Consolidated Financial Results
for the Year Ended March 31, 2011[ Japan GAAP ]May 12, 2011

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:

Satoru Yonemitsu, General Manager, Finance &Accounting Department

Phone Number:+81 6 6581 1183

Date of an Annual General Meeting Shareholders:June 29, 2011

Starting date of dividend payment:

June 30, 2011

Date of the filing of the Securities Report:

June 29, 2011

Supplementary Material

Yes

Financial Results Presentation

Yes

１．Consolidated Financial Results for the Year Ended March 31, 2011(April 1, 2010-March 31, 2011)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated Results of Operations
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％

Year ended March 31, 2011

130,377

7.2

9,610

21.5

10,465

24.1

4,372

42.5

Year ended March 31, 2010

121,619

（7.8）

7,910

11.0

8,433

8.6

3,068

83.6

Notes: Comprehensive income:Year ended March 31, 2011 : 433 million yen；（96.4）%
Year ended March 31, 2010 : 12,035 million yen; - %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, 2011

24.51

24.51

4.0

4.5

7.4

Year ended March 31, 2010

17.20

－

2.9

3.7

6.5

Notes: Equity in earnings of affiliates:
Year ended March 31, 2011 : 485 million yen
Year ended March 31, 2010 : 294 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, 2011

228,377

112,94147.4

607.58

As of March 31, 2010

235,986

114,37746.6

616.54

Notes: Equity
As of March 31, 2011: 108,350 million yen
As of March 31, 2010: 109,988 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, 2011

10,075(1,782)(3,227)

15,249Year ended March 31, 2010

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

10,484-1-

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, 2010

－

5.00

－

5.00

10.00

1,784

58.1

1.7

Year ended March 31, 2011

－

5.00

－

5.00

10.00

1,783

40.8

1.6

Year ending March 31, 2012
(Forecast)

－

5.00

－

5.00

10.00

30.2

3. Forecasts for the Year Ending March 31, 2012 (April 1, 2011-March 31, 2012)
Operating revenue％

Yen

66,000

1.4

4,700

(4.7)

5,200

(5.1)

3,000

(8.8)

16.82

Full year

132,000

1.2

9,300

(3.2)

10,200

(2.5)

5,900

34.9

33.08

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: Yes
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, 2011 : 195,936,231 shares
As of March 31, 2010 : 195,936,231 shares
Number of treasury stocks at the end of the fiscal year :As of March 31, 2011 : 17,602,905 shares
As of March 31, 2010 : 17,540,425 shares
Average number of shares issued during the period :Year ended March 31, 2011 : 178,386,710 sharesYear ended March 31, 2010 : 178,399,136 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, 2010

As of March31, 2011

Cash and deposits

23,56928,875

Notes and operating accounts receivable

16,74916,6194

4

Real estate for sale

185

112

Work in process

27

27

Deferred tax assets

1,093

988

Other

3,089

3,125

(95)

(100)

44,62349,652

Buildings and structures, net

63,51359,558

Machinery, equipment and vehicles, net

3,860

3,317

760

672

46,222

46,222

Construction in progress

400

733

Other, net

66

54

114,825

110,558

687

587

Leasehold right

6,173

4,330

Software

2,152

1,798

Other

429

374

9,443

7,090

58,89953,343Long-term loans receivable

947

610

Deferred tax assets

481

480

Other

7,248

7,094

Allowance for doubtful accounts

(483)

(454)

Total investments and other assets

67,09361,075

191,362

178,725

235,986

228,377

AssetsCurrent assets

Short-term investment securities

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

Tools, furniture and fixtures, net
Land

Total property, plant and equipment
Intangible assets
Goodwill

Total intangible assets
Investments and other assets
Investment securities

Total noncurrent assets
Total assets-3-

(Millions of yen)
As of March31, 2010

As of March31, 2011

Notes and operating accounts payable-trade

9,330

9,051

Short-term loans payable

10,126

8,925

Income taxes payable

3,098

1,665

Provision for bonuses

1,438

1,380

Other

5,342

5,068

Total current liabilities

29,33726,091－

500

Long-term loans payable

60,12459,492

Deferred tax liabilities

15,162

12,856

Provision for retirement benefits

3,590

3,219

114

94

12,44012,346839

835

92,271

89,344

121,609

115,436

Capital stock

21,822

21,822

Capital surplus

19,177

19,176

Retained earnings

63,261

65,850Treasury stock(9,124)(9,150)Total shareholders' equity

95,136

97,69816,09812,5482－Foreign currency translation adjustment(1,250)(1,895)

