Consolidated Financial Results
for the Year Ended March 31, 2013[ Japan GAAP ]May 10, 2013

The Sumitomo Warehouse Co., Ltd.
Securities code:

9303

Stock exchange listings:

Tokyo and Osaka

URL:

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

Representative:

Shoichi Abbe, President

Inquiries:

Satoru Yonemitsu, General Manager, Finance &Accounting DepartmentTel:+81 6 6581 1183

Date of general shareholders' meeting (as planned):

June 26, 2013

Dividend payable date (as planned):

June 27, 2013

Annual securities report filing date (as planned):

June 26, 2013

Supplemental material of annual results

Yes

Convening briefing of annual results

Yes

１．Consolidated financial results for the year ended March 31, 2013(April 1, 2012-March 31, 2013)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated operating results
Operating revenue(％: change from the previous year)

Operating income％

Ordinary income

Millions of yen％

Millions of yen

Year ended March 31, 2013

156,422

11.9

10,201

6.1

11,151

6.5

6,222

(4.4)

Year ended March 31, 2012

139,786

7.2

9,616

0.1

10,473

0.1

6,511

48.9

Millions of yen％

Net income
Millions of yen％

Notes: Comprehensive income:Year ended March 31, 2013 : 22,072 million yen； 177.1%
Year ended March 31, 2012 : 7,964 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, 2013

34.89

34.89

5.0

4.4

6.5

Year ended March 31, 2012

36.51

36.51

5.9

4.4

6.9

Notes: Investment profit (loss) on equity method:Year ended March 31, 2013 : 11 million yen
Year ended March 31, 2012 : 294 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, 2013

263,931140,29750.7

749.60

As of March 31, 2012

245,092

120,28746.6

640.31

Notes: Owner's equity
As of March 31, 2013: 133,743 million yen
As of March 31, 2012: 114,181 million yen(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 equivalents,
end of period
Millions of yen

Year ended March 31, 2013

14,073(10,185)(10,926)

16,492

Year ended March 31, 2012

11,495(11,444)

7,539

22,703-1-

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, 2012

－

5.00

－

6.00

11.00

1,961

30.1

1.8

Year ended March 31, 2013

－

5.50

－

5.50

11.00

1,962

31.5

1.6

Year ending March 31, 2014
(Forecast)

－

5.50

－

5.50

11.00

30.2

3. Consolidated forecasts for the year ending March 31, 2014 (April 1, 2013-March 31, 2014)
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

79,000

2.8

4,900

(3.2)

5,500

(0.8)

3,200

0.3

17.94

Full year

159,000

1.6

9,900

(3.0)

10,900

(2.3)

6,500

4.5

36.45

4. Other(1) Material changes in subsidiaries during this period (Changes in scope of consolidations resulting from change is 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: Yes
4) Retrospective restatement: None
(3) Number of issued and outstanding shares (common stock)
Number of issued and outstanding shares at the end of fiscal year (including treasury stock):
As of March 31, 2013 : 195,936,231 shares
As of March 31, 2012 : 195,936,231 shares
Number of treasury stock at the end of fiscal year:
As of March 31, 2013 : 17,516,981 shares
As of March 31, 2012 : 17,614,980 shares
Average number of shares :Year ended March 31, 2013 : 178,327,572 sharesYear ended March 31, 2012 : 178,324,231 shares* Status of quarterly reviewing processes
This financial results are exempt from auditing processes based on the Financial Instruments and Exchange Act, and auditing processesof financial statements based on the Financial Instruments and Exchange Act has not been completed at the time of disclosure of thisfinancial 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 balance sheets(Millions of yen)
As of March 31, 2012

As of March 31, 2013

Cash and deposits

32,254

23,175

Notes and accounts receivable-trade17,92017,692

Short-term investment securities

4－

Real estate for sale

94

80

Work in process

41

29

Deferred tax assets

943

1,061

Other

4,185

3,706

Allowance for doubtful accounts

(146)

(119)

55,29745,627

Buildings and structures, net

61,26760,659Machinery, equipment and vehicles, net

2,801

2,906

Vessels, net

4,691

8,795

895

977

46,231

46,159Construction in progress

456

2,148

Other, net

202

279

116,546

121,926

Goodwill

3,687

3,602

Leasehold right

4,319

4,858

Software

1,460

1,717

Other

495

599

9,962

10,77754,07376,258

621

385

Deferred tax assets

2,298

2,333

Other

6,658

6,983

Allowance for doubtful accounts

(366)

