Consolidated Financial Results for the Nine Months Ended December 31, 2024 (Under Japanese GAAP)

Feb 5, 2025 at 4:26 AM UTC · Issued by Sumitomo Warehouse Co., Ltd.

Consolidated Financial Results

for the Nine Months Ended December 31, 2024 (Under Japanese GAAP)

February 5, 2025

The Sumitomo Warehouse Co., Ltd.

Listing:	Tokyo Stock Exchange
Securities code:	9303
URL:	https://www.sumitomo-soko.co.jp/
Representative:	Akihito Nagata, President
Inquiries:	Masaya Arakawa, General Manager, Finance &
	Accounting Department
Telephone:	+81 6 6444 1183
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 nine months ended December 31, 2024 (from April 1, 2024 to December 31,

2024)

(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, 2024

143,753

2.1

10,124

(1.5)

14,206

1.2

9,275

0.6

December 31, 2023

140,734

(20.9)

10,283

(53.9)

14,031

(44.8)

9,216

(51.8)

Note: Comprehensive income:

For the nine months ended December 31, 2024: ¥9,979 million [(64.8)%]

For the nine months ended December 31, 2023: ¥28,360 million [21.1%]

Basic earnings

Diluted earnings

per share

Nine months ended

Yen

December 31, 2024

118.65

118.53

December 31, 2023

116.44

116.28

(2) Consolidated financial position

Total assets

Net assets

Equity-to-asset ratio

As of

Millions of yen

％

December 31, 2024

429,558

263,565

59.0

March 31, 2024

436,920

264,804

58.4

Reference: Equity

As of December 31, 2024: ¥253,469 million

As of March 31, 2024: ¥255,130 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, 2024	－	50.50	－	50.50		101.00
Fiscal year ending March 31, 2025	－	50.50	－
Fiscal year ending March 31, 2025				52.50		103.00
(Forecast)

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

3. Consolidated forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)

(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	191,800	3.9	13,300	0.9	16,800	(0.5)	19,200	53.7	246.74
	March 31, 2025

Note: Revisions to the financial forecast most recently announced: None

Notes

Significant changes in the scope of consolidation during the period: None
Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes
Changes in accounting policies, changes in accounting estimates, and restatement
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
Number of issued shares (common shares)
1. Total number of issued shares at the end of the period (including treasury shares):

As of December 31, 2024 : 79,247,315 shares

As of March 31, 2024 : 79,247,315 shares

Number of treasury shares at the end of the period: As of December 31, 2024 : 1,576,791 shares As of March 31, 2024 : 495,352 shares
Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year): Nine months ended December 31, 2024 : 78,176,674 shares
Nine months ended December 31, 2023 : 79,150,927 shares

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

* Proper use of earnings forecasts, and other special matters

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, 2024 As of December 31, 2024

Assets
Current assets
Cash and deposits	52,214	44,860
Notes and accounts receivable-trade	20,650	22,004
Real estate for sale	2,774	2,712
Other	7,532	8,478
Allowance for doubtful accounts	(102)	(103)
Total current assets	83,068	77,951
Non-current assets
Property, plant and equipment
Buildings and structures, net	92,713	88,877
Machinery, equipment and vehicles, net	5,744	5,385
Vessels, net	417	376
Tools, furniture and fixtures, net	1,027	988
Land	74,276	75,427
Construction in progress	1,570	3,731
Other, net	3,279	3,120
Total property, plant and equipment	179,029	177,906
Intangible assets
Leasehold interests in land	5,138	5,138
Software	1,431	1,539
Other	674	509
Total intangible assets	7,244	7,186
Investments and other assets
Investment securities	157,195	156,404
Long-term loans receivable	256	246
Retirement benefit asset	2,956	2,875
Deferred tax assets	722	755
Other	6,730	6,633
Allowance for doubtful accounts	(281)	(402)
Total investments and other assets	167,578	166,513
Total non-current assets	353,852	351,606
Total assets		436,920	429,558

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			(Millions of yen)
		As of March 31, 2024 As of December 31, 2024

