Consolidated Financial Results
for the Third Quarter Ended December 31, 2020 [ Japan GAAP ]February 8, 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):

February 10, 2021

Dividend payable date (as planned):－Supplemental material of quarterly results:

NoneConvening briefing of quarterly results:

None(Figures are rounded down to the nearest million yen)
1. Consolidated financial results for the third quarter ended December 31, 2020 (April 1, 2020- December 31, 2020)(1) Consolidated operating results(％: year-on-year change)
Operating revenue
Millions of yen

Operating income％

Millions of yen％

Profit attributable toOrdinary income
Millions of yen

owners of parent％

Millions of yen％

Nine months ended December 31, 2020

141,979

(1.1)

7,944

(6.2)

10,394

(6.2)

6,494

(6.3)

Nine months ended December 31, 2019

143,565

2.9

8,473

29.311,082

23.1

6,932

72.3

Note: Comprehensive income:Nine months ended December 31, 2020: 20,212 million yen；231.9%
Nine months ended December 31, 2019: 6,089 million yen；－%
Net income per share
Yen

Diluted net income
per share
Yen

Nine months ended December 31, 2020

77.85

77.63

Nine months ended December 31, 2019

81.56

81.31

(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen％

As of December 31, 2020

341,991

186,345

52.4

As of March 31, 2020

318,458

171,976

51.9Note: Owner’s equity
As of December 31, 2020: 179,314 million yen
As of March 31, 2020: 165,291 million yen- 1-

2. Dividends
First quarter

Second quarter

Yen

Yen

Dividend per share
Third quarter
Fiscal year end
Yen

Year ended March 31, 2020

－

18.00

－

Year ending March 31, 2021

－

24.00

－

Total

Yen

Year ending March 31, 2021
(Forecast)

Yen

29.00

47.00

24.00

48.00

Note: Correction of dividend forecast from the most recent dividend forecast: None
* The fiscal year-end dividend per share for the year ended March 31, 2020 consists of ¥19.00 for ordinary dividend and ¥10.00 for 120thanniversary commemorative dividend.

3. Consolidated forecasts for the year ending March 31, 2021 (April 1, 2020-March 31, 2021)
Operating revenue

Full year

Millions of yen％

189,000(1.4)

Operating income
Millions of yen

10,500％Ordinary income
Millions of yen(5.4)

12,800％(5.9)(％: year-on-year change)
Profit attributable toNet income
owners of parent
per share
Millions of yen

8,100％

Yen(9.5)

97.10

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: None
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 December 31, 2020 : 84,386,615 shares
As of March 31, 2020 : 84,386,615 shares
Number of treasury stock:
As of December 31, 2020 : 1,711,060 shares
As of March 31, 2020 : 838,377 shares
Average number of shares:
Third quarter ended December 31, 2020 : 83,422,493 shares
Third quarter ended December 31, 2019 : 85,000,952 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, 2020

As of December 31, 2020

36,367
21,851
27
10
5,774
(121)

34,21322,542
20
25,792(101)

63,91162,470Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Vessels, netTools, furniture and fixtures, net
LandConstruction in progress
Other, net

77,487
4,875
4,261
1,000
64,0488,239
3,107

82,519
5,282
4,604
1,132
64,1697,510
2,657

Total property, plant and equipment

163,020

167,876

Intangible assets
Goodwill
Leasehold interests in land
Software
Other

44
5,125
1,284
233

31
5,140
1,292
214

Total intangible assets

6,687

6,679

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

77,232
330
535
6,993
(253)

97,127
481
461
7,151
(256)

Total investments and other assets

84,839104,964

254,547

279,521

318,458

341,991

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, 2020

As of December 31, 2020

12,6705,000
19,747
1,243
1,823
7,133

13,5555,000
17,467
1,210
1,142
7,671

47,61946,04643,00025,07016,27153,00019,80322,437

54

54

4,800
8,076
1,588

5,047
7,969
1,286

98,862

109,599

Total liabilities

146,482

155,646

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

14,922
12,115
106,514(1,191)

14,922
12,341
108,572(2,393)132,361

133,444

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

31,0302,196(298)44,793
1,386(309)

Total accumulated other comprehensive income

32,92945,870

294
6,391

289
6,740

171,976

186,345

318,458

341,991

Liabilities
Current liabilities
Notes and accounts payable-trade
Current portion of bonds payable
Short-term borrowings
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 receivedOther
Total non-current liabilities

