Consolidated Financial Results
for the Year Ended March 31, 2022[ Japan GAAP ]May 13, 2022

The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

Tokyo

URL:

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

Representative:

Takanori Ono, President

Inquiries:

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

Date of general shareholders' meeting (as planned):

June 29, 2022

Dividend payable date (as planned):

June 30, 2022

Annual securities report filing date (as planned):

June 29, 2022

Supplemental material of annual results:

Yes

Convening briefing of annual results:

Yes(Figures are rounded down to the nearest million yen)

１．Consolidated financial results for the year ended March 31, 2022(April 1, 2021-March 31, 2022)(1) Consolidated operating results(％: year-on-year change)
Operating revenue

Operating income％

Profit attributable toOrdinary income％

Year ended March 31, 2022

231,461

20.5

27,748153.1

30,421

124.5

19,703

133.1

Year ended March 31, 2021

192,0240.2

10,963(1.2)

13,552

(0.3)

8,454

(5.6)

Millions of yen

Millions of yen％

owners of parent

Millions of yen

Millions of yen％

Note: Comprehensive income:Year ended March 31, 2022: 25,491 million yen； (17.4)%
Year ended March 31, 2021: 30,867 million yen； －%Net income
per share

Diluted net
income per share

Yen

Yen

Net income toshareholders'equity ratio％

Ordinary income
to total assets ratio％

Operating income
to operating
revenues ratio％

Year ended March 31, 2022

242.55241.94

10.0

8.4

12.0

Year ended March 31, 2021

101.72101.45

4.8

4.1

5.7

Note: Investment profit (loss) on equity method:Year ended March 31, 2022: 228 million yen
Year ended March 31, 2021: 200 million yen(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Net assets per share

Millions of yen

Millions of yen％

Yen

As of March 31, 2022

373,720

213,94554.4

2,519.25

As of March 31, 2021

348,968

196,24154.1

2,300.99

Note: Owner's equity
As of March 31, 2022: 203,476 million yen
As of March 31, 2021: 188,959 million yen- 1-(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,
end of period
Millions of yen

Year ended March 31, 2022

31,418(5,879)(10,267)

40,840Year ended March 31, 2021

20,605(16,366)(13,116)

25,272

2．Dividends
Dividend per shareFirst
quarter

Secondquarter

FiscalThird
quarter year end

Total

Ratio of total
Total
Payout ratio amount of dividends
to net assets
dividend paid (consolidated)(consolidated)
Millions of yen
％
％

Yen

Yen

Yen

Yen

Yen

Year ended March 31, 2021

－

24.00

－

24.00

48.00

3,977

47.2

2.2

Year ended March 31, 2022

－

38.00

－

59.00

97.00

7,850

40.0

4.0

Year ending March 31, 2023
(Forecast)

－

50.00

－

50.00

100.0037.6

3. Consolidated forecasts for the year ending March 31, 2023 (April 1, 2022-March 31, 2023)
Operating revenue

Operating income

Millions of yen％

Six months

115,000

8.7

17,40082.4

18,30068.4

Full year

211,000(8.8)

25,200(9.2)

27,500(9.6)

Millions of yen％

Ordinary income
Millions of yen％(％: year-on-year change)
Profit attributable to
Net income
owners of parent
per share％Yen

13,30072.7

164.6721,5009.1

266.19Millions of yen

4. Other(1) Material changes in subsidiaries during this period (Changes in scope of consolidations resulting from change in subsidiaries): None(2) 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
(3) Number of issued and outstanding shares (common stock)
Number of issued and outstanding shares (including treasury stock):
As of March 31, 2022 : 81,431,915 shares
As of March 31, 2021 : 82,886,615 shares
Number of treasury stock:
As of March 31, 2022 : 663,172 shares
As of March 31, 2021 : 765,824 shares
Average number of shares:
Year ended March 31, 2022 : 81,233,785 sharesYear ended March 31, 2021 : 83,111,655 shares* Status of auditing processes
This Financial Results is not subject to audits by certified public accountants or auditing firms.
* 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 balance sheets(Millions of yen)
As of March 31, 2021

As of March 31, 2022

27,64023,003
20
3
6,394
(104)

43,067
27,065
20
1
9,654
(160)

56,95879,648Non-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

91,521
5,920
4,508
1,204
64,182407
2,685

89,262
6,216
4,121
1,014
64,899835
2,309

Total property, plant and equipment

170,431

168,660

Intangible assets
Goodwill
Leasehold interests in land
Software
Other

26
5,140
1,273
186

8
5,140
1,158
272

Total intangible assets

6,627

6,580

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

107,294
469
544
6,896
(252)

110,631
444
633
7,396
(275)

Total investments and other assets

114,952

118,830

292,010294,071348,968

373,720

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

Total non-current assets
Total assets- 3-

(Millions of yen)
As of March 31, 2021

As of March 31, 2022

14,107
14,462
－
－
2,529
1,941
8,059

15,880
5,496
6,000
3,500
4,089
1,988
11,342

41,09948,29753,00020,10125,75747,00024,10327,448

60

79

3,567
7,874
1,266

4,235
7,835
774

111,627

111,476

Total liabilities

152,726

159,774

Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury stock

14,922
12,341
108,444(1,060)14,922
12,343
120,659(1,062)

