THE PACK CORPORATION
Briefing Materials on
Business Results for
the Second Quarter of
the Year Ending
December 31, 2023
September 4, 2023

Contents

Topics

P. 2

1. Business Results for the Second
Quarter of the Year Ending
December 31, 2023

P. 3

2. Forecasts of Business Results for the YearEnding December 31, 2023

P. 17

3. Promoting sustainable management

P. 21

4. Progress on the Medium-Term
Management Plan

P. 24

5. Reference Materials

P. 30

Copyright© 2023 The Pack Corporation. All Rights Reserved.

1

Topics
While food-service, leisure, and lodging-related demand showed arecovering trend as COVID-19 restrictions eased, future prospects
remained uncertain due to the effects of soaring energy prices, inflation
spurred by rising materials costs, and exchange-rate fluctuations.
The Pack’s business performance showed increased sales and profits
across all segments. Recovering personal consumption combined withefforts to grow sales and propose solutions to customers resulted inincreased sales volumes. Despite the rising costs of sales, each profit
account showed considerable growth thanks to efforts to normalize
sales prices.
Full-year earnings forecasts and year-end dividends forecast havebeen revised upward. Plans call for annual dividends of 78 yen per
share (up 13 yen from last year).
Sustainable Committee was set up to promote sustainable
management.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

2

1. Business Results for the Second
Quarter of the Year Ending
December 31, 2023

3

Summary of Business Results
Recovering markets combined with higher sales volume and normalization of sales prices to drive
large-scale growth in sales and profit.
(Million yen)

Second quarter ofyear ending
December 31, 2023

Second quarter of year
ended December 31,
2022
ActualActualYoY change

Net sales

39,61744,878

13.3%

Operating profit

2,044

2,976

45.6%

Ordinary profit

2,298

3,147

36.9%

Profit attributable toowners of parent

1,422

2,133

50.0%

 Personal consumption recovered as the lifting of all COVID-19 restrictions led to consumers going out more and increased inbound demand.
 Despite rising costs, operating profit grew significantly with surging sales volumes and rising average sales prices due to price normalization.
 Paper bags, paper cartons, and film packaging in particular drove sales and profits.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

4

Factors Underlying Changes in Operating Profit
Operating profit grew due to growing sales volumes and rising average sale prices.
(Million yen)

Increased sales
Highervolumesaverage saleprices+1,132+2,130Higher raw
material
costs

Higher othermanufacturing expenses

-825

-268

Higher labor
HigherHigher othercosts
logistics costs
selling,
general andadministrative
expenses

-668

-252

-317

Second quarter ofyear ending
December 31, 2023
OperatingprofitSecond quarter ofyear ended
December 31, 2022
Operatingprofit
2,044

2,976

 Sales volumes grew thanks to recovering personal consumption, chiefly for paper cartons (up 9.3%)
 Average sales prices rose due to changes in product structures, normalization of sales prices, and sales of solutions involving high value added
products (they were up by 11.6% for paper bags, 6.0% for paper cartons, 16.1% for corrugated boxes, and 23.0% for plastic bags).
 Higher raw materials prices were mainly due to price hikes and higher purchases of raw materials accompanying increased production volume(1,668 million yen).
 Other manufacturing costs rose mainly due to higher utilities and power costs (131 million yen) accompanying rising energy prices
 Labor costs rose due to increased staffing mainly in manufacturing sections and higher salaries and bonuses accompanying wage hikes (264million yen).
Copyright© 2023 The Pack Corporation. All Rights Reserved.

5

Results by Segment(Million yen)

Second quarter of year ended
December 31, 2022
ActualShare
Net sales
Paper
Products
Paper bags
Papercartons
Corrugatedboxes
Printing
Film
Packaging
OthersOperating profit
Paper
Products
Film
Packaging
OthersAdjustments

Second quarter of year ending
December 31, 2023
ActualShare
YoY change

39,617100.0%

44,878100.0%

13.3%

27,99870.7%

31,734

70.7%

13.3%

11,25928.4%

12,993

29.0%

15.4%

9,728

24.6%

11,262

25.1%

15.8%

5,947

15.0%

6,343

14.1%

6.7%

1,063

2.7%

1,135

2.5%

6.7%

5,221

13.2%

6,654

14.8%

27.4%

6,396
2,044

16.1%
100.0%

6,489
2,976

14.5%
100.0%

1.4%
45.6%

1,952

95.5%

2,715

91.2%

39.1%

197

9.7%

288

9.7%

46.1%

431
-537

21.1%
-26.3%

485
-513

16.3%
-17.2%

12.5%-

 Recovering consumer spending and tourism demand and strong sales of paper cartons to the takeout market helped drive sales and profit growthin the Paper Products Business.
 The Film Packaging Business enjoyed favorable trends in sales of external packages for disposable diapers and flexible packaging for foodproducts.
 Sales of soft bags showed a favorable trend in other businesses.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

6

Trends by Segment (Second Quarter)
Exceeding pre-COVID sales and profit levels
Net sales(Paper Products Business)

Net sales (Film Packaging Business)

Net sales (other businesses)

Operating profit(Million yen)

2,976

2,595
1,459

1,229

3,000

2,044

2,000
1,000

50,00044,87844,28440,00030,000

7,073
9,185

36,04636,589

6,048

5,950
5,323

7,074

39,617

6,489

6,396

6,654

0

5,221

20,00028,025
10,0000Second quarter of year
ended December 31,
2019

22,923

Second quarter of year
ended December 31,
2020

25,315

Second quarter of year
ended December 31,
2021

27,998

Second quarter of year
ended December 31,
2022

Copyright© 2023 The Pack Corporation. All Rights Reserved.

