Consolidated Financial Results
for the Third Quarter Ended December 31, 2010 [ Japan GAAP ]February 8, 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

Starting date of dividend payment:―

Date of the filing of the Quarterly Report:

February 10, 2011

Supplementary Material

None

Financial Results Presentation

None

１．Consolidated Financial Results for the Third Quarter Ended December 31, 2010 (April 1, 2010- December 31, 2010)
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

Ordinary income％

Millions of yen

Net income％

Millions of yen％

Millions of yen

Nine months ended December 31, 2010

98,493

9.6

7,484

32.6

8,438

36.3

4,028

28.6

Nine months ended December 31, 2009

89,893（13.7）

5,645

(3.2)

6,190

(7.6)

3,131

(11.4)Net income per share
Yen
Nine months ended December 31, 2010

22.58

Nine months ended December 31, 2009

17.56

Dilutive Net Income
per share
Yen
22.58
－

(2) Consolidated Financial Position
Total assets

Net assets

Equity ratio

Net asset per share

Millions of yen

Millions of yen％

Yen

As of December 31, 2010

231,498

114,74747.6

617.60

As of March 31, 2010

235,986

114,37746.6

616.54

Notes: Equity
Third quarter ended December 31, 2010 : 110,170 million yen
Year ended March 31, 2010 : 109,988 million yen

2．Dividends
First Quarter
ended
Yen

Dividends per share
Second Quarter
Third Quarter
ended
ended
Yen
Yen

Year ended March 31, 2010

－

5.00

－

Year ending March 31, 2011

－

5.00

－

Year ending March 31, 2011
(Forecast)
Notes: Revision of cash dividend forecast for this period : None-1-Year-end

Annual

Yen

Yen
5.00

10.00

5.00

10.00

3. Forecasts for the Year Ending March 31, 2011 (April 1, 2010-March 31, 2011)
Operating revenue

Full year

Millions of yen％

128,000

5.2

Operating income
Millions of yen

9,300

％

Ordinary income
Millions of yen

17.6

10,100％19.8(%: change from the previous year)
Net income
Net income
per share
Millions of yen

4,600

％

Yen

49.9

25.79

Note: Revision of forecasts for this period: None

4. Other(1) Changes of significant subsidiaries during the period (change of specified subsidiaries that affected the scope of consolidated
reporting): None
(2) Adoption of simplified accounting methods and special accounting methods for quarterly consolidated financial statements: Yes(3) Changes of accounting policies applied, procedures and disclosures for presenting consolidated financial statement
Changes by revision of accounting standard: Yes
Changes other than the above: None
(4) Number of shares issued (common stock)
Number of shares issued at the end of the period (including treasury stock) :As of December 31, 2010 : 195,936,231 shares
As of March 31, 2010 : 195,936,231 shares
Number of treasury stocks at the end of the period :As of December 31, 2010 : 17,550,733shares
As of March 31, 2010 : 17,540,425 shares
Average number of shares issued at the end of the period :As of December 31, 2010 : 178,393,201shares
As of December 31, 2009 : 178,399,948 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 December 31, 2010

As of March 31, 2010

Cash and deposits

27,471

23,569Notes and operating accounts receivable

17,23816,7494

4

Real estate for sale

114

185

Work in process

19

27

Deferred tax assets

775

1,093

Other

3,163

3,089

Allowance for doubtful accounts

(104)

(95)

48,681

44,623

Buildings and structures, net

60,47463,513

Machinery, equipment and vehicles, net

3,475

3,860

659

760

46,224

46,222

Construction in progress

348

400

Other, net

60

66

111,243

114,825612

687

Leasehold right

4,342

6,173

Software

1,915

2,152

Other

351

429

7,222

9,443

56,57058,899Long-term loans receivable

615

947

Deferred tax assets

504

481

Other

7,098

7,248

Allowance for doubtful accounts

(438)

(483)

