SECTION 04

SECTION 01

Data and Information —Financial and Corporate Data—

Financial Highlights

Daio Paper Corporation and its Consolidated Subsidiaries
As of and for the fiscal years ended March 31

SECTION 02

SECTION 03

SECTION 04

Fulfilling Our Purpose

Achieving Sustainable Growth

Responding to Social Issues

Data and Information—Value Creation Story of the Daio Group——Strategy for Continuing to Provide Value——Foundation for Sustainable Growth——Financial and Corporate Data—(Millions of Yen)

Fiscal year

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022For the Fiscal Year:Net sales

407,362

430,054450,239

474,076

477,139

531,311533,890

546,433

562,928

612,314646,213

Selling, general and administrative expenses

70,44579,892

84,20689,821

95,600110,312104,255

109,677

122,706

124,105

131,641

Operating proﬁt (loss)

11,577

16,04921,79624,322

23,534

11,061

12,122

30,62836,87337,569(21,441)

Ordinary profit (loss)

6,637

11,257

21,783

21,25821,346

12,7799,841

28,111

34,47837,696(24,050)

Profit (loss) attributable to owners of parent

15,1096,293

13,208

14,594

12,136

3,970

4,697

19,19922,11523,721(34,705)

Comprehensive income

22,075

11,82627,942

9,599

14,904

2,734

1,582

13,476

19,98725,088(18,795)

EBITDA

43,63747,18059,13757,72458,24851,17749,86966,714

77,187

84,24529,400Capital expenditures

21,72624,94831,58737,30932,45339,52359,59061,93453,41164,16547,857

Depreciation

26,40926,403

27,202

26,98729,016

31,17133,331

31,84334,13737,81043,128

Research and development expenses

2,149

2,836

2,683

2,791

2,901

3,280

2,809

3,042

3,109

3,547

3,533

Net cash provided by operating activities

50,80558,09144,74047,01062,93128,28440,28768,01264,21071,395(26,233)

Net cash used in investing activities(41,455)(26,826)(28,580)(26,073)(31,393)(51,484)(62,109)(47,869)(103,702)(62,420)(57,950)

Net cash provided by (used in) financing activities(13,441)(37,242)(29,429)(17,475)(22,037)386

65,897(14,049)

63,589(50,609)

96,4379,350

31,265

16,16020,937

31,538(23,200)(21,822)

20,143(39,492)

8,975(84,183)

Total assets

659,112646,112652,744656,310

657,747

686,140

745,866

763,059

849,801

840,441

923,531

Net assets

107,969

119,252

164,494

174,819

191,079

193,064

199,338

209,536

246,788266,704

244,670

Current assets

246,258

243,871

252,489

257,154

257,048

256,965

299,650

299,018

328,364

291,300

355,058

Net interest-bearing debt

363,533

331,825

292,466

281,456

255,077

279,994

301,906

285,426

299,785

297,445

387,670

Cash and cash equivalents

82,45779,046

69,072

72,16982,73360,086

103,407

109,384

130,301

88,897

102,405

129,018,785

129,018,785

149,348,785

149,348,785

149,348,785

149,348,785

153,713,191

154,531,953

169,012,926

169,012,926

169,012,926

Basic earnings per share

126.51

51.52

93.48

100.15

83.28

27.25

31.70

127.91138.73142.91(209.01)

Net assets per share

821.21875.391,059.78

1,119.24

1,211.33

1,221.65

1,236.58

1,319.57

1,440.33

1,561.52

1,414.73

8.50

8.50

8.50

10.50

10.50

10.50

10.50

13.50

17.00

22.00

16.00

ROE (%)

16.8

6.1

10.0

9.2

7.1

2.2

2.6

10.0

10.1

9.5

(14.0)ROA (%)

2.3

1.0

2.0

2.2

1.8

0.6

0.6

2.5

2.6

2.8

(3.8)

Equity ratio (%)

14.7

17.0

23.7

24.9

26.8

25.9

24.9

26.1

28.2

30.8

25.5

Net debt to equity ratio

3.7

3.0

1.9

1.7

1.4

1.6

1.6

1.4

1.3

1.1

1.6

Free cash flow

At Fiscal Year-End:

Number of shares issued (shares)

Per Share Data (Yen):

Cash dividends per share

Financial Ratios:

Notes
1. A
 mounts are rounded down to the nearest million yen.
2. E
 BITDA = Ordinary profit + interest expenses + depreciation + amortization of goodwill + amortization of negative goodwill + equity in earnings of affiliates
3. E
 ffective from the fiscal year ended March 31, 2019, the “Partial Amendments to Accounting Standard for Tax Effect Accounting” have been adopted, and all the deferred tax assets
are presented under investments and other assets of non-current assets.
Consolidated financial statements for the fiscal year ended March 31, 2018 are restated in accordance with the presentation method after the amendments.

