income of real estate

9,894

9,885

Other

5,963

5,945

131,871

121,619

Cost of sales

77,665

68,110

Personal cost

16,037

16,346

Rent expenses

7,814

7,529

Taxes and dues

2,222

1,993

Depreciation

6,161

5,985

Other

7,344

6,286

Total operating cost

117,244

106,252

Operating gross profit

14,626

15,367

4,212

3,925

Provision for bonuses

357

351

Retirement benefit expenses

259

276

Amortization of goodwill

324

327

Other

2,345

2,576

Total selling, general and administrative expenses

7,499

7,457

7,126

7,910

Interest income

132

116

Dividends income

1,275

824

Total operating revenue
Operating cost

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

Operating income
Non-operating income

Equity in earnings of affiliates

137

294

Other

355

318

1,901

1,553

Interest expenses

914

872

Contribution

168

－

Other

177

157

1,260

1,030

7,767

8,433

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income-5-(Millions of yen)
Year ended
March 31, 2009

Year ended
March 31, 2010

Extraordinary income
Gain on sales of noncurrent assets

75

40

Total extraordinary income

75

40

Loss on retirement of noncurrent assets

62

160

Loss on valuation of investment securities

4,519

269

Amortization of goodwill

－

1,422

Provision of allowance for doubtful accounts

－

228

165

179

Special retirement expenses－

38

Compensation for damage

89－

Settlement package

67

－

4,905

2,299

Extraordinary loss

Impairment loss

Total extraordinary losses
Income before income taxes and minority interests

2,937

6,173

Income taxes-current

1,066

3,485

Income taxes-deferred

(63)

(627)

Total income taxes

1,002

2,857

263

247

1,671

3,068

Minority interests in income
Net income-6-(3) Consolidated statements of changes in net assets(Millions of yen)
Year ended
March 31, 2009

Year ended
March 31, 2010

Shareholders' equity
Capital stock
Balance at the end of previous period

21,822

21,822

Changes of items during the period－－

21,822

21,822

19,17819,177

Disposal of treasury stock

(1)

(0)

Total changes of items during the period

(1)

(0)

19,177

19,177

62,17961,97810－

Employee welfare Fund－

(1)

Dividends from surplus(1,883)(1,784)

Net income

1,671

3,068

Total changes of items during the period

(212)

1,283

61,97863,261(3,114)(9,122)(6,013)(3)

Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Retained earnings
Balance at the end of previous period
Effect of changes in accounting policies applied to foreign subsidiaries
Changes of items during the period

Balance at the end of current period
Treasury stock
Balance at the end of previous period
Changes of items during the period
Purchase of treasury stock
Disposal of treasury stock

4

1(6,008)(2)(9,122)(9,124)

100,067

93,855

10－

Employee welfare Fund－

(1)

Dividends from surplus(1,883)(1,784)

Net income

1,671

3,068

Purchase of treasury stock(6,013)(3)

Disposal of treasury stock3

1(6,221)

1,280

93,855

95,136

Total changes of items during the period
Balance at the end of current period
Total shareholders' equity
Balance at the end of previous period
Effect of changes in accounting policies applied to foreign subsidiaries
Changes of items during the period

Total changes of items during the period
Balance at the end of current period-7-

(Millions of yen)
Year ended
March 31, 2009

Year ended
March 31, 2010

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at the end of previous period

19,998

7,656

Net changes of items other than shareholders' equity(12,342)

8,442

Total changes of items during the period(12,342)

8,442

7,656

16,09824(16)

Net changes of items other than shareholders' equity

(41)

19

Total changes of items during the period

(41)

19

(16)

2

352

(1,419)Net changes of items other than shareholders' equity(1,771)

169

Total changes of items during the period(1,771)169(1,419)(1,250)20,375

6,219

Net changes of items other than shareholders' equity(14,155)

8,631

Total changes of items during the period(14,155)

8,631

6,219

14,851

51

64

Net changes of items other than shareholders' equity

12－

Total changes of items during the period

12

－

64

64

4,217

4,081

Net changes of items other than shareholders' equity

(136)

243

Total changes of items during the period

(136)

243

4,081

4,324

Changes of items during the period

Balance at the end of current period
Deferred gains or losses on hedges
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Foreign currency translation adjustment
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Total valuation and translation adjustments
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Subscription rights to shares
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period
Minority interests
Balance at the end of previous period
Changes of items during the period

Balance at the end of current period-8-

(Millions of yen)
Year ended
March 31, 2009

Year ended
March 31, 2010

Total net assets
Balance at the end of previous period

124,712104,221

10－

Employee welfare Fund－

(1)

Dividends from surplus(1,883)(1,784)

Net income

1,671

3,068

Purchase of treasury stock(6,013)(3)

Effect of changes in accounting policies applied to foreign subsidiaries
Changes of items during the period

Disposal of treasury stock

3

1

Net changes of items other than shareholders' equity(14,279)

8,874

Total changes of items during the period(20,501)

10,155104,221

114,377

Balance at the end of current period-9-(4) Consolidated statements of cash flows(Millions of yen)
Year ended
March 31, 2009

Year ended
March 31, 2010

Net cash provided by (used in) operating activities
Income before income taxes and minority interests

2,937

6,173

Depreciation and amortization

6,491

6,635

Impairment loss

165

179

Amortization of goodwill

324

1,750

Increase (decrease) in allowance for doubtful accounts

(79)

235

Increase (decrease) in provision for retirement benefits

(49)

335

Increase (decrease) in provision for directors' retirement benefits

4

23

(61)

(11)

(1,408)(940)

Interest expenses

914

872

Equity in (earnings) losses of affiliates

(137)

(294)

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

(75)

