Quarterly Report2023(First quarter of 72nd term)-1-Quarterly Report
1. This document is the print version of the Quarterly Report submitted via
the Electronic Disclosure for Investors’ NETwork (EDINET), pursuant to
Article 27-30-2 of the Financial Instruments and Exchange Act of Japan,
to which a table of contents and pagination have been added.
2. The quarterly review attached to the Quarterly Report submitted via
EDINET and the letter of confirmation submitted alongside the Quarterly
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. ................................................................................................................. 7
3. Information on filing company ..................................................................................................................... 8
1. Information on stock, etc. ....................................................................................................................... 8
2. Directors ................................................................................................................................................. 9
4. Financial information ................................................................................................................................. 10
1. Quarterly Consolidated Financial Statements ....................................................................................... 11
2. Other ..................................................................................................................................................... 18
Part 2. Information concerning guarantor of filing company ................................................................................ 19
Independent Auditor’s Report on Quarterly Review
Confirmation Letter-3-

[Cover page]
Document filed:

Quarterly Report

Legal basis:

Article 24-4-7, Paragraph 1 of the Financial Instruments and Exchange Act

Submitted to:

Director-General, Kinki Local Finance Bureau

Filing date:

May 11, 2023

Quarterly accounting period:First quarter of 72nd term (January 1 – March 31, 2023)

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:

Michihisa Fujii, Managing Director, Corporate Division

Nearest point of contact:

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

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

Name of administrative contact:

Michihisa Fujii, Managing Director, Corporate Division

Locations where this document is

THE PACK CORPORATION

available for public inspection:(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

First quarter ofconsolidated 71st term
(cumulative)

First quarter ofconsolidated 72nd term
(cumulative)

71st term

Fiscal period

January 1 –March 31, 2022

January 1 –March 31, 2023

January 1, 2022 –December 31, 2022

Net sales(million yen)

19,09821,42489,060Ordinary profit(million yen)

1,040

1,493

6,353

Profit attributable to owners ofparent(million yen)

717

1,001

4,058

Comprehensive income (loss)(million yen)

831

1,189

4,362

Net assets(million yen)

62,38865,92665,371

Total assets(million yen)

85,20591,69894,365

Basic earnings per share

(yen)

37.78

52.64

213.55

Diluted earnings per share

(yen)

37.75

52.60

213.38

Capital adequacy ratio

(%)

73.2

71.8

69.2

Notes: Trends in key management indicators for the reporting company are not provided because the Company prepares quarterly
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 cumulative period through the first quarter of the consolidated fiscal year under review.
No changes affecting major affiliates emerged.

-5-

2. Business overview
1.

Business and other risks
During the cumulative period through the first quarter of the consolidated fiscal period under review, no new
business or other risks were incurred. Additionally. no material changes arose with respect to the business andother risks presented in the Securities Repot for the preceding fiscal year.
The business impact of the COVID-19 pandemic will continue to be closely monitored.

