Consolidated Financial Results
for the Year Ended March 31, 2012[ Japan GAAP ]May 10, 2012

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 27, 2012

Starting date of dividend payment:

June 28, 2012

Date of the filing of the Securities Report:

June 27, 2012

Supplementary Material

Yes

Financial Results Presentation

Yes

１．Consolidated Financial Results for the Year Ended March 31, 2012(April 1, 2011-March 31, 2012)
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, 2012

139,786

7.2

9,616

0.1

10,473

0.1

6,511

48.9

Year ended March 31, 2011

130,377

7.2

9,610

21.5

10,465

24.1

4,372

42.5

Notes: Comprehensive income:Year ended March 31, 2012 : 7,964 million yen；（－）%
Year ended March 31, 2011 : 433 million yen；（-96.4）%
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, 2012

36.51

36.51

5.9

4.4

6.9

Year ended March 31, 2011

24.51

24.51

4.0

4.5

7.4

Notes: Equity in earnings of affiliates:
Year ended March 31, 2012 : 294 million yen
Year ended March 31, 2011 : 485 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, 2012

245,092

120,28746.6

640.31

As of March 31, 2011

228,377

112,94147.4

607.58Notes: Equity
As of March 31, 2012: 114,181million yen
As of March 31, 2011: 108,350 million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities
Millions of yen

Cash flows frominvesting activities
Millions of yen

Cash flows fromfinancing activities
Millions of yen

Cash and cash equivalents
at end of period

Year ended March 31, 2012

11,495(11,444)

7,539

22,703

Year ended March 31, 2011

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

15,249- 1 -Millions of yen

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

Year ended March 31, 2011

－

5.00

－

5.00

10.00

1,783

40.8

1.6

Year ended March 31, 2012

－

5.00

－

6.00

11.00

1,961

30.1

1.8

Year ending March 31, 2013
(Forecast)

－

5.50

－

5.50

11.00

Millions of yen

29.7

3. Forecasts for the Year Ending March 31, 2013 (April 1, 2012-March 31, 2013)
Operating revenue％

Yen

78,000

14.2

5,000

(1.8)

5,500

(1.1)

3,200

3.7

17.95

Full year

157,000

12.3

10,300

7.1

11,200

6.9

6,600

1.4

37.01

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 in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policy in accordance with revision of accounting standard: None
2) Changes other than 1): None
3) Changes in accounting estimates: None
4) Restatements: 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, 2012 : 195,936,231 shares
As of March 31, 2011 : 195,936,231 shares
Number of treasury stocks at the end of the fiscal year :As of March 31, 2012 : 17,614,980 shares
As of March 31, 2011 : 17,602,905 shares
Average number of shares issued during the current fiscal year :Year ended March 31, 2012 : 178,324,231 sharesYear ended March 31, 2011 : 178,386,710 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 March 31, 2011

As of March 31, 2012

Cash and deposits

28,87532,254

Notes and operating accounts receivable

16,61917,920

4

4

Real estate for sale

112

94

Work in process

27

41

Deferred tax assets

988

943

Other

3,125

4,185

Allowance for doubtful accounts

(100)

(146)

49,65255,297

Buildings and structures, net

59,55861,267

Machinery, equipment and vehicles, net

2,809

2,801

Vessels, net

507

4,691

Tools, furniture and fixtures, net

672

895

46,222

46,231

Construction in progress

733

456

Other, net

54

202

110,558

116,546

587

3,687

Leasehold right

4,330

4,319

Software

1,798

1,460

Other

374

495

7,090

9,962

53,34354,073Long-term loans receivable

610

621

Deferred tax assets

480

2,298

Other

7,094

6,658

Allowance for doubtful accounts

(454)

(366)

Total investments and other assets

61,07563,285

178,725

189,795

228,377

245,092

AssetsCurrent assets

Short-term investment securities

Total current assets
Noncurrent assets
Property, plant and equipment

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 March 31, 2011

As of March 31, 2012

Notes and operating accounts payable-trade

9,051

11,376

Short-term loans payable

8,925

29,388

Income taxes payable

1,665

2,154

Provision for bonuses

1,380

1,441

Other

5,068

5,103

Total current liabilities

26,09149,464500

500

Long-term loans payable

59,492

46,952

Deferred tax liabilities

12,856

11,439Provision for retirement benefits

3,219

3,024

94

108

12,346

12,286835

1,030

Liabilities
Current liabilities

Noncurrent liabilities
Bonds payable

Provision for directors' retirement benefits
Long-term deposits received
Other
Total noncurrent liabilities

