Consolidated Financial Results
for the Second Quarter Ended September 30, 2011 [ Japan GAAP ]November 7, 2011

The Sumitomo Warehouse Co., Ltd.
Stock Code:9303

Stock Exchange Listings:

Tokyo and Osaka

URL:

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

Representative :Shoichi Abbe, President

Contact Responsibility:

Satoru Yonemitsu, General Manager,
Finance & Accounting Department

Phone Number:+81 6 6581 1183

Date of the filing of the Quarterly Report:

November 10, 2011

Starting date of dividend payment:

December 6, 2011

Supplementary MaterialYes

Financial Results Presentation

Yes

１．Consolidated Financial Results for the Second Quarter Ended September 30, 2011 (April 1, 2011- September 30, 2011)
Figures are rounded down to the nearest million yen, except per share figures.
(1) Consolidated Results of Operations
Operating revenue
Millions of yen(％: change from the previous year)

Operating income％％

Millions of yen

Ordinary income
Millions of yen

Net income％％

Millions of yen

Six months ended September 30, 2011

68,303

5.0

5,089

3.1

5,563

1.5

3,084

(6.2)

Six months ended September 30, 2010

65,059

10.7

4,933

46.6

5,480

51.2

3,288

75.4Notes: Comprehensive income:Six months ended September 30, 2011: -201 million yen；-%Six months ended September 30, 2010: -1,501 million yen; - %Net income per share
Yen

Dilutive Net Incomeper share
Yen

Six months ended September 30, 201117.30

－Six months ended September 30, 2010

18.43－(2) Consolidated Financial Position
Equity ratio

Total assets

Net assets

Millions of yen

Millions of yen％

As of September 30, 2011

226,311

113,027

47.3

As of March 31, 2011

228,377

112,94147.4

Notes: Equity
As of September 30, 2011: 107,066 million yen
As of March 31, 2011: 108,350 million yen

2．Dividends
Dividends per shareFirst Quarter
ended
Yen

Second Quarter
ended
Yen

Year ended March 31, 2011

－5.00

Year ending March 31, 2012

－5.00

Year ending March 31, 2012
(Forecast)
Notes: Revision of cash dividend forecast since the latest disclosure: None-1-

Third Quarter
ended
Yen

Year-end

Annual

Yen

Yen－

5.00

10.00

－

5.00

10.00

3. Forecasts for the Year Ending March 31, 2012 (April 1, 2011-March 31, 2012)
Operating revenue

Full year

Millions of yen％

141,000

8.1

Operating incomeMillions of yen

9,800％(%: change from the previous year)
Net income
Net income
per share

Ordinary income
Millions of yen

2.0

10,700％Millions of yen

2.2

6,200％

Yen

41.8

34.77

Note: Revision of forecasts since the latest disclosure: Yes

4. Other(1) Changes of significant subsidiaries during the period (change of specified subsidiaries that affected the scope of consolidatedreporting): Yes(2) Adoption of special accounting methods for quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates and restatements
1) Changes in accounting policy in accordance with revision of accounting standard: None
2) Changes other than 1): None
3) Changes in accounting estimates: None
4) Restatements: None
(4) Number of shares issued (common stock)
Number of shares issued at the end of the period (including treasury stock) :As of September 30, 2011 : 195,936,231 shares
As of March 31, 2011 : 195,936,231 shares
Number of treasury stocks at the end of the period :As of September 30, 2011 : 17,612,409 shares
As of March 31, 2011 : 17,602,905 shares
Average number of shares issued during the period :Second quarter ended September 30, 2011 : 178,326,496 shares
Second quarter ended September 30, 2010 : 178,394,810 shares

Note:
These forecasts are based on information currently available and certain assumptions judged to be reasonable. The Company’s actual
results may differ materially from those discussed in these forecasts as a result of numerous factors outside of Company’s control.