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 quarter of theconsolidated fiscal period under review.
(1) Business performance
In the first quarter of the consolidated fiscal year under review, Japan’s economy showed signs of a modest
recovery. Economic activity continued to return to normal in response to the lifting of COVID-19 restrictions
as well the as effects of the economic stimulus measures. Nevertheless, prospects remain uncertain for various
reasons, including exchange rate fluctuations and the soaring cost of raw materials and energy, attributable tointernational instability.
In the United States, despite signs of recovery in consumer spending, concerns emerged for the dampening
effects on consumer spending of continuing high inflation and sharp increases in interest rates adopted tocounter inflation. In China, with the easing of COVID-19 restrictions, consumer spending showed signs ofrecovery in food service, travel, and other industries. Recovery has been slower for sales at brick-and-mortar
stores.
Under such conditions, in the period ending December 2025, the Group seeks to achieve net sales of
107,000 million yen and operating profit of 7,000 million yen under the slogan of its Medium-Term
Management Plan: “Evolution: Start of Purpose-Based Management and Sustainable Management.” The
entire Group is working as one to boost business results through efforts including new market development,
proactive capital investment, and improved quality control.
During the first quarter of the consolidated fiscal year under review, net sales grew by 12.2% year on year to
21,424 million yen; operating profit rose 56.6% to 1,422 million yen; ordinary profit grew 43.5% to1,493 million yen; and profit attributable to owners of parent improved 39.5% to 1,001 million yen.
The business performance for each segment is reviewed below.
(i)Paper Products
The paper products segment accounted for 70.3% of consolidated sales in the first quarter. Thanks in partto recovering consumer spending and tourism demand in Japan, sales of paper bags, which accounted for
29.2% of consolidated sales, grew by 16.4% year on year to 6,256 million yen.
Sales of folding paper cartons, which accounted for 24.4% of consolidated sales, grew by 13.4% to 5,228
million yen, thanks to higher sales to the souvenirs market, chiefly in cartons for food products, and thepositive effects of post-COVID demand recovery. Sales of cartons for takeout/delivery food products andto the e-commerce sector remained firm.
Driven by ongoing robust sales to the e-commerce and manufacturing sectors, sales of corrugated boxes,
which accounted for 14.3% of consolidated sales, grew by 3.7% to 3,059 million yen.
Printing sales, which accounted for 2.4% of consolidated sales, rose 3.2% to 527 million yen based onstrong sales at Keihin Tokushu Printing Corp. and NIKKO PRINT CORPORATION.
-6-

Overall, sales in this segment grew 12.1% to 15,072 million yen. Operating profit rose 44.4% to1,265 million yen.
(ii) Film Packaging
The film packaging segment accounted for 15.7% of consolidated sales during the quarter under review.
Segment sales were up 24.8% to 3,357 million yen thanks to strong sales of products to the e-commerce
segment for apparel and other products and to specialty retail stores, in addition to positive trends in salesof disposable diaper products and flexible film packaging for food product packages. Operating profit
was up 77.5% to 148 million yen.
(iii) Other Businesses
Other businesses in the quarter under review accounted for 14.0% of consolidated sales. Despite
declining sales of products related to COVID-19 vaccines, strong sales of sewn products and nonwovenbags to specialty retail stores helped boost sales in this segment by 1.2% to 2,994 million yen. Operating
profit rose by 14.8% to 226 million yen.
(2) Analysis of Financial Position
Assets totaled 91,698 million yen at the end of the quarter under review, down 2,667 million yen from the endof 2022. Major factors included increases of 683 million yen in cash and deposits and 1,740 million yen inland, offset by a decline of 5,376 million yen in notes and accounts receivable-trade.
Liabilities fell 3,222 million yen to 25,771 million yen. The primary factors were declines of 2,359 million
yen in notes and accounts payable-trade and 689 million yen in income taxes payable.
Net assets grew by 555 million yen to 65,926 million yen. The key factors were increases of 335 million yen
in retained earnings and 153 million yen in valuation difference on available-for-sale securities.
(3) Management policies, management strategies, etc.
No material changes occurred in the Group’s established management policies, management strategies, orother plans during the cumulative period through the first quarter of the consolidated fiscal period underreview.
(4) Major business and financial issues
No material changes arose with regard to major business or financial issues during the cumulative period
through the first quarter of the consolidated fiscal period under review.
(5) Research and development activities
The total research and development costs recorded during the cumulative period through the first quarter ofthe consolidated fiscal period under review amounted to 92 million yen.
3.

Major business contracts, etc.
No major business contracts, etc. were concluded and no associated decisions were made during the cumulative
period through the first quarter of the consolidated fiscal period under review.

-7-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 outstanding
Name of exchange on

Class

Current number of shares Current number of shares which shares are listed or
financial instruments
issued as of the end ofissued as of the filing
trading industry
the first quarter
date
association with which(March 31, 2023)(May 11, 2023)
shares are registered andauthorized

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 –March 31, 2023-

Increase(decrease) in
capital(million yen)

19,900

Balance ofcapital(million yen)

-

2,553

(5) Major shareholders
Omitted because the quarter under review is the first quarter of the fiscal year

-8-

Increase(decrease) in
capital reserve(million yen)

Balance ofcapital reserve(million yen)

