Consolidated Financial Results
for the Three Months Ended June 30, 2023 (Under Japanese GAAP)
August 4, 2023

The Sumitomo Warehouse Co., Ltd.
Listing:

Tokyo Stock Exchange

Securities code:

9303

URL:

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

Representative:

Takanori Ono, President

Inquiries:

Akihiko Hoshino, Director, Managing Executive
Officer, General Manager, Finance & Accounting
Department

Telephone:+81 6 6444 1183

Scheduled date to file quarterly securities report:

August 8, 2023

Scheduled date to commence dividend payments:－Preparation of supplementary material on quarterlyNonefinancial results:
Holding of quarterly financial results briefing:

None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)(Percentages indicate year-on-year changes.)

Operating revenue
Three months ended

Millions of yen

Operating profit％ Millions of yen

Profit attributable toOrdinary profit
Millions of yen％owners of parent％

Millions of yen％

June 30, 2023

46,678(32.7)

3,342(75.1)

5,159(65.1)

3,518(70.0)

June 30, 2022

69,31435.6

13,408223.8

14,769172.5

11,725

213.6

Note: Comprehensive income:For the three months ended June 30, 2023: ¥18,810 million [36.8%]
For the three months ended June 30, 2022: ¥13,746 million [245.2%]
Diluted earnings
per share

Basic earnings
per share
Three months endedYen

Yen

June 30, 2023

44.32

44.22

June 30, 2022

145.58145.21(2) Consolidated financial position
Total assets
As ofEquity-to-asset ratio

Net assets

Millions of yen

Millions of yen％June 30, 2023

402,688

243,642

57.6

March 31, 2023

385,791

228,945

56.3

Note: Equity
As of June 30, 2023: ¥231,878 million
As of March 31, 2023: ¥217,337 million- 1-

2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Fiscal year-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023－

Fiscal year ending March 31, 2024－

Fiscal year ending March 31, 2024
(Forecast)

Total

50.00

－50.00100.0050.50－50.50101.00Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated forecasts for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

Operating revenue

Six months ending
September 30, 2023
Fiscal year ending
March 31, 2024

(Percentages indicate year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share

Operating profit

Millions of yen％

Millions of yen

100,250(18.8)

7,000(60.4)

8,850(53.8)

200,000(10.7)

14,500(44.4)

18,100(37.8)％

Millions of yen％

Millions of yen％

Yen

5,700(61.4)

71.80

12,400(44.8)

156.19Note: Revisions to the financial forecast most recently announced: None* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope ofconsolidation): None
(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares):
As of June 30, 2023 : 79,997,315 shares
As of March 31, 2023 : 79,997,315 shares(ii) Number of treasury shares at the end of the period:
As of June 30, 2023 : 599,015 shares
As of March 31, 2023 : 606,749 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year):Three months ended June 30, 2023 : 79,398,387 shares
Three months ended June 30, 2022 : 80,543,073 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
* 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) Quarterly consolidated balance sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Real estate for sale
Work in process
Other
Allowance for doubtful accounts

As of June 30, 2023

48,99422,9612,894
117,335(170)

41,115
21,4272,913
4
10,626(164)

92,01675,922

Non-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

86,570
5,657
467
1,007
63,2895,627
3,448

88,989
5,663
454
999
73,982
4,584
3,260

Total property, plant and equipment

166,069

177,934

Intangible assets
Leasehold interests in land
Software
Other

5,138
1,622
205

5,138
1,536
226

Total intangible assets

6,966

6,901

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

112,674279
1,089
6,909(214)133,887276
1,072
6,908(214)

Total investments and other assets

120,739

141,930

293,774

326,766

385,791

402,688

Total current assets

Total non-current assets
Total assets- 3-(Millions of yen)
As of March 31, 2023

As of June 30, 2023

12,25013,416
5,000
7,038
1,451
11,637

12,131
5,866
5,000
1,120
710
9,402

50,794

34,23247,00016,99528,00947,00029,03434,746

76

83

4,335
7,820
1,813

4,384
7,943
1,622

106,050

124,814

Total liabilities

156,845

159,046

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

14,922
12,347
131,554(1,171)

14,922
12,347131,091(1,156)

157,653

157,204

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans

54,9204,154
608

69,531
4,559
583

Total accumulated other comprehensive income

59,68474,674

Share acquisition rights
Non-controlling interests

217
11,391

208
11,555

Total net assets

228,945

243,642385,791

402,688

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Commercial papers
Income taxes payable
Provision for bonuses
OtherTotal 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

Total liabilities and net assets- 4-

(2) Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income(Quarterly consolidated statements of income)(Millions of yen)Three months ended
June 30, 2022

