Consolidated Financial Results
for the Fiscal Year Ended March 31, 2023 (Under Japanese GAAP)May 12, 2023

The Sumitomo Warehouse Co., Ltd.
Listing:

Tokyo Stock Exchange

Securities code:

9303

URL:

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

Representative:

Takanori Ono, President

Inquiries:

Akihiko Hoshino, Managing Executive Officer,
General Manager, Finance & Accounting Department

Telephone:+81 6 6444 1183

Scheduled date of annual general meeting ofJune 29, 2023

shareholders:
Scheduled date to commence dividend payments:

June 30, 2023

Scheduled date to file annual securities report:

June 29, 2023

Preparation of supplementary material on financial

Yes

results:
Holding of financial results briefing:

Yes(Yen amounts are rounded down to millions, unless otherwise noted.)

１．Consolidated financial results for the fiscal year ended March 31, 2023(from April 1, 2022 to March 31, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Operating revenue

Operating profit％ Millions of yen

Fiscal year ended

Millions of yen

March 31, 2023

223,948(3.2)

March 31, 2022

231,461

20.5

Profit attributable toOrdinary profit

owners of parent％

Millions of yen％

Millions of yen％

26,090(6.0)

29,115(4.3)

22,45514.0

27,748153.1

30,421

124.5

19,703133.1

Note: Comprehensive income:For the fiscal year ended March 31, 2023: ¥30,702 million [20.4% ]For the fiscal year ended March 31, 2022: ¥25,491 million [(17.4)% ]Basic earnings
per share

Diluted earnings
per share

Return on equity

Ratio of ordinary
profit to total
assetsRatio of operating
profit to net sales

Fiscal year ended

Yen

Yen

％

％

％

March 31, 2023

281.09280.46

10.7

7.7

11.7

March 31, 2022

242.55241.94

10.0

8.4

12.0

Reference: Share of profit (loss) of entities accounted for using equity method:
For the fiscal year ended March 31, 2023: ¥62 million
For the fiscal year ended March 31, 2022: ¥228 million(2) Consolidated financial position
Equity-to-asset ratio

Net assets per share

Millions of yen％

Yen

385,791

228,94556.3

2,737.57

373,720

213,94554.4

2,519.25

Total assets

Net assets

Millions of yen

March 31, 2023
March 31, 2022

As ofReference: Equity
As of March 31, 2023: ¥217,337 million
As of March 31, 2022: ¥203,476 million- 1-(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Fiscal year ended

Millions of yen

Millions of yen

Millions of yen

Millions of yen

March 31, 2023

29,816(4,572)(20,525)

46,521March 31, 2022

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

40,8402．Cash dividends
Annual dividends per share
First
SecondThird
quarter-end quarter-end quarter-end
Yen
Fiscal year ended

March 31, 2022
Fiscal year ended
March 31, 2023
Fiscal year ending
March 31, 2024
(Forecast)

Yen

Total cash
dividends(Total)Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Fiscalyear-end

Total

Yen

Yen

Millions of yen

％

％

Yen

－

38.00

－

59.00

97.00

7,850

40.0

4.0

－

50.00

－

50.00

100.00

7,964

35.6

3.8

－

50.50

－

50.50

101.0064.7

3. Consolidated forecasts for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

Operating revenue

Six months ending
September 30, 2023
Fiscal year ending
March 31, 2024

Operating profit(Percentages indicate year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings
owners of parent
per share

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Yen

100,250(18.8)

7,000(60.4)

8,850(53.8)

5,700(61.4)

71.80

200,000(10.7)

14,500(44.4)

18,100(37.8)

12,400(44.8)

156.19* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of
consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares) :As of March 31, 2023 : 79,997,315 shares
As of March 31, 2022 : 81,431,915 shares(ii) Number of treasury shares at the end of the period :As of March 31, 2023 : 606,749 shares
As of March 31, 2022 : 663,172 shares(iii) Average number of shares outstanding during the period:
Fiscal year ended March 31, 2023 : 79,885,358 sharesFiscal year ended March 31, 2022 : 81,233,785 shares* Financial results reports are exempt from audit conducted by certified public accountants or an audit corporation.
* 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, 2022

As of March 31, 2023

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

48,99422,9612,894
117,335(170)