Total investments and other assets

64,35067,093

182,816

191,362

231,498

235,986

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 December 31, 2010

As of March 31, 2010

Notes and operating accounts payable-trade

9,319

9,330

Short-term loans payable

10,112

10,126

Income taxes payable

1,222

3,098

Provision for bonuses

919

1,438

Other

4,984

5,342

Total current liabilities

26,55729,337Long-term loans payable

59,411

60,124

Deferred tax liabilities

14,15915,162

Provision for retirement benefits

3,319

3,590

83

114

12,37012,440848

839

90,192

92,271

116,750

121,609

Capital stock

21,822

21,822

Capital surplus

19,177

19,177Retained earnings

65,506

63,261

Treasury stock(9,129)(9,124)

Total shareholders' equity

97,377

95,136

14,516

16,09882Foreign currency translation adjustment(1,730)(1,250)Total valuation and translation adjustments

12,793

14,851

7964

Minority interests

4,498

4,324

Total net assets

114,747

114,377

231,498

235,986

Liabilities
Current liabilities

Noncurrent liabilities

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

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

Subscription rights to shares

Total liabilities and net assets-4-(2) Consolidated quarterly statements of income(Millions of yen)
Nine months ended
December 31, 2009

Nine months ended
December 31, 2010

Warehouse income

14,00915,863

Harbor transportation income

24,666

27,700International transportation income

16,522

19,156

Land transportation income

18,754

19,837

Rent income of warehouse and logistics facilities

4,050

3,831

Operating revenue

Rent income of real estate

7,421

7,329

Other

4,468

4,775

Total operating revenue

89,89398,493

Cost of sales

50,17556,703

Personal expenses

12,231

12,404

Rent expenses

5,577

5,746

Taxes and dues

1,501

1,404

Depreciation

4,436

4,189

Other

4,696

5,112

Total operating cost

78,61885,561

Operating gross profit

11,275

12,932

3,047

3,107

Provision for bonuses

175

165

Retirement benefit expenses

201

177

Amortization of goodwill

245

74

Other

1,959

1,923

Total selling, general and administrative expenses

5,629

5,448

5,645

7,484

Interest and dividends income

906

1,161

Equity in earnings of affiliates

186

358

Operating cost

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

Operating income
Non-operating income

Other

229

161

1,322

1,681

Interest expenses

660

599

Other

116

128

Total non-operating expenses

776

727

6,190

8,438

Total non-operating income
Non-operating expenses

Ordinary income-5-(Millions of yen)
Nine months ended
December 31, 2009

Nine months ended
December 31, 2010－152

Extraordinary income
Gain on sales of noncurrent assets
Compensation income－

461

Total extraordinary income－

614

Loss on retirement of noncurrent assets

105

66

Loss on valuation of investment securities

234

42

－

1,431

Extraordinary loss

Impairment loss
Loss on adjustment for changes of accounting standard－

32

Provision of allowance for doubtful accounts

266－

Special retirement expenses

38－

Total extraordinary losses

645

1,571

Income before income taxes and minority interests

5,545

7,481

Income taxes-current

2,595

2,853

Income taxes-deferred

(350)

354

Total income taxes

2,244

3,208

for asset retirement obligations

Income before minority interests
Minority interests in income
Net income

-6-

－

4,273

168

244

3,131

4,028

(3) Consolidated quarterly statements of cash flows(Millions of yen)
Nine months ended
December 31, 2009
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Impairment loss
Amortization of goodwill
Increase (decrease) in provisionInterest and dividends income
Interest expenses
Equity in (earnings) losses of affiliates
Loss (gain) on sales of property, plant and equipment
Loss on retirement of property, plant and equipment
Loss (gain) on valuation of investment securities
Decrease (increase) in notes and accounts receivable-trade
Increase (decrease) in notes and accounts payable-trade
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) 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
Proceeds from sales of intangible assets
Purchase of investment securities
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Cash dividends paid
Other, 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-7-

Nine months ended
December 31, 2010

5,545
4,919
－
245
151
(906)
660
(186)
－
105
234
(1,765)533
1,007
10,544
914
(814)
(708)
1,200
11,136

