Consolidated Financial Results
for the Second Quarter Ended September 30, 2009
November 6, 2009The 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:

Soji Yagi, Executive Officer, General Manager,
Finance & Accounting Department

Phone Number:+81 6 6581 1183

Starting date of dividend payment:

December 10, 2009

Date of the filing of the Quarterly Report:

November 9, 2009

１．Consolidated Financial Results for the Second Quarter Ended September 30, 2009 (April 1, 2009- September 30, 2009)
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％Millions of yen

Ordinary income

Net income％Millions of yen％

Millions of yen

Six months ended September 30, 2009

58,772(15.5)

3,365(12.9)

3,625(16.6)

1,874(18.2)

Six months ended September 30, 2008

69,542－

3,864－

4,344－

2,292－Net income per shareYen

Dilutive Net Incomeper share
Yen

Six months ended September 30, 2009

10.51

－Six months ended September 30, 2008

12.23

12.17

(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net asset per share

Millions of yen

Millions of yen％

Yen

As of September 30, 2009

228,888111,17046.7

599.21

As of March 31, 2009

216,097104,22146.3

560.96

Notes: Equity
Second quarter ended September 30, 2009 : 106,899 million yen
Year ended March 31, 2009 : 100,075 million yen

2．Dividends
First Quarter
endedYen

Dividends per share
Second Quarter
Third Quarter
endedendedYenYen

Year ended March 31, 2009

－

5.00

Year ending March 31, 2010－

5.00

Year ending March 31, 2010(Forecast)
Notes: Revision of cash dividend forecast for this period : None-1-Year-end

AnnualYenYen－

5.00

10.00

－

5.00

10.00

3. Forecasts for the Year Ending March 31, 2010 (April 1, 2009-March 31, 2010)
Operating revenue

Full year

Millions of yen％

119,000(9.8)

Operating income
Millions of yen

7,300％

Ordinary income
Millions of yen

2.4

7,600％(2.2)(%: change from the previous year)
Net income
Net income
per share
Millions of yen

4,000％Yen139.3

22.42

Note: Revision of forecasts for this period: Yes

4. Other(1) Changes of significant subsidiaries during the period (change of specified subsidiaries that affected the scope of consolidated
reporting): None
(2) Adoption of simplified accounting methods and special accounting methods for quarterly consolidated financial statements: Yes(3) Changes of accounting policies applied, procedures and disclosures for presenting consolidated financial statement
Changes by revision of accounting standard: None
Changes other than the above: None
(4) Number of shares issued (common stock)
Number of shares issued at the end of the period (including treasury stock) :As of September 30, 2009 : 195,936,231 shares
As of March 31, 2009 : 195,936,231 shares
Number of treasury stocks at the end of the period :As of September 30, 2009 : 17,536,463 shares
As of March 31, 2009 : 17,534,066 shares
Average number of shares issued at the end of the period :As of September 30, 2009 : 178,400,621 shares
As of September 30, 2008 : 187,420,553 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 quarterly balance sheets(Millions of yen)
As of September 30, 2009

As of March 31, 2009

Cash and deposits

19,306

15,781

Notes and operating accounts receivable

15,555

15,051

44186

207Real estate for sale in process－3

Work in process

8778

Deferred tax assets

1,036875

Other

2,938

3,866(83)(79)

39,03135,789Buildings and structures, net

65,296

67,259Machinery, equipment and vehicles, net

4,250

4,710

730

732

46,42946,420Construction in progress

626

613

Other, net

166

117,350

119,744

Goodwill

2,273

2,436

Leasehold right

6,203

6,162

Software

2,344

2,277

Other

400

599

11,221

11,477

Investment securities

53,573

41,393Long-term loans receivable

1,028

1,062

450

348

Other

6,487

6,545

Allowance for doubtful accounts

(256)

(263)

Total investments and other assets

61,28449,086

189,856

180,308

228,888

216,097

AssetsCurrent assets

Short-term investment securities
Real estate for sale

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

Tools, furniture and fixtures, netLand

Total property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets

Deferred tax assets

Total noncurrent assets
Total assets-3-

(Millions of yen)
As of September 30, 2009

As of March 31, 2009

Notes and operating accounts payable-trade

8,568

8,578

Short-term loans payable

11,702

11,196

Income taxes payable

1,994

317

Provision for bonuses

1,597

1,450

Other

5,265

4,733

Total current liabilities

29,12926,276Long-term loans payable

58,16858,861

Deferred tax liabilities

13,178

9,607

Provision for retirement benefits

3,411

3,254

96

90

12,924

12,939807

846

88,58885,599117,717

111,876

Capital stock

21,822

21,822

Capital surplus

19,177

19,177Retained earnings

62,961

61,978Treasury stock(9,123)(9,122)

Total shareholders' equity

94,83793,855

13,046

7,656

(4)

(16)

Foreign currency translation adjustment(979)(1,419)Total valuation and translation adjustments

12,061

6,219

64

64

Minority interests

4,206

4,081

Total net assets

111,170

104,221228,888

216,097

Liabilities
Current liabilities

Noncurrent liabilities

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

Valuation and translation adjustments
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 quarterly statements of income(Millions of yen)Six months ended
September 30, 2008

