Sumitomo Warehouse : Consolidated Financial Results for the Three Months Ended June 30, 2023 (Under Japanese GAAP)

Consolidated Financial Results

for the Three Months Ended June 30, 2023 (Under Japanese GAAP)

August 4, 2023

The Sumitomo Warehouse Co., Ltd.

Listing:	Tokyo Stock Exchange
Securities code:	9303
URL:	https://www.sumitomo-soko.co.jp/
Representative:	Takanori Ono, President
Inquiries:	Akihiko Hoshino, Director, Managing Executive
	Officer, General Manager, Finance & Accounting
	Department
Telephone:	[phone]
Scheduled date to file quarterly securities report:	August 8, 2023
Scheduled date to commence dividend payments:	－
Preparation of supplementary material on quarterly	None
financial results:
Holding of quarterly financial results briefing:	None

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

1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)

(1) Consolidated operating results (cumulative)

(Percentages indicate year-on-year changes.)

Operating revenue

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Three months ended

Millions of yen

％

Millions of yen

％

Millions of yen

％

Millions of yen

％

June 30, 2023

46,678

(32.7)

3,342

(75.1)

5,159

(65.1)

3,518

(70.0)

June 30, 2022

69,314

35.6

13,408

223.8

14,769

172.5

11,725

213.6

Note: Comprehensive income:

For the three months ended June 30, 2023: ¥18,810 million [36.8%]

For the three months ended June 30, 2022: ¥13,746 million [245.2%]

Basic earnings

Diluted earnings

per share

per share

Three months ended

Yen

Yen

June 30, 2023

44.32

44.22

June 30, 2022

145.58

145.21

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

As of

Millions of yen

Millions of yen

％

June 30, 2023

402,688

243,642

57.6

March 31, 2023

385,791

228,945

56.3

Note: Equity

As of June 30, 2023: ¥231,878 million

As of March 31, 2023: ¥217,337 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, 2023	－	50.00	－	50.00	100.00
Fiscal year ending March 31, 2024	－
Fiscal year ending March 31, 2024		50.50	－	50.50	101.00
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated forecasts for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)

(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
	Six months ending	100,250	(18.8)	7,000	(60.4)	8,850	(53.8)	5,700	(61.4)	71.80
	September 30, 2023
	Fiscal year ending	200,000	(10.7)	14,500	(44.4)	18,100	(37.8)	12,400	(44.8)	156.19
	March 31, 2024
Note: Revisions to the financial forecast most recently announced: None

• 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: None
   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 June 30, 2023 : 79,997,315 shares

As of March 31, 2023 : 79,997,315 shares

1. Number of treasury shares at the end of the period: As of June 30, 2023 : 599,015 shares
   As of March 31, 2023 : 606,749 shares
2. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year): Three months ended June 30, 2023 : 79,398,387 shares
   Three months ended June 30, 2022 : 80,543,073 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, 2023	As of June 30, 2023
Assets
Current assets
Cash and deposits	48,994	41,115
Notes and accounts receivable-trade	22,961	21,427
Real estate for sale	2,894	2,913
Work in process	1	4
Other	17,335	10,626
Allowance for doubtful accounts	(170)	(164)
Total current assets	92,016	75,922
Non-current assets
Property, plant and equipment
Buildings and structures, net	86,570	88,989
Machinery, equipment and vehicles, net	5,657	5,663
Vessels, net	467	454
Tools, furniture and fixtures, net	1,007	999
Land	63,289	73,982
Construction in progress	5,627	4,584
Other, net	3,448	3,260
Total property, plant and equipment	166,069	177,934
Intangible assets
Leasehold interests in land	5,138	5,138
Software	1,622	1,536
Other	205	226
Total intangible assets	6,966	6,901
Investments and other assets
Investment securities	112,674	133,887
Long-term loans receivable	279	276
Deferred tax assets	1,089	1,072
Other	6,909	6,908
Allowance for doubtful accounts	(214)	(214)
Total investments and other assets	120,739	141,930
Total non-current assets	293,774	326,766
Total assets		385,791	402,688

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			(Millions of yen)
		As of March 31, 2023	As of June 30, 2023
Liabilities
Current liabilities
Notes and accounts payable-trade	12,250	12,131
Short-term borrowings	13,416	5,866
Commercial papers	5,000	5,000
Income taxes payable	7,038	1,120
Provision for bonuses	1,451	710
Other	11,637	9,402
Total current liabilities	50,794	34,232
Non-current liabilities
Bonds payable	47,000	47,000
Long-term borrowings	16,995	29,034
Deferred tax liabilities	28,009	34,746
Provision for retirement benefits for directors (and	76	83
other officers)
Retirement benefit liability	4,335	4,384
Long-term deposits received	7,820	7,943
Other	1,813	1,622
Total non-current liabilities	106,050	124,814
Total liabilities	156,845	159,046
Net assets
Shareholders' equity
Share capital	14,922	14,922
Capital surplus	12,347	12,347
Retained earnings	131,554	131,091
Treasury shares	(1,171)	(1,156)
Total shareholders' equity	157,653	157,204
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	54,920	69,531
Foreign currency translation adjustment	4,154	4,559
Remeasurements of defined benefit plans	608	583
Total accumulated other comprehensive income	59,684	74,674
Share acquisition rights	217	208
Non-controlling interests	11,391	11,555
Total net assets	228,945	243,642
Total liabilities and net assets		385,791	402,688

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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)
		Three months ended	Three months ended
		June 30, 2022	June 30, 2023
Operating revenue
Warehouse income	7,497	7,807
Harbor transportation income	7,700	7,738
International transportation income	17,804	13,457
Land transportation income	11,756	11,676
Shipping income	18,836	－
Rent income of warehouse and logistics facilities	1,536	1,486
Real estate lease revenue	2,495	2,527
Other	1,686	1,984
Total operating revenue	69,314	46,678
Operating costs
Cost of sales	37,644	26,108
Personal expenses	6,500	6,973
Rent expenses	3,449	2,372
Taxes and dues	616	857
Depreciation	2,355	2,256
Other	2,409	2,462
Total operating costs	52,975	41,031
Operating gross profit	16,338	5,646
Selling, general and administrative expenses
Salaries, allowances and welfare expenses	1,582	1,309
Provision for bonuses	221	39
Retirement benefit expenses	67	47
Amortization of goodwill	4	－
Other	1,055	906
Total selling, general and administrative expenses	2,930	2,304
Operating profit	13,408	3,342
Non-operating income
Interest and dividend income	1,829	1,796
Share of profit of entities accounted for using equity method	67	29
Other	75	102
Total non-operating income	1,971	1,928
Non-operating expenses
Interest expenses	80	92
Commission expenses	376	－
Other	152	19
Total non-operating expenses	610	112
Ordinary profit		14,769	5,159

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