Sumitomo Warehouse : Consolidated Financial Results for the Nine Months Ended December 31, 2022 (Under Japanese GAAP)

Consolidated Financial Results

for the Nine Months Ended December 31, 2022 (Under Japanese GAAP)

February 7, 2023

The Sumitomo Warehouse Co., Ltd.

Listing:

Securities code:

URL:

Representative:

Inquiries:

Telephone:

Scheduled date to file quarterly securities report: Scheduled date to commence dividend payments: Preparation of supplementary material on quarterly financial results:

Holding of quarterly financial results briefing:

Tokyo Stock Exchange 9303 https://www.sumitomo-soko.co.jp/ Takanori Ono, President

Akihiko Hoshino, Managing Executive Officer, General Manager, Finance & Accounting Department [phone]

February 9, 2023

－

None

None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2022 (from April 1, 2022 to December 31,

2022)

(1) Consolidated operating results (cumulative)

(Percentages indicate year-on-year changes.)

Operating revenue

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Nine months ended

Millions of yen

％

Millions of yen

％

Millions of yen

％

Millions of yen

％

December 31, 2022

177,863

6.6

22,286

23.1

25,420

21.2

19,118

29.6

December 31, 2021

166,883

17.5

18,110

128.0

20,974

101.8

14,756

127.2

Note: Comprehensive income:

For the nine months ended December 31, 2022: ¥23,410 million [20.4%]

For the nine months ended December 31, 2021: ¥19,442 million [(3.8%)]

Basic earnings

Diluted earnings

per share

per share

Nine months ended

Yen

Yen

December 31, 2022

238.83

238.26

December 31, 2021

181.30

180.81

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

As of

Millions of yen

Millions of yen

％

December 31, 2022

376,756

221,683

56.1

March 31, 2022

373,720

213,945

54.4

Note: Equity

As of December 31, 2022: ¥211,364 million

As of March 31, 2022: ¥203,476 million

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2. Cash dividends

			Annual dividends per share
		First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
		Yen	Yen	Yen	Yen	Yen
	Fiscal year ended March 31, 2022	－	38.00	－	59.00		97.00
	Fiscal year ending March 31, 2023	－	50.00	－
	Fiscal year ending March 31, 2023				50.00		100.00
	(Forecast)
Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated forecasts for the year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)

(Percentages indicate year-on-year changes.)

									Profit attributable to	Basic
		Operating revenue	Operating profit		Ordinary profit	earnings
			owners of parent
									per share
		Millions of yen	％	Millions of yen	％		Millions of yen	％	Millions of yen	％	Yen
	Fiscal year ending	228,000	(1.5)	26,100	(5.9)		29,100	(4.3)	23,500	19.3	294.18
	March 31, 2023
Note: Revisions to the financial forecast most recently announced: Yes

• Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes
3. Changes in accounting policies, changes in accounting estimates, and restatement
4. 1. Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
   2. Changes in accounting policies due to other reasons: None
   3. Changes in accounting estimates: None
   4. Restatement: None
5. Number of issued shares (common shares)
6. 1. Total number of issued shares at the end of the period (including treasury shares):

As of December 31, 2022 : 81,431,915 shares

As of March 31, 2022 : 81,431,915 shares

• 1. Number of treasury shares at the end of the period: As of December 31, 2022 : 2,052,921 shares As of March 31, 2022 : 663,172 shares
  2. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year): Nine months ended December 31, 2022 : 80,051,536 shares
     Nine months ended December 31, 2021 : 81,392,792 shares
• Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
• 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.

