Quarterly Report2022(First quarter of 71st 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. ................................................................................................................. 8
3. Information on filing company ..................................................................................................................... 9
1. Information on stock, etc. ....................................................................................................................... 9
2. Directors ............................................................................................................................................... 10
4. Financial information ................................................................................................................................. 11
1. Quarterly Consolidated Financial Statements ....................................................................................... 12
2. Other ..................................................................................................................................................... 20
Part 2. Information concerning guarantor of filing company ................................................................................ 21
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, 2022

Quarterly accounting period:First quarter of 71st term (January 1 – March 31, 2022)

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:

9-9 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:

20F, OAP Tower, 8-30 Tenmabashi 1-chome, Kita-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:(20F, OAP Tower, 8-30 Tenmabashi 1-chome, Kita-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 70th term
(cumulative)

First quarter ofconsolidated 71st term
(cumulative)

70th term

Fiscal period

January 1 –March 31, 2021

January 1 –March 31, 2022

January 1, 2021 –December 31, 2021

Net sales(million yen)

17,832

19,09879,690Ordinary profit(million yen)

837

1,040

4,422

Profit attributable to owners ofparent(million yen)

568

717

2,824

Comprehensive income (loss)(million yen)

980

831

3,325

Net assets(million yen)

60,14962,38862,032

Total assets(million yen)

82,067

85,20587,422

Basic earnings per share

(yen)

29.92

37.78

148.71

Diluted earnings per share

(yen)

29.88

37.75

148.53

Capital adequacy ratio

(%)

73.2

73.2

70.9

Notes: 1. Trends in key management indicators for the reporting company are not provided because the Company prepares
quarterly consolidated financial statements.
2. The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29; March 31, 2020) and related guidance havebeen applied since the beginning of the first quarter of the consolidated fiscal period under review. Figures for the
cumulative period through the first quarter of the previous consolidated fiscal year and for the previous consolidated
fiscal year reflect the retroactive application of these accounting standards.