89,34475,341

115,436

124,805

Capital stock

21,822

21,822

Capital surplus

19,176

19,175Retained earnings

65,85070,539Treasury stock(9,150)(9,154)

Total shareholders' equity

97,698102,383

Valuation difference on available-for-sale securities

12,54813,997

Foreign currency translation adjustment(1,895)(2,199)Total accumulated other comprehensive income

10,652

11,79879

89

Minority interests

4,511

6,016

Total net assets

112,941

120,287

228,377

245,092

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

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, 2011

Year ended
March 31, 2012

Operating revenue
Warehouse income

21,02921,588

Harbor transportation income

36,416

37,647

International transportation income

25,413

26,612Land transportation income

26,52527,955

－

5,719

5,055

4,920

Shipping income
Rent income of warehouse and logistics facilities
Rent income of real estate

9,669

9,245

Other

6,266

6,096

130,377

139,786

Cost of sales

75,251

83,339Personal cost

16,46916,736

Rent expenses

7,619

8,054

Taxes and dues

1,832

2,069

Depreciation

5,644

5,523

Other

6,742

6,857

Total operating cost

113,560

122,581

Operating gross profit

16,816

17,204

4,039

4,066

Provision for bonuses

305

299

Retirement benefit expenses

257

228

Amortization of goodwill

105

187

Other

2,498

2,805

Total selling, general and administrative expenses

7,205

7,587

9,610

9,616

Interest income

100

83

Dividends income

1,092

1,242

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

485

294

Other

213

182

1,891

1,803

Interest expenses

788

750

Other

248

196

1,037

947

10,465

10,473

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income- 5 -(Millions of yen)
Year ended
March 31, 2011

Year ended
March 31, 2012

Extraordinary income
Gain on sales of noncurrent assets

166

53

Compensation income

461－

Total extraordinary income

627

53

Loss on retirement of noncurrent assets

515

301

Loss on valuation of investment securities

41

122

Provision of allowance for doubtful accounts－

145

Impairment loss

1,441

9

Loss on disaster

294

100

32

－

453

－

Extraordinary loss

Loss on adjustment for changes of accounting standard
for asset retirement obligations
Cost of renovation of warehouses and rental properties

2,778

680

Income before income taxes and minority interests

Total extraordinary losses

8,315

9,846

Income taxes-current

3,395

3,607

Income taxes-deferred

228

(605)

Total income taxes

3,624

3,002

Income before minority interests

4,690

6,843

318

332

4,372

6,511

Minority interests in income
Net income- 6 -(Consolidated statements of comprehensive income)(Millions of yen)
Year ended
March 31, 2011
Income before minority interests

Year ended
March 31, 2012

4,690

6,843

(3,564)

1,445

(2)

－

(658)

(304)

(32)

(20)

(4,257)

1,120

433

7,964

Comprehensive income attributable to owners of the parent

173

7,657

Comprehensive income attributable to minority interests

259

306

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
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, 2011

Year ended
March 31, 2012

Shareholders' equity
Capital stock
Balance at the beginning of current period

21,822

21,822

Changes of items during the period－－

21,822

21,822

19,177

19,176

Disposal of treasury stock

(0)

(0)

Total changes of items during the period

(0)

(0)

19,176

19,17563,261

65,850

Dividends from surplus(1,784)(1,783)

Net income

4,372

6,511

－

(38)

2,588

4,688

65,85070,539(9,124)(9,150)Purchase of treasury stock

(31)

(6)

Disposal of treasury stock

5

2

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

Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes of items during the period

Change of scope of consolidation
Total changes of items during the period
Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes of items during the period

Total changes of items during the period

(26)

(3)

(9,150)(9,154)

95,136

97,698Dividends from surplus(1,784)(1,783)

Net income

4,372

6,511

Change of scope of consolidation

－

(38)

Purchase of treasury stock

(31)

(6)

Disposal of treasury stock

4

1

Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period

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

- 8 -

2,561

4,684

97,698102,383

(Millions of yen)
Year ended
March 31, 2011

Year ended
March 31, 2012

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

16,09812,548Net changes of items other than shareholders' equity(3,550)1,449

Total changes of items during the period(3,550)1,449

12,54813,9972－

Net changes of items other than shareholders' equity(2)－

Total changes of items during the period

(2)