(40)

Loss on retirement of property, plant and equipment

62

160

Loss (gain) on sales of investment securities

0

－

4,519

269

Decrease (increase) in notes and accounts receivable-trade

2,401(1,930)

Increase (decrease) in notes and accounts payable-trade(1,349)

741

(837)

(420)

12

－

Increase (decrease) in provision for bonuses
Interest and dividends income

Loss (gain) on valuation of investment securities

Increase (decrease) in deposits received
Commission fee
Other, net

208

518

Subtotal

14,044

14,259Interest and dividends income received

1,404

947

Interest expenses paid

(859)

(919)

(3,970)(965)

Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities

－

1,200

10,618

14,523(472)(19,367)

Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits

613

7,396

Purchase of property, plant and equipment(6,228)(1,188)121

92(3,337)

(437)

(108)

(3,176)

Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities

0－

Purchase of investments in subsidiaries

(51)

－

Payments of loans receivable

(693)

(98)

Collection of loans receivable

63

181

Other, net

55

(516)

(10,037)(17,115)

Proceeds from sales of investment securities

Net cash provided by (used in) investing activities- 10 -

(Millions of yen)
Year ended
March 31, 2009

Year ended
March 31, 2010

Net cash provided by (used in) financing activities
Increase in short-term loans payable

11,153

12,910Decrease in short-term loans payable(10,775)(13,417)

Proceeds from long-term loans payable

13,664

3,288

Repayment of long-term loans payable(2,393)(2,590)

(450)

－

－

1

Purchase of treasury stock(6,013)(3)

Cash dividends paid

(1,884)(1,783)

Cash dividends paid to minority shareholders

(82)

(83)

Fee for arrangement of syndicated loans

(12)

－

1

(4)

3,207

(1,682)

Effect of exchange rate change on cash and cash equivalents

(837)

89

Net increase (decrease) in cash and cash equivalents

2,950(4,184)

Cash and cash equivalents at beginning of period

11,718

14,669Cash and cash equivalents at end of period

14,66910,484

Redemption of bonds
Proceeds from sales of treasury stock

Other, net
Net cash provided by (used in) financing activities- 11 -

(5) Segment Information
1. Information by operational segment
Year ended March 31, 2009

(Millions of yen)
Corporate

Logistics

Real Estate

Total

121,758

10,112

131,871－

131,871

8

195

204

( 204)－

121,767

10,308132,075( 204)

131,871

Operating cost

116,278

4,295

120,574

4,170

124,744

Operating income

5,488

6,012

11,501(4,374)

7,126

125,260

36,455

161,715

54,382

216,097

4,215

1,970

6,186

305

6,491

& Elimination

Consolidated

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

Ⅱ Assets, Depreciation , Impairment loss
& Capital expenditures
AssetsDepreciation
Impairment loss
Capital expenditures

98

26

125

40

165

4,817

3,078

7,895

210

8,106

Year ended March 31, 2010

(Millions of yen)
Corporate

Logistics

Real Estate

Total

111,601

10,018

121,619－

121,619

9

224

233

( 233)－

111,610

10,242

121,853( 233)

121,619

Operating cost

105,281

4,179

109,461

4,248

113,709

Operating income

6,329

6,062

12,391(4,481)

7,910

123,000

34,806

157,806

78,179235,986

4,146

1,870

6,016

619

6,635

& Elimination

Consolidated

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

Ⅱ Assets, Depreciation , Impairment loss
& Capital expenditures
AssetsDepreciation
Impairment loss

179

－

179

－

179

Capital expenditures

1,245

297

1,543

124

1,667

Notes: 1.
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

2. Corporate costs and expenses of ¥4,374 million and ¥ 4,481 million for years ended March 31, 2009 and 2010, respectively, consisted
mainly of expenses of administrative departments of the Company and some of its consolidated subsidiaries.

3. Corporate assets of ¥55,531 million and ¥79,374 million at March 31, 2009 and 2010, respectively, consisted mainly of cash and cash
equivalents, investment securities and assets of the administrative departments of the Company and some of its consolidated
subsidiaries.

- 12 -

2. Information by geographic segment
Year ended March 31, 2009

(Millions of yen)Japan

OthersTotal

121,192

10,679131,871

Corporate& Elimination

Consolidated

Ⅰ Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating cost
Operating income
Ⅱ Assets－

131,871

729

4,400

5,130

( 5,130)－

121,921

15,080137,002( 5,130)

131,871

111,011

14,489125,500(756)

124,744

10,910590

11,501(4,374)

7,126

148,994

12,277161,271

54,826

216,097

Year ended March 31, 2010

(Millions of yen)Japan

OthersTotal

112,497

9,122

121,619

Corporate& Elimination

Consolidated

Ⅰ Operating revenue① Operating revenue to outside customers② Intersegment transfers－

121,619

575

3,782

4,358

( 4,358)－

113,073

12,904125,978( 4,358)

121,619

Operating cost

101,380

12,206

113,586

122

113,709

Operating income

11,693698

12,391(4,481)

7,910

144,423

13,036

157,459

78,526

235,986

Total operating revenue

Ⅱ Assets

Notes: 1. “Others” consists of Asia, Europe and North America.
2. Corporate costs and expenses of ¥4,374 million and ¥4,481 million for year ended March 31, 2009 and 2010, respectively, consisted
mainly of expenses of administrative departments of the Company and some of its consolidated subsidiaries.
3. Corporate assets of ¥55,531 million and ¥79,374 million at March 31, 2009 and 2010, respectively, consisted mainly of cash and cash
equivalents, investment securities and assets of the administrative departments of the Company and some of its consolidated subsidiaries.
3. 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.

- 13 -