Consolidated Financial Results
for the Year Ended March 31, 2020[ Japan GAAP ]May 12, 2020

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, General Manager,
Finance & Accounting DepartmentTel:+81 6 6444 1183

Date of general shareholders' meeting (as planned):

June 25, 2020

Dividend payable date (as planned):

June 26, 2020

Annual securities report filing date (as planned):

June 25, 2020

Supplemental material of annual results:

Yes

Convening briefing of annual results:

No(Figures are rounded down to the nearest million yen)

１．Consolidated financial results for the year ended March 31, 2020(April 1, 2019-March 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％

Year ended March 31, 2020

191,7213.0

11,101

26.2

13,596

20.4

8,951

29.5

Year ended March 31, 2019

186,172

5.9

8,795

(14.6)

11,295(10.9)

6,912(17.3)

Note: Comprehensive income:Year ended March 31, 2020: (8,516) million yen； －%Year ended March 31, 2019: (236) 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, 2020

105.74105.44

5.2

4.2

5.8

Year ended March 31, 2019

79.80

79.57

3.8

3.4

4.7

Note: Investment profit (loss) on equity method:Year ended March 31, 2020: 383 million yen
Year ended March 31, 2019: 276 million yen* The Company conducted a 1-for-2 reverse stock split on its common shares (a consolidation of every two shares into one share, “shareconsolidation”) on October 1, 2018. Therefore, “Net income per share” and “Diluted net income per share” are calculated on theassumption that “share consolidation” was conducted at the beginning of the previous fiscal year.
(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, 2020

318,458

171,97651.9

1,978.39

As of March 31, 2019322,683

187,475

56.2

2,119.23

Note: Owner's equity
As of March 31, 2020: 165,291 million yen
As of March 31, 2019: 181,196 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, 2020

14,975(17,211)

12,55534,549Year ended March 31, 2019

13,999(255)(20,555)

24,161

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, 2019

－

8.50

－

28.50

－

3,920

57.0

2.1

Year ended March 31, 2020

－

18.00

－

29.00

47.00

3,949

44.4

2.3

Year ending March 31, 2021
(Forecast)

－

24.00

－

24.00

48.00

61.7

* The fiscal year-end dividend per share for the year ended March 31, 2019 consists of ¥13.00 for ordinary dividend and ¥15.50 for special
dividend.
* 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 120th
anniversary commemorative dividend.
* The Company conducted “share consolidation” on October 1, 2018. Therefore, the fiscal year-end dividend per share for the year
ended March 31, 2019 reflects such “share consolidation” and the total dividend per share for the year states “－”. Taking into
account such “share consolidation”, the total dividend per share for the year would be ¥45.50.

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

Operating income％

Millions of yen

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

Yen

Six months

85,000(10.7)

3,700(33.4)

4,800(30.0)

2,900(32.6)

34.71

Full year

178,000

(7.2)

8,500

(23.4)

10,600(22.0)

6,500(27.4)

77.80

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, 2020 : 84,386,615 shares
As of March 31, 2019 : 86,386,615 shares
Number of treasury stock:
As of March 31, 2020 : 838,377 shares
As of March 31, 2019 : 885,392 shares
Average number of shares:
Year ended March 31, 2020 : 84,654,632 sharesYear ended March 31, 2019 : 86,628,224 shares*The Company conducted “share consolidation” on October 1, 2018. Accordingly, “the average number of shares” for the year
ended March 31, 2018 is calculated on the assumption that such “share consolidation” was conducted at the beginning of theprevious fiscal year.

- 2-

* 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.

- 3-Consolidated Financial Results(1) Consolidated quarterly balance sheets(Millions of yen)
As of March 31, 2019

As of March 31, 2020

28,17622,494
52
14
5,732
(122)

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

56,347

63,911

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

71,841
2,915
4,641
910
62,534
5,192
576

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

Total property, plant and equipment

148,611

163,020

Intangible assets
Goodwill
Leasehold interests in land
Software
Other

62
5,687
1,502
198

44
5,125
1,284
233

Total intangible assets

7,451

6,687

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

102,344
492
453
7,256
(275)

77,232
330
535
6,993
(253)

Total investments and other assets

110,272

84,839Total non-current assets

266,335

254,547

322,683

318,458

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 assets- 4-

(Millions of yen)
As of March 31, 2019

As of March 31, 2020

14,030－15,350
3,805
1,741
7,033

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

41,961

47,61933,00023,96324,16643,00025,07016,271

52

54

3,437
7,862
764

4,800
8,076
1,588

93,246

98,862

Total liabilities

135,208

146,482

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

14,922
13,112103,299(1,205)

14,922
12,115
106,514(1,191)130,129

132,361

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

48,3282,171
568

31,0302,196(298)

Total accumulated other comprehensive income

51,06732,929

285
5,993

294
6,391

187,475

171,976

322,683

318,458

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 received
Other
Total non-current liabilities

Total shareholders' equity

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets- 5-

(2) Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)(Millions of yen)
Year ended
March 31, 2019
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, 2020