－

－

－

(1,250)(1,895)

Net changes of items other than shareholders' equity

(645)

(303)

Total changes of items during the period

(645)

(303)

(1,895)(2,199)14,851

10,652

Net changes of items other than shareholders' equity(4,199)1,146

Total changes of items during the period(4,199)1,146

10,652

11,79864

79

Net changes of items other than shareholders' equity

14

10

Total changes of items during the period

14

10

79

89

4,324

4,511

Net changes of items other than shareholders' equity

186

1,504

Total changes of items during the period

186

1,504

4,511

6,016

Changes of items during the period

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

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

Balance at the end of current period
Total accumulated other comprehensive income
Balance at the beginning of current period
Changes of items during the period

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

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

Balance at the end of current period- 9 -(Millions of yen)
Year ended
March 31, 2011

Year ended
March 31, 2012

Total net assets
Balance at the beginning of current period

114,377

112,941

Dividends from surplus(1,784)(1,783)

Net income

4,372

6,511

Change of scope of consolidation

－

(38)

Purchase of treasury stock

(31)

(6)

Disposal of treasury stock

4

1

Changes of items during the period

Net changes of items other than shareholders' equity(3,997)

2,661

Total changes of items during the period(1,435)

7,345

112,941

120,287

Balance at the end of current period- 10 -

(4) Consolidated statements of cash flows(Millions of yen)
Year ended
March 31, 2011

Year ended
March 31, 2012

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

8,315

9,846

Depreciation and amortization

6,321

6,267

Loss on disaster

294

100

Impairment loss

1,441

9

105

187

Increase (decrease) in allowance for doubtful accounts

5

(66)

Increase (decrease) in provision for retirement benefits

(370)

(195)

Increase (decrease) in provision for directors' retirement benefits

(19)

13

Increase (decrease) in provision for bonuses

(58)

60

(1,193)(1,326)

Amortization of goodwill

Interest and dividends income
Interest expenses

788

750

Equity in (earnings) losses of affiliates

(485)

(294)

Loss (gain) on sales of noncurrent assets

(166)

(53)

Loss on retirement of noncurrent assets

282

301

Loss (gain) on sales of investment securities(3)－

Loss (gain) on valuation of investment securities

41

122

Decrease (increase) in notes and accounts receivable-trade

8

(591)

Increase (decrease) in notes and accounts payable-trade

(221)

516

Increase (decrease) in deposits received

(636)

(215)

Other, net

246(1,068)Subtotal

14,695

14,366

Interest and dividends income received

1,212

1,359

Interest expenses paid

(816)

(749)

－

(364)

Payments for loss on disaster
Income taxes paid

(5,017)(3,115)

Net cash provided by (used in) operating activities

10,075

11,495

Payments into time deposits(19,681)(22,162)

Proceeds from withdrawal of time deposits

19,10926,231

Purchase of property, plant and equipment(1,857)(9,846)

Proceeds from sales of property, plant and equipment

121

93

Purchase of intangible assets

(377)

(341)

Proceeds from sales of intangible assets

419－

Purchase of investment securities

(42)

(45)

8

11

－

(4,376)－(239)

Payments of loans receivable

(89)

(99)

Collection of loans receivable

510

77

Other, net

97

(747)

(1,782)(11,444)

Net cash provided by (used in) investing activities

Proceeds from sales of investment securities
Purchase of investments in subsidiaries
resulting in change in scope of consolidation
Purchase of investments in subsidiaries

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

(Millions of yen)
Year ended
March 31, 2011

Year ended
March 31, 2012

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

11,604

9,812

Decrease in short-term loans payable(12,199)(9,917)

Proceeds from long-term loans payable

850

9,310

Repayment of long-term loans payable(2,087)(1,283)491－

Proceeds from stock issuance to minority shareholders

－

1,500

Proceeds from sales of treasury stock

4

1

(31)

(6)

Proceeds from issuance of bonds

Purchase of treasury stock
Cash dividends paid

(1,785)(1,784)

Cash dividends paid to minority shareholders

(59)

(61)

Other, net

(14)

(31)

(3,227)

7,539

Effect of exchange rate change on cash and cash equivalents

(300)

(166)

