Consolidated Financial Results
for the Second Quarter Ended September 30, 2013 [ Japan GAAP ]November 11, 2013

The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

TokyoURL:

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

Representative:

Shoichi Abbe, President

Inquiries:

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

Quarterly statement filing date (as planned):

November 13, 2013

Dividend payable date (as planned):

December 3, 2013

Supplemental material of quarterly results:

Yes

Convening briefing of quarterly results:

Yes１．Consolidated financial results for the second quarter ended September 30, 2013 (April 1, 2013- September 30, 2013)
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％

Ordinary income％

Millions of yen

Net income

Millions of yen％

Millions of yen％

Six months ended September 30, 2013

79,924

4.0

4,924

(2.7)

5,720

3.2

3,379

5.9

Six months ended September 30, 2012

76,869

12.5

5,062

(0.5)

5,544(0.3)

3,189

3.4

Note: Comprehensive income:Six months ended September 30, 2013: 14,447 million yen；-%Six months ended September 30, 2012: 1,041 million yen；-%
Net income per share
Yen

Diluted net income
per share
Yen

Six months ended September 30, 2013

18.93

18.92

Six months ended September 30, 2012

17.89

17.89

(2) Consolidated financial positions
Capital adequacy ratio

Total assets

Net assets

Millions of yen

Millions of yen％

As of September 30, 2013

282,426

153,669

52.0

As of March 31, 2013

263,931140,29750.7

Note: Owner’s equity
As of September 30, 2013: 146,836 million yen
As of March 31, 2013: 133,743million yen

2．Dividends
Dividend per shareFirst quarter
Yen

Second quarter
Yen

Third quarter
Yen

Year ended March 31, 2013

－

5.50

－

Year ending March 31, 2014

－

5.50

－

Year ending March 31, 2014－(Forecast)
Note: Correction of dividend forecast from the most recent dividend forecast: None

- 1 -Fiscal year end
Yen

Total
Yen

5.50

11.00

5.50

11.00

3. Consolidated forecasts for the year ending March 31, 2014 (April 1, 2013-March 31, 2014)
Operating revenue

Full year

Millions of yen％

159,000

1.6

Operating income％Millions of yen

9,900

Ordinary income％Millions of yen（3.0）

10,900（2.3）(%: change from the previous year)
Net income
Net income
per share
Millions of yen

6,500％

Yen

4.5

36.45

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, 2013: 195,936,231 shares
As of March 31, 2013: 195,936,231 shares
Number of treasury stock:
As of September 30, 2013: 17,469,675 shares
As of March 31, 2013: 17,516,981 shares
Average number of shares:
Second quarter ended September 30, 2013: 178,460,820 shares
Second quarter ended September 30, 2012: 178,320,407 shares* Status of quarterly reviewing processes
This quarterly financial results are exempt from quarterly reviewing processes based on the Financial Instruments and Exchange Act,and reviewing processes of quarterly financial statements based on the Financial Instruments and Exchange Act has not been completed at
the time of disclosure of this quarterly financial 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 quarterly balance sheets(Millions of yen)
As of March 31, 2013

As of September 30, 2013

Cash and deposits

23,17524,454

Notes and accounts receivable-trade

17,692

18,226

Real estate for sale8080

Work in process2946

Deferred tax assets

1,061

1,084

Other

3,706

4,212

Allowance for doubtful accounts

(119)

(137)

45,62747,967

Buildings and structures, net

60,65960,608

Machinery, equipment and vehicles, net

2,906

3,053

Vessels, net

8,795

8,550

977

992

Land

46,15947,654

Construction in progress

2,148

3,347

279

291

121,926

124,499

Goodwill

3,602

3,826

Leasehold right

4,858

4,937

Software

1,717

1,428

Other

599

628

10,777

10,82076,25890,047

385

422

Deferred tax assets

2,333

2,483

Other

6,983

6,608

Allowance for doubtful accounts(360)(421)

Total investments and other assets

85,60099,140218,304

234,459

263,931

282,426

AssetsCurrent assets

Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net

Other, net
Total property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable

Total noncurrent assets
Total assets- 3 -(Millions of yen)
As of March 31, 2013

As of September 30, 2013

11,047

10,914Current portion of bonds

100100

Short-term loans payable

25,444

15,180

Income taxes payable

1,933

2,001

Provision for bonuses

1,441

1,664

Other

6,037

13,156

Total current liabilities

46,00443,018400

350

Long-term loans payable

42,11952,241

Deferred tax liabilities

18,971

23,651

Provision for retirement benefits

2,604

2,417

125

116

Long-term deposits received

12,295

5,992

Other

1,111

969

Total noncurrent liabilities

77,62985,739123,634

128,757

Capital stock

21,822

21,822

Capital surplus

19,175

19,175Retained earnings

74,71077,108Treasury stock(9,103)(9,079)Total shareholders' equity

106,606

109,028

27,58735,962

(451)

