Consolidated Financial Results
for the Second Quarter Ended September 30, 2014 [ Japan GAAP ]November 6, 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 6444 1183

Quarterly statement filing date (as planned):

November 11, 2014

Dividend payable date (as planned):

December 2, 2014

Supplemental material of quarterly results:

Yes

Convening briefing of quarterly results:

Yes

1. Consolidated financial results for the second quarter ended September 30, 2014 (April 1, 2014- September 30, 2014)
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％

Millions of yen

Ordinary income％Millions of yen

Net income％

Millions of yen％

Six months ended September 30, 2014

83,013

3.9

4,505

(8.5)

5,218

(8.8)

3,845

13.8

Six months ended September 30, 2013

79,924

4.0

4,924

(2.7)

5,7203.2

3,379

5.9

Note: Comprehensive income:Six months ended September 30, 2014: 4,726 million yen；-67.3%
Six months ended September 30, 2013: 14,447 million yen；-%
Net income per share
Yen

Diluted net income
per share
Yen

Six months ended September 30, 2014

21.54

21.53

Six months ended September 30, 2013

18.93

18.92

(2) Consolidated financial positions
Capital adequacy ratio

Total assets

Net assets

Millions of yen

Millions of yen％

As of September 30, 2014

286,041

156,936

52.4

As of March 31, 2014

289,028

154,036

50.9Note: Owner’s equity
As of September 30, 2014: 149,819 million yen
As of March 31, 2014: 147,065million yen

2. Dividends
Dividend per shareFirst quarter
Yen

Second quarter
Yen

Third quarter
Yen

Year ended March 31, 2014

－

5.50

－

Year ending March 31, 2015

－

6.00

－

Year ending March 31, 2015－(Forecast)
Note: Correction of dividend forecast from the most recent dividend forecast: None

- 1 -Fiscal year end
Yen

Total
Yen

6.50

12.00

6.00

12.00

3. Consolidated forecasts for the year ending March 31, 2015 (April 1, 2014-March 31, 2015)
Operating revenue

Full year

Millions of yen％

170,000

3.1

Operating income
Millions of yen

9,700％

Ordinary income％Millions of yen

0.1

10,900（2.0）(%: change from the previous year)
Net income
Net income
per share
Millions of yen

7,100％

Yen

14.1

39.78

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: Yes
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, 2014 : 195,936,231 shares
As of March 31, 2014 : 195,936,231 shares
Number of treasury stock:As of September 30, 2014: 17,358,817 shares
As of March 31, 2014: 17,419,652 shares
Average number of shares:
Second quarter ended September 30, 2014 : 178,535,673 shares
Second quarter ended September 30, 2013 : 178,460,820 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, 2014

As of September 30, 2014

30,582
19,232
79
18922
4,456(136)21,941
18,771
79
21823
5,452
(115)

55,154

46,974Non-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

62,556
3,760
8,306
1,123
47,6553,466
475

65,730
3,734
8,068
1,144
48,812
3,003
440

Total property, plant and equipment

127,344

130,934

3,833
5,512
1,670
225

3,469
5,464
1,592
212

11,242

10,739Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts86,118
472
2,458
6,506
(268)

88,466
453
2,121
6,562
(210)

Total investments and other assets

95,28597,392233,873

239,067

289,028

286,041

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Real estate for sale
Work in process
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets

Intangible assets
Goodwill
Leasehold rightSoftware
Other
Total intangible assets

Total non-current assets
Total assets- 3 -(Millions of yen)
As of March 31, 2014

As of September 30, 201412,321100
10,563
1,528
1,516
7,368

12,054100
14,726
1,526
1,713
5,789

33,39835,91012,30056,29022,191
1,948
116
7,669
1,076

12,25046,44622,890
2,818
82
7,665
1,038

101,592

93,193

Total liabilities

134,991

129,104

Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares

21,822
19,17378,972(9,053)

21,822
19,16980,959(9,021)

