Semi-annual Securities Report
2024(Interim period of the 73rd term)- 1 -Semi-annual
Securities Report
1. This document is the print version of the Semi-annual Securities Reportsubmitted via the Electronic Disclosure for Investors’ NETwork(EDINET), pursuant to Article 27-30-2 of the Financial Instruments andExchange Act of Japan, to which a table of contents and pagination havebeen added.
2. The Report on Interim Review attached to the Semi-annual Securities
Report submitted via EDINET and the letter of confirmation submitted
alongside the Semi-annual Securities Report are appended to the end of
this document.

- 2 -Contents
Page[Cover page] ............................................................................................................................................................ 4
Part 1. Corporate information .................................................................................................................................. 5
1. Corporate overview ...................................................................................................................................... 5
1. Trends in major management indicators ................................................................................................. 5
2. Lines of business..................................................................................................................................... 5
2. Business overview.......................................................................................................................................... 6
1. Business and other risks.......................................................................................................................... 6
2. Management analysis of financial standing, business results, and cash flow ......................................... 6
3. Major business contracts, etc. ................................................................................................................. 8
3. Information on filing company ..................................................................................................................... 9
1. Information on stock, etc. ....................................................................................................................... 9
2. Directors ............................................................................................................................................... 11
4. Financial information ................................................................................................................................. 12
1. Semi-annual Consolidated Financial Statements .................................................................................. 13
2. Other ..................................................................................................................................................... 22
Part 2. Information concerning guarantor of filing company ................................................................................ 23
Independent Auditor’s Report on Interim Review of Semi-annual Consolidated Financial Statements
Confirmation Letter- 3 -[Cover page]
Document filed:Semi-annual Securities Report

Legal basis:

Item 1 of the Table for Article 24-5, Paragraph 1 of the Financial
Instruments and Exchange Act

Submitted to:

Director-General, Kinki Local Finance Bureau

Filing date:August 9, 2024

Semi-annual accounting period:

Interim period of the 73rd term (January 1 – June 30, 2024)

Company name (Japanese):

ザ・パック株式会社

English name:

THE PACK CORPORATIONName and title of representative:

Hideaki Yamashita, President & CEO

Location of head office:9-3 Higashiobase 2-chome, Higashinari-ku, Osaka, Japan

Telephone no.:+81-6-4967-1221

Name of administrative contact:

Ikuo Shimomura, Director, Corporate General Manager

Nearest point of contact:

9-3 Higashiobase 2-chome, Higashinari-ku, Osaka, Japan

Telephone no.:+81-6-4967-1221

Name of administrative contact:

Ikuo Shimomura, Director, Corporate General Manager

Locations where this document isavailable for public inspection:

THE PACK CORPORATION(9-3 Higashiobase 2-chome, Higashinari-ku, Osaka, Japan)
Tokyo Stock Exchange(2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo, Japan)- 4 -Part 1. Corporate information
1. Corporate overview
1.

Trends in major management indicators
Term

Interim period of the72nd term

Interim period of the73rd term

72nd term

Fiscal period

January 1 –June 30, 2023

January 1 –June 30, 2024

January 1, 2023 –December 31, 2023

Net sales(million yen)

44,87846,617

97,714

Ordinary profit(million yen)

3,147

3,662

8,063

Profit attributable to owners ofparent(million yen)

2,133

2,999

5,652

Comprehensive income (loss)(million yen)

2,942

3,002

7,059

Net assets(million yen)

67,70572,952

71,156

Total assets(million yen)

93,831

98,723

98,847

Basic earnings per share(yen)

112.16

157.69297.07

Diluted earnings per share(yen)

112.08157.60296.86

Capital adequacy ratio

(%)

72.1

73.9

71.9

Cash flow from (used in)operating activities(million yen)

5,066

6,301

4,443

Cash flow from (used in)investment activities(million yen)

(5,413)(97)(3,962)

Cash flow from (used in)financing activities(million yen)(703)

(2,084)(1,407)

Ending balance of cash and cash
equivalents(million yen)

17,71922,21017,812

Note: Trends in key management indicators for the reporting company are not provided because the Company prepares semi-annual
consolidated financial statements.

2.

Lines of businessNo material changes occurred in the lines of business pursued by the Group (i.e., the Company and its affiliates)
during the semi-annual consolidated accounting period under review.
No changes affecting major affiliates emerged.

- 5 -2. Business overview
1.

Business and other risks
During the semi-annual consolidated accounting period under review, no new business or other risks wereincurred. Additionally, no material changes arose with respect to the business and other risks presented in the
Securities Report for the preceding fiscal year.

2.

