Consolidated Financial Results
for the Three Months Ended June 30, 2024 (Under Japanese GAAP)
August 6, 2024
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 three months ended June 30, 2024 (from April 1, 2024 to June 30, 2024)
(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, 2024 | 46,396 | (0.6) | 3,194 | (4.4) | 5,114 | (0.9) | 3,273 | (7.0) | |||||
June 30, 2023 | 46,678 | (32.7) | 3,342 | (75.1) | 5,159 | (65.1) | 3,518 | (70.0) | |||||
Note: Comprehensive income: | |||||||||||||
For the three months ended June 30, 2024: ¥5,920 million [(68.5)%] | |||||||||||||
For the three months ended June 30, 2023: ¥18,810 million [36.8%] | |||||||||||||
Basic earnings | Diluted earnings | ||||||||||||
per share | per share | ||||||||||||
Three months ended | Yen | Yen | |||||||||||
June 30, 2024 | 41.66 | 41.61 | |||||||||||
June 30, 2023 | 44.32 | 44.22 | |||||||||||
(2) Consolidated financial position | |||||||||||||
Total assets | Net assets | Equity-to-asset ratio | |||||||||||
As of | Millions of yen | Millions of yen | ％ | ||||||||||
June 30, 2024 | 436,187 | 265,637 | 58.6 | ||||||||||
March 31, 2024 | 436,920 | 264,804 | 58.4 | ||||||||||
Note: Equity |
As of June 30, 2024: ¥255,815 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 | － | ||||
Fiscal year ending March 31, 2025 | 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, 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 | ||
Six months ending | 95,000 | 1.6 | 6,350 | (2.9) | 8,050 | (4.8) | 5,150 | (6.2) | 65.40 | |
September 30, 2024 | ||||||||||
Fiscal year ending | 192,000 | 4.0 | 13,500 | 2.4 | 17,000 | 0.7 | 12,500 | 0.1 | 158.73 | |
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
- Changes in accounting policies due to revisions to accounting standards and other regulations: None
- Changes in accounting policies due to other reasons: None
- Changes in accounting estimates: None
- Restatement: None
- Number of issued shares (common shares)
- Total number of issued shares at the end of the period (including treasury shares):
As of June 30, 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 June 30, 2024 : 870,668 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): Three months ended June 30, 2024 : 78,569,466 shares
Three months ended June 30, 2023 : 79,398,387 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 June 30, 2024 | ||
Assets | |||
Current assets | |||
Cash and deposits | 52,214 | 50,356 | |
Notes and accounts receivable-trade | 20,650 | 20,844 | |
Real estate for sale | 2,774 | 2,744 | |
Other | 7,532 | 7,713 | |
Allowance for doubtful accounts | (102) | (205) | |
Total current assets | 83,068 | 81,453 | |
Non-current assets | |||
Property, plant and equipment | |||
Buildings and structures, net | 92,713 | 91,169 | |
Machinery, equipment and vehicles, net | 5,744 | 5,691 | |
Vessels, net | 417 | 403 | |
Tools, furniture and fixtures, net | 1,027 | 1,020 | |
Land | 74,276 | 74,361 | |
Construction in progress | 1,570 | 1,592 | |
Other, net | 3,279 | 3,188 | |
Total property, plant and equipment | 179,029 | 177,429 | |
Intangible assets | |||
Leasehold interests in land | 5,138 | 5,138 | |
Software | 1,431 | 1,384 | |
Other | 674 | 797 | |
Total intangible assets | 7,244 | 7,320 | |
Investments and other assets | |||
Investment securities | 157,195 | 159,598 | |
Long-term loans receivable | 256 | 253 | |
Retirement benefit asset | 2,956 | 2,916 | |
Deferred tax assets | 722 | 751 | |
Other | 6,730 | 6,749 | |
Allowance for doubtful accounts | (281) | (284) | |
Total investments and other assets | 167,578 | 169,984 | |
Total non-current assets | 353,852 | 354,734 | |
Total assets | 436,920 | 436,187 |
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(Millions of yen) | |||
As of March 31, 2024 | As of June 30, 2024 | ||
Liabilities | |||
Current liabilities | |||
Notes and accounts payable-trade | 12,093 | 11,763 | |
Short-term borrowings | 5,174 | 4,862 | |
Current portion of bonds payable | 10,000 | 10,000 | |
Income taxes payable | 2,360 | 1,243 | |
Provision for bonuses | 1,488 | 797 | |
Other | 8,887 | 9,688 | |
Total current liabilities | 40,004 | 38,355 | |
Non-current liabilities | |||
Bonds payable | 37,000 | 37,000 | |
Long-term borrowings | 39,006 | 38,518 | |