Total accumulated other comprehensive income

14,851

10,65264

79

Minority interests

4,324

4,511

Total net assets

114,377

112,941

235,986

228,377

Liabilities
Current liabilities

Noncurrent liabilities
Bonds payable

Provision for directors' retirement benefits
Long-term deposits received
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
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 and Consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Year ended
March 31, 2010

Year ended
March 31, 2011

Operating revenue
Warehouse income

18,98321,029Harbor Transportation Income

33,27036,416

International Transportation Income

23,18325,413

Land Tranportation Income

24,981

26,525

Rent income of warehouse and logistics facilities

5,369

5,055

Rent income of real estate

9,885

9,669

Other

5,945

6,266

121,619

130,377

Cost of sales

68,11075,251

Personal cost

16,346

16,469Rent expenses

7,529

7,619

Taxes and dues

1,993

1,832

Depreciation

5,985

5,644

Other

6,286

6,742

Total operating cost

106,252

113,560

Operating gross profit

15,367

16,816

3,925

4,039

Provision for bonuses

351

305

Retirement benefit expenses

276

257

Total operating revenue
Operating cost

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

Amortization of goodwill

327

105

Other

2,576

2,498

Total selling, general and administrative expenses

7,457

7,205

7,910

9,610

Interest income

116

100

Dividends income

824

1,092

Equity in earnings of affiliates

294

485

Operating income
Non-operating income

Other

318

213

1,553

1,891

Interest expenses

872

788

Other

157

248

1,030

1,037

8,433

10,465

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income-5-(Millions of yen)
Year ended
March 31, 2010

Year ended
March 31, 2011

Extraordinary income
Gain on sales of noncurrent assets

40

166

Compensation income－

461

Total extraordinary income

40

627

160

515

Extraordinary loss
Loss on retirement of noncurrent assets
Loss on valuation of investment securities

269

41

Impairment loss

179

1,441

－

32

Cost of renovation of warehouses and rental properties－

453

Loss on disaster

－

294

1,422

－

Provision of allowance for doubtful accounts

228－

Special retirement expenses

38－

Total extraordinary losses

2,299

2,778

Income before income taxes and minority interests

6,173

8,315

Income taxes-current

3,485

3,395

Income taxes-deferred

(627)

228

Total income taxes

2,857

3,624

－

4,690

Loss on adjustment for changes of accounting standard
for asset retirement obligations

Amortization of goodwill

Income before minority interests
Minority interests in income
Net income

-6-

247

318

3,068

4,372

(Consolidated statements of comprehensive income)(Millions of yen)
Year ended
March 31, 2010

Year ended
March 31, 2011
－

4,690

Valuation difference on available-for-sale securities－(3,564)

Deferred gains or losses on hedges－(2)

Foreign currency translation adjustment

－

(658)

－

(32)

－

(4,257)－433

Comprehensive income attributable to owners of the parent－

173

Comprehensive income attributable to minority interests－

259

Income before minority interests
Other comprehensive income

Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to-7-(3) Consolidated statements of changes in net assets(Millions of yen)
Year ended
March 31, 2010

Year ended
March 31, 2011

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

19,177

19,177

Disposal of treasury stock

(0)

(0)

Total changes of items during the period

(0)

(0)

19,177

19,176

61,97863,261

Employee welfare Fund

(1)－

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

Net income

3,068

4,372

Total changes of items during the period

1,283

2,588

63,261

65,850(9,122)(9,124)Purchase of treasury stock

(3)

(31)

Disposal of treasury stock

1

5

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
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

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

(2)

(26)

(9,124)(9,150)93,855

95,136

Total shareholders' equity
Balance at the end of previous period
Changes of items during the period
Employee welfare Fund

(1)－

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

Net income

3,068

4,372

Purchase of treasury stock

(3)

(31)

Disposal of treasury stock

1

4

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

-8-

1,280

2,561

95,136

97,698(Millions of yen)
Year ended
March 31, 2010

Year ended
March 31, 2011

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the end of previous period

7,656

16,098Net changes of items other than shareholders' equity

8,442(3,550)Total changes of items during the period

8,442(3,550)16,09812,548(16)2

Net changes of items other than shareholders' equity

19

(2)

Total changes of items during the period

19

(2)

2

－

(1,419)(1,250)Net changes of items other than shareholders' equity

169

(645)