Three months ended
June 30, 2023

7,497
7,700
17,804
11,756
18,836
1,536
2,495
1,686

7,807
7,738
13,457
11,676－69,314

46,67837,644
6,500
3,449
616
2,355
2,409

26,108
6,973
2,372
857
2,256
2,462

52,97541,031

Operating gross profit

16,338

5,646

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

1,582
221
674
1,055

1,309
3947－

2,930

2,304

Operating profit

13,4083,342

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

1,8296775

1,796
29102

1,971

1,928

80376
152

92－610112

14,7695,159

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
Commission expenses
Other
Total non-operating expenses
Ordinary profit

- 5-

1,486
2,527
1,984

906

19

(Millions of yen)Three months ended
June 30, 2022

Three months ended
June 30, 2023

－
7,226

306
－

7,226

306

103

120

103120

Profit before income taxes

21,892

5,345

Income taxes-current
Income taxes-deferred

6,655
46

1,324
293

Total income taxes

6,701

1,618

Profit15,191

3,726

Profit attributable to non-controlling interests

3,465

207

Profit attributable to owners of parent

11,725

3,518

Extraordinary income
Gain on sale of investment securities
Gain on sale of shares of subsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses- 6-

(Quarterly consolidated statements of comprehensive income)(Millions of yen)Three months ended
June 30, 2022

Three months ended
June 30, 2023

15,191

3,726(1,773)149(35)

14,677
363
(25)

215

68(1,444)

15,084Comprehensive income

13,746

18,810(Comprehensive income attributable to)
Owners of parent
Non-controlling interests

10,5303,216

18,508302

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) Quarterly consolidated statements of cash flows(Millions of yen)Three months ended Three months ended
June 30, 2022
June 30, 2023
Cash flows from operating activities
Profit before income taxesDepreciation
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 on retirement of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on sale of shares of subsidiaries and associates
Commission expenses
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 sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from sale of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from 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 borrowingsProceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of commercial papers
Redemption of commercial papers
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities- 8-

21,8922,468
4(921)(1,829)
80
(67)
103
－
(7,226)
376
(252)
(252)
(336)
14,041
1,820(69)(4,099)
11,693

5,345
2,358
－
(742)
(1,796)92(29)
120(306)
－－
1,634
(166)
702
7,211
1,784
(75)
(7,160)
1,759

(369)
273
(5,075)5(278)(8)0(511)
322(16,211)2(128)
(15)
357

4,161

5,958

4(283)(1,570)4(175)(10,397)805(587)－(200)
5,000(3,500)(999)(4,375)(1,302)(247)(5,408)517(349)
12,600(8,278)5,000(5,000)(0)(3,628)
(138)
(236)
486

(Millions of yen)Three months ended Three months ended
June 30, 2022
June 30, 2023
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
Increase (decrease) in cash and cash equivalents resulting from change
in scope of consolidation
Cash and cash equivalents at end of period

- 9-

705
5,420
40,84044(8,107)
46,521－(6)

46,261

38,408

(4) Segment information
Information related to operating revenue and income by reportable segment
Three months ended June 30, 2022
Reportable segment
Adjustment(Note 1)

(Millions of yen)Amount inquarterly
consolidated
statements ofincome(Note 2)

Logistics

Shipping

Real estate

Total

47,957

18,8362,520

69,314－69,314176858143

1,178(1,178)－Total

48,133

19,694

2,663

70,492(1,178)69,314

Segment income

3,689

9,592

1,291

14,574(1,165)

13,408Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (1,165) million in segment income includes company-wide expenses of ¥ (1,331) million which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neither ofthe reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
2. Segment income is adjusted to coincide with operating profit as recorded on the quarterly consolidated statements of income.
Three months ended June 30, 2023

(Millions of yen)
Reportable segment
Adjustment
Total(Note 1)

Amount inquarterly
consolidated
statements ofincome(Note 2)

Logistics

Real estate

44,1382,540

46,678－46,678

2156

158

(158)

－

Total

44,1402,696

46,837(158)

46,678Segment income

3,557

1,092

4,649

(1,306)

3,342

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (1,306) million in segment income includes company-wide expenses of ¥ (1,390) million which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neither ofthe reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
2. Segment income is adjusted to coincide with operating profit as recorded on the quarterly consolidated statements of income.
3. The Company's reportable segments were "Logistics", "Shipping" and "Real estate". However, the Company presents “Logistics”
and “Real estate” as its reportable segments from the consolidated fiscal year ending March 2024 due to exclusion of Westwood
Shipping Lines, Inc. which operated Shipping business and its two subsidiaries from the scope of consolidation as of the end of
the first quarter of the consolidated fiscal year ended March 2023.

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.

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