31,734

Second quarter of year
ending December 31,
2023
7

Sales Composition
Net sales by business
1.1

3.1

0.4

Second quarterof year ended
December 31,
2022

25.9

16.3

4.8

6.2

Second quarterof year ending
December 31,
2023

27.1

15.8

4.8

5.8 1.3 5.0 2.9 2.1 3.8 4.10.4

Food products
Convenience storesHome electronics and home installations(Million yen)

ApparelPharmaceuticals and cosmetics
Life care

Second quarter ofyear ended
December 31, 2022

4.7

Department storese-commerce
Automotive

Second quarter ofyear ending
December 31, 2023

ActualShare

ActualShare

YoY change

Food products

10,26625.9％

12,156

27.1%

18.4%

Apparel

6,442

16.3％

7,087

15.8%

10.0%

Department stores

1,907

4.8％

2,159

4.8%

13.3%

Supermarkets and drug
stores

2,463

6.2％

2,617

5.8%

6.3%

Convenience stores

428

1.1％

564

1.3%

31.8%

Pharmaceuticals andcosmetics

1,870

4.7％

2,237

5.0%

19.6%

e-commerce *

1,242

3.1％

1,300

2.9%

4.6%

864

2.2％

926

2.1%

7.2%

Home electronics andhome installations

1,490

3.8％

1,701

3.8%

14.2%

Life care

1,266

3.2％

1,859

4.1%

46.7%

Automotive

158

0.4％

164

0.4%

4.0%

11,21528.3％

12,102

27.0%

7.9%

Sundries

Other

2.2 3.8 3.2（単位：％）

28.3

27.0

Supermarkets and drug stores
Sundries
Other In the food products segment, in addition to strong
sales in the takeout and delivery markets, sales of
packages for the souvenir market are also
recovering.
 Sales in the apparel segment increased asconsumers returned to stores.
 Department store sales are trending favorably, withmore consumers venturing out and inbound tourism
demand recovering.
 Some of our products in the convenience store
segment (mainly primary paper containers) saw anincrease in use due to market-share growth and theeffects of the promotion cycle.
 Sales grew in the pharmaceuticals and cosmetics
segment as personal consumption recovered.
 While e-commerce sales volume showed healthy
growth, total revenue only increased slightly due to achange in product structure from delivery boxes todelivery bags.
 Sales of corrugated boxes to the homeelectronics/home installations segment grew as
manufacturers’ production volumes increased.
 In the life care segment, sales of external packages
for disposable diapers grew sharply.

* e-commerce refers to the e-commerce platform segment. e-commerce sales on vendor sites are counted as part of their individual business segments.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

8

Paper Products Segment
Business environment

Trends in net sales and operating profits Department store sales were up nationwide for 16 consecutive
months (source: Japan Department Stores Association). Domestic
tourism consumption by domestic travelers nears pre-COVID levels.
 Domestic tourism consumption by domestic travelers (preliminary
figures)Jan.-March: 4,233.1 billion yen (vs. 2019: +0.5%; YoY: +80.2%)
April-June: 5,596.3 billion yen (vs. 2019: −6.6%; YoY: +27.7%)(Source: Japan Tourism Agency, Ministry of Land, Infrastructure, Transport andTourism, “Travel and Tourism Consumption Trend Survey”)

 Visitors to Japan from abroad are increasing
 Demand is increasing for packages in the souvenir, apparel, andcosmetics markets as more consumers venture out and inboundtourism demand recovers.

InitiativesPromoting improvements in packaging material forms andspecifications and labor-saving, energy-saving, and mechanization
solutions for automation of operation lines
Enhancing efforts to develop new eco-friendly materials andprocesses and high-performance paper materials

Paper Products Business
Other businesses

8.0%
6.0%
4.0%

4.3%
3.5%

2.0%
FY20/12 2Q

Film Packaging Business

Paper Products
Business,8.6%

8,000
31,73427,99830,00022,9236,000

25,31520,000

4,000
2,715
1,952
1,194

2,000

1,416

0

0
FY20/12
2Q

100%
80%

6.8%

Other
businesses,7.5%

3.8%

Film Packaging
Business,4.3%

6.4%

FY21/122Q

FY22/122Q

FY23/12
2Q

60%

4.5%

4.2%

21.5%

22.8%

Printing,3.6%
3.8%
21.2% Corrugated boxes,20.0%

32.6%

34.8%

34.7%

Paper
cartons,35.5%

41.5%

38.2%

40.2%

Paper bags,
40.9%

FY22/12 2Q

FY23/12 2Q

40%

5.6%
3.1%

FY21/12 2Q(Million yen)

Trends in sales composition in the Paper Products Segment

7.0%
5.2%

Operating profit (right axis)

40,00010,000Trends in operating profit margins
10.0%

Net sales (left axis)

FY22/12 2Q

20%

0%
FY23/12 2Q
FY20/12 2Q
FY21/12 2Q
Copyright© 2023 The Pack Corporation. All Rights Reserved.

9

Paper Products Segment (Paper Bags)
Business environment

Trends in net sales and operating profits Demand for paper shopping bags is recovering in parallel withincreasing personal consumption, tourism, and inbound demand.
 Demand for paper bags is growing in step with rising environmental
consciousness
 There has also been a trend from overseas production to domestic
production to reduce CO2 emissions during transport.
 The e-commerce market increasingly is using delivery bags inaddition to corrugated boxes for delivery.

Net sales (left axis)(Million yen)

Operating profit (right axis)

15,0003,000
12,993
11,25910,000

9,684

9,512

2,000
1,482

Initiatives
 Developing new product forms, centered on delivery bags, andproposing labor-saving, energy-saving and automation solutions tocustomers
 Enhancing solutions involving high value added products, centered on
eco-friendly products
 Proposals suited to customers’ businesses and needs, such as
putting wastes generated in their product manufacturing processes
to effective use

1,087
5,000

709

730

FY20/122Q

FY21/12
2Q

1,000

0

0
FY22/122Q

FY23/122Q

Trends in sales volumes

 Examples of developed products(Million sheets)

1,000
800
600

618

667

738

763

400
200
▲ Mixed paper withused clothes▲ Our 100% recycled
paper bag

▲ Paper delivery bag
compatible with automatic
packaging machines

0
FY20/12 2Q FY21/12 2Q FY22/12 2Q FY23/12 2Q

Copyright© 2023 The Pack Corporation. All Rights Reserved.

10Paper Products Segment (Paper Cartons)
Business environment

Trends in net sales and operating profits Growing demand for primary paper containers for food products,
convenience stores, and fast food, keeping pace with growth in
the home meal replacement market and rising environmental
consciousness
 Sales of paper cartons for the souvenir market are also
strengthening, as consumers become more active in areas suchas tourism, inbound demand, business travel, and visiting
relatives at home.

Net sales (left axis)

15,000(Million yen)

3,000
11,262

10,000

8,806

9,728

2,000

7,470

Initiatives
 Enhancing capital investments and new product development
efforts, to grow sales of primary food containers
 Proposing solutions for customers’ labor shortages, such asassembled delivery and assortments
 Using 3D printing, 3D computer graphics, and other technologies
to propose paper carton designs and graphics and molded
container forms

907

5,000
348

334

1,000

540

0

0
FY20/122Q

FY21/122Q

FY22/122Q

FY23/122Q

 Examples of technologies used in proposing solutions

 Examples of developed products▲ Kome-kami TP-FS, a paperboard madewith waste rice, developed jointly with
Papal Co., Ltd.

