Consolidated Financial Results
for the First Quarter Ended June 30, 2014 [ Japan GAAP ]August 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):

August 8, 2014

Dividend payable date (as planned):－

Supplemental material of quarterly results:

NoneConvening briefing of quarterly results:

None

1. Consolidated financial results for the first quarter ended June 30, 2014 (April 1, 2014- June 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％

Ordinary income％

Millions of yen

Millions of yen

Net income％％Millions of yen

Three months ended June 30, 2014

40,937

4.0

2,177

(6.7)

3,002

(3.5)

1,937

(2.8)

Three months ended June 30, 2013

39,3671.3

2,333(5.3)

3,111

2.3

1,993

10.2

Note: Comprehensive income:Three months ended June 30, 2014: 4,850 million yen；-28.1%
Three months ended June 30, 2013: 6,741 million yen；928.8%
Net income per share
Yen

Diluted net income
per share
Yen

Three months ended June 30, 2014

10.85

10.85

Three months ended June 30, 2013

11.17

11.16

(2) Consolidated financial positions
Capital adequacy ratio

Total assets

Net assets

Millions of yen

Millions of yen％

As of June 30, 2014

288,820

157,035

51.9

As of March 31, 2014

289,028

154,03650.9

Note: Owner’s equity
As of June 30, 2014: 150,031 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

－

5.50

－

Year ending March 31, 2015
6.00－(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
Millions of yen％

Operating income％Millions of yen

Ordinary income％Millions of yen(%: change from the previous year)
Net income
Net income
per share
Millions of yen％

Yen

Six months

84,0005.1

4,700（4.6）

5,300（7.3）

3,800

12.5

21.29

Full year

170,000

3.1

9,700

0.1

10,900（2.0）

7,100

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 June 30, 2014 : 195,936,231 shares
As of March 31, 2014 : 195,936,231 shares
Number of treasury stock:
As of June 30, 2014: 17,401,100 shares
As of March 31, 2014: 17,419,652 shares
Average number of shares:
First quarter ended June 30, 2014 : 178,522,165 sharesFirst quarter ended June 30, 2013 : 178,453,557 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
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

As of June 30, 2014

30,582
19,232
79
18
922
4,456
(136)

23,644
18,315
79
32
587
4,992
(112)

55,15447,539Non-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

65,539
3,683
8,187
1,101
47,654
2,976
455

Total property, plant and equipment

127,344

129,600

3,833
5,512
1,670
225

3,634
5,4791,668
243

11,242

11,026

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

86,118472
2,458
6,506(268)91,478515
2,344
6,584(267)

Total investments and other assets

95,285

100,655

233,873

241,281

289,028

288,820

Total current assets

Intangible assets
Goodwill
Leasehold right
Software
Other
Total intangible assets

Total non-current assets
Total assets- 3 -(Millions of yen)
As of March 31, 2014
Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of bonds
Short-term loans payable
Income taxes payable
Provision for bonuses
Other

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

11,748100
14,726
668
1,099
8,721

33,39837,06512,30056,29022,191
1,948
116
7,669
1,076

12,25047,021
23,666
3,060
85
7,609
1,025

101,592

94,719Total liabilities

134,991

131,785

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

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

21,822
19,17379,052(9,043)110,915

111,004

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

32,7383,181
229

36,194
2,607
224

Total accumulated other comprehensive income

36,14939,026

99
6,871

97
6,906

154,036

157,035

289,028

288,820

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)Three months ended
June 30, 2013

Three months ended
June 30, 2014

5,616
8,820
7,337
6,740
5,828
1,296
2,256
1,471

5,575
9,273
8,370
6,675
6,230
1,332
1,991
1,487

39,36740,937

Operating cost
Cost of sales
Personal expenses
Rent expenses
Taxes and dues
Depreciation
Other

23,999
4,557
2,324
472
1,464
1,830

25,320
4,760
2,423
474
1,559
1,985

Total operating cost

34,64836,523Operating gross profit

4,719

4,413

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

1,177
161
54
107
884

1,164
174
59
115
721

2,385

2,235

2,333

2,177

775
38
185

811
61
101

998

974

166
55

130
19

221

150

3,111

3,002

Operating revenueWarehouse income
Harbor transportation income
International transportation income
Land transportation income
Shipping income
Rent income of warehouse and logistics facilities
Rent income of real estate
OtherTotal 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
OtherTotal non-operating expenses
Ordinary income- 5 -(Millions of yen)Three months ended
June 30, 2013

Three months ended
June 30, 2014131413

14

3,098

2,987

865
179

668
327

Total income taxes

1,045995

Income before minority interests

2,053

1,991

59

53

1,993

1,937

Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Income before income taxes and minority interests
Income taxes - current
Income taxes - deferred

Minority interests in income
Net income- 6 -(Consolidated quarterly statements of comprehensive income)(Millions of yen)Three months ended
June 30, 2013

Three months ended
June 30, 2014

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 income

2,053

1,991

3,062
1,517
－

3,477(511)(3)

108(103)

4,688

2,858

Comprehensive income

6,741

4,850

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

6,555
185

4,81435- 7 -(3) Consolidated quarterly statements of cash flows(Millions of yen)Three months ended
June 30, 2013

Three months ended
June 30, 2014

3,098
1,676
107(253)(775)
166(38)13(319)
(76)
57

2,987
1,678
115
(470)
(811)
130(61)
14
815
(469)
(191)

Subtotal

3,655

3,738

Interest and dividend income received
Interest expenses paid
Income taxes paid

777
(259)
(1,771)812(161)(1,491)

Net cash provided by (used in) operating activities

2,402

2,898

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(8,205)5,165(1,931)7(293)(505)(48)
11(34)(107)
106(2,755)17(90)(8)(49)
10(496)

Net cash provided by (used in) investing activities(5,834)(3,374)

4,879(2,621)
15,750(17,518)
(927)
(103)

2,330
(2,168)200(5,467)(1,041)
(95)

(542)

(6,243)724(203)

Net increase (decrease) in cash and cash equivalents(3,250)(6,922)

Cash and cash equivalents at beginning of period

16,492

22,616

Cash and cash equivalents at end of period

13,242

15,694

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Amortization of goodwill
Increase (decrease) in provisionInterest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Loss on retirement of non-current assets
Decrease (increase) in notes and accounts receivable - tradeIncrease (decrease) in notes and accounts payable - trade
Other, net

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
Effect of exchange rate change on cash and cash equivalents- 8 -(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Three months ended June 30, 2013
Reportable segment
Adjustment(Note 1)(Millions of yen)Amount inconsolidated
quarterlystatements ofincome(Note 2)

Logistics

Shipping

Real estate

Total

31,252

5,828

2,286

39,367－39,367111

6397

272(272)－

Total

31,364

5,891

2,384

39,640(272)39,367

Segment income

2,033(10)

1,347

3,370

(1,036)2,333

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ -1,036 million includes company-wide expenses of ¥ -1,007 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.

Three months ended June 30, 2014
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

32,689

6,230

2,017

40,937－40,9371054889242

(242)

－

Total

32,794

6,2782,107

41,180(242)

40,937

Segment income

2,14240954

3,138(960)2,177Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Adjustment in segment income of ¥ -960 million includes company-wide expenses of ¥ -965 million, which are not allocated to
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 -