Management analysis of financial standing, business results, and cash flow
Forward-looking statements in the text below are based on judgments made as of the end of the semi-annual
consolidated accounting period under review.
(1) Business performance
In the semi-annual period under review, Japan’s economy appeared set to depart from deflationary patterns
due to progress in passing on higher costs to buyers, supported by robust capital investments, strong spendingby foreign visitors, and an overall recovery in consumption attributable to rising wages and fiscal policies.
Nevertheless, due to soaring energy costs, the rising cost of imported goods driven by yen devaluation, and an
extended period during which prices outstripped wage growth, households became more cautious about
spending. Prospects for the economy remain uncertain.
In the United States, an environment supporting consumer spending continued, including strong consumer
finances due to positive employment and income conditions, and high stock prices and yields. Thus, the US
economy remained firm on the back of strong consumer spending.
In China, the slump in the real estate market continued. Despite the presentation of economic stimulus
policies to halt the vicious cycle, consumer spending remained sluggish against a backdrop of discouraging
employment and income conditions and declining consumer confidence.
Under these circumstances, the Group adopted “Evolution—Start of purpose-based management andSustainable Management—” as the slogan for our Medium-Term Management Plan. This plan seeks toachieve consolidated net sales of 107,000 million yen and operating income of 8,300 million yen for the fiscal
year ending December 31, 2025. Toward this goal, group companies worked as a team to increase earnings invarious ways, including by venturing into new markets, making significant capital expenditures, andimproving quality management.
Due to these efforts, during the semi-annual period under review, net sales grew 3.9% to 46,617 million yen;operating profit grew 18.4% to 3,525 million yen; ordinary profit grew 16.3% to 3,662 million yen; and profit
attributable to owners of parent grew 40.6% to 2,999 million yen.
The business performance for each segment is reviewed below.
(i)Paper Products
The paper products segment accounted for 71.5% of consolidated net sales for the semi-annual period
under review. Thanks in part to a gradual recovery in consumer spending and booming tourism demand,
including inbound tourism, sales of paper bags, which accounted for 30.6% of consolidated sales, grew
9.9% year on year to 14,279 million yen.
Sales of paper cartons, which accounted for 26.0% of consolidated sales, grew 7.6% to 12,120 million
yen. Contributing factors included strong sales to the market for souvenirs, chiefly in cartons for foodproducts, as well as sales of cartons for takeout/delivery food products.
Despite robust sales to the manufacturing sector, following on from last year, sales of corrugated boxes,
which accounted for 12.7% of consolidated sales, fell by 6.6% to 5,926 million yen due to revised
package specifications for the e-commerce sector.
- 6 -Printing sales, which accounted for 2.2% of consolidated sales, fell 12.3% to 995 million yen due toreduced hours of production as facilities were upgraded or replaced.
Overall, sales in this segment grew 5.0% to 33,322 million yen. Operating profit rose 16.5% year on year
to 3,164 million yen.
(ii) Film Packaging
The film packaging segment accounted for 13.6% of consolidated sales for the semi-annual period underreview. Segment sales were down 4.6% year on year to 6,347 million yen due to lower sales of products
in mail order and to specialty retail stores with the migration from film to paper packaging.
Improvements in production efficiency helped soften this decline. Operating profit was up 39.7% to 403
million yen.
(iii) Other Businesses
Other businesses accounted for 14.9% of consolidated sales for the semi-annual period under review.
Strong sales of sewn products and non-woven bags to specialty retail stores helped boost sales in thissegment by 7.1% to 6,947 million yen. Operating profit rose 7.0% to 519 million yen.
(2) Analysis of Financial Position
Total assets at the end of the semi-annual period under review were 98,723 million yen, down 124 million yen
from the end of the previous fiscal year. Major factors included a decline of 5,569 million yen in notes andaccounts receivable-trade, offset by increases of 3,898 million yen in cash and deposits and 888 million yen inmachinery, equipment, and vehicles.
Liabilities fell 1,919 million yen to 25,771 million yen. The primary factors were declines of 2,190 million
yen in notes and accounts payable-trade and 589 million yen in electronically recorded obligations-operating.
Net assets grew by 1,795 million yen to 72,952 million yen. Key factors included an increase of 2,083 million
yen in retained earnings, offset by a decline of 364 million yen in valuation differences on available-for-salesecurities.
(3) Cash flow
The balance of cash and cash equivalents at the end of the semi-annual period under review was up 25.3%, or
4,491 million yen year on year, to 22,210 million yen.
(Cash flow from operating activities)
Cash flow from operating activities in the semi-annual period under review stood at 6,301 million yen(compared to cash flow of 5,066 million yen in the preceding semi-annual period). Factors contributing to thisfigure include the recording of 4,381 million yen in profit before income taxes, a decrease of 5,703 million
yen in notes and accounts receivable-trade, and depreciation of 1,006 million yen. These factors more thanoffset the decrease of 2,846 million yen in notes and accounts payable-trade and increase of 444 million yen
in inventories.
(Cash flow used in investment activities)
Cash flow used in investment activities in the semi-annual period under review stood at 97 million yen(compared to cash flow used of 5,413 million yen in the preceding semi-annual period). This figure reflects
various factors, including 3,500 million yen used in purchase of securities, 1,958 million yen used in purchaseof property, plant, and equipment, and 635 million yen used in purchase of intangible assets, despite 5,600
million yen in proceeds from sales of securities.