95

Integrated Report 2023

4. Effective from the fiscal year ended March 31, 2019, interest and dividends received and interest paid are presented under “Cash flows from operating activities.”
Consolidated financial statements for the fiscal year ended March 31, 2018 are restated to reflect the change in the classification.

Integrated Report 2023

96

SECTION 01

SECTION 04

Consolidated Financial Statements
Consolidated Balance Sheet(Millions of Yen)

(Millions of Yen)

As of March 31,

As of March 31,

As of March 31,

As of March 31,

2022

2023

2022

2023

AssetsLiabilities

Current assets

Current liabilities

Cash and deposits

89,165

102,638

Notes and accounts payable—trade75,384

88,167

Notes and accounts receivable—trade, andcontract assets
Electronically recorded monetary claims—
operating

92,641

106,851

Short-term borrowings

13,73813,6597,988

10,753

Commercial papers－

20,000

Merchandise and finished goods

48,00861,061

Current portion of bonds payable

15,00056

Current portion of long-term borrowings

65,58078,812

Accounts payable—other

31,02927,596Work in process

7,275

8,947

Raw materials and supplies

31,621

43,081Other

15,06322,002

(465)

(279)

291,300

355,058

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

257,887

273,981

Accumulated depreciation(160,706)(169,437)

Buildings and structures, net

97,181

104,544

Buildings and structures

Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net

LandConstruction in progress

980,885

1,015,112

Current portion of long-term accounts
payable—facilities

Income taxes payable

25
1,472

Contract liabilities

613

919

Provision for bonuses

5,550

5,474

156

77

－

300

Provision for bonuses for directors (and otherofficers)

Provision for loss on guarantees
Other

27,960

16,235

Total current liabilities

238,321

252,797

Non-current liabilities(785,957)(812,473)

194,928

202,639

Bonds payable

45,00045,136

83,18387,099Long-term borrowings

239,324

324,000

18,388Retirement benefit liability

23,93723,986

Provision for retirement benefits for directors(and other officers)

81

60

Provision for share awards

310

521
12

28,63434,86839,252

Accumulated depreciation(17,600)(19,817)

Other, net

17,267

19,434

Provision for environmental measures12

432,106

Provision for loss on business of subsidiaries
and associates

37

36

Provision for fixed asset removal costs

－

430

Other

Total property, plant and equipment

421,195

Intangible assets
Goodwill

50,48945,847

Other

26,71031,879Other

31,52938,619Total non-current liabilities

335,415426,063

Total intangible assets

82,01884,466

573,736

678,860

53,88453,884

Investments and other assets
Investment securities

21,924

21,048

1,674

1,554

Deferred tax assets

6,322

11,281Other

15,99618,034

Allowance for doubtful accounts

(130)

(118)

Total investments and other assets

45,78751,800549,001

568,373139

99

840,441

923,531

Deferred assets
Total assets

Total liabilities
Net assets

Retirement benefit asset

Total non-current assets

Shareholders’ equity
Share capital
Capital surplus

55,112

55,112Retained earnings

156,450

117,493

Treasury shares(4,122)(3,600)Total shareholders’ equity

261,325

222,890

3,445

3,968

Valuation difference on available-for-salesecurities

Deferred gains or losses on hedges

Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets

Integrated Report 2023

SECTION 03

219

329

(7,189)

6,907

1,288

1,026

(2,235)

12,231

7,614

9,549

266,704

244,670

840,441

923,531

SECTION 04

Fulfilling Our Purpose

Achieving Sustainable Growth

Responding to Social Issues

Data and Information—Value Creation Story of the Daio Group——Strategy for Continuing to Provide Value——Foundation for Sustainable Growth——Financial and Corporate Data—

Consolidated Statement of Income(Millions of Yen)