(360)

Total investments and other assets

63,28585,600189,795

218,304

245,092

263,931

AssetsCurrent assets

Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net
Land

Total property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable

Total noncurrent assets
Total assets-3-

(Millions of yen)
As of March 31, 2012

As of March 31, 2013

11,376

11,047

Current portion of bonds－

100

Short-term loans payable

29,38825,444

Income taxes payable

2,154

1,933

Provision for bonuses

1,441

1,441

Other

5,103

6,037

Total current liabilities

49,46446,004500

400

Long-term loans payable

46,952

42,119Deferred tax liabilities

11,43918,971

Provision for retirement benefits

3,024

2,604

108

125

Long-term deposits received

12,286

12,295

Other

1,030

1,111

Total noncurrent liabilities

75,341

77,629124,805

123,634

Capital stock

21,822

21,822

Capital surplus

19,175

19,175Retained earnings

70,53974,710Treasury stock(9,154)(9,103)

Total shareholders' equity

102,383

106,606

Valuation difference on available-for-sale securities

13,997

27,587

Foreign currency translation adjustment(2,199)(451)

Total accumulated other comprehensive income

11,79827,13689

88

Minority interests

6,016

6,465

Total net assets

120,287

140,297

245,092

263,931

Liabilities
Current liabilities
Notes and accounts payable-trade

Noncurrent liabilities
Bonds payable

Provision for directors' retirement benefits

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Subscription rights to shares

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, 2012

Year ended
March 31, 2013

Operating revenue
Warehouse income

21,58822,379Harbor transportation income

37,64735,424

International transportation income

26,612

27,473

Land transportation income

27,95527,527

Shipping income

5,719

23,411

Rent income of warehouse and logistics facilities

4,920

5,102

Rent income of real estate

9,245

9,308

Other

6,096

5,796

139,786

156,422

Cost of sales

83,33995,500

Personal expenses

16,736

17,197

Rent expenses

8,054

9,590

Taxes and dues

2,069

1,750

Depreciation

5,523

6,137

Other

6,857

7,263

Total operating cost

122,581

137,440

Operating gross profit

17,204

18,981

4,066

4,660

Provision for bonuses

299

292

Retirement benefit expenses

228

243

Amortization of goodwill

187

403

Other

2,805

3,180

Total selling, general and administrative expenses

7,587

8,780

9,616

10,201

Interest income

83

83

Dividends income

1,242

1,282

Total operating revenue
Operating cost

Selling, general and administrative expenses
Salaries and allowances and welfare expenses

Operating income
Non-operating income

Equity in earnings of affiliates

294

11

Other

182

471

1,803

1,847

Interest expenses

750

734

Other

196

164

Total non-operating expenses

947

898

10,473

11,151

Total non-operating income
Non-operating expenses

Ordinary income-5-(Millions of yen)
Year ended
March 31, 2012

Year ended
March 31, 2013

Extraordinary income
Gain on sales of noncurrent assets

53

38

Total extraordinary income

53

38

301

177

9

65

Loss on valuation of investment securities

122

67

Loss on valuation of golf club membership－

9

Environmental expenses－

623

Provision of allowance for doubtful accounts

145－

Loss on disaster100－

Total extraordinary losses

680

942

Income before income taxes and minority interests

9,846

10,246

Income taxes-current

3,607

3,659

Extraordinary loss
Loss on retirement of noncurrent assets
Impairment loss

Income taxes-deferred

(605)

39

Total income taxes

3,002

3,698

Income before minority interests

6,843

6,547

332

325

6,511

6,222

Minority interests in income
Net income-6-

(Consolidated statements of comprehensive income)(Millions of yen)
Year ended
March 31, 2012
Income before minority interests

Year ended
March 31, 2013

6,843

6,547

Valuation difference on available-for-sale securities

1,445

13,622Foreign currency translation adjustment

(304)

1,819

Other comprehensive income

Share of other comprehensive income of associates
accounted for using equity method

(20)

82

1,120

15,524

7,964

22,072Comprehensive income attributable to owners of the parent

7,657

21,560Comprehensive income attributable to minority interests

306

511

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to-7-(3) Consolidated statements of changes in net assets(Millions of yen)
Year ended
March 31, 2012