Total shareholders' equity

Share acquisition rights
Non-controlling interests
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)
Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

19,834
28,84330,542
29,103
18,376
4,181
7,599
5,084

20,054
26,82630,251
32,15816,147
4,294
7,578
4,666

143,565

141,979

88,952
16,891
7,741
1,714
5,756
6,591

87,10917,406
7,837
1,785
6,291
6,330

127,648

126,760

Operating gross profit

15,916

15,219Selling, general and administrative expenses
Salaries, allowances and welfare expenses
Provision for bonuses
Retirement benefit expenses
Amortization of goodwill
Other

4,153
181
152
13
2,942

4,143
205
191
13
2,720

7,443

7,274

Operating income

8,473

7,944

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

2,515
228
347

2,258
141
502

3,090

2,903

319
161300152481453

11,082

10,394

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

Total selling, general and administrative expenses

Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary income- 5-(Millions of yen)

Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Gain on bargain purchase
Gain on reversal of share acquisition rights

Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

28
57
－

80－

19

90－

105

171

162
113

155
－

275

155

Profit before income taxes

10,913

10,410

Income taxes-current
Income taxes-deferred

3,029
385

3,012
161

Total income taxes

3,415

3,173

Profit

7,497

7,237

564

743

6,932

6,494

Total extraordinary incomeExtraordinary losses
Loss on retirement of non-current assets
Loss on disasterTotal extraordinary losses

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

Nine months ended

December 31, 2019

December 31, 2020

7,497

7,237

Valuation difference on available-for-sale securities(496)

13,834Foreign currency translation adjustment

(638)

(802)

Remeasurements of defined benefit plans, net of tax

(96)

(11)

(177)

(45)

(1,408)

12,974

6,089

20,212

5,511

19,435

577

776

ProfitOther comprehensive income

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)
Nine months ended Nine months ended
December 31, 2019 December 31, 2020
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 sales of non-current assets
Loss on retirement of non-current assets
Loss (gain) on sales of investment securities
Gain on bargain purchase
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 sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries resulting in change in scope ofconsolidation
Loan advances
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
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Purchase of treasury stock
Cash dividends paidOther, 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- 8-10,9136,086
13(593)(2,515)
319
(228)
(28)
162
(57)
－
(585)
222
961
14,6702,685(318)(6,710)
10,326

10,4106,61013(728)(2,258)
300
(141)
(80)
155
－
(90)
(740)
985
1,557
15,992
2,364(288)(2,976)15,091(13,291)
5,167(14,333)
32(373)(36)
68(9,592)
1,013(12,026)
96(394)(32)
50－(391)(21)
34(292)(23,047)(171)
68(63)(21,442)

4,713(3,881)
11,547(7,601)
15,000(2,000)(3,844)(824)
13,108(240)
147
24,161
24,3082,036(2,336)－(7,429)
10,000(1,281)(4,271)(938)(4,220)(261)(10,833)
34,54923,715

(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Nine months ended December 31, 2019
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

117,457

18,376

7,730

143,565－

143,565

384

472

343

1,200

(1,200)－117,842

18,8498,073

144,766(1,200)143,565

8,454

(272)

4,104

12,287(3,813)

8,473

Operating revenue
Operating revenue to outside customers
Intersegment transfers
Total
Segment income (loss)

Notes: 1. Adjustment in segment income (loss) of ¥ (3,813) million includes company-wide expenses of ¥ (3,751) million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neitherof 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 quarterly statements ofincome.
Nine months ended December 31, 2020
Reportable segment
Adjustment(Millions of yen)Amount inconsolidated
quarterlystatements ofincome(Note 2)

Logistics

ShippingReal estate

Total(Note 1)

118,128

16,147

7,703

141,979－141,979

319464386

1,169(1,169)－118,447

16,612

8,089

143,148(1,169)141,979

7,892(398)4,140

11,634(3,690)

7,944

Operating revenue
Operating revenue to outside customers
Intersegment transfers
Total
Segment income (loss)

Notes: 1. Adjustment in segment income (loss) of ¥ (3,690) million includes company-wide expenses of ¥ (3,675) million, which are notallocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neitherof 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 quarterly statements ofincome.

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-