25,92338,03540,07534,451
25,353
5,546
9,942
6,844

26,32137,506
41,38239,001
25,137
5,598
10,144
6,628

186,172

191,721116,670
21,915
10,814
2,150
6,955
8,709

118,824
22,676
10,342
2,221
7,910
8,764

167,217

170,739

Operating gross profit

18,95520,981

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

5,380
373
208
197
3,999

5,425
367
198
17
3,870

10,1609,880

Operating income

8,795

11,101Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Other

93
2,354
276
386

112
2,449
383
421

3,111

3,367

441
－
17
152

441
122
115
192

611

871

11,295

13,596

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
Donations
Other
Total non-operating expenses
Ordinary income- 6-(Millions of yen)
Year ended
March 31, 2019
Extraordinary income
Gain on sales of non-current assets
Gain on donation of non-current assets
Gain on sales of investment securities
Gain on reversal of share acquisition rights
Settlement received
Compensation income
Penalty income

86
15
3,142
－
－

Year ended
March 31, 2020

2,000
165

38
－
521
19
143
－
－

5,409

722

287
5,102
－
152

258
－
34
70

5,542

363

Profit before income taxes

11,162

13,955

Income taxes-current
Income taxes-deferred

5,688
342

4,247
47

Total income taxes

6,031

4,295

Profit

5,131

9,659

Profit (loss) attributable to non-controlling interests(1,781)

708

Profit attributable to owners of parent

6,912

8,951

Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment loss
Loss on valuation of investment securities
Loss on disaster
Total extraordinary losses- 7-

(Consolidated statements of comprehensive income)(Millions of yen)

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
Total other comprehensive income
Comprehensive income(Comprehensive income attributable to)
Owners of parent
Non-controlling interests- 8-Year ended
March 31, 2019Year ended
March 31, 2020

5,131

9,659

(3,830)
(903)
(440)

(17,343)
124
(866)

(192)

(90)

(5,367)(18,176)(236)(8,516)

1,269(1,505)(9,186)670

(3) Consolidated statements of changes in net assets
Year ended March 31, 2019
(Millions of yen)
Shareholders' equity
Balance at beginning of
periodShare capital

Capital surplus

Retained earnings

Treasury stock

Total shareholders' equity

14,922

15,491

99,353(1,231)

128,537

Changes during period
Dividends of surplus(2,967)(2,967)

Profit attributable toowners of parent

6,912

6,912
(2,498)(2,498)

(6)

66

60

(2,457)

2,457－

Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests

85

85

Net changes of items otherthan shareholders' equity－(2,378)

3,945

25

1,592

14,922

13,112103,299(1,205)130,129

Total changes during period
Balance at end of period

Accumulated other comprehensive income

Balance at beginning of
periodValuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

52,132

3,571

Share
acquisitionrights

Noncontrollinginterests

Total net
assets248

8,097

193,593

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income1,006

56,710Changes during period
Dividends of surplus(2,967)

Profit attributable toowners of parent

6,912

Purchase of treasury stock(2,498)

Disposal of treasury stock60

Retirement of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests－
85

Net changes of items otherthan shareholders' equity(3,804)(1,400)(437)(5,642)36(2,104)(7,710)Total changes during period(3,804)(1,400)(437)(5,642)36(2,104)(6,118)

Balance at end of period

48,3282,171

568

51,067285

5,993

187,475- 9-

Year ended March 31, 2020
(Millions of yen)
Shareholders' equity
Share capital

Capital surplus

Retained earnings

Treasury stock

Total shareholders' equity

Balance at beginning of
periodCumulative effects ofchanges in accounting
policies

14,922

13,112103,299(1,205)130,129

Restated balance

14,922

25
13,112

103,324

25(1,205)130,154

Changes during period
Dividends of surplus(3,963)(3,963)

Profit attributable toowners of parent

8,951

8,951

Purchase of treasury stock(10)

Disposal of treasury stock
Retirement of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests(1,052)(1,797)(2,903)(2,903)

67

57

2,850

－

66

66

Net changes in items otherthan shareholders' equity

－

(997)

3,189

14

2,206

14,922

12,115

106,514(1,191)

132,361

Total changes during period
Balance at end of period

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

Balance at beginning of
periodCumulative effects ofchanges in accounting
policies

48,3282,171

Restated balance

48,328

Shareacquisitionrights

Noncontrollinginterests

Total net
assets285

5,993

187,475

Total
Remeasurements accumulatedof definedotherbenefit plans comprehensive
income568

51,067

25
2,171

568

51,067

285

5,993

187,500

Changes during period
Dividends of surplus(3,963)

Profit attributable toowners of parent

8,951

Purchase of treasury stock(2,903)

Disposal of treasury stock

57

Retirement of treasury
stock
Change in ownershipinterest of parent due totransactions with noncontrolling interests－
66

Net changes in items otherthan shareholders' equity(17,297)

25

(866)

(18,138)8

398(17,731)

Total changes during period(17,297)

25

(866)

(18,138)8

398(15,524)

Balance at end of period

31,030

2,196

(298)