Operating profit (right axis)▲ Molded tray packages sealed withpaper lids

▲ Paper carton coated with silver ink,
a proposed alternative to cans
▲ Tool using 3D computer graphics
to propose designs and forms

Copyright© 2023 The Pack Corporation. All Rights Reserved.

▲3D printer11

Paper Products Segment (Corrugated Boxes)
Business environment

Trends in net sales and operating profits Decreasing demand for corrugated boxes due to purchase hesitancy as
prices rise and decreased Japanese exports as a result of protectionist
policies in the US and China
Production volume in the corrugated cardboard industry for the first half of2023 was 98.4% last year’s level, while the figure for corrugated boxes for ecommerce, delivery, and moving use was 99.9% of last year’s level.

Net sales (left axis)

Operating profit (right axis)(Million yen)

2,000

10,000(Source: Japan Corrugated Case Association, “Corrugated Box Statistics”).

 Shipments of corrugated boxes to the home electronics/home installations
segment are recovering from their low when manufacturers’ production
volumes decreased due to the chip shortage.
 Growth in the e-commerce market is driving increased demand forcorrugated boxes for use in shipping.
 There is growing need for delivery boxes sized to fit inside mailboxes, aswell as delivery boxes with simplified packing, opening, and disposal andmechanization to save labor.

5,778
5,000

 Proposing high value added solutions using extra-strong corrugatedmaterials, large-format printers, decorative printers, and our design
capabilities
 Proposing customer corrugated products for use in large-scale logistics
centers, from the design stage on

4,919

1,000

300

Initiatives

6,343

5,947

292

257

104
0

0
FY20/122Q

FY21/122Q

FY22/122Q

FY23/122Q

 Examples of developed products▲ Eco Rack
corrugated containers▲ Extra-large corrugated boxes—among thelargest corrugated products in Japan▲ CC-PACK cushioned packages featuring flexibility
and cushioning achieved using thicker materials

Copyright© 2023 The Pack Corporation. All Rights Reserved.

▲ OK! BOX can be opened
easily with no cutter.

12

Film Packaging Segment
Business environment

Trends in net sales and operating profits Growing environmental consciousness is leading to increasing
requests for proposals for eco-friendly packages such as thoseusing less plastics, recyclable packages, and switching to paper.
 Demand is growing for home meal replacements, individual
servings, and shelf-stable foods.
 Growing needs for functional materials (such as barriermaterials)
 Demand for plastic shopping bags is recovering along with therecovery in personal consumption.

Initiatives

Net sales (left axis)

Operating profit (right axis)

10,000(Million yen)

2,000

7,074

6,654
5,323

5,221

5,000

1,000

 Expanding sales of flexible packaging in the food and beverage
market, as part of new market development efforts
 Using the latest 10-color flexographic printers to offer film printed
products using the most advanced flexographic printing technologies
in the Japanese market
 Developing new eco-friendly materials and introducing products
incorporating them

246

163

197

FY21/122Q

FY22/12
2Q

288

0

0
FY20/122Q

FY23/122Q

Trends in sales of flexible packaging

 Examples of developed products(Million yen)

1,200
998

1,000

796

800
600

515

584

FY20/12 2Q

FY21/12 2Q

400200▲ CRAFTCLEAR® flexible
paper packaging withvisible contents▲ Craft VM Barrier flexible paper
packaging blocks light and has
high barrier performance.

▲ Water-resistant paper Craft
Pouch suitable for boiling0

Copyright© 2023 The Pack Corporation. All Rights Reserved.

FY22/12 2Q

FY23/12 2Q

13Other Businesses
Business environment

Trends in net sales and operating profits Demand for in-store supplies and office supplies used in thedepartment store industry is recovering as department store sales
rebound10,000 Giveaways and other promotional campaigns are recovering as
consumers return to stores. Demand for eco-friendly reusable
cloth bags (made of materials such as cotton, polyester, andnonwoven fibers) is increasing.

Net sales (left axis)

6,048

5,950

6,396

378

431

485

FY21/122Q

FY22/122Q

FY23/12
2Q

260
0

0
FY20/122Q

 Examples of developed products

2,000

1,000

 Growing Pack Assortment Service System (PAS) transactions todepartment stores and specialty stores
 Enhancing development and proposal of food trays using ecofriendly materials and reusable cloth bags made of eco-friendly
materials(Million yen)

6,489

5,000

Initiatives▲ ecoKARA™ tray, a biomass tray containing
eggshells

Operating profit (right axis)

 PAS system▲ Recycled Tetron Cotton, a material made byrecycling materials such as cotton and polyester
scraps from factories▲ Streamlining logistics via bulk delivery also helps reduce CO2 emissions.

Copyright© 2023 The Pack Corporation. All Rights Reserved.

14

Balance Sheet(Million yen)

Year ended
December 31, 2022

Second quarter of year ending
December 31, 2023

ActualActual

94,36593,831

Current assets

61,48455,565

Non-current assets

32,881

38,266

Property, plant, and equipment

23,72927,011Intangible assets

1,044

2,462

Investments and other assets

8,106

8,792

28,994

26,125Current liabilities

26,05423,306

Non-current liabilities

2,939

2,818

65,371

67,70563,71365,240

1,611

2,420

Share acquisition rights

46

45

Non-controlling interests--

AssetsLiabilities

Net assets
Shareholders’ equity
Accumulated other comprehensive
incomeCopyright© 2023 The Pack Corporation. All Rights Reserved.