Net increase (decrease) in cash and cash equivalents

4,764

7,424

Cash and cash equivalents at beginning of period

10,484

15,249from change of scope of consolidation－

30

Cash and cash equivalents at end of period

15,24922,703

Net cash provided by (used in) financing activities

Increase (decrease) in cash and cash equivalents resulting- 12 -

(5) Segment Information[Segment Information]
1. General information about reportable segments
The reportable segments are the components of our Group, for each of which discrete financial information is available, and whose
operating results are regularly reviewed by the Company’s Board of Directors to make decisions about resources to be allocated to eachsegment 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 “Shipping Business” consisting
mainly of vessel operations on the routes between the northwest coast of North America and East Asia by our subsidiary Westwood ShippingLines, Inc. In addition to these, the Company promotes “Real Estate Business” including leasing and sales of real estate etc., with a dedicateddepartment in its head office, mainly in such way as to put its real estate to more effective use.
The Company’s business comprises the segments corresponding to each business as mentioned above, and the Company presents“Logistics”,”Real Estate” and “Shipping” as its three reportable segments.

2. Information related to operating revenue, income (loss), assets, and other items by reportable segment
Year ended March 31, 2011
Reportable segment
Adjustment
Logistics

Real Estate

Total(Note 1)

120,5179,859

130,377－(Millions of yen)Amount inConsolidated
Statements ofIncome(Note 2)

Operating revenue
Operating revenue to outside customers

130,377

9

408

417

(417)

－

120,526

10,267130,794(417)

130,377

Segment income

7,314

5,900

13,214(3,603)9,610

Segment assets

120,881

33,591

154,473

73,904228,377

Depreciation

3,805

1,882

5,688

633

6,321

Amortization of goodwill

105

－

105

－

105

2,008

－

2,008

－

2,008

1,728

150

1,879

120

1,999

Intersegment transfers
Total

Other items

Investment in associates accounted for byequity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) Adjustment in Segment income of ¥ -3,603 million includes company-wide expenses of ¥ -3,664 million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable toneither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) Adjustment in Segment assets of ¥ 73,904 million includes company-wide assets of ¥ 75,084 million, which are not allocatedto the respective reportable segments. Company-wide assets consist mainly of working funds (cash and deposits), long-term
investments (investment securities) and assets for administrative departments, of the Company and some of its consolidated
subsidiaries, which are not assignable to neither of the reportable segments.
(3) Adjustment in Additions to property, plant and equipment and intangible assets of ¥ 120 million consists of the capital
investments not assignable to neither of the reportable segments for administrative departments of the Company and some ofits consolidated subsidiaries.
2. Segment income is adjusted to coincide with operating income as recorded on the Consolidated Statements of Income.

- 13 -

Year ended March 31, 2012
Reportable segment
Adjustment
Real(Note 1)

Logistics

Shipping

120,703

5,719

9,362

139,786

157

170

405

732

(732)

－

124,860

5,889

9,768

140,518(732)

139,786

Estate

Total(Millions of yen)Amount inConsolidated
Statements ofIncome(Note 2)

Operating revenue
Operating revenue to outside customers
Intersegment transfers
Total

－

139,786

Segment income

8,011

(131)

5,456

13,336(3,719)9,616

Segment assets

122,083

16,72333,575

172,382

72,709245,092

Depreciation

3,783

5

1,782

5,571

695

6,267

Amortization of goodwill

119

68

－

187

－

187

2,253

－

－

2,253

－

2,253

5,196

4,332

1,753

11,283692

11,975

Other items

Investment in associates accounted for byequity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) Adjustment in Segment income of ¥ -3,719 million includes company-wide expenses of ¥ -3,755 million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable toneither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) Adjustment in Segment assets of ¥ 72,709 million includes company-wide assets of ¥ 78,065 million, which are not allocatedto the respective reportable segments. Company-wide assets consist mainly of 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) Adjustment in Additions to property, plant and equipment and intangible assets adjustment of ¥ 692 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 coincide with operating income as recorded on the Consolidated Statements of Income.

3. Alteration of reportable segments etc.
The Company has presented the two reportable segments “Logistics” and “Real Estate” in the previous financial statements. However it
presents a new reportable segment “Shipping” from this 4Q financial period. This is because the Company turned Westwood Shipping Lines,
Inc. into its consolidated subsidiary and commences shipping business from the period.

- 14 -