Six months ended
September 30, 2009

Warehouse income

9,771

9,221

Harbor transportation income

19,56315,751

International transportation income

15,707

10,882Land transportation income

13,85812,287

Rent income of warehouse and logistics facilities

2,701

2,706

Operating revenue

Rent income of real estate

4,964

4,917

Other

2,975

3,004

Total operating revenue

69,542

58,772

Cost of sales

41,37832,637

Personal expenses

8,410

8,045

Rent expenses

4,015

3,803

Taxes and dues

1,214

1,020

Depreciation3,002

2,928

Other

3,900

3,166

Total operating cost

61,921

51,601

Operating gross profit

7,620

7,170

1,918

1,852

376

360

Operating cost

Selling, general and administrative expenses
Salaries and allowances and welfare expenses
Provision for bonuses
Retirement benefit expenses

125

131

Amortization of goodwill

162

163

Other

1,173

1,295

Total selling, general and administrative expenses

3,756

3,804

3,864

3,365

Interest and dividends income

783

535

Equity in earnings of affiliates

92100

Operating income
Non-operating income

Other

140

168

1,015

805

Interest expenses

451

444

Other

83

101

Total non-operating expenses

534

545

4,344

3,625

Total non-operating income
Non-operating expenses

Ordinary income-5-

(Millions of yen)Six months ended
September 30, 2008

Six months ended
September 30, 2009

Loss on retirement of noncurrent assets

29

72

Loss on valuation of investment securities

215

198

Impairment loss

67－

Total extraordinary losses

312

271

Income before income taxes and minority interests

4,032

3,353

Income taxes-current

1,715

1,762

Income taxes-deferred(122)(374)

Total income taxes

1,592

1,387

Extraordinary loss

Minority interests in income
Net income-6-147

90

2,292

1,874

(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended
September 30, 2008

Six months ended
September 30, 2009

Income before income taxes and minority interests

4,032

3,353

Depreciation and amortization

Net cash provided by (used in) operating activities
3,121

3,247

Impairment loss

67－Amortization of goodwill

162

163

Increase (decrease) in provision

(107)

307

Interest and dividends income

(783)

(535)

Interest expenses

451

444

Equity in (earnings) losses of affiliates

(92)

(100)

Loss on retirement of property, plant and equipment

2972

Loss (gain) on valuation of investment securities

215

198

Decrease (increase) in notes and accounts receivable-trade

(457)

(420)

Increase (decrease) in notes and accounts payable-trade

340

(44)

Other, net

(47)

697

Subtotal

6,932

7,383

Interest and dividends income received

778

539

Interest expenses paid

(413)

(475)

(2,264)(268)

Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities－1,2005,0328,380(437)(6,533)

Net cash provided by (used in) investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits

351

710

Purchase of property, plant and equipment(5,020)(546)

1823(670)(229)

Purchase of investment securities(82)(3,158)

Payments of loans receivable

(315)

(82)

Collection of loans receivable

2974

Other, net(65)

5(6,193)(9,737)

Increase in short-term loans payable

5,056

7,162

Decrease in short-term loans payable(4,225)(6,312)

Proceeds from sales of property, plant and equipment
Purchase of intangible assets

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities

Proceeds from long-term loans payable

7,400

378

Repayment of long-term loans payable(1,132)(1,417)Purchase of treasury stock(3,007)－(957)(890)

Cash dividends paid
Other, net(52)

(95)

3,081

(1,174)

Effect of exchange rate change on cash and cash equivalents

(159)

226

Net increase (decrease) in cash and cash equivalents

1,761(2,305)

Cash and cash equivalents at beginning of period11,718

14,669Cash and cash equivalents at end of period

13,48012,363

Net cash provided by (used in) financing activities-7-(4) Segment Informationa. Information by operational segment
Six months ended September 30, 2008

(Millions of yen)
Corporate

Logistics

Real Estate

Total

64,454

5,087

69,542－

69,542

5

9398

(98)

－

64,4595,181

69,640(98)

69,542

2,955

3,071

6,027

(2,163)3,864& Elimination

Consolidated

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income
Six months ended September 30, 2009

(Millions of yen)
Logistics

Real Estate

Total

53,708

5,063

58,772

Corporate& Elimination

Consolidated

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income－

58,772

4

96

101

(101)

－

53,712

5,160

58,873(101)

58,772

2,556

3,086

5,642

(2,277)3,365

Notes:
Segment
Logistics

Main operations
Warehousing (stock operations, bonded cargo handling)
Harbor transportation, Customs clearance

Real Estate

International multimodal transportation, Air cargo agent
Land transportation
Office space and land leasingb. Information by geographic segment
Six months ended September 30, 2008

(Millions of yen)Japan

OthersTotal

62,904

6,638

69,542

Corporate& Elimination

Consolidated

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income－

69,542

477

2,596

3,073

(3,073)－63,381

9,234

72,616(3,073)69,542

5,603

424

6,027

(2,163)3,864

Six months ended September 30, 2009

(Millions of yen)
CorporateJapan

OthersTotal

54,383

4,389

58,772－

58,772

290

1,765

2,056

(2,056)－54,673

6,15460,828(2,056)

58,772

5,516

125

5,642

(2,277)3,365& Elimination

Consolidated

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income

Notes: “Others” consists of Asia, Europe and North America.

c. Overseas operating revenue
The Companies’ overseas operating revenue, which represents operating revenue to customers outside Japan, was immaterial. Accordingly,
overseas operating revenue was not disclosed.

-8-