- 7 -(Cash flow used in financing activities)
Cash flow used in financing activities in the semi-annual period under review stood at 2,084 million yen(compared to net cash used of 703 million yen in the preceding semi-annual period). This figure reflects
various factors, including cash dividends paid of 1,046 million yen, an increase of 668 million yen in deposits
for purchase of treasury shares, and purchase of treasury shares of 334 million yen.
(4) Management policies, management strategies, etc.
No material changes occurred in the Group’s established management policies, management strategies, orother plans during the semi-annual consolidated accounting period under review.
(5) Major business and financial issues
No material changes arose with regard to major business or financial issues during the semi-annual
consolidated accounting period under review.
(6) Research and development activities
Total research and development costs recorded during the semi-annual consolidated accounting period underreview amounted to 243 million yen.
3.

Major business contracts, etc.
No major business contracts, etc. were concluded and no associated decisions were made during the semi-annual
consolidated accounting period under review.

- 8 -3. Information on filing company
1.

Information on stock, etc.
(1) Total number of shares, etc.
(i) Total number of shares
Class

Total number of authorized shares

Common stock

77,000,000

Total

77,000,000(ii) Shares issued and outstandingClass

Name of exchange on
Current number of shares
Current number of shares which shares are listed or
issued as of the end of
financial instruments
issued as of the filing
trading industry
the semi-annual
dateassociation with which
accounting period(August 9, 2024)
shares are registered and(June 30, 2024)
authorized

Details

Commonstock

19,900,000

19,900,000

Tokyo Stock Exchange
Prime Market

One trading unit consistsof 100 shares.

Total

19,900,000

19,900,000––(2) Information on stock acquisition rights, etc.
(i) Stock option plan details
Not applicable(ii) Information on other stock acquisition rights, etc.
Not applicable(3) Information on exercise of bonds with stock acquisition rights and strike price adjustment terms, etc.
Not applicable(4) Trends in total shares issued and outstanding, capital, etc.
Date

Increase
Balance of total(decrease) in total
shares issued andshares issued andoutstanding
outstanding(thousand shares)(thousand shares)

January 1 –June 30, 2024–

Increase(decrease) in
capital(million yen)

19,900

Balance ofcapital(million yen)

–

- 9 -

2,553

Increase(decrease) in
capital reserve(million yen)

Balance ofcapital reserve(million yen)

–

2,643

(5) Major shareholders
As of June 30, 2024

Name

Address

Shares owned(thousand)

Percentage of total
shares issued andoutstanding(not including treasury
stock)(%)

Morita Kinen Fukushizaidan

1984-40 Nakatomigaoka 2-chome, Nara, Nara
Prefecture

2,081

10.98

The Master Trust Bank of Japan, Ltd.
(Trust Account)

Akasaka Intercity AIR, 8-1 Akasaka 1-chome,
Minato-ku, Tokyo

1,348

7.11

The Pack Trading Partners Stock
Ownership Plan

9-9 Higashiobase 2-chome, Higashinari-ku,
Osaka, Japan

1,256

6.63

245 Summer Street, Boston, Massachusetts
BBH for Fidelity Low-Priced Stock Fund
02210, USA(Principal All Sector Subportfolio)(7-1 Marunouchi 2-chome, Chiyoda-ku,(Standing proxy: MUFG Bank, Ltd.)Tokyo, Japan)

1,052

5.55

Custody Bank of Japan, Ltd.
(Trust Account)

8-12 Harumi 1-chome, Chuo-ku, Tokyo, Japan

975

5.14

Custody Bank of Japan, Ltd.
(Trust Account 4)8-12 Harumi 1-chome, Chuo-ku, Tokyo, Japan

876

4.62

Custody Bank of Japan, Ltd.
(re-entrusted to Resona Bank; Hokuetsu
Corporation retirement benefits trust
account)

8-12 Harumi 1-chome, Chuo-ku, Tokyo, Japan

706

3.73

Daio Paper Corporation

60 Mishimakamiyacho 2-chome,
Shikokuchuo, Ehime Prefecture, Japan

573

3.02

MUFG Bank, Ltd.

7-1 Marunouchi 2-chome, Chiyoda-ku,
Tokyo, Japan

494

2.61

Shichijo Paper Trading Co., Ltd.

