Consolidated Financial Results
for the Third Quarter Ended December 31, 2013 [ Japan GAAP ]February 5, 2014

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):

February 10, 2014

Dividend payable date (as planned):－

Supplemental material of quarterly results:

None

Convening briefing of quarterly results:

None

１．Consolidated financial results for the third quarter ended December 31, 2013 (April 1, 2013- December 31, 2013)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated operating results
Operating revenue(％: change from the previous year)

Operating income

Millions of yen％

Nine months ended December 31, 2013

121,291

5.2

7,596

Nine months ended December 31, 2012

115,331

13.4

7,954

Millions of yen

Ordinary income％

Net income

Millions of yen％

Millions of yen％

(4.5)

8,994

0.5

5,213(1.5)

5.0

8,946

5.4

5,294

(0.3)

Note: Comprehensive income:Nine months ended December 31, 2013: 22,225 million yen；105.4%
Nine months ended December 31, 2012: 10,822 million yen；－%
Net income per share
Yen

Diluted net income
per share
Yen

Nine months ended December 31, 2013

29.21

29.19

Nine months ended December 31, 2012

29.69

29.69

(2) Consolidated financial positions
Capital adequacy ratio

Total assets

Net assets

Millions of yen

Millions of yen％

As of December 31, 2013

286,820

160,455

53.5

As of March 31, 2013

263,931140,29750.7

Note: Owner’s equity
As of December 31, 2013: 153,525 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 December 31, 2013: 195,936,231 shares
As of March 31, 2013: 195,936,231 shares
Number of treasury stock:
As of December 31, 2013: 17,435,268 shares
As of March 31, 2013: 17,516,981 shares
Average number of shares:
Third quarter ended December 31, 2013: 178,471,773 shares
Third quarter ended December 31, 2012: 178,319,711 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 December 31, 2013

Cash and deposits

23,175

19,330Notes and accounts receivable-trade

17,692

19,247

Real estate for sale8080

Work in process

2923

Deferred tax assets

1,061

836

Other

3,706

4,288

Allowance for doubtful accounts

(119)

(165)

45,62743,641

Buildings and structures, net

60,65959,620Machinery, equipment and vehicles, net

2,906

3,584

Vessels, net

8,795

8,428

977

1,023

Land

46,15947,652

Construction in progress

2,148

3,655

279

487

121,926

124,452

Goodwill

3,602

3,686

Leasehold right

4,858

4,930

Software

1,717

1,248

Other

599

703

10,777

10,56876,25898,967

385

437

Deferred tax assets

2,333

2,377

Other

6,983

6,815

Allowance for doubtful accounts(360)(440)

Total investments and other assets

85,600108,157

218,304

243,178

263,931

286,820

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 December 31, 2013

11,047

11,686

Current portion of bonds

100100

Short-term loans payable

25,44415,036

Income taxes payable

1,933

1,169

Provision for bonuses

1,441

912

Other

6,037

6,864

Total current liabilities

46,00435,770400

300Long-term loans payable

42,11952,263

Deferred tax liabilities

18,97126,809Provision for retirement benefits

2,604

2,474

125

123

Long-term deposits received

12,295

7,499

Other

1,111

1,124

Total noncurrent liabilities

77,62990,594

123,634

126,365

Capital stock

21,822

21,822

Capital surplus

19,175

19,174Retained earnings

74,71077,961

Treasury stock(9,103)(9,061)

Total shareholders' equity

106,606

109,897

27,587

41,741

(451)

1,887

27,136

43,62888100

Minority interests

6,465

6,828

Total net assets

140,297

160,455

263,931

286,820

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)
Nine months ended
December 31, 2012