32,929294

6,391

171,976- 10 -

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

Year ended

March 31, 2019

March 31, 2020

Profit before income taxes

11,162

13,955

Depreciation

7,424

Impairment loss

5,102

8,344
－

Cash flows from operating activities

Gain on donation of non-current assets(15)－

Gain on reversal of share acquisition rights－

Compensation income(2,000)(19)－

Amortization of goodwill

197

17

Increase (decrease) in allowance for doubtful accounts

(4)

(22)

Increase (decrease) in retirement benefit liability

238

112

Increase (decrease) in provision for retirement benefits for directors

13

2

Increase (decrease) in provision for bonuses

98

82(2,448)(2,562)

Interest expenses

441

441

Share of loss (profit) of entities accounted for using equity method

(276)

(383)

Loss (gain) on sales of non-current assets

(86)

(38)

Loss on retirement of non-current assets

287

258
(521)

Loss (gain) on valuation of investment securities(3,142)－

Decrease (increase) in trade receivables(1,834)

596

Increase (decrease) in trade payables

1,179(1,307)

Increase (decrease) in deposits received

292

(106)

Other, net

(920)

364

Subtotal

15,711

19,250Interest and dividends received

2,687

2,933

Interest paid

(454)

(450)

Income taxes paid

(3,945)(6,757)

Net cash provided by (used in) operating activities

13,99914,975

Payments into time deposits(2,984)(13,583)

Proceeds from withdrawal of time deposits

13,405

15,741

Purchase of property, plant and equipment(13,533)(19,256)

Proceeds from sales of property, plant and equipment

133

43

Purchase of intangible assets

(624)

(438)

Purchase of investment securities

(40)

(42)

3,597

584

Loan advances

(26)

(22)

Collection of loans receivable

37

44

Other, net

(218)

(281)

Net cash provided by (used in) investing activities(255)(17,211)

Interest and dividend income

Loss (gain) on sales of investment securities

34

Cash flows from investing activities

Proceeds from sales of investment securities- 11 -

(Millions of yen)
Year ended

Year ended

March 31, 2019

March 31, 2020

Proceeds from short-term borrowings

2,386

5,176

Repayments of short-term borrowings(2,438)(3,932)

Proceeds from long-term borrowings

3,607

12,707

Repayments of long-term borrowings(8,444)

Proceeds from issuance of bonds(10,990)－

Redemption of bonds(7,000)15,000－38

28

Purchase of treasury stock(2,498)(2,903)

Dividends paid

(2,966)(3,962)

Dividends paid to non-controlling interests

(510)

(137)

Other, net

(183)

(976)

(20,555)

12,555(326)

69

Net increase (decrease) in cash and cash equivalents(7,138)

10,388Cash and cash equivalents at beginning of period

31,29924,161

Cash and cash equivalents at end of period

24,161

34,549Cash flows from financing activities

Proceeds from sales of treasury stock

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 12 -

(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, 2019
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

150,763

25,353

10,055

186,172－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
External revenue
Inter-segment revenue

186,172

531

519

416

1,467

(1,467)－

Total

151,294

25,873

10,472

187,640(1,467)

186,172

Segment income (loss)

10,328(1,671)

5,058

13,715(4,920)8,795

Segment assets

154,566

10,05345,243

209,863

112,820322,683

4,210

431

2,277

6,918

506

7,424

22

175

－

197

－

197

6,006

－

－

6,006

－

6,006

12,329303

2,904

15,537397

15,935

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 ¥ (4,920) million in segment income (loss) includes company-wide expenses of ¥ (4,865) million which are
not allocated 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) The adjustment of ¥ 112,820 million in segment assets includes company-wide assets of ¥ 113,250 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 not assignable to neither of the reportable segments.
(3) The adjustment of ¥ 397 million in additions to property, plant and equipment and intangible assets consists 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 (loss) is adjusted to coincide with operating income as recorded on the consolidated statements of income.

- 13 -

Year ended March 31, 2020
Reportable segment
Adjustment
Logistics

Shipping

Real estate

Total(Note 1)

156,30225,137

10,281

191,721－(Millions of yen)Amount inconsolidated
statements ofincome(Note 2)

Operating revenue
External revenue
Inter-segment revenue
Total

191,721

513

653

486

1,653

(1,653)－

156,816

25,79010,767

193,374(1,653)

191,721

Segment income (loss)

10,945

(321)

5,475

16,099(4,998)

11,101

Segment assets

166,168

9,946

46,541

222,656

95,802

318,458

5,161

347

2,210

7,719

625

8,344

17

－

－

17

－

17

5,937

－

－

5,937

－

5,937

15,994251

3,479

19,725423

20,149Other 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 ¥ (4,998) million in segment income (loss) includes company-wide expenses of ¥ (4,919) million which are
not allocated 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) The adjustment of ¥ 95,802 million in segment assets includes company-wide assets of ¥ 96,299 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) The adjustment of ¥ 423 million in additions to property, plant and equipment and intangible assets consists 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 (loss) 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.

- 14 -