Deferred tax liabilities | 42,633 | 43,567 | |
Provision for retirement benefits for directors (and | 98 | 104 | |
other officers) | |||
Retirement benefit liability | 3,783 | 3,810 | |
Long-term deposits received | 8,120 | 7,780 | |
Other | 1,468 | 1,412 | |
Total non-current liabilities | 132,111 | 132,194 | |
Total liabilities | 172,115 | 170,550 | |
Net assets | |||
Shareholders' equity | |||
Share capital | 14,922 | 14,922 | |
Capital surplus | 12,347 | 12,347 | |
Retained earnings | 134,329 | 133,625 | |
Treasury shares | (1,094) | (2,049) | |
Total shareholders' equity | 160,505 | 158,846 | |
Accumulated other comprehensive income | |||
Valuation difference on available-for-sale securities | 85,594 | 87,083 | |
Foreign currency translation adjustment | 5,831 | 6,770 | |
Remeasurements of defined benefit plans | 3,199 | 3,115 | |
Total accumulated other comprehensive income | 94,624 | 96,968 | |
Share acquisition rights | 113 | 113 | |
Non-controlling interests | 9,560 | 9,708 | |
Total net assets | 264,804 | 265,637 | |
Total liabilities and net assets | 436,920 | 436,187 |
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- 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, 2023 | June 30, 2024 | ||
Operating revenue | |||
Warehouse income | 7,807 | 7,944 | |
Harbor transportation income | 7,738 | 7,671 | |
International transportation income | 13,457 | 12,513 | |
Land transportation income | 11,676 | 12,438 | |
Rent income of warehouse and logistics facilities | 1,486 | 1,490 | |
Real estate lease revenue | 2,527 | 2,566 | |
Other | 1,984 | 1,771 | |
Total operating revenue | 46,678 | 46,396 | |
Operating costs | |||
Cost of sales | 26,108 | 25,454 | |
Personal expenses | 6,973 | 7,309 | |
Rent expenses | 2,372 | 2,390 | |
Taxes and dues | 857 | 644 | |
Depreciation | 2,256 | 2,457 | |
Other | 2,462 | 2,554 | |
Total operating costs | 41,031 | 40,811 | |
Operating gross profit | 5,646 | 5,584 | |
Selling, general and administrative expenses | |||
Salaries, allowances and welfare expenses | 1,309 | 1,364 | |
Provision for bonuses | 39 | 55 | |
Retirement benefit expenses | 47 | 25 | |
Other | 906 | 944 | |
Total selling, general and administrative expenses | 2,304 | 2,389 | |
Operating profit | 3,342 | 3,194 | |
Non-operating income | |||
Interest and dividend income | 1,796 | 1,867 | |
Share of profit of entities accounted for using equity method | 29 | 34 | |
Other | 102 | 250 | |
Total non-operating income | 1,928 | 2,152 | |
Non-operating expenses | |||
Interest expenses | 92 | 107 | |
Provision of allowance for doubtful accounts | － | 105 | |
Other | 19 | 19 | |
Total non-operating expenses | 112 | 232 | |
Ordinary profit | 5,159 | 5,114 |
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(Millions of yen) | |||
Three months ended | Three months ended | ||
June 30, 2023 | June 30, 2024 | ||
Extraordinary income | |||
Gain on sale of investment securities | 306 | － | |
Total extraordinary income | 306 | － | |
Extraordinary losses | |||
Loss on retirement of non-current assets | 120 | 22 | |
Total extraordinary losses | 120 | 22 | |
Profit before income taxes | 5,345 | 5,092 | |
Income taxes-current | 1,324 | 1,305 | |
Income taxes-deferred | 293 | 269 | |
Total income taxes | 1,618 | 1,575 | |
Profit | 3,726 | 3,516 | |
Profit attributable to non-controlling interests | 207 | 243 | |
Profit attributable to owners of parent | 3,518 | 3,273 |
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(Quarterly consolidated statements of comprehensive income)
(Millions of yen) | ||
Three months ended | Three months ended | |
June 30, 2023 | June 30, 2024 | |
Profit | 3,726 | 3,516 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 14,677 | 1,512 |
Foreign currency translation adjustment | 363 | 793 |
Remeasurements of defined benefit plans, net of tax | (25) | (84) |
Share of other comprehensive income of entities | 68 | 182 |
accounted for using equity method | ||
Total other comprehensive income | 15,084 | 2,403 |
Comprehensive income | 18,810 | 5,920 |
(Comprehensive income attributable to) | ||
Owners of parent | 18,508 | 5,617 |
Non-controlling interests | 302 | 303 |
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(3) Quarterly consolidated statements of cash flows