-

2,643

(6) Voting rights
Since the specifics of the shareholder register cannot be confirmed, the status of voting rights as of the end
date of the first quarter under review cannot be described here. Accordingly, the status of voting rights given
below is based on the shareholder register as of the previous basis date (December 31, 2022).
(i)

Shares issued and outstanding
As of December 31, 2022
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

Shares with full voting rights(e.g., treasury shares)(Treasury shares)
Common stock890,600

Shares with full voting rights (other)

Common stock

19,001,600

Shares in less than one trading unit

Total shareholder voting rights

-

7,800

-

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

19,900,000--

Common stock

Total shares issued and outstanding

190,016-

190,016-

Note: The shares of common stock under “Shares in less than one trading unit” include 61 shares of treasury shares
owned by the Company.

(ii) Treasury shares, etc.
As of December 31, 2022

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

890,600-

890,600

4.47-

890,600-

890,600

4.47

Total

2.

Directors
Not applicable-9-4. Financial information
1.

How quarterly consolidated financial statements are prepared
The Company’s quarterly consolidated financial statements are prepared based on the Ordinance on the
Terminology, Forms, and Preparation Methods of Quarterly Consolidated Financial Statements (Cabinet
Office Ordinance No. 64 of 2007).

2.

Audit certification
Pursuant to the provisions of Article 193-2, Paragraph 1 of the Financial Instruments and Exchange Act ofJapan, the Company’s quarterly consolidated financial statements for the first quarter of the consolidated
fiscal period under review (January 1 – March 31, 2023) and the cumulative period through the first quarter ofthe consolidated period under review (January 1 – March 31, 2023) were subjected to a quarterly review by
Ernst & Young ShinNihon LLC.

- 10 -

1.

Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet(Million yen)Previous fiscal year
(as of December 31, 2022)

First quarter of current fiscal year
(as of March 31, 2023)

AssetsCurrent assets
Cash and deposits

16,163

16,847

Notes and accounts receivable-trade

23,886

18,510

Securities

12,50012,100

Merchandise and finished goods

6,015

6,513

Work in process

1,032

1,161

Raw materials and supplies

1,108

1,076

792

653

Other
Allowance for doubtful accounts

(14)

(14)

61,48456,848

Buildings and structures, net

6,132

6,026

Machinery, equipment, and vehicles, net

5,641

5,975

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

Tools, furniture and fixtures, net

348

332

Land

8,539

10,279Construction in progress

3,068

2,886

Total property, plant and equipment

23,72925,500

1,044

1,152

Investment securities

6,746

6,859

Deferred tax assets

421

420

Other

992

970

Intangible assets
Investments and other assets

Allowance for doubtful accounts

(53)

(53)

Total investments and other assets

8,106

8,197

32,881

34,84994,36591,698

Total non-current assets
Total assets- 11 -

(Million yen)Previous fiscal year
(as of December 31, 2022)

First quarter of current fiscal year
(as of March 31, 2023)

Liabilities
Current liabilities
Notes and accounts payable-trade

14,37012,010Electronically recorded obligations-operating

6,689

6,710

Current portion of long-term loans payable

25

25

Income taxes payable

1,349

659

Provision for bonuses

291

757

Provision for bonuses for directors (and other officers)

45

19

Other

3,283

2,768

Total current liabilities

26,054

22,952

Non-current liabilities
Long-term loans payable

34

28

Deferred tax liabilities

431

416

2,294

2,270

Retirement benefit liability
Other

178

103

2,939

2,819

28,99425,771

Capital stock

2,553

2,553

Capital surplus

3,166

3,156

Retained earnings

60,65460,990Treasury shares(2,661)(2,618)

Total shareholders’ equity

63,71364,081

1,391

1,544

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(3)0Foreign currency translation adjustment

89

122

Remeasurements of defined benefit plans

134

132

1,611

1,800

46

45

65,371

65,926

94,36591,698

Total accumulated other comprehensive income
Share acquisition rights
Total net assets
Total liabilities and net assets- 12 -

(2) Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Quarterly Consolidated Statement of Income
Cumulative period through first quarter(Million yen)