20-10 Nihonbashi 2-chome, Chuo-ku, Tokyo,
Japan

474

2.50

-

9,840

51.90

Total

Note: In addition to the above, the Company holds 938,000 shares of treasury stock.

- 10 -

(6) Voting rights(i) Shares issued and outstanding
As of June 30, 2024
Number of shares

Number of voting
rights

Details

Non-voting shares

–

–

–

Shares with restricted voting rights(e.g., treasury shares)

–

–

–

Shares with restricted voting rights(other)

–

–

–

–

–

Category(Treasury shares)

Shares with full voting rights(e.g., treasury shares)

Common stock

938,800

Shares with full voting rights (other)

Common stock

18,953,100

Shares in less than one trading unit

Total shareholder voting rights

–

8,100

–

This refers to shares inlots numbering fewer
than 100 shares (onetrading unit).

19,900,000––

Common stock

Total shares issued and outstanding

189,531–

189,531–

Note: The shares of common stock under “Shares in less than one trading unit” include 17 shares of treasury shares
owned by the Company.

(ii) Treasury shares, etc.
As of June 30, 2024

Name or title ofowner

Address of owner

Number of shares
held in own name

Number of shares
held in othernames

Total number ofshares heldRate of shares
held as apercentage of
total sharesissued andoutstanding (%)(Treasury shares
owned by theCompany)
THE PACKCORPORATION

9-3 Higashiobase
2-chome,Higashinari-ku,
Osaka, Japan

938,800–

938,800

4.72–

938,800–

938,800

4.72

Total

2.

Directors
Not applicable- 11 -

4. Financial information
1.

How quarterly consolidated financial statements are prepared
The Company’s semi-annual consolidated financial statements are prepared based on the Regulation on the
Terminology, Forms, and Preparation Methods of Consolidated Financial Statements (Ministry of Finance
Order No. 28 of 1976; “Regulation on Consolidated Financial Statements” hereinafter).
The Company prepares Type 1 semi-annual financial statements as per the provisions of Part III of theRegulation on Consolidated Financial Statements.

2.

Audit certification
Pursuant to the provisions of Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act ofJapan, the Company’s semi-annual consolidated financial statements for the semi-annual consolidated
accounting period under review (January 1 – June 30, 2024) were subjected to an interim review by Ernst &Young ShinNihon LLC.

- 12 -

1.

Semi-annual Consolidated Financial Statements(1) Semi-annual Consolidated Balance Sheet(Million yen)Previous fiscal year
(as of December 31, 2023)

Semi-annual period under review(as of June 30, 2024)

AssetsCurrent assets
Cash and deposits

16,322

20,221

Notes and accounts receivable-trade*24,654*19,084

Securities

8,100

6,499

Merchandise and finished goods

7,038

7,484

Work in process

1,058

1,147

Raw materials and supplies

981

907

Other

936

1,856

Allowance for doubtful accounts

(11)

(15)

59,08057,186

Buildings and structures, net

8,154

8,014

Machinery, equipment, and vehicles, net

6,443

7,332

347

321

Land

10,823

10,823

Construction in progress

1,632

1,995

Total property, plant, and equipment

27,401

28,488

2,679

3,290

Investment securities

8,127

8,014

Retirement benefit asset

385

438

Deferred tax assets

106

103

Other

1,116

1,206

Allowance for doubtful accounts

(51)

(4)

Total current assets
Non-current assets
Property, plant, and equipment

Tools, furnitures, and fixtures, net

Intangible assets
Investments and other assets

Total investments and other assets
Total non-current assets
Total assets- 13 -

9,685

9,758

39,766

41,537

98,847

98,723

(Million yen)Previous fiscal year
(as of December 31, 2023)

Semi-annual period under review(as of June 30, 2024)

Liabilities
Current liabilities
Notes and accounts payable-trade*13,890*11,700

Electronically recorded obligations-operating*7,264*6,67525

22

Income taxes payable

1,397

1,481

Provision for bonuses

322

320

Current portion of long-term loans payable

Provision for bonuses for directors (and other officers)

52

26

Other

3,652

4,557

Total current liabilities

26,60524,782

Non-current liabilities
Long-term loans payable

9-

Retirement benefit liability

343

334

Deferred tax liabilities

664

609

Other

67

43

1,085

988

27,691

25,771

Capital stock

2,553

2,553

Capital surplus

3,156

3,161

Retained earnings

64,97567,059Treasury shares(2,593)(2,868)

Total shareholders’ equity

68,092

69,906

2,417

2,052

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(2)

1Foreign currency translation adjustment

235

611

Remeasurements of defined benefit plans

369

355

3,018

3,020

45

25

71,156

72,952

98,847

98,723

Total accumulated other comprehensive income
Share acquisition rights
Total net assets
Total liabilities and net assets- 14 -