Year ended
March 31, 2013

Shareholders' equity
Capital stock
Balance at the beginning of current period

21,822

21,822

Changes of items during the period－－

21,822

21,822

19,176

19,175

Disposal of treasury stock(0)0

Total changes of items during the period(0)019,175

19,17565,85070,539Dividends from surplus(1,783)(2,050)Net income

6,511

6,222

(38)

－

4,688

4,171

70,53974,710(9,150)(9,154)Purchase of treasury stock

(6)

(2)

Disposal of treasury stock2

53

Total changes of items during the period
Balance at the end of current period
Capital surplus
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes of items during the period

Change of scope of consolidation
Total changes of items during the period
Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes of items during the period

Total changes of items during the period

(3)

51

(9,154)(9,103)

97,698102,383

Dividends from surplus(1,783)(2,050)Net income

6,511

6,222

Change of scope of consolidation

(38)

－

Purchase of treasury stock

(6)

(2)

Disposal of treasury stock

1

54

Balance at the end of current period
Total shareholders' equity
Balance at the beginning of current period
Changes of items during the period

Total changes of items during the period
Balance at the end of current period

-8-

4,684

4,223

102,383

106,606

(Millions of yen)
Year ended
March 31, 2012

Year ended
March 31, 2013

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period

12,54813,997

Net changes of items other than shareholders' equity

1,449

13,590Total changes of items during the period

1,449

13,59013,997

27,587(1,895)(2,199)Net changes of items other than shareholders' equity

(303)

1,747

Total changes of items during the period

(303)

1,747

(2,199)(451)

10,652

11,798Net changes of items other than shareholders' equity

1,146

15,338

Total changes of items during the period

1,146

15,338

11,79827,13679

89

Net changes of items other than shareholders' equity

10

(0)

Total changes of items during the period

10

(0)

89

88

4,511

6,016

Net changes of items other than shareholders' equity

1,504

449

Total changes of items during the period

1,504

449

6,016

6,465

112,941

120,287

Dividends from surplus(1,783)(2,050)Net income

6,511

6,222

Change of scope of consolidation

(38)

－

Purchase of treasury stock

(6)

(2)

Disposal of treasury stock

1

54

Net changes of items other than shareholders' equity

2,661

15,787

Total changes of items during the period

7,345

20,010120,287

140,297

Changes of items during the period

Balance at the end of current period
Foreign currency translation adjustment
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period
Total accumulated other comprehensive income
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period
Subscription rights to shares
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period
Minority interests
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes of items during the period

Balance at the end of current period-9-(4) Consolidated statements of cash flows(Millions of yen)
Year ended
March 31, 2012

Year ended
March 31, 2013

Net cash provided by (used in) operating activities
Income before income taxes and minority interests

9,846

10,246

Depreciation and amortization

6,267

6,973

Impairment loss

965

Loss on disaster

100－

Amortization of goodwill

187

403

Increase (decrease) in allowance for doubtful accounts

(66)

(37)

Increase (decrease) in provision for retirement benefits

(195)

(420)

13

17

Increase (decrease) in provision for bonuses

60

(0)

Loss on valuation of golf club memberships－

9(1,326)(1,365)Interest expenses

750

734

Equity in (earnings) losses of affiliates

(294)

(11)

Loss (gain) on sales of noncurrent assets

(53)

(38)

Loss on retirement of noncurrent assets

301

177

Loss (gain) on valuation of investment securities

122

67

Increase (decrease) in provision
for directors' retirement benefits

Interest and dividends income

Decrease (increase) in notes and accounts receivable-trade

(591)

683

Increase (decrease) in notes and accounts payable-trade

516

(696)

Increase (decrease) in deposits received

(215)

289

Other, net(1,068)253

Subtotal

14,366

17,350Interest and dividends income received

1,359

1,382

Interest expenses paid

(749)

(762)

Payments for loss on disaster

(364)

－

Income taxes paid

(3,115)(3,897)

Net cash provided by (used in) operating activities

11,495

14,073

Payments into time deposits(22,162)(13,355)

Proceeds from withdrawal of time deposits

26,231

16,294Purchase of property, plant and equipment(9,846)(10,568)