15

Cash Flow
(Million yen)

Second quarter of year ended
December 31, 2022

Second quarter of year ending
December 31, 2023

ActualActualCash flows from operating activities

4,449

5,066

Profit before income taxes

2,060

3,129

Depreciation and impairment losses

1,133

1,014

Cash flows used in investment activities-2,065-5,413Purchase of property, plant, andequipment-1,323-4,351

Purchase of intangible assets-184-1,465Purchase of investment securities

-154

-18

Proceeds from sales of investment
securities

60

6Cash flows used in financing activities

-514

-703

-473

-664

20,101

17,719Main items

Cash dividends paid
Cash and cash equivalents at end of
period Purchase of property, plant, and equipment increased with rebuilding the head office.
 On shareholder returns, we maintain a dividend payout ratio of at least 30% and are increasing the dividend amount
paid.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

16

2. Forecasts of Business Results for theYear Ending December 31, 2023

17

Forecasts of Business Results
Growing sales and profits by delivering environmental, social, and economic value in response tochanging markets(Million yen)

Year ended
December 31, 2022

Year ending December 31, 2023

ActualPrevious forecast(announced
February 6)

Forecast of businessresults

Forecast YoYchangeNet sales

89,06094,00097,0008.9%

Operating profit

5,972

6,400

7,100

18.9%

Ordinary profit

6,353

6,800

7,500

18.1%

Profit attributable toowners of parent

4,058

4,400

4,900

20.7%

 Forecasts of business results announced February 6, 2023 have been revised upward due to favorable performance trends in thesecond quarter.
 Continued growth is expected in the e-commerce and food takeout and delivery markets, along with strong growth in personal
consumption.
 As a company offering total solutions related to packaging, we will target sales and profit growth backed by proactive proposals for
eco-friendly packages and labor-saving, energy-saving, and mechanization solutions, thus helping address issues faced bycustomers and society.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

18

Trends in Consolidated Business Results(Million yen)

Year ended
December 31,
2019

Year ended
December 31,
2020

Year ended
December 31,
2021

Year ended
December 31,
2022

Revised forecast
for year ending
December 31,
2023

Net sales

95,50278,44579,69089,06097,000Operating profit

6,850

3,275

4,144

5,972

7,100

Operating profit

Net sales(Million yen)

150,000

100,000(Million yen)

10,00095,502

89,06078,445

7,100

6,850

97,0005,972

79,690
5,000

4,144
3,275

50,0000FY19/12 FY20/12 FY21/12 FY22/12 FY23/12(forecast)

0
FY19/12

FY20/12

Copyright© 2023 The Pack Corporation. All Rights Reserved.

FY21/12

FY22/12

FY23/12(forecast)19

Major Factors Underlying Projected Changes in Operating Profit
Increased profits due to higher sales volumes, mainly of paper products, and improved earnings
Increased
sales
volumes

Higher averagesale prices

Higher raw
material costs

Higher othermanufacturing expenses

Higher labor
costs

Higherlogistics
costs

Higher otherselling, generaland administrative
expenses+1,600+3,700-1,522-400-1,200-700-350(Million yen)

Year ended
December 31,
2022
OperatingprofitYear ending
December 31,
2023
Operatingprofit (forecast)

5,972

7,100

 Growth in sales volumes of paper bags and paper cartons due to recovering personal consumption
 Rising average sales prices due to active proposal of eco-friendly products such as paper materials and high value
added products as well as normalization of prices
 Raw material prices and logistics costs are expected to continue rising. We will respond by normalizing sales prices
through means such as proposed modifications to specifications.
 Labor costs are projected to increase in the second half as well, due to increased staffing and salary and bonus hikes.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

20

3. Promoting sustainable management

21

The Pack Group’s management policy
In 2023, we formulated a new management policy reflecting the social and business environment, establishing the purpose of our existence
and our Basic Policy on Sustainable Management.

Purpose of ourexistence

Corporate
Philosophy

Basic Policy on
Sustainable
Management

Materiality(Important
Issues)Mission to bolster social prosperity and creating satisfaction
through packaging
 We value and nurture people.
 We seek to accommodate society’s every change.
 We fulfill our social responsibilities by promoting initiatives related to the global environment and other issues.
 As a company offering total solutions related to packaging, we seek to contribute to societal development andto thriving societies.

 Delivering solutions to environmental issues throughbusiness activities
 Valuing and nuturing people Building and enhancing relations of trust with ourbusiness partners and customers
 Contributing to social development and prosperity
 Enhancing management foundations

Priority strategies
Medium-Term
Management
Plan

Our social and business environments

 Establishing and operating the
Sustainable Committee Addressing Materiality (Important
Issues)Growth strategies

1. Increasing uncertainty
2. Accelerating ESG and SDGs initiatives
3. Difficulty of securing human resources
4. New demand resulting from market changes
5. Accelerating digitalization
6. Expectations for business development in new domains
7. Expectations for safety and security
8. Expectations and obligations to disclose nonfinancial
information

Enhancement and effective use of management resources
Comprehensive production
capabilities

25 sales facilities in Japan

Human capital strategy

Four plants in Japan

Domestic and overseas supply
chainsA wealth of know-how

Environmental capabilities

Financial strategies

Three overseas Group
companies

Five domestic Group
companies

A group of package professionals

Comprehensive product lineup

Copyright© 2023 The Pack Corporation. All Rights Reserved.

22

Promoting sustainable management
Basic policy

Identifying five themes and 12 materiality items

As is expressed in The Pack Group’s corporate motto, we are
passionate and dedicated to our partnership in all our activities.
Furthermore, we pursue sustainable management in keepingwith the purpose of our existence (purpose): to provide
packaging solutions to contribute to a prosperous society andbring satisfaction to people. As a company offering total solutions
related to packaging, we help solve the many issues facing our
stakeholders through the creation of new value in packaging,
thereby contributing to a prosperous and sustainable society. To
this end, we strive to deliver environmental, social, and economic
value that is unique to The Pack Group, based on sustained
growth and the ability to adapt to social change.

Environment

SocialEstablishment and operation of the Sustainable Committee<Structural chart>

Auditing

Audit and Supervisory
Board

Board of Directors
Inquiries

Responses/
reportingInternal auditing

Sustainable Committee
Chair: President & CEO

Sustainable Committee Secretariat
Instruction

Cooperation
Audit Office

Cooperation
Conference of Business
Divisions

ReportingOperating sections/Group companies<Agenda from January to June>
Discussion on the establishment of KPIs on sustainable
management, internal and external communication of information,and the following matters:
 TCFD initiatives
 New initiatives through Forest Environment Fund activities

Governance

Five themes

12 materiality items

Deliveringsolutions toenvironmental
issues through ourbusiness activities

 Promoting eco-friendly product planning andtechnological development
 Reducing environmental impact throughout our businessactivities Contributing to environmental conservation andpreservation

Valuing andnurturing people Promoting employee health and safety Developing and cultivating the capacity to offer totalsolutions related to packaging
 Promoting diverse work styles that encourage all
employees to thrive

Building andenhancing
relations of trustwith our business
partners andcustomers Co-creating brand value with our customers
 Maintaining and improving quality through joint efforts
with business partners

Contributing tosocialdevelopment andprosperity

 Contributing to developing future generations andfostering environmental awareness Providing solutions to increasingly diverse social issues

Enhancingmanagementfoundations

 Securing soundness, transparency, and efficiency inmanagement
 Promoting supply chain risk management

Initiatives through the present
 Upgrading the corporate website
 Distributing pamphlets to all employees toencourage permeation of sustainability in theorganization
Future initiatives
 Establishing materiality KPIs (during FY2023)
 Holding workshops for managers (during FY2023)
 Publishing an integrated report (FY2024)

Copyright© 2023 The Pack Corporation. All Rights Reserved.