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Consolidated Financial Results

(1) Quarterly consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022 As of December 31, 2022
Assets
Current assets
Cash and deposits	43,067	46,682
Notes and accounts receivable-trade	27,065	24,552
Real estate for sale	20	25
Work in process	1	24
Other	9,654	12,902
Allowance for doubtful accounts	(160)	(181)
Total current assets	79,648	84,005
Non-current assets
Property, plant and equipment
Buildings and structures, net	89,262	89,346
Machinery, equipment and vehicles, net	6,216	5,722
Vessels, net	4,121	481
Tools, furniture and fixtures, net	1,014	1,022
Land	64,899	65,844
Construction in progress	835	4,491
Other, net	2,309	3,075
Total property, plant and equipment	168,660	169,985
Intangible assets
Goodwill	8	－
Leasehold interests in land	5,140	5,138
Software	1,158	1,353
Other	272	348
Total intangible assets	6,580	6,840
Investments and other assets
Investment securities	110,631	107,832
Long-term loans receivable	444	433
Deferred tax assets	633	929
Other	7,396	6,943
Allowance for doubtful accounts	(275)	(215)
Total investments and other assets	118,830	115,923
Total non-current assets	294,071	292,750
Total assets		373,720	376,756

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			(Millions of yen)
		As of March 31, 2022 As of December 31, 2022
Liabilities
Current liabilities
Notes and accounts payable-trade	15,880	13,358
Short-term borrowings	5,496	13,359
Current portion of bonds payable	6,000	－
Commercial papers	3,500	5,000
Income taxes payable	4,089	4,152
Provision for bonuses	1,988	816
Other	11,342	13,580
Total current liabilities	48,297	50,267
Non-current liabilities
Bonds payable	47,000	47,000
Long-term borrowings	24,103	17,331
Deferred tax liabilities	27,448	26,602
Provision for retirement benefits for directors (and	79	70
other officers)
Retirement benefit liability	4,235	4,483
Long-term deposits received	7,835	7,776
Other	774	1,540
Total non-current liabilities	111,476	104,804
Total liabilities	159,774	155,072
Net assets
Shareholders' equity
Share capital	14,922	14,922
Capital surplus	12,343	12,348
Retained earnings	120,659	131,014
Treasury stock	(1,062)	(3,980)
Total shareholders' equity	146,863	154,305
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	53,437	51,333
Foreign currency translation adjustment	2,685	5,341
Remeasurements of defined benefit plans	489	383
Total accumulated other comprehensive income	56,613	57,059
Share acquisition rights	246	230
Non-controlling interests	10,222	10,088
Total net assets	213,945	221,683
Total liabilities and net assets		373,720	376,756

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1. Quarterly consolidated statements of income and quarterly consolidated statements of comprehensive income (Quarterly consolidated statements of income)

			(Millions of yen)
		Nine months ended	Nine months ended
		December 31, 2021	December 31, 2022
Operating revenue
Warehouse income	21,460	22,811
Harbor transportation income	23,955	24,437
International transportation income	41,064	57,131
Land transportation income	34,709	36,269
Shipping income	28,682	19,965
Rent income of warehouse and logistics facilities	4,539	4,605
Real estate lease revenue	7,520	7,498
Other	4,951	5,144
Total operating revenue	166,883	177,863
Operating costs
Cost of sales	98,126	103,482
Personal expenses	18,656	19,979
Rent expenses	8,643	8,127
Taxes and dues	1,699	1,823
Depreciation	6,960	7,220
Other	6,908	7,585
Total operating costs	140,995	148,217
Operating gross profit	25,887	29,646
Selling, general and administrative expenses
Salaries, allowances and welfare expenses	4,419	4,117
Provision for bonuses	391	213
Retirement benefit expenses	166	150
Amortization of goodwill	13	8
Other	2,786	2,869
Total selling, general and administrative expenses	7,777	7,359
Operating profit	18,110	22,286
Non-operating income
Interest and dividend income	2,723	3,569
Share of profit of entities accounted for using equity method	173	165
Other	326	307
Total non-operating income	3,223	4,042
Non-operating expenses
Interest expenses	253	252
Commission expenses	－	377
Other	106	278
Total non-operating expenses	359	908
Ordinary profit		20,974	25,420

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