(2) Semi-annual Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Semi-annual Consolidated Statement of Income
Cumulative period through six months(Million yen)

44,87833,587
11,291Semi-annual period underreview(from January 1, 2024
to June 30, 2024)
46,617
34,71911,898

2,001
2,208
265
4
178
19
144
256
1,479
1,755
8,314
2,976

1,948
2,258
252
88
172
25
99
188
1,460
1,878
8,373
3,525

74
57
20
14
18
185

60
69
19
–
11
160

1
2
6
–
–
4
14
3,147

1
2
–
13
2
3
23
3,662

–
–
49
49

681
56
–
737

–
18
49
67
3,129
981
14
995
2,133
2,133

10
7
–
18
4,381
1,290
91
1,381
2,999
2,999

Preceding semi-annual period(from January 1, 2023
to June 30, 2023)
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freightage and packing expenses
Salaries and allowances
Directors’ compensation
Provision of allowance for doubtful accounts
Provision for bonuses
Provision for directors’ bonuses
Retirement benefit expenses
Depreciation
Rent expenses
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Rent income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Cost of lease revenue
Loss on investment limited partnership
Foreign exchange losses
Commission for purchase of treasury shares
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of investment securities
Gain on sales of non-current assets
Government subsidies
Total extraordinary income
Extraordinary losses
Loss on sales on non-current assets
Loss on retirement of non-current assets
Loss on reduction of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
ProfitProfit attributable to owners of parent- 15 -

Semi-annual Consolidated Statement of Income
Semi-annual period(Million yen)Preceding semi-annual period(from January 1, 2023
to June 30, 2023)
ProfitSemi-annual period under review(from January 1, 2024
to June 30, 2024)

2,133

2,999

623

(364)

6

3

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment

183

376

Remeasurements of defined benefit plans, net of tax

(4)

(13)

Total other comprehensive income
Comprehensive income

808

2

2,942

3,002

2,942

3,002

(Comprehensive income attributable to)Comprehensive income attributable to owners ofparent- 16 -

(3) Semi-annual Consolidated Statement of Cash Flows(Million yen)Semi-annual period underreview(from January 1, 2024
to June 30, 2024)

Preceding semi-annual period(from January 1, 2023
to June 30, 2023)
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors
and other officers
Increase (decrease) in retirement benefit liability
Decrease (increase) in net defined benefit asset
Interest and dividend income
Interest expenses
Loss (gain) on investment limited partnership
Loss (gain) on sales of non-current assets
Government subsidies
Loss on retirement of non-current assets
Loss (gain) on sales of investment securities
Loss on reduction of non-current assets
Decrease (increase) in notes and accounts receivabletrade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows used in investment activities
Purchase of securities
Proceeds from sales of securities
Purchase of property, plant, and equipment
Proceeds from sales of property, plant, and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Collection of loans receivable
Payments for leasehold and guarantee deposits
Proceeds from government subsidies
Other, net
Net cash provided by (used in) investment activities
Cash flows used in financing activities
Repayments of long-term loans payable
Cash dividends paid
Purchase of treasury shares
Decrease (increase) in deposits for purchase of treasury
sharesOther, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 17 -

3,129
1,014
1
42

4,381
1,006
(42)
(2)

(23)

(26)

(49)
–
(131)
1
6
–
(49)
18
–
49

(29)
(53)
(129)
1
(0)
(45)
–
7
(681)
–

5,566

5,703

(738)
(2,857)
162
6,143
132
(1)
(1,208)
5,066

(444)
(2,846)
584
7,383
137
(1)
(1,218)6,301(6,000)6,500(4,351)–(1,465)
(18)
6
28
(200)
49
36
(5,413)(3,500)5,600(1,958)
88
(635)
(519)
802
35
(16)
–
8
(97)

(12)
(664)
(0)

(12)
(1,046)
(334)

–

(668)

(26)
(703)

(22)
(2,084)

117

278

(933)
18,653*17,719

4,398
17,812*22,210

[Notes](Semi-annual Consolidated Balance Sheet)* Notes whose maturity date is the last day of each semi-annual period are settled on the settlement date for notes.
Since the last day of the semi-annual period under review was a bank holiday, the balances of notes as of the endof the semi-annual period under review include the following notes whose maturity date was the last day of that
period.
(Million yen)Previous fiscal year
(as of December 31, 2023)

Semi-annual period underreview(as of June 30, 2024)