23

4. Progress on the Medium-Term
Management Plan

24

Overview of the Medium-Term Management Plan (FY2023-2025)
SloganEvolution—Start of purpose-based management and Sustainable Management

FY2025 targets

Consolidated net sales: 107.0 billion yen; operating profit: 7.0 billion yen
ROE: 8% or higher; ROIC: 8% or higher
New Medium-Term Management Plan (FY2023-2025) targets
Consolidated net sales (left taxis)

1,200
1,000

955

800

68

32

400

120

1,070

100
70

67

64

59

600

1,000

940

890

796

784

(100 million yen)

Operating profit (right axis)

80
60

41

40

200

20

0

0
FY2019FY2020

FY2021

FY2022

FY2023

FY2024FY2025(100 million yen)(100 million yen)

FY2022
results

FY2025 targets

Food products*
e-commerce, mailorder, logistics

250

vs. FY2022

vs. FY2022 (%)

320

+ 70

28.0%

140

180

+ 40

28.6%

General distribution,
retail, etc.

500

570

+ 70

14.0%

Total

890

1,070

+ 180

20.2%

FY2022 results

FY2025 targets

ROE

6.4%

8% or higher

ROIC

6.4%

8% or higher

FY2022
results
Paper bags
Papercartons
CorrugatedFilmpackaging
OthersTotal

FY2025 targets
vs. FY2022

vs. FY2022 (%)

262

315

+ 53

20.2%

222

270

+ 48

21.6%

122

150

+ 28

23.0%

119

145

+ 26

21.8%

162
890

190
1,070

+ 28
+180

17.3%
20.2%

* The food products category includes food product packages for outlets
such as convenience stores and supermarkets

Copyright© 2023 The Pack Corporation. All Rights Reserved.

25

Progress on growth strategies in the food products market
Progress on quantitative targets(100 million yen)

FY2022
results

250

FY2023Full-year
2Q results
forecast
121

280

FY2025targets

320

Evaluation of efforts in progressExpanding sales of primary containers for food products
Developing materials and processes to contribute to lessening environmental impact,
expanding sales of FSC® products (FSC® C020517)
Combined sales of labels, films (flexible packaging), etc., together with paper bags and paper
cartons
Promoting proposals of solutions to contribute to labor saving, efficiency improvements, andautomation by customers
Growing the paper carton product lineup
Initiatives targeting trays, molded containers, etc.

◎
◎
◎
○
△
○

Progress Developing materials and processes to contribute to lessening environmental impact, expanding sales of FSC® products (FSC®
C020517)
 Sales figures have increased thanks to proactive sales activities and increasing customer environmental consciousness.
(100 million yen)

Sales to the food products
marketJanuary to June in
FY ended Dec. 2022

January to June in FY
ending Dec. 2023

YoY change

FSC products

17.1

22.7

133%

Forrest products

1.0

1.4

140%

 Growing sales of labels and films (flexible packaging) Sales figures are up 125% YoY thanks to sales growth.

FSC® certification logo

The Pack Forest®
Environment Fundcertification logo

 Promoting proposals of solutions to contribute to labor saving, efficiency improvements,
and automation by customers
 Launching operation of new setup facility for food products during FY2023
 Launching operation of automation equipment proposed by us on customer sites likely to leadto sales growth Also actively deploying new proposal activities nationwide
 Initiatives targeting trays, molded containers, etc.
 Enhancing paper tray production capacity: up approx. 10% from December 2022 as of June 2023
 Efforts to increase productivity for various paper trays
 Increasing sales of primary containers for food products overall
Copyright© 2023 The Pack Corporation. All Rights Reserved.

▲Food product trays

26

Progress on growth strategies in the e-commerce, mail order, andlogistics industries
Progress on quantitative targets

Evaluation of efforts in progress(100 million yen)

FY2023

FY2022
results

2Q results

Full-year
forecast

140

70

150

FY2025targets180

 Enhancing sales of delivery bags to contribute to improved shipping efficiency by customers○

 Enhancing solutions sales to contribute to labor saving by customers
 Proposing products designs to save time in work
 Proposing solutions to automate work◎

 Development and sales expansion of materials and processes for automated packaging○

 Further sales expansion of reinforced corrugated boxes for heavy articles○

Progress Enhancing sales of delivery bags to contribute to improved
shipping efficiency by customers
 Enhancing production capacity: machinery expansion planned in 1H
2024
 Focusing on sales expansion of delivery bags in addition tocorrugated boxes
 Enhancing solutions sales to contribute to labor saving by
customers
 Proposals to automate work and to save time in work are growing
 Development and sales expansion of materials and processes
for automated packaging
 Making steady progress on machinery improvements anddevelopment of materials and processes to meet needs in areas
such as work automation, weight reduction, reduced use of plastics,
and suitability for a wide range of products

Automated packing machinefor paper delivery bags

 Further sales expansion of reinforced corrugatedboxes for heavy articles
 Focusing on sales by proposing solutions leveraging ourdesign capabilities in the face of increasingly severe
competition as demand slows and raw material prices(100 million yen)rise
Sales results forreinforced corrugatedboxes for heavy
articles

2Q FY2022

2Q FY2023

5.2

5.4

Example of sales of reinforced corrugated boxes for heavy articles

Illustration of completed package
Copyright© 2023 The Pack Corporation. All Rights Reserved.