Total changes of items during the period

169

(645)

(1,250)(1,895)

6,219

14,851

Net changes of items other than shareholders' equity

8,631(4,199)Total changes of items during the period

8,631(4,199)14,851

10,652

64

64

－

14

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 accumulated other comprehensive income
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
Net changes of items other than shareholders' equity

－

14

64

79

4,081

4,324

Net changes of items other than shareholders' equity

243

186

Total changes of items during the period

243

186

4,324

4,511

Total 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-9-

(Millions of yen)
Year ended
March 31, 2010

Year ended
March 31, 2011

Total net assets
Balance at the end of previous period

104,221

114,377

Changes of items during the period
Employee welfare Fund

(1)－

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

Net income

3,068

4,372

Purchase of treasury stock

(3)

(31)

Disposal of treasury stock

1

4

Net changes of items other than shareholders' equity

8,874(3,997)

Total changes of items during the period

10,155(1,435)

114,377

112,941

Balance at the end of current period- 10 -

(4) Consolidated statements of cash flows(Millions of yen)
Year ended
March 31, 2010

Year ended
March 31, 2011

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

6,173

Depreciation and amortization

8,315

6,635

6,321

Impairment loss

179

1,441

Loss on disaster

－

294

1,750

105

Increase (decrease) in allowance for doubtful accounts

235

5

Amortization of goodwill
Increase (decrease) in provision for retirement benefits

335

(370)

Increase (decrease) in provision for directors' retirement benefits

23

(19)

Increase (decrease) in provision for bonuses

(11)

(58)

Interest and dividends income(940)(1,193)

Interest expenses

872

788

Equity in (earnings) losses of affiliates

(294)

(485)

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

(40)

(166)

Loss on retirement of property, plant and equipment

160

282

－

(3)

Loss (gain) on sales of investment securities

269

41

Decrease (increase) in notes and accounts receivable-trade

Loss (gain) on valuation of investment securities(1,930)8

Increase (decrease) in notes and accounts payable-trade

741

(221)

Increase (decrease) in deposits received

(420)

(636)

Other, net

518

246

Subtotal

14,25914,695Interest and dividends income received

947

1,212

Interest expenses paid

(919)

(816)

Income taxes paid

(965)

(5,017)

Income taxes refund

1,200

－

Net cash provided by (used in) operating activities

14,523

10,075(19,367)(19,681)

Proceeds from withdrawal of time deposits

7,396

19,109Purchase of property, plant and equipment(1,188)(1,857)

92

121

(437)

(377)

－

419

Net cash provided by (used in) investing activities
Payments into time deposits

Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Proceeds from sales of intangible assets(3,176)(42)

Proceeds from sales of investment securities

Purchase of investment securities－

8

Payments of loans receivable

(98)

(89)

Collection of loans receivable

181

510

Other, net

(516)

97

(17,115)(1,782)

Net cash provided by (used in) investing activities- 11 -

(Millions of yen)
Year ended
March 31, 2010

Year ended
March 31, 2011

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

12,91011,604

Decrease in short-term loans payable(13,417)(12,199)

Proceeds from long-term loans payable

3,288

850

Repayment of long-term loans payable(2,590)(2,087)

Proceeds from issuance of bonds－

491

Proceeds from sales of treasury stock

1

4

Purchase of treasury stock

(3)

(31)

(1,783)(1,785)

Cash dividends paid
Cash dividends paid to minority shareholders

(83)

(59)

Other, net

(4)

(14)

(1,682)(3,227)89(300)

Net increase (decrease) in cash and cash equivalents(4,184)

4,764

Cash and cash equivalents at beginning of period

14,66910,484

Cash and cash equivalents at end of period

10,484

15,249Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 12 -

(5) Segment Information[Segment Information]
1. General information about reportable segment
The reportable segment is the component of our Group, for which discrete financial information is available, and whose operating results
are regularly reviewed by the Company’s chief operating decision maker including Board of Directors to make decisions about resources to beallocated to the segment and assess its performance.
The Company, in cooperation with its domestic and overseas subsidiaries, operates “Logistics Business” including warehousing, harbortransportation, international transportation and land transportation etc., which, constituting respective parts of total logistics business, have amutual relationship to each other and are deemed to be inseparable in management of the Company, and promotes “Real Estate business”
including leasing and sales of real estate etc., with a dedicated department in head office, mainly in such way as to put the real estate theCompany owns to more effective use. Therefore, the Company, according to such business formation, comprises the segments corresponding
to each service and presents “Logistics” and ”Real Estate” as two reportable segments.