Notes receivable-trade

257

249

Notes payable-trade

103

80

Electronically recorded obligations-operating

226

190

(Semi-annual Consolidated Statement of Cash Flows)* Relationship between the ending balance of cash and cash equivalents and amounts of accounts shown on thesemi-annual consolidated balance sheet:(Million yen)Semi-annual period underPreceding semi-annual period
review(from January 1, 2023 to June(from January 1, 2024 to June30, 2023)
30, 2024)
Cash and deposits

16,72920,221Time deposits with deposit terms of more than three months

(10)

(10)

Securities redeemable within three months from the date ofpurchase

1,000

1,999

Cash and cash equivalents

17,71922,210- 18 -

(Shareholders’ Equity)
Preceding semi-annual period (from January 1, 2023 to June 30, 2023)
1. Cash dividends paid
Resolution

Class of stock

Total dividends(million yen)March 28, 2023
annualshareholders’meeting

Common stock

665

2.

35.00

Basis date

Effective date

Source ofdividends

December 31,
2022

March 29, 2023

Retainedearnings

Dividends for which the basis date falls in the previous semi-annual consolidated accounting period but for
which the effective date postdates the end of the previous semi-annual consolidated accounting period
Resolution

Class of stock

Total dividends(million yen)August 7, 2023
annualshareholders’meeting

Common stock

666

3.

Dividend pershare (yen)Dividend pershare (yen)35.00

Basis date

Effective date

Source ofdividends

June 30, 2023

September 4,
2023

Retainedearnings

Basis date

Effective date

Source ofdividends

December 31,
2023

March 29, 2024

Retainedearnings

Significant fluctuations in shareholder’s equity
Not applicable

Semi-annual period under review (from January 1, 2024 to June 30, 2024)
1. Cash dividends paid
Resolution

Class of stock

Total dividends(million yen)March 28, 2024
annualshareholders’meeting

Common stock

1,046

2.

55.00

Dividends for which the basis date falls in the previous semi-annual consolidated accounting period but for
which the effective date postdates the end of the previous semi-annual consolidated accounting period
Resolution

Class of stock

Total dividends(million yen)August 6, 2024
annualshareholders’meeting

Common stock

985

3.

Dividend pershare (yen)Dividend pershare (yen)52.00

Basis date

Effective date

Source ofdividends

June 30, 2024

September 3,
2024

Retainedearnings

Significant fluctuations in shareholder’s equity
The Company purchased 89,400 shares of the Company as treasury shares in accordance with a resolution
passed by the Board of Directors on February 9, 2024. As a result, the number of treasury shares increased by
331 million yen during the semi-annual period under review to 2,868 million yen.

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(Segment and Other Information)
Segment information
I.

Preceding semi-annual period (from January 1, 2023 to June 30, 2023)

1.

Net sales and profit or loss and breakdown of profit by reportable segment(Million yen)
Reportable segment
Paper
Products

Film
Packaging

Other
businesses(Note 1)

Subtotal

Total

Adjustment(Note 2)

Amount posted in
the Semi-annual
Consolidated
Statement of
Income (Note 3)

Net sales
Paper bags

12,993–

12,993–

12,993–

12,993Paper cartons

11,262–

11,262–

11,262–

11,262

Corrugated boxes

6,343

–

6,343

–

6,343

–

6,343

Printing

1,135

–

1,135

–

1,135

–

1,135

Film Packaging

–

6,654

6,654

–

6,654

–

6,654

Others

–

–

–

6,489

6,489

–

6,489

Revenue fromcontracts withcustomers

31,734

6,654

38,3896,489

44,878–44,878Other revenue

–

–

–

–

–

–

–

31,734

6,654

38,3896,489

44,878–44,878

–

–

–

–

–

–

-

Subtotal

31,734

6,654

38,3896,489

44,878–44,878Segment profit

2,715

288

3,004

485

3,490

(513)

2,976

Sales to externalcustomers
Intersegment sales
and transfers

Notes: 1. “Others” includes supplies and other goods.
2. The adjustment amount of −513 million yen for segment profit includes 6 million yen in elimination of intersegment
transactions and −519 million yen in Companywide costs, which are not allocated to individual reportable segments.
Companywide costs consist mainly of costs related to parent-company administrative sections.
3. Segment profit is adjusted against operating profit on the Semi-annual Consolidated Statement of Income.

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II.

Semi-annual period under review (from January 1, 2024 to June 30, 2024)
1.