27

Progress on growth strategies in the general distribution, retail, andother markets
Progress on quantitative targets(100 million yen)

FY2022
results

500

FY2023
2Q results

258

Full-year
forecast

540

FY2025targets

570

Evaluation of efforts in progress Further solutions sales to grow our market share in paper bags and promote the shift to paperuse Combined sales of assembly and setup services in addition to product sales
 Developing sales channels in ASEAN◎△○

 Sales of products suitable for recycling, reuse, and reduction (3R)
 Eco-friendly paper: sales expansion for upcycled materials and FSC® raw paper Eco bags: sales expansion of monomaterial products Developing original raw paper and films made of 100% recycled materials○

 Promoting social contributions together with customers
 Putting part of the revenue from eco-friendly products into The Pack Forest Environment
Fund to use in forest conservation activities through nonprofits◎

Progress Further solutions sales to grow our market share inpaper bags and promote the shift to paper use
 Promoting a shift to paper use among customers byproposing specifications changes in an environment ofrising raw materials prices
 Contributing to business growth with sales increase of 15%
vs. January to June 2022 (+1.73 billion yen)
 Developing sales channels in ASEAN
 Transaction discussions are increasing with Japanese andforeign customers active in Asian commercial markets
Initiatives:
1. Supply-chain and quality enhancements in Asia
2. Cooperation with Group companies overseas (China,
USA) to enhance support structures for customers’
ASEAN businesses

 Promoting social contribution activities together withcustomers Cooperating with customers on two of four forest conservation
activities Plans call for cooperating with customers on six of 10 activities
in FY2023
 Launching forest conservation activities in a new area (Nagano
Prefecture) and considering cooperation with customers next
year and later[Forest Environment Fund activity conducted in Takehara,
Hiroshima Prefecture, in April 2023]
Participants included 15 people from our customers.

Copyright© 2023 The Pack Corporation. All Rights Reserved.

28

Progress on human capital strategy and financial strategies
Financial strategies

Human capital strategy
Diverse humanresources Emphasis on career hiring
 Promotion of women in the workplace (percentages ofpermanent employees and managers)
 Expanding hiring of people with disabilities

Investment ingrowth Promoting allocation of funds to investment in growth
1. Capital investment 2. Investment in new businesses
3. Human investment 4. Investment in computer system upgrades
5. R&D

Human
resource
development

 Enhancing training programs
 Supporting autonomous skills improvement and reskilling

Returns toshareholders

 Maintaining a dividend payout ratio of at least 30%
 Dynamic purchase of treasury shares

Optimizing
personnel
allocation

 Effective use of talent management system Growing hiring opportunities (referrals, “comeback” hiring)

Creating abetter working
environment

 Enhancing diverse work forms and systems
 Well-being (promoting health management)

Maximizing
employeeengagement

 Appropriate wage structures, enhancement of benefits
 Increasing awareness of participation in management by
joining the employee stock ownership plan Stimulating employee interaction and communication
 Conducting engagement surveys

Cash outflow plan
Capital investment
6.5 billion yen in
total

Strategic investment
14.0 billion yen in
total

Enhancement of paper carton production
capacity
Enhancement of paper bag production
capacity
Streamlining, labor saving
Energy and resource savings
Other

1.1 billion yen
200 million yen
200 million yen

M&ACore system upgrade
HR investment

10.0 billion yen
2.0 billion yen
2.0 billion yen

2.0 billion yen
3.0 billion yen

Progress

Progress

 Diverse human resources Career hires: 23 in FY2022, 29 in January to June 2203
 Referrals and “comeback” hiring: 23 in FY2022, 8 in January
to June 2203

 Capital investment
 Proceeding as planned, with no changes in plans for the(100 million yen)second half Enhancing training programs Launching digital transformation (DX) training for all
executives and employees (700 people)
 Creating a better working environment/Maximizing
employee engagement
 Rules revisions to enable use of remote work during normaltimes Encouraging men to take maternity and childcare leave Wage hikes, including increases in base pay

January to June
2023 results
Enhancement of paper carton production capacity
Enhancement of paper bag production capacity
Streamlining, labor saving
Energy and resource savings

5.2
4.6
0.6
0.1

July to December
2023 plans

8.0
5.5
-

 Returns to shareholders
 To enhance returns to shareholders by maintaining a dividend
payout ratio of at least 30%, as initially planned, we haverevised planned year-end dividends to reflect upward revisions
to full-year forecasts of consolidated business results for theperiod ending December 2023.

Copyright© 2023 The Pack Corporation. All Rights Reserved.

29

5. Reference Materials

30Corporate Overview
Name

THE PACK CORPORATIONFoundedMay 1952 (shares listed September 1991; listed on TSE Prime Market April 2022)

Headquarters

9-3 Higashiobase 2-chome, Higashinari-ku, Osaka, Osaka Prefecture *Moved May 2023

Lines ofbusiness

Planning, manufacturing and sale of paper bags, folding paper cartons, corrugated boxes,
film packaging, etc.

Executives

Hideaki Yamashita, President and CEO, eight other directors (including three outside
directors), and four auditors (including two outside auditors)

Number of
employees

1,198 consolidated, 852 nonconsolidatedGroup
companies

Eight consolidated subsidiaries (in Japan, the United States, and China)

Main banks

MUFG Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Trust and Banking
Corporation, Sumitomo Mitsui Trust Bank, Mizuho Bank

Main
shareholders

Morita Memorial Welfare Foundation 10.93%, The Master Trust Bank of Japan (trust account)
8.25%, BBH for Fidelity Low-Priced Stock Fund (principle all-sector sub-portfolio) 6.70%,
partner companies’ stock ownership program 6.61%, Custody Bank of Japan (trust account)
4.94%, Custody Bank of Japan (trust account 4) 4.60%, Custody Bank of Japan(Resona re-trust account/Hokuetsu Corporation retirement benefits trust account) 3.27%,
Daio Paper Corporation 3.01%, MUFG Bank 2.60%(As of the end of June 2023)
Copyright© 2023 The Pack Corporation. All Rights Reserved.

31

New head office building
New address

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

Overview of
new building

Coverage/capacity ratio: 60/300
Site area: 1,689.89 m2
Total floor area: 5,514.55 m2
Building area: 1,066.05 m2
Structure, size: steel frame, seven floors

Building
assessment

ZEB certification results (ZEB Ready, highest BELS score)
CASBEE certification results (CASBEE certified, S rank [highest
evaluation])

Other

Selected by MLIT as a leading project for sustainable buildings (energy
conservation and reduced CO2 emissions)

Productivity improvement initiatives

Environmental initiatives
 Natural ventilation and natural lighting using an Eco Void structure Solar panels to generate renewable energy
 Exterior walls use high-thermal-insulating materials and Low-E glass tolessen air-conditioning load
 Office areas have LED lighting with luminosity sensors to reduce lighting
automatically Meeting rooms with large monitors
 Layout suited to new work styles, such as remote work, the paperless office,and online meetings
 Common spaces to stimulate communication

オフセット印刷機

Eco Void well

 Rooftop solar panels

 Layout suited to new work styles

Copyright© 2023 The Pack Corporation. All Rights Reserved.