Fiscal year ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Subsidy income
Ship lease income
Gain on net monetary position
Other
Total non-operating income
Non-operating expenses
Interest expenses
Expenses for ship lease
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
National subsidies
Gain on sale of non-current assets
Gain on sale of investment securities
Insurance claim income
Other
Total extraordinary income
Extraordinary losses
Loss on sale and retirement of non-current assets
Loss on tax purpose reduction entry of non-current assets
Impairment loss
Loss on disaster
Early retirement expense
Adjustment of payment
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes—current
Income taxes refund
Income taxes—deferred
Total income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

646,213536,012110,200
131,641(21,441)

382
712
95
2,793
281
331
－
2,863
7,460

808
988
184
1,181
277
120
311
2,344
6,216

4,194
378
2,761
7,333
37,696

5,626
511
2,688
8,826
(24,050)

513
83
987
2,099
31
3,715

5,680
108
1,518
706
398
8,412

900
510
2,031
350
－
888
140
4,822
36,58812,554(703)
865
12,71723,871150
23,721

1,089
5,661
12,660
2,833
909
－
407
23,562(39,201)
2,233
(275)
(6,220)(4,263)(34,937)(231)(34,705)(Millions of Yen)

Fiscal year ended
March 31, 2022
Profit (loss)
Other 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
Share of other comprehensive income of entities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of parent
Non-controlling interests

Fiscal year ended
March 31, 2023

612,314450,640
161,674
124,105
37,569Consolidated Statement of Comprehensive Income

Accumulated other comprehensive income

Foreign currency translation adjustment

97

174
3,133

SECTION 02

Fiscal year ended
March 31, 2023

23,871(34,937)

(766)
197
1,849
(48)
(14)
1,216
25,088513
109
15,768(257)
916,142(18,795)

24,529559(20,239)1,444

Integrated Report 2023

98

SECTION 01

SECTION 04
Consolidated Financial Statements

Consolidated Statement of Cash Flows

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment loss
National subsidies
Early retirement expense
Amortization of goodwill
Share of loss (profit) of entities accounted for using equity method
Gain on the net monetary position
Loss (gain) on sale of investment securities
Increase (decrease) in retirement benefit asset or liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)
Loss on tax purpose reduction entry of non-current assets
Increase (decrease) in provision for fixed asset removal costs
Subsidy income
Decrease (increase) in consumption taxes refund receivable
Insurance claim income
Loss (gain) on sale of property, plant and equipment
Loss on retirement of property, plant and equipment
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accounts payable—other
Increase (decrease) in accrued consumption taxes
Increase (decrease) in other assets or liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Proceeds from subsidy income
Proceeds from insurance income
Income taxes paid
Income taxes refunded
Net cash provided by (used in) operating activities
Cash flows from investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Proceeds from sale of investment securities
Purchase of intangible assets
Loans receivable granted
Collection of loans receivable
Purchase of shares of subsidiaries resulting in change in scope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Net increase (decrease) in commercial papers
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from issuance of common shares assigned to non-controlling interests
Proceeds from sale of treasury shares
Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation
Repayments of finance lease obligations
Cash dividends paid
Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Effect of hyperinflation
Increase (decrease) in cash and cash equivalents resulting from change in scope of consolidation
Increase in cash and cash equivalents resulting from merger with unconsolidated subsidiaries
Cash and cash equivalents at end of period

SECTION 03

SECTION 04

Fulfilling Our Purpose

Achieving Sustainable Growth

Responding to Social Issues

Data and Information—Value Creation Story of the Daio Group——Strategy for Continuing to Provide Value——Foundation for Sustainable Growth——Financial and Corporate Data—

Investor Information(Millions of Yen)

Fiscal year ended
March 31, 2022

SECTION 02

Fiscal year ended
March 31, 2023

Status of Shares
36,58837,810
2,031
(513)
－
4,450
(95)
－
(779)
464
(1,095)
4,194(2,718)510－(281)(1,047)(2,099)
(55)
872
6,306
(4,304)
9,921(7,510)(977)(1,740)169
80,101
1,561(4,479)2,953
2,103(11,964)
1,118
71,395(39,201)
43,12812,660(5,680)
909
4,512
(184)
(311)
(1,518)(261)(1,796)
5,626
(438)
5,661
430
(277)
(7,340)
(706)
(54)
1,035
(14,067)(23,874)
10,020(3,317)(976)(3,856)794(19,083)
1,902(5,633)
6,029
707(16,437)
6,281(26,233)