2. Information related to operating revenue, income (loss), assets, and other items by reportable segment
Year ended March 31, 2010

(Millions of yen)
Reportable segment

Adjustment(Note 1)

Consolidated
Statements ofIncome(Note 2)

Logistics

Real Estate

Total

111,601

10,018

121,619－

121,619

9

412

421

(421)

－

Operating revenue
Operating revenue to outside customers
Intersegment transfers

111,610

10,430122,041(421)

121,619

Segment income

Total

5,721

5,903

11,624(3,714)

7,910

Segment assets

120,990

36,816

157,806

78,179235,986

4,020

1,995

6,016

619

6,635

1,565

－

1,565

－

1,565

1,245

297

1,543

124

1,667

Other items
Depreciation
The amount of investment in associates
accounted for by the equity method
Total expenditures for additions to tangible
fixed assets and intangible fixed assets

Notes: 1. (1) Segment income adjustment of ¥ -3,714 million includes company-wide expenses of ¥ -3,723 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 assets adjustment of ¥ 78,179 million includes company-wide assets of ¥ 79,374 million which are not allocated to
the respective reportable segments. Company-wide assets consist mainly of surplus working funds (Cash and deposits),
long-term investments (investment securities) and assets of administrative departments, of the Company and some of its
consolidated subsidiaries, which are not assignable to neither of the reportable segments.
(3) Total expenditures for additions to tangible fixed assets and intangible fixed assets adjustment of ¥ 124 million consist of thecapital investments not assignable to neither of the reportable segments for administrative departments of the Company andsome of its consolidated subsidiaries.
2. Segment income is adjusted to show operating income as recorded on the Consolidated Statements of Income.

- 13 -

Year ended March 31, 2011

(Millions of yen)
Reportable segment

Adjustment(Note 1)

Consolidated
Statements ofIncome(Note 2)

Logistics

Real Estate

Total

120,5179,859

130,377－

130,377

9

408

417

(417)

－

120,526

10,267130,794(417)

130,377

Operating revenue
Operating revenue to outside customers
Intersegment transfers
Total
Segment income

7,314

5,900

13,214(3,603)9,610

Segment assets

120,881

33,591

154,473

73,904228,377

3,805

1,882

5,688

633

6,321

2,008

－

2,008

－

2,008

1,728

150

1,879

120

1,999

Other items
Depreciation
The amount of investment in associates
accounted for by the equity method
Total expenditures for additions to tangible
fixed assets and intangible fixed assets

Notes: 1. (1)Segment income adjustment of ¥ -3,603 million includes company-wide expenses of ¥ -3,664 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 assets adjustment of ¥ 73,904 million includes company-wide assets of ¥ 75,084 million which are not allocated to
the respective reportable segments. Company-wide assets consist mainly of surplus working funds (Cash and deposits),
long-term investments (investment securities) and assets of administrative departments, of the Company and some of its
consolidated subsidiaries, which are not assignable to neither of the reportable segments.
(3) Total expenditures for additions to tangible fixed assets and intangible fixed assets adjustment of ¥ 120 million consist of thecapital investments not assignable to neither of the reportable segments for administrative departments of the Company andsome of its consolidated subsidiaries.
2. Segment income is adjusted to show operating income as recorded on the Consolidated Statements of Income.

Additional Information
Effective from the year ended March 31, 2011, the “Revised Accounting Standard for Disclosures about Segments of an Enterprise andRelated information” (ASBJ Statement No. 17, March 27, 2009) and the “Guidance on the Accounting Standard for Disclosures about
Segments of an Enterprise and Related information” (ASBJ Guidance No. 20, March 21, 2008) are applied.

[Information concerning impairment loss from noncurrent assets by reportable segment]
Year ended March 31, 2011

(Millions of yen)
Logistics

impairment loss

Real Estate
10

1,431

Corporate& Elimination

Total
－

1,441

(5) Changes in Accounting Policies
Application of accounting standard for asset retirement obligations
Effective from the year ended March 31, 2011, the“Accounting Standard for Asset Retirement Obligations” (ASBJ Statement No. 18,
March 31, 2008) and the “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008)
are applied.
As a result of this application, income before income taxes and minority interests for year ended March 31, 2011 decreased by ¥32 million.
The change in the asset retirement obligation amount resulting from the application of these accounting standards is ¥32 million.

- 14 -