110,915

112,930

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

32,7383,181
229

34,2072,461
220

Total accumulated other comprehensive income

36,14936,888

99
6,871

111
7,005

154,036

156,936

289,028

286,041

Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of bonds
Short-term loans payable
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Net defined benefit liability
Provision for directors' retirement benefits
Long-term deposits received
OtherTotal non-current liabilities

Total shareholders' equity

Subscription rights to shares
Minority interests
Total net assets
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, 2013

Six months ended
September 30, 2014

11,192
17,734
15,194
13,467
12,342
2,565
4,522
2,904

11,28018,587
16,73813,45813,285
2,661
4,051
2,948

79,924

83,013Operating costCost of sales
Personal expenses
Rent expenses
Taxes and dues
Depreciation
Other

48,703
9,117
4,662
944
2,965
3,929

50,983
9,503
4,841
964
3,241
4,267

Total operating cost

70,32373,801

Operating gross profit

9,601

9,211

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

2,313
320
108
222
1,711

2,326
335
120
227
1,695

4,676

4,705

4,924

4,505

803
74
306

838
190
119

1,184

1,148

305
83

258
177

388

4355,720

5,218

Operating revenue
Warehouse income
Harbor transportation income
International transportation income
Land transportation income
Shipping income
Rent income of warehouse and logistics facilities
Rent income of real estate
Other
Total operating revenue

Total selling, general and administrative expenses
Operating income
Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income- 5 -(Millions of yen)Six months ended
September 30, 2013

Six months ended
September 30, 201413-18994

13

1,013

74-42267469

Income before income taxes and minority interests

5,659

6,161

Income taxes - current
Income taxes - deferred

1,972
124

1,542
592

Total income taxes

2,096

2,134

Income before minority interests

3,562

4,026

183

181

3,379

3,845

Extraordinary income
Gain on sales of non-current assets
Compensation income
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Business structure improvement expenses
Total extraordinary losses

Minority interests in incomeNet income- 6 -(Consolidated quarterly statements of comprehensive income)(Millions of yen)Six months ended
September 30, 2013

Six months ended
September 30, 2014

3,562

4,026

8,411
2,228
-

1,495
(630)
(6)

Income before minority interests
Other 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 income245(158)

10,885699

Comprehensive income14,447

4,726

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to minority interests

14,050
397

4,584
142

- 7 -(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended
Six months ended
September 30, 2013 September 30, 2014
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Compensation income
Amortization of goodwill
Increase (decrease) in provisionInterest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Loss (gain) on sales of non-current assets
Loss on retirement of non-current assets
Decrease (increase) in notes and accounts receivable - trade
Increase (decrease) in notes and accounts payable - trade
Other, net－
222
99(803)
305
(74)
(13)
74
(167)
(586)
(246)

6,161
3,492
(994)
227
145
(838)
258
(190)
(18)
42
305
(103)
(750)

Subtotal

7,863

7,737

Interest and dividend income received
Interest expenses paid
Proceeds from compensation
Income taxes paid

858
(361)
497
(1,915)853(264)
497(1,544)

Net cash provided by (used in) operating activities

6,942

7,278

Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Payments of loans receivableCollection of loans receivable
Other, net(8,263)
7,735(4,731)36(433)
(516)
(56)
21
540

(107)
6,304
(8,079)28(220)(19)(62)
20(550)Net cash provided by (used in) investing activities(5,668)(2,686)

6,265(4,493)
16,250(18,163)
(982)
(234)

3,364
(3,163)200(6,081)(1,160)(116)(1,358)(6,957)

Effect of exchange rate change on cash and cash equivalents

720

(56)

Net increase (decrease) in cash and cash equivalents

636(2,421)

Cash and cash equivalents at beginning of period

16,492

22,616

Cash and cash equivalents at end of period

17,12920,195

Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities

- 8 -

5,659
3,394

(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
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.

Six months ended September 30, 2014
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

65,607

13,285

4,120

83,013－

83,013

202

77

181

461

(461)

－Total

65,81013,363

4,301

83,475(461)

83,013

Segment income

4,349

537

1,700

6,587

(2,081)

4,505

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ -2,081 million includes company-wide expenses of ¥ -2,045 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 -