Sumitomo Warehouse : Consolidated Financial Results for the Year Ended March 31, 2023

Consolidated Financial Results

for the Fiscal Year Ended March 31, 2023 (Under Japanese GAAP)

May 12, 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, Managing Executive Officer,
	General Manager, Finance & Accounting Department
Telephone:	[phone]
Scheduled date of annual general meeting of	June 29, 2023
shareholders:
Scheduled date to commence dividend payments:	June 30, 2023
Scheduled date to file annual securities report:	June 29, 2023
Preparation of supplementary material on financial	Yes
results:
Holding of financial results briefing:	Yes
	(Yen amounts are rounded down to millions, unless otherwise noted.)

１．Consolidated financial results for the fiscal year ended March 31, 2023(from April 1, 2022 to March 31, 2023)

(1) Consolidated operating results

(Percentages indicate year-on-year changes.)

Operating revenue

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Fiscal year ended

Millions of yen

％

Millions of yen

％

Millions of yen

％

Millions of yen

％

March 31, 2023

223,948

(3.2)

26,090

(6.0)

29,115

(4.3)

22,455

14.0

March 31, 2022

231,461

20.5

27,748

153.1

30,421

124.5

19,703

133.1

Note: Comprehensive income:

For the fiscal year ended March 31, 2023: ¥30,702 million [20.4% ]

For the fiscal year ended March 31, 2022: ¥25,491 million [(17.4)% ]

Basic earnings

Diluted earnings

Ratio of ordinary

Ratio of operating

Return on equity

profit to total

per share

per share

profit to net sales

assets

Fiscal year ended

Yen

Yen

％

％

％

March 31, 2023

281.09

280.46

10.7

7.7

11.7

March 31, 2022

242.55

241.94

10.0

8.4

12.0

Reference: Share of profit (loss) of entities accounted for using equity method:

For the fiscal year ended March 31, 2023: ¥62 million

For the fiscal year ended March 31, 2022: ¥228 million

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

Net assets per share

As of

Millions of yen

Millions of yen

％

Yen

March 31, 2023

385,791

228,945

56.3

2,737.57

March 31, 2022

373,720

213,945

54.4

2,519.25

Reference: Equity

As of March 31, 2023: ¥217,337 million

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

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(3) Consolidated cash flows

	Cash flows from	Cash flows from	Cash flows from	Cash and cash equivalents
	operating activities	investing activities	financing activities	at end of period
Fiscal year ended	Millions of yen	Millions of yen	Millions of yen	Millions of yen
March 31, 2023	29,816	(4,572)	(20,525)	46,521
March 31, 2022	31,418	(5,879)	(10,267)	40,840

2．Cash dividends

Annual dividends per share

Total cash

Ratio of

Payout ratio

dividends to

First

Second

Third

Fiscal

dividends

Total

(Consolidated)

net assets

quarter-end

quarter-end

quarter-end

year-end

(Total)

(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

％

％

Fiscal year ended

－

38.00

－

59.00

97.00

7,850

40.0

4.0

March 31, 2022

Fiscal year ended

－

50.00

－

50.00

100.00

7,964

35.6

3.8

March 31, 2023

Fiscal year ending

March 31, 2024

－

50.50

－

50.50

101.00

64.7

(Forecast)

3. Consolidated forecasts for the fiscal 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

* Notes

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
2. Changes in accounting policies, changes in accounting estimates, and restatement
3. 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
4. Number of issued shares (common shares)
5. 1. Total number of issued shares at the end of the period (including treasury shares) :

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

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

• 1. Number of treasury shares at the end of the period : As of March 31, 2023 : 606,749 shares
     As of March 31, 2022 : 663,172 shares
  2. Average number of shares outstanding during the period: Fiscal year ended March 31, 2023 : 79,885,358 shares Fiscal year ended March 31, 2022 : 81,233,785 shares
• Financial results reports are exempt from audit 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) Consolidated balance sheets