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.
The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) and related
guidance (“Revenue Recognition Accounting Standard and related guidance” hereinafter) have been applied since
the beginning of the first quarter of the consolidated fiscal period under review. Comparison and analysis with the
cumulative period through the same quarter of the previous consolidated fiscal year and with the previous
consolidated fiscal year reflect the retroactive application of the Revenue Recognition Accounting Standard andrelated guidance. Details are described under “4. Financial Information: 1. Quarterly Consolidated Financial
Statements: Notes (Changes in Accounting Policies).”(1) Business performance
In the first quarter of the consolidated fiscal year under review, Japan’s economy resumed a downward trend
in consumer spending due to quasi-states of emergency, and other priority measures were enacted innumerous regions in response to the rapid spread of the COVID-19 omicron variant. Nevertheless, the impact
proved milder than that of the status of emergency in the previous year, and the economy witnessed a gradual
recovery. Various factors continue to generate uncertainty, including the domestic and international economic
impact of new COVID-19 variants, geopolitical issues such as trends in raw material prices resulting from the
Ukrainian crisis and other developments, and the impact of US monetary policy.
In the United States, progress with COVID-19 vaccinations prompted more people to venture out of theirhomes, and the resulting recovery in consumer spending, centered on the services industries led to continued
growth in business activity. While China’s economy got off to a strong start, the effects of the COVID-19
pandemic, including lockdowns in Shanghai based on the nation’s zero-COVID policy, have led to concerns
for slowing economic activity.
The COVID-19 pandemic also affected Group business performance. However, based on the slogan “Marking
Our 70th Anniversary with Rapid Progress,” group companies worked collectively to increase earnings byventuring into new markets, making substantial capital expenditures, and improving quality management.
During the first quarter of the consolidated fiscal year under review, net sales grew by 7.1% year on year to
19,098 million yen; operating profit rose 15.7% to 908 million yen; ordinary profit grew 24.2% to 1,040
million yen; and profit attributable to owners of parent improved 26.3% to 717 million yen.
The business performance for each segment is reviewed below.
(i)Paper Products
The paper products segment accounted for 70.4% of consolidated sales in the first quarter. Sales of paperbags, which accounted for 28.2% of consolidated sales, are recovering from a sales slump attributable toearlier slowing in consumer spending. The overseas subsidiaries The Pack (Shanghai) Corporation and
The Pack America Corp. recorded strong performance, with net sales of paper bags growing 11.4% year
on year to 5,376 million yen.
- 6 -Sales of folding paper cartons, which accounted for 24.1% of consolidated sales, grew 9.9% to 4,609
million yen. Sales of cartons for takeout/delivery food products and to the e-commerce sector remained
firm. The Pack (Shanghai) Corporation also recorded strong sales to manufacturers.
Driven by solid sales to the manufacturing and e-commerce sectors, sales of corrugated boxes, which
accounted for 15.4% of consolidated sales, grew 5.0% to 2,951 million yen.
Printing sales, which accounted for 2.7% of consolidated sales, rose 1.7% to 510 million yen based onstrong sales at Keihin Tokushu Printing Corp. and NIKKO PRINT CORPORATION.
Overall, sales in this segment grew 9.1% to 13,448 million yen. Operating profit rose 17.9% to 876
million yen.
(ii) Film Packaging
The film packaging segment accounted for 14.1% of consolidated sales during the quarter under review.
Segment sales were up 4.4% to 2,691 million yen despite declining sales of disposable diaper products.
These results reflected strong sales of flexible film packaging for food product packages and strong
performance by The Pack America Corp. Operating profit, however, fell 14.6% to 83 million yen.
(iii) Other Businesses
Other businesses in the quarter under review accounted for 15.5% of consolidated sales. Despite
declining sales of miscellaneous supplies to major retailers, Kannaru Printing Co., Ltd. recorded strong
sales of miscellaneous supplies to medical institutions. This, combined with the strong performance of
The Pack America Corp., resulted in sales growth of 1.2% to 2,959 million yen and 10.2% growth inoperating profit to 197 million yen, attributable in part to improvements in logistics costs.
(2) Analysis of Financial Position
Assets totaled 85,205 million yen at the end of the quarter under review, down 2,217 million yen from the endof 2021. Major factors included increases of 1,759 million yen in cash and deposits and 1,005 million yen insecurities offset by declines of 4,361 million yen in notes and accounts receivable-trade and 942 million yen
in investment securities.
Liabilities fell 2,573 million yen to 22,816 million yen. The primary factors were declines of 1,818 million
yen in notes and accounts payable-trade and 577 million yen in income taxes payable.
Net assets grew by 356 million yen to 62,388 million yen. The key factors were increases of 242 million yen
in retained earnings and 133 million yen in foreign currency translation adjustment.
(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 87 million yen.

- 7 -

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.

- 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 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, 2022)(May 11, 2022)
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--

Note: While Company shares had been listed on the First Section of the Tokyo Stock Exchange, in accordance with therevised Tokyo Stock Exchange market categories effective April 4, 2022, the exchange on which shares are listed
has been renamed the Prime Market of the Tokyo Stock Exchange.

(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, 2022-

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

- 9 -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, 2021).
(i)

Shares issued and outstanding
As of December 31, 2021
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 stock

904,900

Shares with full voting rights (other)

Common stock

18,987,700

Shares in less than one trading unit

Total shareholder voting rights

-

7,400

-

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

19,900,000--

Common stock

Total shares issued and outstanding

189,877-

189,877-

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 December 31, 2021

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

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

904,900-

904,900

4.55-

904,900-

904,900

4.55

Total

2.

Directors
Not applicable- 10 -

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, 2022) and the cumulative period through the first quarter ofthe consolidated period under review (January 1 – March 31, 2022) were subjected to a quarterly review by
Ernst & Young ShinNihon LLC.

- 11 -

1.

Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheet(Million yen)Previous fiscal year
(as of December 31, 2021)

First quarter of current fiscal year
(as of March 31, 2022)

AssetsCurrent assets
Cash and deposits

15,077

16,837

Notes and accounts receivable-trade

21,003

16,642

Securities

12,006

13,011

Merchandise and finished goods

4,768

5,199

Work in process

867

921

Raw materials and supplies

794

875

Other

934

783

Allowance for doubtful accounts

(13)

(14)

55,43854,257

Buildings and structures, net

6,169

6,094

Machinery, equipment, and vehicles, net

6,159

5,861

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

Tools, furniture and fixtures, net

348

380

Land

8,539

8,539

Construction in progress

1,441

1,580

Total property, plant and equipment

22,65822,456643

677

Investment securities

7,405

6,463

Deferred tax assets

416

492

Other

907

906

Intangible assets
Investments and other assets

Allowance for doubtful accounts

(48)

(47)

Total investments and other assets

8,682

7,814

31,98430,94887,42285,205

Total non-current assets
Total assets- 12 -

(Million yen)Previous fiscal year
(as of December 31, 2021)

First quarter of current fiscal year
(as of March 31, 2022)

Liabilities
Current liabilities
Notes and accounts payable-trade

12,235

10,417

Electronically recorded obligations-operating

5,521

5,818

Current portion of long-term loans payable

25

25

Income taxes payable

991

413

Provision for bonuses

267

690

Provision for bonuses for directors (and other officers)

32

14

Other

3,206

2,418

Total current liabilities

22,27919,797

Non-current liabilities
Long-term loans payable

60

53

Deferred tax liabilities

440

429

2,434

2,382

Retirement benefit liability
Other

176

153

3,110

3,019

25,39022,816

Capital stock

2,553

2,553

Capital surplus

3,164

3,163

Retained earnings

57,64057,883

Treasury shares(2,704)(2,686)

Total shareholders’ equity

60,65460,914

1,212

1,192

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

04Foreign currency translation adjustment

(98)

34

Remeasurements of defined benefit plans

185

181

1,300

1,414

Share acquisition rights

63

46

Non-controlling interests

13

13

62,03262,38887,42285,205

Total accumulated other comprehensive income

Total net assets
Total liabilities and net assets- 13 -

(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
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, 2021 to March
31, 2021)
17,832
13,578
4,253

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

882
829
106
0
168
7
69
88
622
691
3,468
785

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

25
0
13
6
10
57

22
3
12
65
6
25
137

0
2
1
4
837

0
2
2
4
1,040

-

0
0

3
3
834
359
(92)
266
567
(0)
568

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

- 14 -

Quarterly Consolidated Statement of Comprehensive Income
Cumulative period through first quarter(Million yen)First quarter of previous fiscal year
(from January 1, 2021 to March 31,
2021)

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

567

717

298

(19)

1

3

108

133

4

(3)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income

412

114

980

831

980

831

0

0

(Comprehensive income attributable to)Comprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests- 15 -

[Notes](Changes in Accounting Policies)(Application of Accounting Standard for Revenue Recognition and related guidance)
The Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020) and the
Implementation Guidance on Accounting Standard for Revenue Recognition (ASBJ Guidance No. 30, March 26,2021) (“Accounting Standard for Revenue Recognition and related guidance” hereinafter) have been applied since
the beginning of the first quarter of the consolidated fiscal period under review. Accordingly, revenue is now
recognized in the amount expected to be received in exchange for goods or services at the point in time at which
control of promised goods or services shift to the customer.
Before, in transactions in which the Group functioned as an agent (i.e., supplying products to customers), allpayments received from the customer were recognized as revenues. Now, following this change, revenues arerecognized as the net amount after deducting the amount to be paid to our supplier from payments made by thecustomer.
In principle, the quarterly consolidated financial statements and annual consolidated financial statements hereinreflect the retroactive application of this change to quarters in the previous fiscal year and to the previous
consolidated fiscal year.
Compared to previous account processing, the change has resulted in a decrease of 138 million yen in each of net
sales and cost of sales for the cumulative period through the first quarter of the previous consolidated fiscal year.
(Application of the Accounting Standard for Fair Value Measurement and related standards)
The Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30, July 4, 2019; “AccountingStandard for Fair Value Measurement” hereinafter) and related standards have been applied since the beginning of
the first quarter of the consolidated fiscal period under review. Pursuant to the transitional handling described in
Paragraph 19 of the Accounting Standard for Fair Value Measurement and Paragraph 44-2 of the AccountingStandard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019), the new accounting policies specified
in the Accounting Standard for Fair Value Measurement and related standards will be applied to future accounts.
This change does not affect the quarterly consolidated financial statements.
(Additional information)
No material changes have emerged with regard to the assumptions described under “Important Accounting
Estimates” in the Securities Report for the previous consolidated fiscal year for accounting estimates related to theimpact 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, 2021 to March 31, 2021)
Depreciation