(Millions of yen) | |||
Three months ended Three months ended | |||
June 30, 2023 | June 30, 2024 | ||
Cash flows from operating activities | |||
Profit before income taxes | 5,345 | 5,092 | |
Depreciation | 2,358 | 2,553 | |
Increase (decrease) in provisions | (742) | (584) | |
Interest and dividend income | (1,796) | (1,867) | |
Interest expenses | 92 | 107 | |
Share of loss (profit) of entities accounted for using equity method | (29) | (34) | |
Loss on retirement of non-current assets | 120 | 22 | |
Loss (gain) on sale of investment securities | (306) | － | |
Decrease (increase) in trade receivables | 1,634 | (31) | |
Increase (decrease) in trade payables | (166) | (416) | |
Other, net | 702 | 697 | |
Subtotal | 7,211 | 5,538 | |
Interest and dividends received | 1,784 | 1,835 | |
Interest paid | (75) | (87) | |
Income taxes paid | (7,160) | (2,197) | |
Net cash provided by (used in) operating activities | 1,759 | 5,089 | |
Cash flows from investing activities | |||
Payments into time deposits | (511) | (816) | |
Proceeds from withdrawal of time deposits | 322 | 1,920 | |
Purchase of property, plant and equipment | (16,211) | (1,477) | |
Proceeds from sale of property, plant and equipment | 2 | 12 | |
Purchase of intangible assets | (128) | (223) | |
Purchase of investment securities | (15) | (15) | |
Proceeds from sale of investment securities | 357 | － | |
Proceeds from sale of shares of subsidiaries resulting in change in | 5,958 | － | |
scope of consolidation | |||
Proceeds from collection of loans receivable | 4 | 4 | |
Other, net | (175) | 185 | |
Net cash provided by (used in) investing activities | (10,397) | (409) | |
Cash flows from financing activities | |||
Proceeds from short-term borrowings | 517 | 310 | |
Repayments of short-term borrowings | (349) | (809) | |
Proceeds from long-term borrowings | 12,600 | － | |
Repayments of long-term borrowings | (8,278) | (301) | |
Proceeds from issuance of commercial papers | 5,000 | － | |
Redemption of commercial papers | (5,000) | － | |
Purchase of treasury shares | (0) | (955) | |
Dividends paid | (3,628) | (3,637) | |
Dividends paid to non-controlling interests | (138) | (138) | |
Other, net | (236) | (269) | |
Net cash provided by (used in) financing activities | 486 | (5,801) | |
Effect of exchange rate change on cash and cash equivalents | 44 | 268 | |
Net increase (decrease) in cash and cash equivalents | (8,107) | (853) | |
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 | 38,408 | 47,094 |
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(4) Segment information
Information related to operating revenue and income by reportable segment | ||||||||
Three months ended June 30, 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 | 44,138 | 2,540 | 46,678 | － | 46,678 | |||
Inter-segment revenue | 2 | 156 | 158 | (158) | － | |||
Total | 44,140 | 2,696 | 46,837 | (158) | 46,678 | |||
Segment income | 3,557 | 1,092 | 4,649 | (1,306) | 3,342 |
Notes: 1. The adjustment of ¥ (1,306) million in segment income includes company-wide expenses of ¥ (1,390) 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.
- Segment income is adjusted to coincide with operating profit as recorded on the quarterly consolidated statements of income.
- The Company's reportable segments were "Logistics", "Shipping" and "Real estate". However, the Company presents "Logistics" and "Real estate" as its reportable segments from the consolidated fiscal year ended March 2024 due to exclusion of Westwood Shipping Lines, Inc. which operated Shipping business and its two subsidiaries from the scope of consolidation as of the end of the first quarter of the consolidated fiscal year ended March 2023.
Three months ended June 30, 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 | 43,813 | 2,582 | 46,396 | － | 46,396 | ||
Inter-segment revenue | 2 | 151 | 154 | (154) | － | ||
Total | 43,815 | 2,734 | 46,550 | (154) | 46,396 | ||
Segment income | 3,345 | 1,273 | 4,618 | (1,423) | 3,194 |
Notes: 1. The adjustment of ¥ (1,423) million in segment income includes company-wide expenses of ¥ (1,458) 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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