32

The Pack Group (Eight Consolidated Subsidiaries)
The Pack Corporation
Headquarters(Osaka)Tokyo Head Office
Building

Osaka Plant

Nara Plant

Tokyo Plant

Ibaraki Plant(All sites have earned ISO 9001 and ISO 14001 certification.)
Domestic subsidiaries
Keihin Tokushu
Printing Corp.

Nikko Print Corporation

Pack Takeyama Co.,Ltd.

Nishinihon Printing
Co., Ltd.

Kannaru Printing
Co., Ltd.

Offset printing machine

Overseas subsidiaries
Consolidated subsidiaries in China
The Pack (Changshu) Co., Ltd.

The Pack(Shanghai)
Corporation

U.S. consolidated
subsidiary
The Pack America
Corporation

Copyright© 2023 The Pack Corporation. All Rights Reserved.

(As of June 2023)

33

Trends in Net Sales and Ordinary Profit (Consolidated) from theCompany’s Founding (1952) through 2021
(Million yen)

100,000

10,000Net sales (left axis)

Ordinary profit (right axis)

90,0009,000

80,0008,000

70,0007,000

60,0006,000

50,0005,000

40,0004,000

30,0003,000

20,0002,000

10,0001,000

0019521955

1960

1965

1970

1975

1980

1985

1990

1995

2000

Copyright© 2023 The Pack Corporation. All Rights Reserved.

2005

2010

2015

2022
34

Distribution Structure for Major Products
Consumers
Main buyers

Department
storesConvenience
storesSupermarkets
and drug stores

ApparelPharmaceuticals
and cosmetics

Sundries

Food productsHome electronics
and home
installations

e-commerce(mail order)etc.

Raw materials makers

Paper, fabric, plastic film

Ink

Adhesive

Other
parts andmaterials

Copyright© 2023 The Pack Corporation. All Rights Reserved.

etc.

35

The Pack’s Strengths (1)Strength

Specifics

1. A wide-ranging
customer base Transaction counterparties:
approx. 14,000 companies
Food products, department stores,
specialty stores, large retailers, generalretailers, convenience stores, fast food,apparel, home electronics manufacturers,
e-commerce, etc.

Second quarter of year ending December 31, 2023

 A customer base resistant to thenegative effects of downturns
in specific industries
 Food products
 Convenience stores Home electronics andhome installations

 Apparel Pharmaceuticals
and cosmetics
 Life care

 Department  Supermarkets
storesand drug stores e-commerce  Sundries(mail order)
 Automotive  Other

Apparel andother goods

e-commerce

Food products
Copyright© 2023 The Pack Corporation. All Rights Reserved.

Consumer industries
36

The Pack’s Strengths (2)Strength

2. A total packaging
solutions provider

Specifics
 (Full support structure)
Solutions proposed by joint efforts of the sales, research and planning,
engineering, and design sections
 (Thorough expertise and access to large body of information)
Operating one of Japan’s largest packaging labs

 Delivering consulting-based solutions in response to the wide-

ranging needs of customers

Packaging lab
Copyright© 2023 The Pack Corporation. All Rights Reserved.

37

The Pack’s Strengths (3)Strength

Specifics

3. Integrated manufacturing, sales, andlogistics structure

The Pack Group

Manufacturing

Printing plant

Paper bag plant

Film packaging
plant

Paper cartonsplant

Direct sales structure
Hokkaido Branch
Aomori Sales OfficeNiigata Sales Office
Keihin Tokushu Printing Corp.

Headquarters, division
Branch, sales officeSubsidiary

Matsumoto Sales Office
Tohoku Branch

Kanazawa Sales Office
Kyoto BranchTokyo Plant
Tokyo Head Office Building

Kobe Branch
Yonago Sales Office

Ibaraki Plant
Kanto Branch
Yokohama Branch

Okayama Branch
Hiroshima Branch

Shizuoka Sales Office
Nagoya Branch

Fukuoka Branch

Pack Takeyama Co., Ltd.

Nishinihon Printing Co., Ltd.
Nagasaki Sales Office
Kumamoto Sales Office
Kagoshima Sales Office

Okinawa
Sales OfficeCorrugated board plant

Takamatsu
Sales Office
Shikoku Branch
Oita Sales OfficeOsaka Plant
Nikko Print Corporation
Kannaru Printing Co., Ltd.
Nara Plant
Headquarters (HQ)

Teamwork among our four domestic plants, Group companies,
and subcontractor plants also helps manage the risk ofdisasters and accidents.

Nationwide direct sales structure

Logistics

Products

Customers across Japan

Copyright© 2023 The Pack Corporation. All Rights Reserved.

38

The Pack’s Strengths (4)Strength

4. Quality control
structure

Specifics Groupwide quality management systems are ISO 9001-certified.

 The Tokyo and Osaka plants have earned FSSC 22000

international food-safety management system certification.
 Based on a policy of improving customer satisfaction through enhanced quality, we
strive to earn customer trust by delivering safe, reliable products.
 Delivering packaging materials, supplies, and other products as an integrated
service Streamlined logistics based on bulk deliveries also helps

cut CO2 emissions.
 Offering Pack-Web web-ordering
services

Example ofordering services

Customerheadquarters

Packagingmaterials

Product
registration andrevision
Order lists

Customer stores

Officematerials
Supplies⇒ Streamlining customers’(Internet)

Store Aordering operations

Items handled

5. IT-driven customer
networks

Ordering
instructions

Customerorder(Internet)

Store B

Our logistics center

Our system
Ordermanagement

Store C

Delivery toeach store

Copyright© 2023 The Pack Corporation. All Rights Reserved.

Our production plansand purchasing sections

Status of order receipt
Restocking management

39

ESG Initiatives (1)Initiatives

1. Environmental
initiatives

Specifics
 All plants and sites in Japan had earned ISO 14001 certification as of 2006.
 We are implementing a wide range of initiatives, including measures to cut CO2 emissions
and waste volumes and to develop eco-friendly products.
 We fulfill our obligations as a core member of the Japan Clean Ocean Material Alliance,
which promotes activities across the economy to develop and promote innovative
substitutes based on public-private partnerships to reduce ocean plastic waste.
 Promoting the use and spread of renewable energy by investing in renewable energy funds
Overview of environmental impact
We're striving to ascertain and lessen the environmenta l impact of production activities as a whole.
* The data shown below are for the four plants (the Osaka Plant, Nara Plant, Tokyo Plant, and lbaraki Plant) and the headquarters and sales groups

Rawmaterials

Subsidiarymaterials*1

Sewage and public water supply
thousand m3[YoY change: −11.7%]*2[YoY change: +4.9%][YoY change: +17.4%]

Water

Development
production

Electricity

Four plants[YoY change: +16.5%]

thousand kWhthousand m3[YoY change: −11.7%]

Relationshipto the SDGs

Raw
materials
procurement[YoY change: +9.5%]

Gas

Sales,
administration

LPG

thousand m3[YoY change: −1.0%]

Headquarters and sales
as a whole

Total[YoY change: 0%]

[YoY change: +11.7%]

Logistics*3[YoY change: +3.0%][YoY change: +73.4%]

logistics

Waste

Other fuels

Industrial waste(four plants)[YoY change: −2.7%]

Customers[YoY change: −2.3%]

Recycling
rate

99.7%

General waste(headquarters and sales asa whole)[YoY change: +9.6%]*3 CO2 from logistics is generated in transport form the Company to customers.