			(Millions of yen)
		As of March 31, 2022	As of March 31, 2023
Assets
Current assets
Cash and deposits	43,067	48,994
Notes and accounts receivable-trade	27,065	22,961
Real estate for sale	20	2,894
Work in process	1	1
Other	9,654	17,335
Allowance for doubtful accounts	(160)	(170)
Total current assets	79,648	92,016
Non-current assets
Property, plant and equipment
Buildings and structures, net	89,262	86,570
Machinery, equipment and vehicles, net	6,216	5,657
Vessels, net	4,121	467
Tools, furniture and fixtures, net	1,014	1,007
Land	64,899	63,289
Construction in progress	835	5,627
Other, net	2,309	3,448
Total property, plant and equipment	168,660	166,069
Intangible assets
Goodwill	8	－
Leasehold interests in land	5,140	5,138
Software	1,158	1,622
Other	272	205
Total intangible assets	6,580	6,966
Investments and other assets
Investment securities	110,631	112,674
Long-term loans receivable	444	279
Deferred tax assets	633	1,089
Other	7,396	6,909
Allowance for doubtful accounts	(275)	(214)
Total investments and other assets	118,830	120,739
Total non-current assets	294,071	293,774
Total assets		373,720	385,791

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			(Millions of yen)
		As of March 31, 2022	As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable-trade	15,880	12,250
Short-term borrowings	5,496	13,416
Current portion of bonds payable	6,000	－
Commercial papers	3,500	5,000
Income taxes payable	4,089	7,038
Provision for bonuses	1,988	1,451
Other	11,342	11,637
Total current liabilities	48,297	50,794
Non-current liabilities
Bonds payable	47,000	47,000
Long-term borrowings	24,103	16,995
Deferred tax liabilities	27,448	28,009
Provision for retirement benefits for directors (and	79	76
other officers)
Retirement benefit liability	4,235	4,335
Long-term deposits received	7,835	7,820
Other	774	1,813
Total non-current liabilities	111,476	106,050
Total liabilities	159,774	156,845
Net assets
Shareholders' equity
Share capital	14,922	14,922
Capital surplus	12,343	12,347
Retained earnings	120,659	131,554
Treasury shares	(1,062)	(1,171)
Total shareholders' equity	146,863	157,653
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	53,437	54,920
Foreign currency translation adjustment	2,685	4,154
Remeasurements of defined benefit plans	489	608
Total accumulated other comprehensive income	56,613	59,684
Share acquisition rights	246	217
Non-controlling interests	10,222	11,391
Total net assets	213,945	228,945
Total liabilities and net assets		373,720	385,791

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1. Consolidated statements of income and consolidated statements of comprehensive income (Consolidated statements of income)

			(Millions of yen)
		Year ended	Year ended
		March 31, 2022	March 31, 2023
Operating revenue
Warehouse income	28,887	30,415
Harbor transportation income	31,774	32,229
International transportation income	58,038	70,250
Land transportation income	46,372	47,726
Shipping income	43,608	20,324
Rent income of warehouse and logistics facilities	6,073	6,093
Real estate lease revenue	10,033	10,006
Other	6,673	6,902
Total operating revenue	231,461	223,948
Operating costs
Cost of sales	134,413	129,493
Personal expenses	25,326	26,411
Rent expenses	12,129	10,360
Taxes and dues	2,308	2,418
Depreciation	9,419	9,548
Other	9,437	10,103
Total operating costs	193,034	188,335
Operating gross profit	38,426	35,613
Selling, general and administrative expenses
Salaries, allowances and welfare expenses	6,010	5,132
Provision for bonuses	394	429
Retirement benefit expenses	217	191
Amortization of goodwill	17	22
Other	4,038	3,747
Total selling, general and administrative expenses	10,678	9,522
Operating profit	27,748	26,090
Non-operating income
Interest income	54	70
Dividend income	2,717	3,564
Share of profit of entities accounted for using equity method	228	62
Other	563	416
Total non-operating income	3,564	4,113
Non-operating expenses
Interest expenses	342	335
Foreign exchange losses	－	128
Commission expenses	106	467
Other	442	155
Total non-operating expenses	891	1,088
Ordinary profit		30,421	29,115

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