-2-Consolidated Financial Results(1) Consolidated quarterly balance sheets(Millions of yen)
As of March 31, 2011

As of September 30, 2011

Cash and deposits28,875

26,810Notes and operating accounts receivable

16,61917,09844

Real estate for sale

112

109

Work in process

2742

Deferred tax assets

988

855

Other

3,125

3,592

Allowance for doubtful accounts

(100)

(126)

49,652

48,386

Buildings and structures, net

59,55858,745

Machinery, equipment and vehicles, net

3,317

3,120

672

660

46,222

46,219Construction in progress

733

2,592

Other, net

5465

110,558

111,403

587

535

Leasehold right

4,330

4,331

Software

1,798

1,686

Other

374

456

7,090

7,010

53,343

51,833Long-term loans receivable

610

645

Deferred tax assets

480

509

Other

7,094

6,887

Allowance for doubtful accounts

(454)

(365)

Total investments and other assets

61,07559,511

178,725

177,924

228,377

226,311

AssetsCurrent assets

Short-term investment securities

Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net
Land

Total property, plant and equipment
Intangible assets
Goodwill

Total intangible assets
Investments and other assets
Investment securities

Total noncurrent assets
Total assets-3-(Millions of yen)
As of March 31, 2011

As of September 30, 2011

Notes and operating accounts payable-trade

9,051

9,314

Short-term loans payable

8,925

8,745

Income taxes payable

1,665

1,779

Provision for bonuses

1,380

1,538

Other

5,068

5,504

Total current liabilities

26,091

26,882500

500

Long-term loans payable

59,492

59,112

Deferred tax liabilities

12,856

10,443

Provision for retirement benefits

3,219

3,113

94

91

12,346

12,359835

781

89,344

86,401

115,436

113,283

Capital stock

21,822

21,822

Capital surplus

19,176

19,175Retained earnings65,850

68,004

Treasury stock(9,150)(9,154)

Total shareholders' equity

97,69899,849Valuation difference on available-for-sale securities

12,5488,967

Foreign currency translation adjustment(1,895)(1,750)Total accumulated other comprehensive income

10,652

7,217

79

79

Minority interests

4,511

5,882

Total net assets

112,941

113,027

228,377

226,311

Liabilities
Current liabilities

Noncurrent liabilities
Bonds payable

Provision for directors' retirement benefits
Long-term deposits received
OtherTotal noncurrent liabilities
Total liabilitiesNet assets
Shareholders' equity

Accumulated other comprehensive income

Subscription rights to shares

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)Six months ended
September 30, 2010

Six months ended
September 30, 2011

Warehouse income

10,511

10,733

Harbor transportation income

18,366

19,747

International transportation income

12,534

13,599Land transportation income

12,98013,856

Rent income of warehouse and logistics facilities

2,597

2,473Rent income of real estate

4,884

4,582

Operating revenue

Other

3,184

3,311

Total operating revenue

65,05968,303

Cost of sales

37,28840,212

Personal expenses

8,279

8,494

Rent expenses

3,840

3,809

Taxes and dues

914

987

Operating cost

Depreciation

2,765

2,635

Other

3,414

3,431

Total operating cost

56,50359,571

Operating gross profit

8,555

8,732

1,827

1,875

Provision for bonuses

341

304

Retirement benefit expenses

114

111

Amortization of goodwill

4966

Provision of allowance for doubtful accounts

－29

Other

1,287

1,256Total selling, general and administrative expenses

3,621

3,643

4,933

5,089

Interest and dividends income

655

726

Equity in earnings of affiliates

277

186

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

Operating income
Non-operating income

Other

123

105

1,055

1,018

Interest expenses

404

376

Other

104

167

Total non-operating expenses

509

544

5,480

5,563

Total non-operating income
Non-operating expenses

Ordinary income-5-(Millions of yen)Six months ended
September 30, 2010

Six months ended
September 30, 2011

Gain on sales of noncurrent assets

98

25

Total extraordinary income

9825

Loss on retirement of noncurrent assets

49

172

Loss on valuation of investment securities

157

133

Provision of allowance for doubtful accounts－

148

Loss on disaster－

61

Extraordinary income

Extraordinary loss

Loss on adjustment for changes of accounting standard
32－

238

517

Income before income taxes and minority interests

5,340

5,071

Income taxes-current

1,686

1,654

Income taxes-deferred

203

160

Total income taxes

1,890

1,815

Income before minority interests

3,450

3,256

162

171

3,288

3,084

for asset retirement obligations
Total extraordinary losses

Minority interests in income
Net income-6-(Consolidated quarterly statements of comprehensive income)(Millions of yen)Six months ended
September 30, 2010