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
Compensation income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Cost of lease revenue
Loss on investments in partnership
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of non-current assets
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sales of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes-current
Income taxes-deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

Cumulative period through firstquarter of previous fiscal year
(from January 1, 2022 to March
31, 2022)
19,098
14,541
4,557

Cumulative period through firstquarter of current fiscal year
(from January 1, 2023 to March
31, 2023)
21,424
16,055
5,369

897
837
113
(0)
208
7
58
90
664
771
3,649
908

975
894
113
0
232
9
57
118
735
809
3,946
1,422

22
3
12
65
6
25
137

39
7
10
13
9
80

0
2
2
4
1,040

0
1
6
1
9
1,493

0
0

-

5
21
27
1,013
375
(79)
295
717
(0)
717

3
3
1,489
558
(69)
488
1,001
1,001

- 13 -

Quarterly Consolidated Statement of Comprehensive Income
Cumulative period through first quarter(Million yen)First quarter of previous fiscal year
(from January 1, 2022 to March 31,
2022)

First quarter of current fiscal year
(from January 1, 2023 to March 31,
2023)

717

1,001

(19)

153

3

4

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

133

32

Remeasurements of defined benefit plans, net of tax

(3)

(2)

Total other comprehensive income
Comprehensive income

114

188

831

1,189

831

1,189

0

-

(Comprehensive income attributable to)Comprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests- 14 -

[Notes](Additional Information)
No material changes have emerged with regard to the assumptions described under “Additional information” in the
Securities Report for the previous consolidated fiscal year for accounting estimates related to the impact of the
COVID-19 pandemic.
(Quarterly Consolidated Statement of Cash Flows)
No Quarterly Consolidated Statement of Cash Flows has been prepared for the cumulative period through the firstquarter of the consolidated fiscal year under review. Depreciation (including depreciation of intangible assets) forthe cumulative period through the first quarter of the consolidated fiscal year under review is reviewed below.
Cumulative period through first quarter ofprevious fiscal year
(from January 1, 2022 to March 31, 2022)
Depreciation

Cumulative period through first quarter ofcurrent fiscal year
(from January 1, 2023 to March 31, 2023)

467 million yen

493 million yen(Shareholders’ Equity)
Cumulative period through first quarter of previous fiscal year (from January 1, 2022 to March 31, 2022)
1.

Cash dividends paid
Resolution

Class of stock

Total dividends(million yen)March 30, 2022
annualshareholders’meeting

Common stock

474

2.

Dividend pershare (yen)

25.00

Basis date

Effective date

Source ofdividends

December 31,
2021

March 31, 2022

Retainedearnings

Dividends for which the basis date falls in the cumulative period through the first quarter of the consolidated
fiscal year but for which the effective date postdates the end of the first quarter of the consolidated fiscal year
Not applicable

Cumulative period through first quarter of current fiscal year (from January 1, 2023 to March 31, 2023)
1.

Cash dividends paid
Resolution

Class of stock

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

Common stock

665

2.

Dividend pershare (yen)35.00

Basis date

Effective date

Source ofdividends

December 31,
2022

March 29, 2023

Retainedearnings

Dividends for which the basis date falls in the cumulative period through the first quarter of the consolidated
fiscal year but for which the effective date postdates the end of the first quarter of the consolidated fiscal year
Not applicable- 15 -

(Segment and Other Information)
Segment information
I.

Cumulative period through first quarter of previous fiscal year (from January 1, 2022 to March 31, 2022)
Net sales and profit or loss and breakdown of profit by reportable segment(Million yen)Amountposted in the
Quarterly
Adjustment
Consolidated(Note 2)
Statement of
Income(Note 3)

Reportable segment
Paper
Products

Film
Packaging

Other
businesses(Note 1)

Subtotal

Total

Net sales
Paper bags

5,376

-

5,376

-

5,376

-

5,376

Folding paper cartons

4,609

-

4,609

-

4,609

-

4,609

Corrugated boxes

2,951

-

2,951

-

2,951

-

2,951

510

-

510

-

510

-

510

Film Packaging

-

2,691

2,691

-

2,691

-

2,691

Others

-

-

-

2,959

2,959

-

2,959

13,448

2,691

16,1392,959

19,098-19,098

-

-

-

-

-

-

-

13,448

2,691

16,1392,959

19,098-19,098

-

-

-

-

-

-

-

13,448

2,691

16,1392,959

19,098-19,098

876

83

960

197

1,157

(249)