170(63,789)
231
1,861(3,314)
(664)
3,687
－
(602)
(62,420)

53(46,611)277
3,529(2,586)(999)
998(12,550)(62)(57,950)(6)
20,300－(65,157)
14,932(15,000)
509
248(1,500)(1,913)(3,352)
330(50,609)(104)(41,739)
130,301－318
17
88,897151
163,053
20,000(66,840)－(15,056)－304－(2,123)(3,184)131
96,437
1,334
13,58888,897(97)
17－102,405(As of March 31, 2023)

Authorized Shares

300,000,000 shares

Number of Shares Issued

169,012,926 shares

Number of Shareholders

24,977

Shareholder Distribution
Number of Shareholders by
Type of Shareholder
Individuals, others

95.9％

 ther domestic
O
companies
Foreign institutions
and individuals

24,977

169,013

2.7％

Financial institutions

27.4%

F oreign institutions
and individuals

11.4%

0.2％

Individuals, others

8.6%

Securities companies

0.2％

Securities companies

1.7%

Treasury stock

0.0%

Treasury stock

0.8%

thousand shares

1.1％

Financial institutions

Major Shareholders

Number of Shares by Type of
Shareholder
Other domestic
50.1%
companies

Name

Number of shares held Shareholding ratio(Thousands of shares)(%)

Hokuetsu Corporation

41,58924.8

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

12,413

7.4

Daio Kaiun Co., Ltd.

8,452

5.0

Custody Bank of Japan, Ltd. (Trust Account)

7,126

4.3

The Iyo Bank, Ltd.

7,072

4.2

The Ehime Bank, Ltd.

6,920

4.1

Ehime Paper Manufacturing Co. Ltd.

5,331

3.2

Kami Shoji Co. Ltd.

4,700

2.8

OASIS JAPAN STRATEGIC FUND LTD. (Standing Agent: Citibank N.A. Tokyo Branch)

4,700

2.8

The Norinchukin Bank

4,110

2.5

1. The shares held by The Master Trust Bank of Japan, Ltd. (Trust Account) and Custody Bank of Japan, Ltd. (Trust Account) are related to trust service.
2. Shareholding ratio does not include treasury stock (excluding the shares held by trust bank as Trust for Delivery of Shares and Employee Stock
Ownership Plan Trust).

ROE and PBRStock Price and Trading Volume
Trading Volume (Thousands of shares, monthly average)■ Trading volume (left scale)Closing price (right scale)

2,500

400

2,000

300

1,500

200

1,000

100

500

0

2021/04

2021/102022/04

2022/10

ROE (left scale)

Stock Price (Yen)5002023/030

PBR (right scale)(Times)

20%

2.0

10%

1.5

0%

1.0

-10%

0.5

-20%

2021/04

2021/102022/04

2022/102023/03

0.0* Estimated figures based on internal management data

99

Integrated Report 2023

Integrated Report 2023

100

SECTION 01

SECTION 04

Corporate Data

May 5, 1943

Capital¥53.9 billion

3 Otsu Paper Board Co., Ltd. Otsu City, Shiga Prefecture

2 Dainichi Paper Corporation Fuji City, Shizuoka Prefecture

Tokyo Headquarters: 10-2, Fujimi 2-chome, Chiyoda Ward, Tokyo
Tel: +81-3-6856-7500
Shikoku Headquarters: 628, Mishimakamiya-cho, Shikokuchuo City, Ehime Prefecture
Tel: +81-896-23-9001

Mills

Mishima Mill (Ehime Prefecture), Kani Mill (Gifu Prefecture)

Branches

Osaka Branch, Nagoya Branch, Kyushu Branch (Fukuoka Prefecture)

Websitehttps://www.daio-paper.co.jp/en/

Main Products

Newsprint, coated paper, wood-free paper,
printing paper for publication, PPC paper,carbonless paper, adhesive printing paper,
wrapping paper, functional specialty
paper, paperboard, various types of pulp,
household paper (facial tissue, toilet tissue,
paper towels), disposable baby and adultdiapers, sanitary napkins, masks, etc.