79,64892,016

Non-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

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

86,570
5,657
467
1,007
63,2895,627
3,448

Total property, plant and equipment

168,660

166,069

Intangible assets
Goodwill
Leasehold interests in land
Software
Other

8
5,140
1,158
272

－
5,138
1,622
205

Total intangible assets

6,580

6,966

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

110,631
444
633
7,396
(275)

112,674
279
1,089
6,909
(214)

Total investments and other assets

118,830

120,739

294,071

293,774

373,720

385,791

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, 2022

As of March 31, 2023

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

12,25013,416－48,29750,79447,00024,10327,44847,00016,99528,009

79

76

4,235
7,835
774

4,335
7,820
1,813

111,476

106,050

Total liabilities

159,774

156,845

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

14,922
12,343
120,659(1,062)

14,922
12,347
131,554(1,171)

146,863

157,653

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

53,4372,685
489

54,9204,154
608

Total accumulated other comprehensive income

56,61359,684

Share acquisition rights
Non-controlling interests

246
10,222

217
11,391

Total net assets

213,945

228,945

373,720

385,791

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

Total liabilities and net assets

- 4-

5,000
7,038
1,451
11,637

(2) Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Year ended
March 31, 2022
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

Year ended
March 31, 2023

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

30,41532,22970,25047,726
20,324
6,093
10,006
6,902

231,461

223,948

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

129,493
26,411
10,3602,418
9,548
10,103

193,034

188,335

Operating gross profit

38,42635,613

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

6,010
394
217
17
4,038

5,132
429
191
22
3,747

10,678

9,522

Operating profit

27,74826,090Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Other

54
2,717
228
563

70
3,564
62
416

3,564

4,113

342
－
106
442

335
128
467
155

891

1,088

30,421

29,115

Total 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
Commission expenses
Other
Total non-operating expenses
Ordinary profit- 5-

(Millions of yen)
Year ended
March 31, 2022
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sale of shares of subsidiaries and associates
Gain on reversal of foreign currency translation adjustment

41

840
249
13,184－

1,686

14,274

324
1,082
－
－
－

429
1,434
64
217
84

1,406

2,231

Profit before income taxes

30,702

41,159

Income taxes-current
Income taxes-deferred

6,773
614

13,368(68)

Total income taxes

7,387

13,299Profit23,31427,859Profit attributable to non-controlling interests

3,611

5,404

Profit attributable to owners of parent

19,70322,455

Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment losses
Business restructuring expenses
Litigation expenses
Loss on disaster
Total extraordinary losses

- 6-

28
1,616
－

Year ended
March 31, 2023

(Consolidated statements of comprehensive income)(Millions of yen)
Year ended
March 31, 2022
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, 2023

23,31427,859

1,378
707
(298)

1,480
1,025
119

389

218

2,176

2,843

Comprehensive income

25,49130,702(Comprehensive income attributable to)
Owners of parent
Non-controlling interests

22,007
3,484

25,526
5,176

Total other comprehensive income- 7-(3) Consolidated statements of changes in net assets
Year ended March 31, 2022
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

14,922Retained earnings

12,341

108,444

Cumulative effects ofchanges in accounting
policies
Restated balance

Total shareholders'equityTreasury shares(1,060)134,649(80)
14,922

12,341

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

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

Profit attributable to ownersof parent

19,703

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

(11)

157

148

(2,341)

2,341－

Purchase of treasury shares

1

Disposal of treasury shares
Cancellation of treasury
sharesNet changes in items otherthan shareholders' equity－

1

12,294(2)

12,294

14,922

12,343

120,659(1,062)

146,863

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

52,086

1,434

Total
Share
Remeasurements accumulated acquisitionof definedotherrightsbenefit plans comprehensive
income788

54,309285

Cumulative effects ofchanges in accounting
policies
Restated balance

52,0861,434

788

54,309285

Noncontrollinginterests

Total net
assets6,997

196,241

(5)

(85)

6,991

196,156

Changes during period
Dividends of surplus(5,055)

Profit attributable to ownersof parent

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

Disposal of treasury shares

148

Cancellation of treasury
shares－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- 8-

Year ended March 31, 2023
(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

14,922Retained earnings

12,343

120,659

Total shareholders'equityTreasury shares(1,062)

146,863

Changes during period
Dividends of surplus(8,760)(8,760)

Profit attributable to ownersof parent

22,45522,455(3,001)(3,001)