908

Printing

Revenue from contracts
with customers
Other revenue
Sales to externalcustomers
Intersegment sales andtransfers
Subtotal
Segment profit

Notes: 1. “Other” includes supplies and other sundry items.
2. The adjustment amount of −249 million yen to segment profit includes 3 million yen in elimination of intersegment
transactions and −252 million yen in Companywide costs, which are not allocated to individual reporting segments.
Companywide costs consist mainly of costs related to parent-company administrative sections.
3. Segment profit is adjusted against operating profit on the Quarterly Consolidated Statement of Income.

- 16 -

II.

Cumulative period through first quarter of current fiscal year (from January 1, 2023 to March 31, 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

Amountposted in the
Quarterly
Adjustment
Consolidated(Note 2)
Statement of
Income(Note 3)Total

Net sales
Paper bags

6,256

-

6,256

-

6,256

-

6,256

Folding paper cartons

5,228

-

5,228

-

5,228

-

5,228

Corrugated boxes

3,059

-

3,059

-

3,059

-

3,059

527

-

527

-

527

-

527

Film Packaging

-

3,357

3,357

-

3,357

-

3,357

Others

-

-

-

2,994

2,994

-

2,994

15,072

3,357

18,4292,994

21,424-

21,424

-

-

-

-

-

-

-

15,072

3,357

18,4292,994

21,424-

21,424

-

-

-

-

-

-

-

Subtotal

15,072

3,357

18,4292,994

21,424-

21,424

Segment profit

1,265

148

1,414

226

1,640

(218)

1,422

Printing

Revenue from contracts
with customers
Other revenue
Sales to externalcustomers
Intersegment sales andtransfers

Notes: 1. “Other” includes supplies and other sundry items.
2. The adjustment amount of −218 million yen to segment profit includes 3 million yen in elimination of intersegment
transactions and −221 million yen in Companywide costs, which are not allocated to individual reporting segments.
Companywide costs consist mainly of costs related to parent-company administrative sections.
3. Segment profit is adjusted against operating profit on the Quarterly Consolidated Statement of Income.

(Revenue Recognition)
A breakdown of revenue arising from contracts with customers is provided under “Notes: Segment and Other
Information.”- 17 -

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

First quarter of previous fiscal year
(from January 1, 2022 to March 31,
2022)

First quarter of current fiscal year
(from January 1, 2023 to March 31,
2023)(1) Basic earnings per share

37.78 yen

52.64 yen

717

1,001

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

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

717

1,001

Average number of shares outstanding during theperiod (thousand shares)