495 million yen- 16 -

Cumulative period through first quarter ofcurrent fiscal year
(from January 1, 2022 to March 31, 2022)
467 million yen

(Shareholders’ Equity)
Cumulative period through first quarter of previous fiscal year (from January 1, 2021 to March 31, 2021)
1.

Cash dividends paid
Resolution

Class of stock

Total dividends(million yen)March 25, 2021
annualshareholders’meeting

Common stock

569

2.

Dividend pershare (yen)

30.00

Basis date

Effective date

Source ofdividends

December 31,
2020

March 26, 2021

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, 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- 17 -

(Segment and Other Information)
Segment information
I.

Cumulative period through first quarter of previous fiscal year (from January 1, 2021 to March 31, 2021)
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

4,825

-

4,825

-

4,825

-

4,825

Folding paper cartons

4,193

-

4,193

-

4,193

-

4,193

Corrugated boxes

2,809

-

2,809

-

2,809

-

2,809

502

-

502

-

502

-

502

Film Packaging

-

2,577

2,577

-

2,577

-

2,577

Others

-

-

-

2,924

2,924

-

2,924

12,331

2,577

14,9082,924

17,832-

17,832

-

-

-

-

-

-

-

12,331

2,577

14,9082,924

17,832-

17,832

-

-

-

-

-

-

-

12,331

2,577

14,9082,924

17,832-

17,832

743

98

841

179

1,021

(235)

785

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 −235 million yen to segment profit includes 3 million yen in elimination of intersegment
transactions and −238 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.

- 18 -

II.

Cumulative period through first quarter of current fiscal year (from January 1, 2022 to March 31, 2022)
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

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

-

-

-

-

-

-

-

Subtotal

13,448

2,691

16,1392,959

19,098-19,098Segment profit

876

83

960

197

1,157

(249)

908

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 −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.

2.

Changes in reportable segments
As noted under changes to accounting policies, the Accounting Standard for Revenue Recognition and related
guidance have been applied since the beginning of the first quarter of the consolidated fiscal period underreview, resulting in a change in methods of account processing related to revenue recognition. Methods forcalculating business segments profit or loss have changed accordingly. Segment information for the firstquarter of the previous consolidated fiscal year is presented based on the revised methods for calculating
profit or loss.

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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

First quarter of previous fiscal year
(from January 1, 2021 to March 31,
2021)

First quarter of current fiscal year
(from January 1, 2022 to March 31,
2022)(1) Basic earnings per share

29.92 yen

37.78 yen

568

717

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

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

568

717

Average number of shares outstanding during theperiod (thousand shares)

18,99018,99629.88 yen

37.75 yen

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

Increase in number of common shares (thousand
shares)23

21

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- 20 -

Part 2. Information concerning guarantor of filing company
Not applicable- 21 -

Independent Auditor’s Report on Quarterly Review
May 11, 2022
To: The Board of Directors,
THE PACK CORPORATION
Ernst & Young ShinNihon LLC
Osaka Office
Masahiko Naka, 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 31,2022) and the cumulative period through the first quarter of the consolidated period under review (January 1 –March 31, 2022), 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, 2022, 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 the nature of any safeguards taken to eliminate or mitigate any such
impediments.
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, 2022

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:

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

Locations where this document is

THE PACK CORPORATION

available for public inspection:(20F, OAP Tower, 8-30 Tenmabashi 1-chome, Kita-ku, Osaka, Japan)
Tokyo Stock Exchange(2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo, Japan)- 24 -

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, 2022) 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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