4 Daio Paper Techno Corporation Tsuyama City, Okayama
Prefecture

Responding to Social Issues

Data and Information—Foundation for Sustainable Growth——Financial and Corporate Data—● GHG emissions: Scopes 1, 2 and 3● Water use: Amount of water use and wastewater● Waste: Amount of waste and waste reuse● Occupational accident data: Lost time injury frequency rate

7 Elleair Product Co., Ltd. Shikokuchuo City, Ehime Prefecture8 Daio Paper Products Corporation Fuji City, Shizuoka
Prefecture 9 Daiki Co., Ltd. Chiyoda Ward, Tokyo
Printing

VERIFICATION STATEMENT

10 Daio Miura Corporation Sumida Ward, Tokyo

Corrugated containers

Statement No.: PRJN-10446303

11 Daio Package Corporation Chiyoda Ward, Tokyo

13 Uemura Shiko Corporation Kanda-machi, Miyako District,Fukuoka Prefecture
14 Yoshikawa Shigyo Corporation Kawanishi City, Hyogo Prefecture

Verification of Daio Groupʼs Non-financial Information (2022)

15 Yoshizawa Kogyo Corporation Mishima District, Niigata Prefecture< Verification Objectives >16 Tokyo Pulp & Paper International Co., Ltd. Chuo Ward, Tokyo

2 Kani Mill17 EBS Co., Ltd. Chuo Ward, Tokyo

Kani City, Gifu Prefecture

Paper Converting

15

Page 1 of 2
initiate reporting of

12 Yorii Insatsu Shiki Co., Ltd. Honjo City, Saitama Prefecture

Distribution

3

Scope of verification

6 Elleair Paper Co., Ltd. Fujinomiya City, Shizuoka Prefecture

Production Bases

14

April 1, 2022 to March 31, 2023

H&PC Manufacturing(now Elleair Paper Co.,Ltd.)

19
2 20

Period covered:

5 Marubishi Paper Tec. Corporation Shikokuchuo City, Ehime
Prefecture

Former Akabira Paper
Corporation1

18 Elleair Paper Technology Co., Ltd. Shikokuchuo City, Ehime
Prefecture
19 Daio Mill Support Tokai Corporation Kawabe-cho, Kamo
District, Gifu Prefecture

12

20 Elleair Texel Corporation Kani City, Gifu Prefecture

9 10
2 6 8 11 16
17

Engineering
21 Daio Engineering Co., Ltd. Shikokuchuo City, Ehime Prefecture

1
13

Achieving Sustainable Growth—Strategy for Continuing to Provide Value—

Paper Manufacturing

Offices4

Fulfilling Our Purpose—Value Creation Story of the Daio Group—(As of August 31, 2023)

Number of Employees 2,445 (Unconsolidated), 12,634 (Consolidated)

Shikokuchuo City,
Ehime Prefecture

SECTION 04

Daio Paper has received assurance by DNV Business Assurance Japan on the environmental data, etc. presented in
Daio Group Integrated Report 2023 to enhance its reliability and accuracy.

Business Bases of the Group
Companies in Japan

1 Iwaki Daio Paper Corporation Iwaki City, Fukushima Prefecture

1 Mishima MillSECTION 03

Third-Party Assurance

Corporate Information (As of March 31, 2023)
Established

SECTION 02

23 5 7 22
18 21

DNV Business Assurance Japan K.K. (hereinafter, "DNV") has been commissioned by Daio Paper
Corporation (hereinafter "the Organization") to perform an independent verification of the calculation
results of the Daio Group's non-financial information, including environmental data and occupational
accident data for FY2022 (hereafter “the non-financial information") . The objective of this verification is
to confirm that the non-financial information claimed by the Organization has been calculated andreported appropriately based on the calculation standards, and to express an independent opinion.

< Verification Scope >The scope of this verification is as follows.

Page 2 of 2

 GHG emissions

︓Scope1、Scope2、 Scope3（Category 1、2、3、4、5、6、7、9、12） Water use

︓Amount of water use and wastewater Waste︓Amount of waste and waste reuse Occupational Accident Data

︓Lost Time Injury Frequency Rate

The period covered by the FY2022 non-financial information is 1 April 2022 to 31 March 2023.
※Only for the lost time injury frequency rate, the period covered is 1 January 2022 to 31 December 2022.

