Consolidated Financial Results
for the Second Quarter Ended September 30, 2021 [ Japan GAAP ]November 9, 2021

The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

TokyoURL:

https://www.sumitomo-soko.co.jp/

Representative:

Takanori Ono, President

Inquiries:

Akihiko Hoshino, Executive Officer, General Manager,
Finance & Accounting DepartmentTel:+81 6 6444 1183

Quarterly statement filing date (as planned):

November 11, 2021

Dividend payable date (as planned):

December 1, 2021

Supplemental material of quarterly results:

Yes

Convening briefing of quarterly results:Yes(Figures are rounded down to the nearest million yen)
1. Consolidated financial results for the second quarter ended September 30, 2021 (April 1, 2021-September 30, 2021)(1) Consolidated operating results(％: year-on-year change)
Operating revenue

Operating income

owners of parent

Millions of yen％Six months ended September 30, 2021

105,789

13.8

9,540

114.8

10,869

87.7

7,700

129.2

Six months ended September 30, 2020

92,945(2.4)

4,440(20.0)

5,790(15.5)

3,360(21.9)

Millions of yen％

Profit attributable toOrdinary income
Millions of yen％

Millions of yen％

Note: Comprehensive income:Six months ended September 30, 2021: 13,886 million yen；30.4%
Six months ended September 30, 2020: 10,647million yen；243.9%
Net income per share
Yen

Diluted net income
per share
Yen

Six months ended September 30, 2021

94.28

94.02

Six months ended September 30, 2020

40.21

40.10(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen％

As of September 30, 2021

362,672

206,337

54.8

As of March 31, 2021

348,968

196,24154.1

Note: Owner’s equity
As of September 30, 2021: 198,667 million yen
As of March 31, 2021: 188,959 million yen- 1-

2. Dividends
First quarter

Second quarter

Yen

Yen

Dividend per share
Third quarter
Fiscal year end
Yen

Year ended March 31, 2021

－

24.00

Year ending March 31, 2022－

38.00

Year ending March 31, 2022
(Forecast)

TotalYen

Yen

－

24.00

48.00

－

48.00

86.00

Note: Correction of dividend forecast from the most recent dividend forecast: Yes

3. Consolidated forecasts for the year ending March 31, 2022 (April 1, 2021-March 31, 2022)
Operating revenue

Full year

Millions of yen％

219,000

14.0

Operating income％Millions of yen

25,000Ordinary income
Millions of yen

128.0

27,500％102.9(％: year-on-year change)
Profit attributable toNet income
owners of parent
per share
Millions of yen

17,500％

Yen

107.0

214.92

Note: Correction of financial forecast from the most recent financial forecast: Yes

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, 2021 : 82,886,615 sharesAs of March 31, 2021 : 82,886,615 shares
Number of treasury stock:
As of September 30, 2021 : 1,716,489 shares
As of March 31, 2021 : 765,824 shares
Average number of shares:
Second quarter ended September 30, 2021 : 81,678,411 shares
Second quarter ended September 30, 2020 : 83,572,636 shares* Status of quarterly reviewing processes
This Financial Results is not subject to review based on the Japanese Financial Instruments and Exchange Act.
* 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 the Company’s control.

- 2-Consolidated Financial Results(1) Consolidated quarterly balance sheets(Millions of yen)
As of March 31, 2021

As of September 30, 2021

Cash and deposits

27,64032,956

Notes and accounts receivable-trade

23,00323,262

Real estate for sale

20

20Work in process

32

Other

6,394

7,756

Allowance for doubtful accounts

(104)

(103)

56,95863,895

Buildings and structures, net

91,521

90,160Machinery, equipment and vehicles, net

5,920

5,712

Vessels, net

4,508

4,314

Tools, furniture and fixtures, net

1,204

1,108

Land

64,182

64,832

407

494

2,685

2,515

170,431

169,139

26

17

Leasehold interests in land

5,140

5,140

Software

1,273

1,192

Other

186

242

6,627

6,593

107,294

115,046

Long-term loans receivable

469

461

Deferred tax assets

544

562

Other

6,896

7,248

Allowance for doubtful accounts

(252)

(274)

Total investments and other assets

114,952

123,043

292,010

298,776

348,968362,672

AssetsCurrent assets

Total current assets
Non-current assets
Property, plant and equipment

Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Goodwill

Total intangible assets
Investments and other assets
Investment securities

Total non-current assets
Total assets- 3-(Millions of yen)
As of March 31, 2021

As of September 30, 2021

Notes and accounts payable-trade

14,107

14,495

Short-term borrowings

14,462

13,032

Commercial papers－1,500

Income taxes payable

2,529

2,471

Provision for bonuses

1,9412,292

Other

8,059

9,349

Total current liabilities

41,09943,142

Bonds payable

53,00053,000Long-term borrowings

20,101

19,747

Deferred tax liabilities

25,757

27,73260

67

Retirement benefit liability

3,567

3,683

Long-term deposits received

7,874

7,954

Other

1,266

1,005

111,627

113,192

152,726

156,334

Share capital

14,922

14,922

Capital surplus

12,341

12,343Retained earnings

108,444

114,094

Treasury stock(1,060)(2,651)

