Consolidated Financial Results
for the First Quarter Ended June 30, 2020 [ Japan GAAP ]August 7, 2020

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):

August 13, 2020

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 first quarter ended June 30, 2020 (April 1, 2020- June 30, 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％

Three months ended June 30, 2020

47,268

0.3

2,386

(9.3)

3,646

(6.1)

2,318

(6.9)

Three months ended June 30, 201947,135

6.9

2,631

38.2

3,884

24.7

2,490

12.0Note: Comprehensive income:Three months ended June 30, 2020: 6,167 million yen； －%Three months ended June 30, 2019: (898) million yen； －%Net income per share
Yen

Diluted net incomeper share
Yen

Three months ended June 30, 2020

27.75

27.67

Three months ended June 30, 2019

29.13

29.04

(2) Consolidated financial positions
Total assets

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen％

As of June 30, 2020

316,006

175,646

53.4

As of March 31, 2020

318,458

171,97651.9

Note: Owner’s equity
As of June 30, 2020: 168,843 million yen
As of March 31, 2020: 165,291 million yen- 1-

2. Dividends
First quarter

Second quarter

YenYenYear ended March 31, 2020

－Year ending March 31, 2021－

Year ending March 31, 2021
(Forecast)

Dividend per share
Third quarter
Fiscal year end
Yen

Total

Yen

Yen

18.00

－

29.00

47.00

24.00

－

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％

Yen

90,000(5.5)

4,100(26.1)

5,200(24.1)

3,100(27.9)

37.10

Full year

178,000(7.2)

8,500(23.4)

10,600(22.0)

6,500(27.4)

77.80

Millions of yen％

Ordinary income

Six months

Millions of yen％

Operating income

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

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 June 30, 2020 : 84,386,615 shares
As of March 31, 2020 : 84,386,615 shares
Number of treasury stock:
As of June 30, 2020 : 838,576 shares
As of March 31, 2020 : 838,377 shares
Average number of shares:
First quarter ended June 30, 2020 : 83,548,089 sharesFirst quarter ended June 30, 2019 : 85,501,193 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
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Real estate for sale
Work in process
OtherAllowance for doubtful accounts

As of June 30, 2020

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

26,07821,363
62
16
5,895
(99)

63,91153,316

Non-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

78,213
4,967
4,178
1,087
63,994
9,219
2,963

Total property, plant and equipment

163,020

164,624

Intangible assets
Goodwill
Leasehold interests in landSoftwareOther

44
5,125
1,284
233

40
5,125
1,228
230

Total intangible assets

6,687

6,624

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)

83,879
329
548
6,939
(256)

Total investments and other assets

84,83991,441

254,547

262,690

318,458

316,006

Total current assets

Total non-current assets
Total assets- 3-(Millions of yen)
As of March 31, 2020

As of June 30, 2020

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

12,6045,000
12,822
892
1,326
7,066

47,61939,711

43,00025,07016,271

43,00024,892
18,493

54

43

4,800
8,076
1,588

4,801
7,998
1,418

98,862

100,647

Total liabilities

146,482

140,359

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

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

14,922
12,115
106,409(1,191)

132,361

132,256

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

31,0302,196(298)35,6471,241(301)

Total accumulated other comprehensive income

32,92936,586

294
6,391

294
6,509

171,976

175,646

318,458

316,006

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)Three months ended
June 30, 2019

Three months ended
June 30, 2020

6,521
9,270
10,296
9,327
6,162
1,374
2,529
1,654

6,527
8,891
10,168
9,987
6,196
1,437
2,512
1,546

47,13547,26829,156
5,631
2,663647
1,827
2,085

29,438
5,761
2,628
590
2,041
1,965

42,01242,425

Operating gross profit

5,122

4,842

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

1,273
194
51
4966

1,268
200
63
4918

2,490

2,455

Operating income

2,631

2,386

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

1,253
78
93

1,178
29
202

1,426

1,410

104
45
23108－

173

150

3,884

3,646

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
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income- 5-41

(Millions of yen)Three months ended
June 30, 2019Three months ended
June 30, 2020

241224

12

3,859

3,634

891
298924173

Total income taxes

1,189

1,097

Profit

2,670

2,536

179

218

2,490

2,318

Extraordinary losses
Loss on retirement of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes-current
Income taxes-deferred

Profit attributable to non-controlling interests
Profit attributable to owners of parent- 6-

(Consolidated quarterly statements of comprehensive income)(Millions of yen)Three months ended
June 30, 2019
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- 7-

Three months ended
June 30, 2020

2,670

2,536

(3,831)
250
(32)

4,637
(942)
(3)

45

(60)

(3,568)

3,630

(898)

6,167

(1,080)
182

5,975
192

(3) Consolidated quarterly statements of cash flows(Millions of yen)Three months ended Three months ended
June 30, 2019
June 30, 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 on retirement of non-current assets
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Other, net

3,859
1,937
4(480)(1,253)
104(78)24316(72)
460

3,634
2,147
4(527)(1,178)108(29)12363(0)395Subtotal

4,823

4,930

Interest and dividends received
Interest paid
Income taxes paid

1,273(100)(3,849)1,150(101)(1,208)Net cash provided by (used in) operating activities

2,146

4,770

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
Collection of loans receivable
Other, net(1,305)826(7,541)5(177)(6)
10(186)(515)117(4,887)
3(83)
(7)
5(73)

Net cash provided by (used in) investing activities(8,375)(5,439)2,992(648)11,000(7,181)(2,247)
(220)

952
(897)
－(7,146)(2,231)
(314)

3,693

(9,637)65(338)

Net increase (decrease) in cash and cash equivalents(2,469)(10,645)

Cash and cash equivalents at beginning of period

24,161

34,549Cash and cash equivalents at end of period

21,691

23,903

Cash flows from financing activities
Proceeds from short-term borrowings
Repayments of short-term borrowingsProceeds from long-term borrowings
Repayments of long-term borrowings
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents- 8-

(4) Segment information
Information related to operating revenue and income (loss) by reportable segment
Three months ended June 30, 2019
Reportable segment
Adjustment(Note 1)

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

Logistics

Shipping

Real estate

Total

38,404

6,162

2,568

47,135－47,135

127

164

126

419

(419)

－Total

38,532

6,327

2,695

47,554(419)

47,135

Segment income (loss)

2,649(144)

1,370

3,874(1,242)

2,631

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (1,242) million in segment income (loss) includes company-wide expenses of ¥ (1,266) 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.
Three months ended June 30, 2020
Reportable segment
Adjustment(Millions of yen)Amount inconsolidated
quarterlystatements ofincome(Note 2)

Logistics

Shipping

Real estate

Total(Note 1)

38,533

6,196

2,538

47,268－47,268

101

151

127

380(380)－

Total

38,634

6,347

2,666

47,649(380)

47,268Segment income (loss)

2,459(175)

1,370

3,654

(1,267)

2,386

Operating revenue
External revenue
Inter-segment revenue

Notes: 1. The adjustment of ¥ (1,267) million in segment income (loss) includes company-wide expenses of ¥ (1,237) 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-