Six months ended
September 30, 2011

3,450

3,256

(4,609)(3,617)

5－(334)

162

(13)

(2)

(4,951)(3,457)(1,501)(201)

Comprehensive income attributable to owners of the parent(1,630)(350)

Comprehensive income attributable to minority interests

128

148

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to-7-

(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended
September 30, 2010

Six months ended
September 30, 2011

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

5,340

5,071

Depreciation and amortization

3,0942,985

Loss on disaster－61

Amortization of goodwill

49

66

Increase (decrease) in provision

(382)

(14)

Interest and dividends income(655)(726)

Interest expenses

404

376

Equity in (earnings) losses of affiliates

(277)

(186)

Loss on retirement of property, plant and equipment

49

172

Loss (gain) on valuation of investment securities

157

133

Decrease (increase) in notes and accounts receivable-trade

405

(369)

Increase (decrease) in notes and accounts payable-trade

(556)

239

Other, net(327)(1,122)

Subtotal

7,302

6,689

Interest and dividends income received

663

753

Interest expenses paid

(416)

(370)

－(179)

Income taxes paid

(3,101)(1,541)

Net cash provided by (used in) operating activities

4,447

5,351

Payments for loss on disasterNet cash provided by (used in) investing activities
Payments into time deposits(10,524)(10,761)

Proceeds from withdrawal of time deposits

9,069

12,878Purchase of property, plant and equipment(555)(2,755)57

44

Purchase of intangible assets

(169)

(193)

Proceeds from sales of intangible assets

418－

Purchase of investment securities

(18)

(19)

Purchase of investments in subsidiaries－(4,771)

Payments of loans receivable

(80)

(85)

Collection of loans receivable

311

32

Other, net

35198(1,456)(5,432)

Proceeds from sales of property, plant and equipment

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

4,426

4,352

Decrease in short-term loans payable(4,383)(4,535)

Proceeds from long-term loans payable

200

310

Repayment of long-term loans payable(1,032)

(687)

－

1,500

Cash dividends paid

(892)

(892)

Other, net

(41)

(50)

Proceeds from stock issuance to minority shareholders

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents(1,724)

(3)

(168)

100

Net increase (decrease) in cash and cash equivalents

1,098

16

Cash and cash equivalents at beginning of period

10,484

15,249

Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation－30

Cash and cash equivalents at end of period

11,583

15,295-8-(4) Segment Information
Information related to operating revenue and income (loss) by reportable segment
Six months ended September 30, 2010

(Millions of yen)
Reportable segment

Adjustment(Note 1)

Consolidated
Statements ofIncome(Note 2)

Logistics

Real Estate

Total

60,042

5,016

65,059－65,0594200205(205)－Total

60,0475,217

65,264(205)

65,059Segment income

3,833

2,951

6,784

(1,850)4,933

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Segment income adjustment of ¥ -1,850 million includes company-wide expenses of ¥ -1,848 million which are not allocated to
the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neither of thereportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
2. Segment income is adjusted to show operating income as recorded on the Consolidated quarterly statements of income.

Six months ended September 30, 2011

(Millions of yen)
Reportable segment

Adjustment(Note 1)

Consolidated
Statements ofIncome(Note 2)

Logistics

Real EstateTotal

63,6704,632

68,303－68,3034202

206(206)－Total

63,675

4,835

68,510(206)

68,303

Segment income

4,223

2,754

6,978(1,888)

5,089

Operating revenue
Operating revenue to outside customers
Intersegment transfers

Notes: 1. Segment income adjustment of ¥ -1,888 million includes company-wide expenses of ¥ -1,880 million which are not allocated to
the respective reportable segments. Company-wide expenses consist mainly of the expenses not assignable to neither of thereportable segments for administrative departments of the Company and some of its consolidated subsidiaries.
2. Segment income is adjusted to show operating income as recorded on the Consolidated quarterly statements of income.

-9-