134,649

146,863

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

52,0861,434
788

53,4372,685
489

Total accumulated other comprehensive income

54,30956,613

285
6,997

246
10,222

196,241

213,945

348,968

373,720

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term borrowings
Current portion of bonds payable
Commercial papers
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Long-term deposits received
Other
Total non-current liabilities

Total shareholders' equity

Share acquisition rights
Non-controlling interests
Total net assets
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, 2021
Operating 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
Other
Total operating revenue
Operating costs
Cost of sales
Personal expenses
Rent expenses
Taxes and dues
Depreciation
Other
Total operating costs
Operating gross profit
Selling, general and administrative expenses
Salaries, allowances and welfare expenses
Provision for bonuses
Retirement benefit expenses
Amortization of goodwill
Other
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Donations
Commission expenses
Other
Total non-operating expenses
Ordinary income- 5-Year ended
March 31, 2022

26,92435,36742,22643,47821,966
5,716
10,102
6,242
192,024

28,887
31,77458,03846,37243,608
6,073
10,033
6,673
231,461

117,686
23,49910,346
2,530
8,656
8,608

134,413
25,326
12,129
2,308
9,419
9,437

171,328
20,695

193,034
38,426

5,432
387
247
17
3,647
9,732
10,963

6,010
394
217
17
4,038
10,67827,748

59
2,238
200
803
3,302

54
2,717
228
563
3,564

399
111
－
202
713
13,552

342
312
106
130
891
30,421

(Millions of yen)
Year ended
March 31, 2021

Year ended
March 31, 2022

Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on bargain purchase
Gain on reversal of foreign currency translation adjustment
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of investment securities
Impairment losses
Total extraordinary losses
Profit before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes

376
13,466
4,369
(315)
4,053

324
－
1,082
1,406
30,702
6,773
614
7,387

ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

9,413
959
8,454

23,314
3,611
19,703

- 6-

141
58
90
－
290
355
21
－

28
1,616
－
41
1,686

(Consolidated statements of comprehensive income)(Millions of yen)
Year ended
March 31, 2021
ProfitOther 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

Year ended
March 31, 2022

9,413

23,314

21,153
(778)
1,085

1,378
707
(298)

(5)

389

21,4542,176

Comprehensive income

30,86725,491(Comprehensive income attributable to)
Owners of parent
Non-controlling interests

29,834
1,033

22,007
3,484

Total other comprehensive income- 7-(3) Consolidated statements of changes in net assets

Year ended March 31, 2021
(Millions of yen)
Shareholders' equity
Balance at beginning of
periodShare capital

Capital surplus

Retained earnings

Treasury stock

Total shareholders' equity

14,922

12,115

106,514(1,191)

132,361

Changes during period
Dividends of surplus(4,429)(4,429)Profit attributable toowners of parent

8,454

8,454

Purchase of treasury stock(2,056)(2,056)

Disposal of treasury stock

(10)

103

93

Retirement of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests
Net changes in items otherthan shareholders' equity(2,083)

2,083

－

226

－

226

1,930

130

2,287

14,922

12,341

108,444(1,060)134,649

Total changes during period
Balance at end of period

226

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

31,030

2,196

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income(298)

32,929Shareacquisitionrights

Noncontrollinginterests

Total net
assets294

6,391

171,976

Changes during period
Dividends of surplus(4,429)Profit attributable toowners of parent

8,454

Purchase of treasury stock(2,056)

Disposal of treasury stock

93

Retirement of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests
Net changes in items otherthan shareholders' equity

21,055

(762)

1,086

21,380(8)605

21,977

Total changes during period

21,055

(762)

1,086

21,380(8)605

24,265

Balance at end of period

52,0861,434

788

54,309285

6,997

196,241

－
226

- 8-

Year ended March 31, 2022
(Millions of yen)
Shareholders' equity

Balance at beginning of
periodShare capital

Capital surplus

Retained earnings

Treasury stock

Total shareholders' equity

14,922

12,341

108,444(1,060)134,649

Cumulative effects ofchanges in accounting
policies
Restated balance(80)
14,922

12,341

108,364(80)(1,060)134,569

Changes during period
Dividends of surplus(5,055)(5,055)

Profit attributable toowners of parent

19,703

19,703(2,501)(2,501)

(11)

157

148

(2,341)

2,341－

Purchase of treasury stock

1

Disposal of treasury stock
Retirement of treasury stock
Net changes in items otherthan shareholders' equity
Total changes during period
Balance at end of period－

112,294(2)

12,294

14,922

12,343

120,659(1,062)

146,863

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of
period52,086

Total
Foreign
Remeasurements accumulated
currencyof definedothertranslation
benefit plans comprehensive
adjustment
income1,434

788

54,309Shareacquisitionrights

Noncontrollinginterests

Total net
assets285

6,997

196,241

(5)

(85)

6,991

196,156

Cumulative effects ofchanges in accounting
policies
Restated balance

52,0861,434

788

54,309285

Changes during period
Dividends of surplus(5,055)