Net sales and profit or loss and breakdown of profit by reportable segment(Million yen)
Reportable segment
Paper
Products

Film
Packaging

Other
businesses(Note 1)

Subtotal

Total

Adjustment(Note 2)

Amount posted in
the Semi-annual
Consolidated
Statement of
Income (Note 3)

Net sales
Paper bags

14,279–14,279–14,279–14,279Paper cartons

12,120–12,120–12,120–12,120Corrugated boxes

5,926

–

5,926

–

5,926

–

5,926

995

–

995

–

995

–

995

Film Packaging

–

6,347

6,347

–

6,347

–

6,347

Others

–

–

–

6,947

6,947

–

6,947

Revenue fromcontracts withcustomers

33,322

6,347

39,6696,947

46,617–

46,617

Other revenue

–

–

–

–

–

–

-

33,322

6,347

39,6696,947

46,617–

46,617

–

–

–

–

–

–

–

Subtotal

33,322

6,347

39,6696,947

46,617–

46,617

Segment profit

3,164

403

3,568

519

4,088

(562)

3,525

Printing

Sales to externalcustomers
Intersegment sales
and transfers

Notes: 1. “Others” includes supplies and other goods.
2. The adjustment amount of −562 million yen for segment profit includes 6 million yen in elimination of intersegment
transactions and −569 million yen in Companywide costs, which are not allocated to individual reportable segments.
Companywide costs consist mainly of costs related to parent-company administrative sections.
3. Segment profit is adjusted against operating profit on the Semi-annual Consolidated Statement of Income.

(Revenue recognition)
A breakdown of revenues arising from contracts with customers is provided under [Notes] (Segment and Other
Information).

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(Per Share Information)
Presented below are basic earnings per share, diluted earnings per share, and the basic assumptions underlying the
calculations thereof.

Item

Second quarter of previous
fiscal year
(from January 1, 2023
to June 30, 2023)(1) Basic earnings per share

Second quarter of current
fiscal year
(from January 1, 2024
to June 30, 2024)

112.16 yen

157.69 yen

2,133

2,999

Amounts not available to common shareholders(million yen)––

Profit attributable to owners of parent related tocommon shares (million yen)

2,133

2,999

Average number of shares outstanding during theperiod (thousand shares)

19,02319,024112.08157.60Adjustment to profit attributable to owners ofparent (million yen)––

Increase in number of common shares (thousand
shares)13

11

Antidilutive securities excluded from diluted earnings
per share calculations for which material changes haveoccurred since the end of the previous consolidated
fiscal year––

(Basic assumptions underlying calculations)
Profit attributable to owners of parent (million yen)

(2) Diluted earnings per share(Basic assumptions underlying calculations)(Material Subsequent Events)
Not applicable
2.

Other
In its meeting held August 6, 2024, the Board of Director resolved to pay interim dividends for the 73rd term (fromJanuary 1, 2024 to December 31, 2024) to shareholders recorded in the final shareholder registry of June 30, 2024,
as follows:(i)

Total amount of dividends

985 million yen(ii) Amount per share

52.00 yen(iii) Effective date of claims for payment and payment start date

- 22 -

September 3, 2024

Part 2. Information concerning guarantor of filing company
Not applicable- 23 -

Independent Auditor’s Report on Interim Review of Semi-annual Consolidated Financial Statements
August 9, 2024
To: The Board of Directors,
THE PACK CORPORATION
Ernst & Young ShinNihon LLC
Osaka OfficeYasuhiro Kozaki, Designated Limited Liability Partner, Managing Partner
Certified Public Accountant
Ryoichi Hayama, Designated Limited Liability Partner, Managing Partner
Certified Public Accountant

Auditor’s conclusions
We reviewed the semi-annual consolidated financial statements for THE PACK CORPORATION included in
Financial Information for the semi-annual consolidated accounting period (January 1 – June 30, 2024), based on
the relevant Consolidated Balance Sheet, Consolidated Statement of Income, Consolidated Statement ofComprehensive Income, Consolidated Statement of Cash Flows, and Notes to the Consolidated Financial
Statements. Our review was carried out in accordance with the provisions of Article 193-2, Paragraph 1 of the
Financial Instruments and Exchange Act of Japan.
Our interim review found that the semi-annual consolidated financial statements referred to above meet therequirements of the corporate accounting standards generally accepted in Japan. The review found no irregularities
in the state of finances as of June 30, 2024, or in business results or cash flows for the semi-annual consolidated
accounting period ended on that date for THE PACK CORPORATION and its consolidated subsidiaries.
Evidence for the auditor’s conclusions
We undertook our interim review in accordance with the principles for interim reviews generally accepted inJapan. Our responsibilities under these principles for interim reviews are described under “Auditor’s
responsibilities in interim review of semi-annual financial statements.” In accordance with the rules of professional
ethics in Japan, we are independent from the Company and its consolidated subsidiaries and meet all other ethicalrequirements for auditors. We believe we have obtained sufficient and appropriate evidence for our conclusions.
Responsibilities of management and of Statutory Auditors and the Audit and Supervisory Committee regarding semiannual financial statements
Management is responsible for appropriately preparing and presenting semi-annual consolidated financial
statements in accordance with corporate accounting standards generally accepted in Japan. This includes theimplementation and maintenance of internal controls deemed necessary by management to enable the preparationand fair presentation of semi-annual consolidated financial statements free of material misstatements, whether
attributable to fraud or error.
In preparing the semi-annual consolidated financial statements, management is responsible for assessing thevalidity of the semi-annual financial statements based on the going-concern assumption and disclosing, as
necessary, matters related to the going-concern assumption in accordance with corporate accounting standards
generally accepted in Japan.
The Statutory Auditors and the Audit and Supervisory Committee are responsible for monitoring the performanceof the duties of the directors in implementing and maintaining the financial reporting process.