(13)

106

93

(2,786)

2,786－

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury
sharesChange in ownership interestof parent due to transactions
with non-controlling interests

3

3

Net changes in items otherthan shareholders' equity－

3

10,894(109)

10,78914,922

12,347

131,554(1,171)

157,653

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

53,437

2,685

Total
Share
Remeasurements accumulated acquisitionof definedotherrightsbenefit plans comprehensive
income489

56,613246

Noncontrollinginterests

Total net
assets

10,222

213,945

Changes during period
Dividends of surplus(8,760)

Profit attributable to ownersof parent

22,455Purchase of treasury shares(3,001)

Disposal of treasury shares

93

Cancellation of treasury
shares－Change in ownership interestof parent due to transactions
with non-controlling interests

3

Net changes in items otherthan shareholders' equity

1,483

1,468

119

3,070

(29)

1,168

4,210

Total changes during period

1,483

1,468

119

3,070

(29)

1,168

15,000

Balance at end of period

54,9204,154

608

59,684217

11,391

228,945- 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
Loss (gain) on sale of shares of subsidiaries and associates
Commission expenses
Gain on reversal of foreign currency translation adjustment
Litigation expenses
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Increase (decrease) in deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Payments for litigation expenses
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 sale of investment securities
Proceeds from sale of shares of subsidiaries resulting in change inscope of consolidation
Proceeds from the liquidation of subsidiaries and associates
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities- 10 -

Year ended
March 31, 2022

Year ended
March 31, 2023

30,702
9,853
1,082
17
78
238
18
41
(2,771)
342
(228)
(28)
324
(1,616)－－(41)－(5,880)
1,776
979
(915)
33,970
3,007
(340)
－
(5,218)31,41841,15910,010
1,434
22
(17)
265
(2)
(538)
(3,635)
335
(62)
(840)
429
(249)
(13,184)
467
－
217
675
515
461
(1,765)35,699
3,673
(342)
(220)
(8,993)29,816(1,801)
2,170(6,213)33(550)(1,058)1,707(2,045)
1,870(11,853)
4,366
(987)
(59)
445

－

3,909

－
(1)
25
(191)
(5,879)

178
(2)
29
(424)
(4,572)

(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
Redemption of bonds
Proceeds from issuance of commercial papers
Redemption of commercial papers
Proceeds from sale of treasury shares
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
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- 11 -

Year ended
March 31, 2022

Year ended
March 31, 2023

2,341
(5,965)
5,770(7,109)－8,000(4,500)49(2,501)(5,054)(259)(1,037)(10,267)
295
15,56725,272
40,8401,801(1,836)2,650(1,803)(6,000)20,000(18,500)
4(3,003)(8,755)(4,010)(1,070)(20,525)963
5,681
40,84046,521

(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 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. In addition to these, the Company operates “Shipping business” consisting mainly of vessel operations on the routes between thenorthwest coast of North America and East Asia by our subsidiary Westwood Shipping Lines, Inc. However, we sold all shares of Westwood
Shipping Lines, Inc. in June 2022 and excluded Westwood Shipping Lines, Inc. and its two subsidiaries from the scope of consolidation as ofthe end of the first quarter of the consolidated fiscal year ended March 2023.
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, 2022
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

177,71743,608

10,135

231,461

－

629

1,977

538

3,145

(3,145)－

178,347

45,585

10,673

234,606(3,145)

231,461

Operating revenue
External revenue
Inter-segment revenue
Total

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 profit as recorded on the consolidated statements of income.

- 12 -

Year ended March 31, 2023
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

193,521

20,324

10,102

223,948－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
External revenue
Inter-segment revenue
Total

223,948

185

1,144

571

1,901

(1,901)－

193,706

21,468

10,674

225,849(1,901)

223,948

Segment income

15,635

10,295

5,187

31,117(5,027)26,090

Segment assets

187,027

18,68847,638253,354

132,436

385,791

7,050

154

2,169

9,374

636

10,010

22

－

－

22

－

22

6,461

－

－

6,461

－

6,461

8,365

0

3,771

12,138839

12,977

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 ¥ (5,027) million in segment income includes company-wide expenses of ¥ (5,242) 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 ¥ 132,436 million in segment assets includes company-wide assets of ¥ 132,825 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 ¥ 839 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 profit 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.

- 13 -