< Organization Boundary of Verification >Management Control

Other Businesses
23 Elleair Resorts Golf Club Co., Ltd. Matsuyama City, Ehime Prefecture

Equity Share

DNVʼs opinion is that the GHG data results in the quantification of GHG emissions that are real, transparent

The criteria for identification, calculation, monitoring, and reporting of GHG (greenhouse gas), water use,
waste, and occupational accident data to be verified are the calculation and reporting procedures
established by Daio Paper. The criteria for verification include ISO 14064-3:2019, ISAE 3000, as well as thecriteria required by the calculation and reporting procedures established by Daio Paper.

and measurable.

 Type of GHGs

︓

（Scope3）

24 Forestal Anchile LTDA. (Chile)< Verification Process and Methodology >25 Elleair International Korea Co., Ltd. (South Korea)

27

25

27 Elleair International China (Nantong)
29 PT. Elleair International Manufacturing Indonesia (Indonesia)

26
28 29
32

31 Elleair International Turkey Kişisel Bakım Ürünleri Üretim A.Ş. (Turkey)

101

Integrated Report 2023

SF6

NF3

︓2,296,972 tCO2e

1,320,575 t-CO2e
123,902 t-CO2e

Category 3: Fuel- and energy-related activities (not123,318 t-CO2e

included in Scope 1 or Scope 2)
Category 4: Upstream transportation and distribution

408,208 t-CO2e

Category 5: Waste generated in operations

26,749 t-CO2e
1,642 t-CO2e
5,943 t-CO2e

Category 7: Employee commuting
Category 9: Downstream transportation and distribution

109,108 t-CO2e

Category 12: End-of-life treatment of sold products

177,526 t-CO2e※ The scope of each category is the Organization and its group (Up to 30 consolidated subsidiaries).

< Water use, Waste and Occupational Accident Data verified >DNVʼs opinion is that the water use, waste and occupational accident data results in the quantification ofwater use that are real, transparent, and measurable.

Tsuyoshi Katori

Koichiro Tanabe

Naoki Maeda

Approved Verifier

Approved Verifier, Technical Reviewer

Managing Director

 Amount of Water use
 Amount of Wastewater Amount of Waste
 Amount of Waste Reuse

︓175,883,720 m3
︓166,016,355 m3
︓289,285 t
︓280,785 t

 Lost Time Injury Frequency Rate︓1.01

The reported values above are fully covered by the verification.

< Verification Opinion >30 Oregon Chip Terminal INC. (U.S.A.)
32 Santher-Fábrica de Papel Santa Therezinha S.A. (Brazil)

PFCs

Category 6: Business travel

26 Elleair International (Thailand) Co., Ltd. (Thailand)
28 PT. Elleair International Trading Indonesia (Indonesia)

HFCs

Category 2: Capital goods

Place and date: Kobe, Japan, 31 August 2023
DNV Business Assurance Japan K.K.

30

N2O

︓4,157,928 tCO2e

Emissions by Scope 3 Categories

The reviews of the non-financial information, relevant documents, and subsequent follow-up interviews
have provided DNV with sufficient evidence to determine the fulfilment of stated criteria.

31

CH4

Category 1: Purchased goods and services< Verification Statement >(As of August 31, 2023)

CO2

 Amount of GHG emissions（Scope1&2）

The reviews of the non-financial information, relevant documents, and subsequent follow-up interviews
have provided DNV with sufficient evidence to determine the fulfilment of stated criteria.

Business Bases of the Group Companies Overseas

Others< GHG data verified >< Verification Criteria >Transportation
22 Daio Logistics Co., Ltd. Shikokuchuo City, Ehime Prefecture< Period Covered by Calculation >24

This Verification Opinions is based on the information made available to us and the engagement conditions detailed above. Hence, DNV cannot guarantee
the accuracy or correctness of the information. DNV cannot be held liable by any party relaying or acting upon this Verification Opinion.
DNV Business Assurance Japan K.K. Sannomiya Bldg. South 11th Floor, 7-1-15, Goko-dori, Chuo-ku, Kobe 651-0087

Unmodified Opinion

Modified Opinion

Adverse Opinion

As an independent third party, DNV has no financial dependencies on the Organization.

This Verification Opinions is based on the information made available to us and the engagement conditions detailed above. Hence, DNV cannot guarantee
the accuracy or correctness of the information. DNV cannot be held liable by any party relaying or acting upon this Verification Opinion.
DNV Business Assurance Japan K.K. Sannomiya Bldg. South 11th Floor, 7-1-15, Goko-dori, Chuo-ku, Kobe 651-0087

Integrated Report 2023

102