Liabilities
Current liabilities
Notes and accounts payable-trade	12,093	12,147
Short-term borrowings	5,174	5,060
Current portion of bonds payable	10,000	17,000
Income taxes payable	2,360	1,955
Provision for bonuses	1,488	754
Other	8,887	10,496
Total current liabilities	40,004	47,415
Non-current liabilities
Bonds payable	37,000	25,000
Long-term borrowings	39,006	37,686
Deferred tax liabilities	42,633	42,582
Provision for retirement benefits for directors (and	98	109
other officers)

Retirement benefit liability	3,783	3,746
Long-term deposits received	8,120	7,794
Other	1,468	1,657
Total non-current liabilities	132,111	118,578
Total liabilities	172,115	165,993
Net assets
Shareholders' equity
Share capital	14,922	14,922
Capital surplus	12,347	12,347
Retained earnings	134,329	135,669
Treasury shares	(1,094)	(3,978)
Total shareholders' equity	160,505	158,961
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	85,594	85,003
Foreign currency translation adjustment	5,831	6,558
Remeasurements of defined benefit plans	3,199	2,945
Total accumulated other comprehensive income	94,624	94,507
Share acquisition rights	113	91
Non-controlling interests	9,560	10,004
Total net assets	264,804	263,565
Total liabilities and net assets		436,920	429,558

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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, 2023	December 31, 2024

Operating revenue
Warehouse income	23,582	24,134
Harbor transportation income	23,215	24,405
International transportation income	39,242	39,570
Land transportation income	36,314	37,771
Rent income of warehouse and logistics facilities	4,463	4,669
Real estate lease revenue	7,616	7,723
Other	6,299	5,478
Total operating revenue	140,734	143,753
Operating costs
Cost of sales	77,753	79,772
Personal expenses	21,386	22,052
Rent expenses	7,176	7,058
Taxes and dues	2,194	1,896
Depreciation	7,131	7,414
Other	7,981	8,137
Total operating costs	123,625	126,332
Operating gross profit	17,109	17,421
Selling, general and administrative expenses
Salaries, allowances and welfare expenses	3,965	4,276
Provision for bonuses	38	50
Retirement benefit expenses	145	73
Other	2,676	2,897
Total selling, general and administrative expenses	6,825	7,297
Operating profit	10,283	10,124
Non-operating income
Interest and dividend income	3,609	4,070
Share of profit of entities accounted for using equity method	65	106
Other	471	504
Total non-operating income	4,146	4,682
Non-operating expenses
Interest expenses	289	331
Provision of allowance for doubtful accounts	－	118
Other	108	150
Total non-operating expenses	398	599
Ordinary profit		14,031	14,206

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			(Millions of yen)
		Nine months ended	Nine months ended
		December 31, 2023	December 31, 2024

Extraordinary income
Gain on sale of non-current assets	23	136
Gain on sale of investment securities	306	173
Gain on surface rights	149	－
Total extraordinary income	478	310
Extraordinary losses
Loss on retirement of non-current assets	417	94
Total extraordinary losses	417	94
Profit before income taxes	14,092	14,421
Income taxes-current	3,529	4,057
Income taxes-deferred	697	296
Total income taxes	4,226	4,354
Profit	9,865	10,067
Profit attributable to non-controlling interests	649	792
Profit attributable to owners of parent		9,216	9,275

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(Quarterly consolidated statements of comprehensive income)

		(Millions of yen)
	Nine months ended	Nine months ended
	December 31, 2023	December 31, 2024

Profit	9,865	10,067
Other comprehensive income
Valuation difference on available-for-sale securities	16,241	(624)
Foreign currency translation adjustment	2,033	700
Remeasurements of defined benefit plans, net of tax	(76)	(253)
Share of other comprehensive income of entities	296	90
accounted for using equity method

Total other comprehensive income	18,494	(87)
Comprehensive income	28,360	9,979
(Comprehensive income attributable to)
Owners of parent	27,564	9,158
Non-controlling interests	795	821

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(3) Quarterly consolidated statements of cash flows

			(Millions of yen)
		Nine months ended	Nine months ended
		December 31, 2023	December 31, 2024