- 24 -

Responsibilities of the auditor for interim reviews of semi-annual consolidated financial statements
Our responsibility is to express in the Report on Interim Review our conclusions concerning the semi-annual
consolidated financial statements from an independent perspective based on the interim review.
In accordance with the principles for interim reviews generally accepted in Japan, we implement the following
measures through the interim review process based on our judgment as specialists and in the spirit of skepticalprofessional inquiry:
 We question parties, consisting mainly of members of management and individuals responsible for mattersrelated to finance and accounting, and implement analytical and other interim review procedures. In accordancewith audit principles generally accepted in Japan, the scope of procedures for interim reviews is narrower thanfor annual audits.
 If any material uncertainties are identified with regard to phenomena or circumstances that may raise material
doubts concerning the going-concern assumption, we reach a conclusion on whether the semi-annual
consolidated financial statements meet the corporate accounting standards generally accepted in Japan or present
any grounds for believing that they may not present information fairly, based on the evidence obtained. If any
material uncertainties are recognized regarding the going-concern assumption, we are required to state in ourreport on interim results that the notes to the semi-annual consolidated financial statements include descriptions
concerning material uncertainties. If the descriptions in the notes to the semi-annual consolidated financial
statements concerning material uncertainties are inappropriate, our audit conclusions concerning the semi-annual
consolidated financial statements must be negative or indicate conditional approval. The auditor’s conclusions
are based on evidence obtained through the date of the interim review report; future events or conditions may
render it impossible for the Company to continue as a going concern.
 We assess whether the presentation and notes in the semi-annual consolidated financial statements present
grounds to believe they may not meet the corporate accounting standards generally accepted in Japan. We also
assess the presentation, structures, and content of the semi-annual financial statements, including related notes
and whether the semi-annual financial statements are free of any factors suggesting they do not accurately
present the underlying transactions and accounting facts.
 We obtain evidence concerning financial information on the Company and its consolidated subsidiaries to serveas the basis for our conclusions concerning the semi-annual consolidated financial statements. We areresponsible for instruction, oversight, and implementation related to interim reviews of the semi-annual
consolidated financial statements. We are solely responsible for our audit conclusions.
We report to the Statutory Auditors and the Audit and Supervisory Committee on the scope and timing of theplanned interim review and any material discoveries made during the interim review process.
We duly report to the Statutory Auditors and the Audit and Supervisory Committee on our independence inaccordance with the rules of professional ethics in Japan; on matters that could reasonably be deemed to affect theindependence of our auditors; on the nature of measures taken to eliminate such impediments, if any; and on thenature of safeguards applied to mitigate such impediments to acceptable levels, if any.
Conflicts of interest
Our firm and managing partners have no interest in the Company or in its consolidated subsidiaries that require
disclosure pursuant to the provisions of the Certified Public Accountants Act of Japan.

Notes: 1. The original of the above interim review report is retained separately by the Company (i.e., the organization filing theSemi-annual Securities Report).
2. XBRL data is not subject to interim review.

- 25 -

[Cover page]
Document filed:

Confirmation Letter

Legal basis:

Article 24-5-2, Paragraph 1 of the Financial Instruments and Exchange Act

Submitted to:

Director-General, Kinki Local Finance Bureau

Filing date:August 9, 2024

Company name (Japanese):

ザ・パック株式会社

English name:

THE PACK CORPORATIONName and title of representative:

Hideaki Yamashita, President & CEO

Name and title of CFO:

Not applicable

Location of head office:9-3 Higashiobase 2-chome, Higashinari-ku, Osaka, Japan

Locations where this document isavailable for public inspection:

THE PACK CORPORATION(9-3 Higashiobase 2-chome, Higashinari-ku, Osaka, Japan)
Tokyo Stock Exchange(2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo, Japan)- 26 -

1. Matters related to the propriety of the content of the Semi-annual Securities Report
President and CEO Hideaki Yamashita has confirmed that the information divulged in the Company’s Semi-annual
Securities Report for the 73rd-term interim period (January 1 – June 30, 2024) meets the requirements of the
Financial Instruments and Exchange Act of Japan.
2. Special notes
We found no other matters worthy of note.

- 27 -