Total shareholders' equity

134,649

138,709

Valuation difference on available-for-sale securities52,086

56,585

Foreign currency translation adjustment

1,434

2,666

Remeasurements of defined benefit plans

788

705

54,30959,957

Share acquisition rights

285

258

Non-controlling interests

6,997

7,412

196,241

206,337

348,968

362,672

Liabilities
Current liabilities

Non-current liabilities

Provision for retirement benefits for directors (andother officers)

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Total accumulated other comprehensive income

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, 2020

Six months ended
September 30, 2021

13,10017,71519,87920,344
10,890
2,860
5,041
3,113

14,065
15,506
26,12622,42816,357
3,005
5,051
3,247

92,945

105,789

57,291
11,512
5,281
1,250
4,099
4,133

62,84812,376
5,636
1,152
4,606
4,523

83,56991,144

Operating gross profit

9,375

14,645Selling, general and administrative expenses
Salaries, allowances and welfare expenses
Provision for bonuses
Retirement benefit expenses
Amortization of goodwill
Other

2,550
411
134
8
1,829

2,617
542
114
8
1,821

4,934

5,105

Operating income

4,440

9,540

Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity method
Other

1,206
72
352

1,355
109
203

1,631

1,668

203
771

168
100
69

281

339

5,790

10,869Operating revenue
Warehouse income
Harbor transportation income
International transportation income
Land transportation income
Shipping income
Rent income of warehouse and logistics facilities
Real estate lease revenue
OtherTotal operating revenue
Operating costs
Cost of sales
Personal expenses
Rent expenses
Taxes and dues
Depreciation
Other
Total operating costs

Total selling, general and administrative expenses

Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income- 5-(Millions of yen)Six months ended
September 30, 2020

Six months ended
September 30, 2021

11－1441

1156

131

89

131

89

Profit before income taxes

5,67010,836

Income taxes-current
Income taxes-deferred

2,029(135)

2,602
38

Total income taxes

1,894

2,640

Profit

3,775

8,195

415

494

3,360

7,700

Extraordinary income
Gain on sale of non-current assets
Gain on reversal of foreign currency translation adjustment
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 6-(Consolidated quarterly statements of comprehensive income)(Millions of yen)Six months ended

Six months ended

September 30, 2020

September 30, 2021

3,775

8,195

Valuation difference on available-for-sale securities

7,565

4,506

Foreign currency translation adjustment

(608)

1,037

(7)

(82)

(77)

229

6,872

5,691

10,647

13,886

10,205

13,348442

538

ProfitOther comprehensive income

Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)
Owners of parent
Non-controlling interests- 7-(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended Six months ended
September 30, 2020 September 30, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provisions
Interest and dividend income
Interest expenses
Share of loss (profit) of entities accounted for using equity method
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Gain on reversal of foreign currency translation adjustment
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of commercial papers
Redemption of commercial papers
Purchase of treasury stock
Dividends paid
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
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
- 8-

5,670
4,312
8226
(1,206)203(72)(11)
131－
1,163(554)423
10,294
1,325(219)(1,261)
10,138

10,8364,815
8375(1,355)
168
(109)
(14)
89(41)(2,241)552
1,152
14,2371,465(168)(2,628)12,905(952)
488(7,825)59(206)(21)
6(139)(8,591)(1,012)
1,151(2,384)17(193)(1,029)8(145)(3,587)

1,252(1,517)(7,289)－－(0)(2,422)(486)(10,463)(169)(9,085)34,54925,464

1,242(2,654)(370)
3,000(1,500)(1,699)(1,970)(560)(4,513)494
5,300
25,272
30,573

(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Six months ended September 30, 2020
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

76,913

10,8905,141

92,945－92,945

204

294

255

754

(754)

－

Total

77,117

11,184

5,397

93,699(754)

92,945

Segment income (loss)

4,897(621)

2,759

7,034

(2,593)

4,440

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (2,593) million in segment income (loss) includes company-wide expenses of ¥ (2,541) million which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neither ofthe reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
2. Segment income (loss) is adjusted to coincide with operating income as recorded on the consolidated quarterly statements ofincome.
Six months ended September 30, 2021
Reportable segment
Adjustment(Millions of yen)Amount inconsolidated
quarterlystatements ofincome(Note 2)

Logistics

Shipping

Real estate

Total(Note 1)

84,327

16,357

5,104

105,789－

105,789

291

721

264

1,278(1,278)

－

Total

84,61917,0795,368

107,068(1,278)105,789

Segment income

6,912

2,415

2,781

12,109(2,569)

9,540

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (2,569) million in segment income includes company-wide expenses of ¥ (2,533) million which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neither ofthe reportable 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.

This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between
this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation ordirect, indirect or any other forms of damages arising from the translation.

- 9-