Nine months ended
December 31, 2013

Warehouse income

16,901

16,933

Harbor transportation income

27,41827,129International transportation income

19,21923,178Land transportation income

20,751

20,774

Shipping income

16,082

18,379Rent income of warehouse and logistics facilities

3,818

3,836

Rent income of real estate

6,993

6,637

Other

4,145

4,421

115,331

121,291

Cost of sales

70,13374,220

Personal expenses

12,743

13,703

Rent expenses

6,918

6,994

Taxes and dues

1,381

1,384

Depreciation

4,507

4,521

Other

5,279

5,901

Total operating cost

100,964

106,726

Operating gross profit

14,366

14,565

3,533

3,745

Provision for bonuses

131

163

Retirement benefit expenses

175

162

Amortization of goodwill

278

332

Other

2,292

2,564

Total selling, general and administrative expenses

6,412

6,968

7,954

7,596

Interest and dividends income

1,318

1,517Equity in earnings of affiliates

68118

Operating revenue

Total operating revenue
Operating cost

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

Operating income
Non-operating income

Other

262

320

1,649

1,956

Interest expenses

547

445

Other

110

112

Total non-operating expenses

657

558

8,946

8,994

Total non-operating income
Non-operating expenses

Ordinary income- 5 -(Millions of yen)
Nine months ended
December 31, 2012

Nine months ended
December 31, 2013

Gain on sales of noncurrent assets

2016

Compensation income－182

Total extraordinary income

20198

134

327

Extraordinary income

Extraordinary loss
Loss on retirement of noncurrent assets
Office transfer expenses－

91

Business structure improvement expenses－

73

Impairment loss

65－

Loss on valuation of investment securities

87－

Loss on valuation of golf club membership

9－

296

493

Income before income taxes and minority interests

8,671

8,699

Income taxes-current

2,718

2,752

Total extraordinary losses

Income taxes-deferred

376

421

Total income taxes

3,095

3,173

Income before minority interests

5,576

5,525

281

3125,294

5,213

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

Income before minority interests

Nine months ended
December 31, 2012

Nine months ended
December 31, 2013

5,576

5,525

5,164

14,18282

2,263

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

(1)

253

5,245

16,69910,822

22,225Comprehensive income attributable to owners of the parent10,523

21,704Comprehensive income attributable to minority interests

299

520

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 7 -(3) Consolidated quarterly statements of cash flows(Millions of yen)
Nine months ended
December 31, 2012

Nine months ended
December 31, 2013

Income before income taxes and minority interests

8,671

8,699

Depreciation and amortization

Net cash provided by (used in) operating activities
5,106

5,174

Impairment loss

65－Compensation income－(182)Amortization of goodwill

278

332

Increase (decrease) in provision(827)(541)

Loss on valuation of golf club memberships
Interest and dividends income

9－(1,318)(1,517)

Interest expenses

547

445

Equity in (earnings) losses of affiliates

(68)

(118)

Loss (gain) on sales of noncurrent assets

(20)

(16)

Loss on retirement of noncurrent assets

134

327

Loss (gain) on valuation of investment securities

87

54

Decrease (increase) in notes and accounts receivable-trade168(1,209)

Increase (decrease) in notes and accounts payable-trade

(420)

205

Increase (decrease) in deposits received

830(3,960)

Other, net

896

(173)

Subtotal

14,1397,519Interest and dividends income received

1,328

1,625

Interest expenses paid

(664)

(534)

－679

Income taxes paid

(4,109)(3,558)Net cash provided by (used in) operating activities

10,694

5,731

Payments into time deposits(11,244)(8,679)Proceeds from withdrawal of time deposits

14,442

14,063Purchase of property, plant and equipment(8,405)(7,200)

4286

Purchase of intangible assets

(967)

(500)

Purchase of investment securities

(446)

(528)

Payments of loans receivable

(66)

(86)

Collection of loans receivable

316

31

Proceeds from compensation

Net cash provided by (used in) investing activities

Proceeds from sales of property, plant and equipment

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

(786)

177

(7,114)(2,636)

7,231

8,973

Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable(6,685)(7,309)Proceeds from long-term loans payable

12,42016,710

Repayment of long-term loans payable(21,444)(18,637)

Cash dividends paid

(1,995)(1,909)

(125)

(315)

(10,599)(2,489)

(630)

824

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(7,649)1,430

Cash and cash equivalents at beginning of period

22,703

16,492

Cash and cash equivalents at end of period

15,054

17,923- 8 -(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Nine months ended December 31, 2012Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

92,17516,082

7,073

115,331－

115,331

347

135

278

761

(761)

－

Total

92,522

16,2187,351

116,093(761)

115,331

Segment income

6,273

317

4,115

10,705(2,750)7,954

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ -2,750 million includes company-wide expenses of ¥ -2,980 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.
Nine months ended December 31, 2013
Reportable segment
Adjustment(Note 1)

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

Logistics

ShippingReal estate

Total

96,17018,3796,741

121,291－

121,291

320

165

277

763

(763)

－Total

96,49018,545

7,019

122,054(763)

121,291

Segment income

6,289

521

3,848

10,659(3,062)

7,596

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ -3,062 million includes company-wide expenses of ¥ -2,991 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.

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