Profit attributable toowners of parent

19,703Purchase of treasury stock(2,501)

Disposal of treasury stock148

Retirement of treasury stock－

Net changes in items otherthan shareholders' equity

1,351

1,251

(298)

2,303

(39)

3,230

5,495

Total changes during period

1,351

1,251

(298)

2,303

(39)

3,230

17,789Balance at end of period

53,4372,685

489

56,613

246

10,222

213,945- 9-

(4) Consolidated statements of cash flows(Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in retirement benefit liability
Increase (decrease) in provision for retirement benefits for directors
Increase (decrease) in provision for bonuses
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
Loss (gain) on sale of investment securities
Gain on bargain purchase
Gain on reversal of foreign currency translation adjustment
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Increase (decrease) in deposits received
Other, net

Year ended
March 31, 2021

Year ended
March 31, 2022

13,466
9,093－

30,702
9,853
1,082
17
78
238
18
41
(2,771)
342
(228)
(28)
324
(1,616)
－

17
(17)
278
1
90
(2,297)
399
(200)
(141)
355
(36)
(90)
－
(1,203)
1,572
397
40

(41)
(5,880)
1,776
979
(915)

Subtotal

21,72433,970Interest and dividends received
Interest paid
Income taxes paid

2,425
(408)
(3,136)

3,007
(340)
(5,218)Net cash provided by (used in) operating activities

20,60531,418(9,784)
9,353(15,788)
150
(528)
(40)
572

(1,801)
2,170(6,213)33(550)(1,058)
1,707

(391)

－

(171)
215
46

(1)
25
(191)

(16,366)(5,879)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 sale of investment securities
Purchase of shares of subsidiaries resulting in change in scope of
consolidation
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities- 10 -

(Millions of yen)

Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from issuance of commercial papers
Redemption of commercial papers
Proceeds from sale of treasury stock
Purchase of treasury stock
Dividends paid
Dividends paid to non-controlling interests
Other, net

Year ended
March 31, 2021

Year ended
March 31, 2022

2,823
(3,662)2,000(11,616)
10,000(5,000)－－2,341(5,965)
5,770(7,109)－－24(2,056)(4,429)(196)(1,003)8,000(4,500)49(2,501)(5,054)(259)(1,037)(13,116)(10,267)

(398)

295

Net increase (decrease) in cash and cash equivalents(9,276)

15,567

Cash and cash equivalents at beginning of period

34,54925,272

Cash and cash equivalents at end of period

25,272

40,840Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 11 -

(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 each segment 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 mainlyof vessel operations on the routes between the northwest coast of North America and East Asia by our subsidiary Westwood Shipping Lines,
Inc. In addition to these, the Company promotes “Real estate business” including leasing and sales of real estate etc., with a dedicated department
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, 2021
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

159,803

21,966

10,254

192,024－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
External revenue
Inter-segment revenue

192,024

452

634

519

1,606

(1,606)－

Total

160,256

22,601

10,773

193,630(1,606)

192,024

Segment income (loss)

10,509

(140)

5,508

15,877(4,913)

10,963

Segment assets

178,361

10,02945,635

234,025

114,943

348,968

5,972

359

2,145

8,478

614

9,093

17

－

－

17

－

17

6,011

－

－

6,011

－

6,011

15,36128

1,218

16,608137

16,746

Other items
Depreciation
Amortization of goodwill
Investment in associates accounted for by
the equity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) The adjustment of ¥ (4,913) million in segment income (loss) includes company-wide expenses of ¥ (4,869) million which are
not allocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable toneither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) The adjustment of ¥ 114,943 million in segment assets includes company-wide assets of ¥ 115,438 million which are notallocated to 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 assignable to neither of the reportable segments.
(3) The adjustment of ¥ 137 million in additions to property, plant and equipment and intangible assets consists of the capital
investments assignable to neither of the 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 statements of income.

- 12 -

Year ended March 31, 2022
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

177,71743,608

10,135

231,461－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
External revenue
Inter-segment revenue
Total

231,461

629

1,977

538

3,145

(3,145)－

178,347

45,585

10,673

234,606(3,145)

231,461

Segment income

14,303

13,152

5,296

32,753(5,004)27,748Segment assets

182,116

20,02947,524

249,670

124,049

373,720

6,746

366

2,125

9,237

616

9,853

17

－

－

17

－

17

6,398

－

－

6,398

－

6,398

4,781

70

3,807

8,659

639

9,298

Other items
Depreciation
Amortization of goodwill
Investment in associates accounted for by
the equity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) The adjustment of ¥ (5,004) million in segment income includes company-wide expenses of ¥ (4,928) million which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neitherof the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) The adjustment of ¥ 124,049 million in segment assets includes company-wide assets of ¥ 124,687 million which are notallocated to 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 assignable to neither of the reportable segments.
(3) The adjustment of ¥ 639 million in additions to property, plant and equipment and intangible assets consists of the capital
investments assignable to neither of the 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 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 or
direct, indirect or any other forms of damages arising from the translation.

- 13 -