7,481
4,687
1,431
74
(827)
(1,161)
599
(358)
(84)
66
42
(575)
31
(4)
11,402
1,175(725)(4,821)－
7,030(13,462)
4,340
(976)
37
(345)
－
(3,168)
(96)
112
(523)
(14,082)(17,033)
15,159(1,109)
118
(270)
418
(34)
(88)
500
130
(2,210)10,045(9,953)
2,288(1,979)(1,727)(88)(1,414)6(4,354)
14,66910,315

7,849(7,416)450(1,610)(1,734)(75)(2,537)(230)
2,051
10,484
12,536

(4) Segment Information[Information by operational segment]
Nine months ended December 31, 2009

(Millions of yen)
Corporate

Consolidated

Logistics

Real Estate

Total

82,343

7,549

89,893－89,893

6

163

170

(170)

－

82,3507,713

90,063(170)

89,893

4,449

4,596

9,045

(3,400)5,645& Elimination

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income
Notes:
Segment
Logistics

Main operations
Warehousing (stock operations, bonded cargo handling)
Harbor transportation, Customs clearance

Real Estate

International multimodal transportation, Air cargo agent
Land transportation
Office space and land leasing[Information by geographic segment]
Nine months ended December 31, 2009

(Millions of yen)
Corporate

Consolidated

Japan

OthersTotal

83,617

6,276

89,893－89,893

469

2,829

3,299

(3,299)－84,087

9,105

93,192(3,299)89,893

8,680

364

9,045

(3,400)5,645& Elimination

Operating revenue① Operating revenue to outside customers② Intersegment transfers
Total operating revenue
Operating income

Notes: “Others” consists of Asia, Europe and North America.

[Overseas operating revenue]
The Companies’ overseas operating revenue, which represents operating revenue to customers outside Japan, was immaterial. Accordingly,
overseas operating revenue was not disclosed.

-8-[Segment Information]
1. General information about reportable segment
The reportable segment is the component of our Group, for which discrete financial information is available, and whose operating results
are regularly reviewed by the Company’s chief operating decision maker including Board of Directors to make decisions about resources to beallocated to the 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 promotes “Real Estate business”
including leasing and sales of real estate etc., with a dedicated department in head office, mainly in such way as to put the real estate theCompany owns to more effective use. Therefore, the Company, according to such business formation, comprises the segments corresponding
to each service and presents “Logistics” and ”Real Estate” as two reportable segments.

2. Information related to operating revenue and income (loss) by reportable segment
Nine months ended December 31, 2010

(Millions of yen)
Reportable segment

Adjustment

Logistics

Real Estate

Total

90,981

7,511

98,493(Note 1)

Consolidated
Statements ofIncome(Note 2)

Operating revenue
Operating revenue to outside customers－

98,493

6

310

317

(317)

－

Total

90,988

7,822

98,810(317)

98,493

Segment income

5,738

4,463

10,201(2,717)7,484Intersegment transfers

Notes: 1. Segment income adjustment of ¥ -2,717 million includes company-wide expenses of ¥ -2,797 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 Statements of Income.

3. Information concerning impairment loss from noncurrent assets, goodwill and other items by reportable segment(Material impairment loss of noncurrent assets)
The impairment loss of the leasehold rights, which amounted to ¥1,431 million for the nine months ended December 31,2010, wasrecognized in the segment of "Real Estate".

Additional Information
Effective from the first quarter ended June 30, 2010, the “Revised Accounting Standard for Disclosures about Segments of an Enterprise andRelated information” (ASBJ Statement No. 17, March 27, 2009) and the “Guidance on the Accounting Standard for Disclosures about
Segments of an Enterprise and Related information” (ASBJ Guidance No. 20, March 21, 2008) are applied.

(5) Changes in Accounting Policies
Application of accounting standard for asset retirement obligations
Effective from the first quarter ended June 30, 2010, the“Accounting Standard for Asset Retirement Obligations” (ASBJ Statement No. 18,
March 31, 2008) and the “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance No. 21, March 31, 2008)
are applied.
As a result of this application, income before income taxes and minority interests for nine months ended December 31, 2010 decreased by¥32 million. The change in the asset retirement obligation amount resulting from the application of these accounting standards is ¥32 million.

-9-