Cash flows from operating activities
Profit before income taxes	14,092	14,421
Depreciation	7,426	7,707
Increase (decrease) in provisions	(730)	(603)
Interest and dividend income	(3,609)	(4,070)
Interest expenses	289	331
Share of loss (profit) of entities accounted for using equity method	(65)	(106)
Loss (gain) on sale of non-current assets	(23)	(136)
Loss on retirement of non-current assets	417	94
Loss (gain) on sale of investment securities	(306)	(173)
Gain on surface rights	(149)	－
Decrease (increase) in trade receivables	2,382	(1,240)
Increase (decrease) in trade payables	(363)	(4)
Other, net	780	1,120
Subtotal	20,141	17,339
Interest and dividends received	3,585	4,125
Interest paid	(274)	(308)
Gain on surface rights income received	149	－
Income taxes paid	(9,654)	(4,218)
Income taxes refund	1,526	－
Net cash provided by (used in) operating activities	15,474	16,938
Cash flows from investing activities
Payments into time deposits	(1,557)	(1,824)
Proceeds from withdrawal of time deposits	1,443	3,430
Purchase of property, plant and equipment	(19,785)	(6,156)
Proceeds from sale of property, plant and equipment	25	222
Purchase of intangible assets	(484)	(610)
Purchase of investment securities	(73)	(91)
Proceeds from sale of investment securities	359	243
Proceeds from sale of shares of subsidiaries resulting in change in	7,163	－
scope of consolidation

Proceeds from collection of loans receivable	13	12
Other, net	(424)	165
Net cash provided by (used in) investing activities		(13,321)	(4,608)

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		(Millions of yen)
	Nine months ended	Nine months ended
	December 31, 2023	December 31, 2024

Cash flows from financing activities
Proceeds from short-term borrowings	1,379	554
Repayments of short-term borrowings	(1,233)	(1,283)
Proceeds from long-term borrowings	13,410	200
Repayments of long-term borrowings	(9,612)	(905)
Redemption of bonds	－	(5,000)
Proceeds from issuance of commercial papers	15,000	－
Redemption of commercial papers	(15,000)	－
Purchase of treasury shares	(1,830)	(2,994)
Dividends paid	(7,632)	(7,601)
Dividends paid to non-controlling interests	(1,318)	(367)
Repayments to non-controlling shareholders	(1,497)	－
Other, net	(800)	(854)
Net cash provided by (used in) financing activities	(9,135)	(18,251)
Effect of exchange rate change on cash and cash equivalents	572	101
Net increase (decrease) in cash and cash equivalents	(6,410)	(5,820)
Cash and cash equivalents at beginning of period	46,521	47,947
Increase (decrease) in cash and cash equivalents resulting from change	(6)	－
in scope of consolidation

Cash and cash equivalents at end of period	40,105	42,127

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(4) Segment information

Information related to operating revenue and income by reportable segment
	Nine months ended December 31, 2023						(Millions of yen)

			Reportable segment			Amount in
					quarterly
							Adjustment
							consolidated
		Logistics		Real estate		Total	(Note 1)	statements of
					income

								(Note 2)
	Operating revenue
	External revenue	132,507		8,227		140,734	－	140,734
	Inter-segment revenue	6		418		424	(424)	－
	Total	132,514		8,645		141,159	(424)	140,734
	Segment income	10,293		4,045		14,338	(4,055)	10,283

Notes: 1. The adjustment of ¥ (4,055) million in segment income includes company-wide expenses of ¥ (4,120) million which are not allocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.

2. Segment income is adjusted to coincide with operating profit as recorded on the quarterly consolidated statements of income.

Nine months ended December 31, 2024						(Millions of yen)

		Reportable segment			Amount in
				quarterly
						Adjustment
						consolidated
	Logistics		Real estate		Total	(Note 1)	statements of
				income

							(Note 2)
Operating revenue
External revenue	135,952		7,801		143,753	－	143,753
Inter-segment revenue	6		431		438	(438)	－
Total	135,959		8,232		144,191	(438)	143,753
Segment income	10,735		3,893		14,629	(4,505)	10,124

Notes: 1. The adjustment of ¥ (4,505) million in segment income includes company-wide expenses of ¥ (4,506) million which are not allocated to the respective reportable segments. Company-wide expenses consist mainly of the expenses assignable to neither of the reportable segments for administrative departments of the Company and some of its consolidated subsidiaries.

2. Segment income is adjusted to coincide with operating profit as recorded on the quarterly consolidated statements of income.

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.

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