1,845

27,13637,80888

104

Minority interests

6,465

6,728

Total net assets

140,297

153,669

263,931

282,426

Liabilities
Current liabilities
Notes and accounts payable-trade

Noncurrent liabilities
Bonds payable

Provision for directors' retirement benefits

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares

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, 2012

Six months ended
September 30, 2013

Warehouse income

11,125

11,192

Harbor transportation income

18,22017,734

International transportation income

12,705

15,194

Land transportation income

13,70813,467

Shipping income

11,06812,342Rent income of warehouse and logistics facilities

2,525

2,565

Rent income of real estate

4,640

4,522

Other

2,875

2,904

Total operating revenue

76,86979,924

Cost of sales

46,93948,703

Personal expenses

8,505

9,117

Rent expenses

4,653

4,662

Operating revenue

Operating cost

Taxes and dues

937

944

Depreciation

2,949

2,965

Other

3,535

3,929

Total operating cost

67,52070,323Operating gross profit

9,348

9,601

2,163

2,313

303

320

Selling, general and administrative expenses
Salaries and allowances and welfare expenses
Provision for bonuses
Retirement benefit expenses

114

108

Amortization of goodwill

191

222

Other

1,513

1,711Total selling, general and administrative expenses

4,285

4,676

5,062

4,924

741

803

Operating income
Non-operating income
Interest and dividends income
Equity in earnings of affiliates

40

74

Other

178

306

Total non-operating income

959

1,184

Interest expenses

365

305

Other

113

83

Total non-operating expenses

478

388

5,544

5,720

Non-operating expenses

Ordinary income- 5 -(Millions of yen)Six months ended
September 30, 2012

Six months ended
September 30, 2013

Gain on sales of noncurrent assets

15

13

Total extraordinary income

1513Loss on retirement of noncurrent assets

128

74

Loss on valuation of investment securities

118－

Extraordinary income

Extraordinary loss

9－

256

74

Income before income taxes and minority interests

5,303

5,659

Income taxes-current

1,820

1,972

Income taxes-deferred

131

124

Total income taxes

1,951

2,096

Income before minority interests

3,351

3,562

162

183

3,189

3,379

Loss on valuation of golf club membership
Total extraordinary losses

Minority interests in income
Net income- 6 -(Consolidated quarterly statements of comprehensive income)(Millions of yen)

Income before minority interests

Six months ended
September 30, 2012

Six months ended
September 30, 2013

3,351

3,562

(2,683)

8,411

359

2,228

Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method

13245(2,310)10,885

1,041

14,447

Comprehensive income attributable to owners of the parent

892

14,050Comprehensive income attributable to minority interests

148397

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 7 -(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended
September 30, 2012

Six months ended
September 30, 2013

Income before income taxes and minority interests

5,303

5,659

Depreciation and amortization

Net cash provided by (used in) operating activities
3,342

3,394

Amortization of goodwill

191

222

Increase (decrease) in provision

(164)

99

9－

Loss on valuation of golf club memberships
Interest and dividends income

(741)

(803)

Interest expenses

365305Equity in (earnings) losses of affiliates(40)(74)

Loss (gain) on sales of noncurrent assets

(15)

(13)

Loss on retirement of noncurrent assets

12874

Loss (gain) on valuation of investment securities

118－

Decrease (increase) in notes and accounts receivable-trade

363

(167)

Increase (decrease) in notes and accounts payable-trade

(475)

(586)

Other, net

249

(246)

Subtotal

8,635

7,863

Interest and dividends income received

747

858

Interest expenses paid

(390)

(361)

－

497

Income taxes paid

(2,010)(1,915)

Net cash provided by (used in) operating activities

6,980

6,942

Payments into time deposits(7,384)(8,263)

Proceeds from withdrawal of time deposits

8,074

7,735

Purchase of property, plant and equipment(7,122)(4,731)

27

36

Proceeds from compensation for removal

Net cash provided by (used in) investing activities

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

(584)

(433)

Purchase of investment securities

(42)

(516)

Payments of loans receivable

(57)

(56)

Collection of loans receivable

231

21

Other, net
Net cash provided by (used in) investing activities

(858)

540

(7,717)(5,668)

4,469

6,265

Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable(4,250)(4,493)

Proceeds from long-term loans payable

12,320

16,250

Repayment of long-term loans payable(20,921)(18,163)

Cash dividends paid

(1,069)(982)

Other, net

(72)

(234)

(9,525)(1,358)204

720

Net increase (decrease) in cash and cash equivalents(10,057)

636

Cash and cash equivalents at beginning of period

22,703

16,492

Cash and cash equivalents at end of period

12,646

17,129Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 8 -(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Six months ended September 30, 2012
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

61,092

11,068

4,708

76,869－76,869

227

90

197

515(515)－Total

61,320

11,158

4,906

77,385(515)76,869

Segment income

4,091

103

2,768

6,963(1,900)

5,062

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ -1,900 million includes company-wide expenses of ¥ -1,962 million, which are not allocatedto 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 coincide with operating income as recorded on the consolidated quarterly statements of income.

Six months ended September 30, 2013
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

62,997

12,342

4,584

79,924－79,924

221

116

193

530

(530)

－

Total

63,21812,4584,778

80,454(530)

79,924

Segment income

4,090

257

2,674

7,021

(2,097)

4,924

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ -2,097 million includes company-wide expenses of ¥ -2,015 million, which are not allocatedto 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 coincide with operating income as recorded on the consolidated quarterly statements of income.

- 9 -