93

119

Purchase of intangible assets(341)(1,119)Purchase of investment securities(45)(1,039)Proceeds from sales of investment securities

11－(4,376)－

Net cash provided by (used in) investing activities

Proceeds from sales of property, plant and equipment

Purchase of investments in subsidiaries
resulting in change in scope of consolidation
Purchase of investments in subsidiaries

(239)

－

Payments of loans receivable

(99)

(68)

Collection of loans receivable

77

325

(747)

(772)

(11,444)(10,185)

Other, net
Net cash provided by (used in) investing activities- 10 -

(Millions of yen)
Year ended
March 31, 2012

Year ended
March 31, 2013

Net cash provided by (used in) financing activities
Increase in short-term loans payable

9,812

8,841

Decrease in short-term loans payable(9,917)(8,872)

Proceeds from long-term loans payable

9,310

13,170

Repayment of long-term loans payable(1,283)(21,923)

Proceeds from stock issuance to minority shareholders

1,500

－

Proceeds from sales of treasury stock

1

54

Purchase of treasury stock

(6)

(2)

Cash dividends paid

(1,784)(2,050)Cash dividends paid to minority shareholders

(61)

(66)

Other, net

(31)

(76)

7,539

(10,926)

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents

(166)

827

Net increase (decrease) in cash and cash equivalents

7,424(6,211)

Cash and cash equivalents at beginning of period

15,24922,703

Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation

30－

Cash and cash equivalents at end of period

22,703

16,492- 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 eachsegment 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
mainly of vessel operations on the routes between the northwest coast of North America and East Asia by our subsidiary Westwood ShippingLines, Inc. In addition to these, the Company promotes “Real estate business” including leasing and sales of real estate etc., with a dedicateddepartment 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, 2012
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

124,703

5,719

9,362

139,786－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
Operating revenue to outside customers

139,786

157

170

405

732

(732)

－

124,860

5,889

9,768

140,518(732)

139,786

Segment income

8,011

(131)

5,456

13,336(3,719)9,616

Segment assets

122,083

16,72333,575

172,382

72,709245,092

Intersegment transfers
Total

Other items
Depreciation

3,783

5

1,782

5,571

695

6,267

Amortization of goodwill

119

68

－

187

－

187

2,253

－

－

2,253

－

2,253

5,196

4,332

1,753

11,283692

11,975Investment in associates accounted for byequity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) Adjustment in Segment income of ¥ -3,719 million includes company-wide expenses of ¥ -3,755 million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable toneither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) Adjustment in Segment assets of ¥ 72,709 million includes company-wide assets of ¥ 78,065 million, which are not allocatedto 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 not assignable to neither of the reportable segments.
(3) Adjustment in Additions to property, plant and equipment and intangible assets of ¥ 692 million consist of the capital
investments not assignable to neither of the reportable segments for administrative departments of the Company and some ofits consolidated subsidiaries.
2. Segment income is adjusted to coincide with operating income as recorded on the consolidated statements of income.

- 12 -

Year ended March 31, 2013
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

123,622

23,411

9,388

156,422－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
Operating revenue to outside customers
Intersegment transfers
Total

156,422

462

176

390

1,029

(1,029)－124,084

23,588

9,778

157,451(1,029)156,422

Segment income

8,290

254

5,467

14,011(3,809)10,201

Segment assets

124,379

17,47535,479177,333

86,597

263,931

Depreciation

3,823

442

1,833

6,099

873

6,973

Amortization of goodwill

104

298

－

403

－

403

3,311

－

－

3,311

－

3,311

3,636

4,599

3,359

11,595838

12,434

Other items

Investment in associates accounted for byequity method
Additions to property, plant and equipment
and intangible assets

Notes: 1. (1) Adjustment in Segment income of ¥ -3,809 million includes company-wide expenses of ¥ -3,990 million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable toneither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
(2) Adjustment in Segment assets of ¥ 86,597 million includes company-wide assets of ¥ 88,446 million, which are not allocatedto 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 not assignable to neither of the reportable segments.
(3) Adjustment in Additions to property, plant and equipment and intangible assets of ¥ 838 million consist of the capital
investments not assignable to neither of the reportable segments for administrative departments of the Company and some ofits consolidated subsidiaries.
2. Segment income is adjusted to coincide with operating income as recorded on the consolidated statements of income.

- 13 -