18,996

19,01637.75 yen

52.60 yen

Adjustment to profit attributable to owners ofparent (million yen)--

Increase in number of common shares (thousand
shares)21

13

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
Not applicable- 18 -

Part 2. Information concerning guarantor of filing company
Not applicable- 19 -

Independent Auditor’s Report on Quarterly Review
May 11, 2023
To: The Board of Directors,
THE PACK CORPORATION
Ernst & Young ShinNihon LLC
Osaka Office
Kozaki Yasuhiro, 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 quarterly consolidated financial statements for THE PACK CORPORATION included in
Financial Information for the first quarter of the consolidated fiscal period under review (January 1 – March 31,2023) and the cumulative period through the first quarter of the consolidated period under review (January 1 –March 31, 2023), based on the relevant Consolidated Balance Sheet, Consolidated Statement of Income,Consolidated Statement of Comprehensive Income, and Notes to the Consolidated Financial Statements. Ourreview was carried out in accordance with the provisions of Article 193-2, Paragraph 1 of the Financial
Instruments and Exchange Act of Japan.
Our quarterly review found that the quarterly consolidated financial statements referred to above conform togenerally accepted standards for the preparation of quarterly consolidated financial statements in Japan. The
review found no irregularities in the state of finances as of March 31, 2023, or in business results for the
cumulative period through the first quarter of the consolidated period ended on that date for THE PACKCORPORATION and its consolidated subsidiaries.
Evidence for the auditor’s conclusions
We undertook our quarterly review in accordance with generally accepted principles for quarterly reviews in Japan.
Our responsibilities under these principles for quarterly reviews are described under “Auditor’s responsibilities inquarterly review of financial statements.” In accordance with rules of professional ethics in Japan, we are
independent from the Company and its consolidated subsidiaries and meet all other ethical requirements forauditors. 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
quarterly financial statements
Management is responsible for appropriately preparing and presenting quarterly consolidated financial statementsin accordance with generally accepted standards for the preparation of quarterly consolidated financial statements
in Japan. This includes the implementation and maintenance of internal controls deemed necessary by management
to enable the preparation and fair presentation of quarterly consolidated financial statements free of material
misstatements, whether attributable to fraud or error.
In preparing the quarterly consolidated financial statements, management is responsible for assessing the validityof the quarterly financial statements based on the going-concern assumption and disclosing, as necessary, mattersrelated to the going-concern assumption in accordance with generally accepted standards for the preparation ofquarterly consolidated financial statements 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.

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Responsibilities of the auditor for quarterly reviews of quarterly consolidated financial statements
Our responsibility is to express in the Report on Quarterly Review our conclusions concerning the quarterly
consolidated financial statements from an independent standpoint based on the quarterly review.
In accordance with generally accepted principles for quarterly reviews in Japan, we implement the following
measures through the quarterly review process based on our judgment as specialists and in the professional spirit ofskeptical inquiry:
 We question parties, consisting mainly of members of management and persons with responsibility for mattersrelated to finance and accounting, and implement analytical and other quarterly review procedures. In
accordance with audit principles generally accepted in Japan, the scope of procedures for quarterly reviews isnarrower than for annual audits.
 If any material uncertainties are identified with regard to phenomena or circumstances that could raise material
doubts concerning the going-concern assumption, we reach a conclusion on whether the quarterly consolidated
financial statements meet the requirements for quarterly consolidated financial statements generally accepted inJapan 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 must urge inour report on quarterly results that the notes to the quarterly consolidated financial statements include description
concerning material uncertainties and, if description in the notes to the quarterly consolidated financial
statements concerning material uncertainties is inappropriate, our audit conclusions concerning the quarterly
consolidated financial statements shall be negative or indicate a conditional approval. The auditor’s conclusions
are based on evidence obtained through the date of the quarterly 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 quarterly consolidated financial statements present grounds
to believe they may not meet the requirements for quarterly consolidated financial statements generally acceptedin Japan. We also assess the presentation, structures, and content of the quarterly financial statements, including
related notes and whether the quarterly financial statements are free of any factors suggesting they do notaccurately 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 quarterly consolidated financial statements. We are responsiblefor instruction, oversight, and implementation related to quarterly reviews of the quarterly 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 quarterly review and any material discoveries made during the quarterly 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, and on the nature of any measures taken to eliminate any such impediments or
safeguards taken to mitigate them to tolerable levels.
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 quarterly review report is retained separately by the Company (i.e., the organization filing theQuarterly Report).
2. XBRL data is not subject to quarterly review.

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[Cover page]
Document filed:

Confirmation Letter

Legal basis:

Article 24-4-8, Paragraph 1 of the Financial Instruments and Exchange Act

Submitted to:

Director-General, Kinki Local Finance Bureau

Filing date:

May 11, 2023

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 is

THE PACK CORPORATION

available for public inspection:(9-3 Higashiobase 2-chome, Higashinari-ku, Osaka, Japan)
Tokyo Stock Exchange(2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo, Japan)- 22 -

1. Matters related to the propriety of the content of the Quarterly Report
President and CEO Hideaki Yamashita has confirmed that the information divulged in the Company’s Quarterly
Report for the first quarter of 71st term (January 1 – March 31, 2023) meets the requirements of the Financial
Instruments and Exchange Act of Japan.
2. Special notes
We found no other matters worthy of note.

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