*1 Based on volumes purchased (four plants)*2 Based on volumes consumed (four plants)

Sales volumes
Printed paper
cartons

Paper bags
thousand[YoY change: −1.6%]

Film packaging
thousand[YoY change: +11.7%]

Corrugated products
thousand[YoY change: +5.7%]

Copyright© 2023 The Pack Corporation. All Rights Reserved.

thousand sqm[YoY change: −5.3%]* 2022 figures

40

ESG Initiatives (2)Initiatives

Specifics

2. Activities of The Pack
Forest® Environment
Fund(forest conservation
activities)

 In 2000, we established an independent The Pack Forest® Environment Fund and launchedvolunteer activities to plant and thin forested areas.
 We contribute a portion of the sales from eco-friendly products to the Forest Environment Fund.
 Operation of the Fund is subcontracted to the nonprofit Eco Future Fund (EFF).
 We carry out forest conservation activities with the participation of not just The Pack employees,
but customers and the general public.

Paper
makersMaterials
makersEco-friendly
base paper, nonwood-based
paper, etc.
ForestProducts(e.g., bagasse)

Eco-friendly
materials

THE PACK

Product
proceeds

Volunteering

Customers(e.g.,
Biodegradable
rope)
Volunteering

Contributions

Relationshipto the SDGs

Funding activities

The Pack Forest®
Environment Fund

Subcontractor nonprofit: Eco Future Fund (FFF)
http://www.eco-future.net/

Funds contributed
Trees planted
Total participants
The Pack Forest
Mark

Tree planting and forest
conservation activities
in Japan

Planted land area
CO2 emissions absorbed

182 million yen
21,906
7,192
18.51 Ha
1,973.47 t(Totals as of the end of June 2023)
Copyright© 2023 The Pack Corporation. All Rights Reserved.

41

ESG Initiatives (2)Initiatives

2. Activities of The Pack
Forest® Environment
Fund(forest conservation
activities)

Specifics
 The Pack Forest No. 9 in Fujimi, Nagano Prefecture was launched in 2023
In support of Nagano Prefecture’s forest fostering project, we designated a 1.8 ha site
in Fujimi, Suwa-gun, Nagano Prefecture as “The Pack Forest Fujiminomori.”
In line with the properties of the site, activities here are centered on planting
Japanese larch trees and preservation efforts.
Results of first activities, conducted in June 2023
Participants: 30
Trees planned: 700 Japanese larch

Relationshipto the SDGs

Group photo
Employees and their family
members volunteered to take part

Activity
Planting a sapling in a planter afterusing a special digging tool

Copyright© 2023 The Pack Corporation. All Rights Reserved.

42

ESG Initiatives (3)Initiatives

3. Human Resource
Development andWorkplace
Development

Specifics
 In accordance with our Company Motto, “Passionate and Dedicated to Our Partnerships,”and our Corporate Philosophy, “We Value and Nurture People,” we are implementing
initiatives to contribute to employee welfare, including human resource development,
support for childcare and long-term care, and employment stability.
 Chosen by the Certified Health & Productivity Management
Outstanding Organizations Recognition
Program 2023 (for the fifth consecutive year)
Thorough health checkups and secondary
examinations, smoking cessation challenge, stress checks, health training, etc.
 Adoption and use of evaluation and support programs to help improve skills
In 2022, we adopted a new HR system, which includes integrated management of
employee information using a talent management system, fair and appropriate evaluation
through HR development meetings, and economic assistance with earning official
qualifications through the skills improvement support program, among other activities.

Relationshipto the SDGs

Wage structure

HR system (career development stage)
1. Level
2. Job qualifications
3. HR course
4. Position

Action requirements
1. Basic skills
2. Job skills
3. Management skills

Training
programs
Management
by objectives
HR development meetings(decisions on treatment)
1. Wage raises, promotions
2. Bonuses
3. Advancement 4. Reassignment

HR evaluation
1. Skills evaluation
2. Bonsu evaluation
3. Overall evaluation

Operation

 Utilizing diverse human resources
Promoting women in the workplace, comprehensive program of shortened working hours,
establishment of The Pack’s unique childbirth and maternity leave program (for male
employees), opening the Kainan Office to employ people with disabilities, etc.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

43

ESG Initiatives (4)Initiatives

4. Social contribution
activities

Specifics As part of our environmental education initiatives, in cooperation with the city of HigashiOsaka, we organize hands-on manufacturing classes at elementary schools.

 Supporting the Kansai Philharmonic Orchestra
 Donations to Yoshinoyama Hoshoukai Sponsoring the Kids Earth Fund

 We support the Japan Student Services
Organization scholarship fund.
 “Shigoto no Tobira” online job
introductions (Gakken Kids’ Net)

Relationshipto the SDGs
The Kids Earth Fund takes action to support sufferingchildren around the world. As an official corporate
member, we use the images created from the Kids
Earth Fund as part of the graphic designs for
packages for customers who so request.
Copyright© 2023 The Pack Corporation. All Rights Reserved.

44

Note
This document is intended to provide information on management policies and business results for the second quarter of the year ending
December 31, 2023. It is not intended to solicit investment in securities issued by the Company. In addition, this document was preparedbased on data as of the end of June 2023.
Views, forecasts, and other information contained in this document are based on the Company’s judgments at the time the document was
prepared. No guarantees are made concerning the accuracy or completeness of such information. The contents of this document are
subject to change without notice.

Address IR inquiries to:
IR & Public Relations Department, The Pack Corporation
2-8-4 Tomigaya, Shibuya-ku, Tokyo 151-0063, Japan
Tel.: +81-3-3469-1221; fax: +81-3-3469-1353
E-mail: koho@thepack.co.jp
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