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Message from the President

At the dawn of sustainable management

The Purpose of The Pack Group (our fundamental mission)
The Pack Corporation was established in 1952 as a manufacturer of corrugated apparel boxes. In the Company’s early postwar years, soon after the end of World War II, we expanded the range of items handled in order to meet customer needs for products and services. Today, we have developed into a comprehensive packaging manufacturer that handles a wide variety of products, including paper bags, printed paper containers, corrugated products, and chemical product packaging.
As we mark our 70th anniversary, it’s clear that sustainability will be a key requirement going forward. Thus, we have decided to clarify our purpose (or fundamental mission) both internally and publicly in order to demonstrate the value The Pack Group can offer society and to keep the entire organization moving forward in the same direction.
The Purpose we have defined is “Mission to bolster social prosperity and creating satisfaction through packaging.” From the founding of our company to the present day, we have carved out a necessary role in society by providing packaging solutions. We will continue to share a common understanding of our Purpose and provide products and services that meet the needs of the times, meanwhile demonstrating our value to society though efforts to reduce the environmental impact of our production activities and our various CSR activities. In particular, we will focus on efforts to solve environmental and social problems, such as through the use of paper for packaging; achieving labor and space savings by combining packaging and machinery; achieving resource and space savings through structural design innovations; and developing environmentally friendly packaging.

Promoting Sustainable Management
Recent times have seen increased global awareness of environmental and social issues, human rights, and diversity; accordingly, companies must now manage their businesses with an emphasis on ESG. Over the past several years we have seen such unpredictable events as a global pandemic, international conflicts, large-scale disasters, and a rapid depreciation of the yen, underscoring more than ever before the need for appropriate risk management and system reinforcement. I am confident that the sustainable growth of the Company will be achieved by creating corporate value from a long-term perspective, as opposed to focusing solely on short-term sales and profits. I am ready to fulfill my responsibility by leading the company on the basis of sustainable management principles.
In January 2022, we established the Sustainable Business Team as a new cross-sectional project team operating across the entire company. We established the basic policy of sustainable management, the setup of the Sustainable Committee, and its operation system as the basis for promotion activities. Next, we identified the strengths, risks, and opportunities related to our value chains so that we can reevaluate our capital management strategy, thereby clarifying five themes and 12 Materialities (important issues).
In recent years, we have focused on proposing packages that help address environmental and social issues, and the list of relevant items in several Materialities has made it clearer what we need to work on in the medium to long term. We will continue to strengthen our internal structure, particularly in our sales and manufacturing divisions.
We plan to establish KPIs by the end of 2023 to announce concrete numerical targets and results that should be achieved. We have also expressed our support for the TCFD and are in the process of setting GHG emission reduction targets to achieve this goal, and will report on progress and achievements in our next annual report.

Medium-Term Management Plan
The year 2022 was the end point of the previous medium-term management plan (FY2020-FY2022). Although it was a period of great uncertainty due to the COVID-19 pandemic, we were able to expand sales in the food and EC industries, which are our key markets. Meanwhile, we are still facing challenges in expanding our business domain and improving productivity by introducing a key system. The new medium-term management plan (FY2023-FY2025) released in March 2023 is based on a basic policy of sustainable management, and targets consolidated net sales of 107 billion yen and operating income of 7 billion yen in FY2025. We also aim to achieve numerical targets of 8% or more for ROE and 8% or more for ROIC in order to maintain secure and stable relationships with our stakeholders. Based on the Materialities, our strategy will be to continue focusing on sales of packaging products that help solve environmental and social issues, especially developing and deepening sales in the food market. In terms of human resources, we plan to increase the number of employees by approximately 120 throughout the Group by FY2025. We will reinforce human capital by securing and developing human resources on an ongoing basis, as well as by improving the working environment and engagement of our employees, thereby leading to medium-and long-term business growth.
In terms of finances, we believe that capital investment to support our core business is a top priority, and we plan to invest 6.5 billion yen to expand our production capacity for paper containers and paper bags, among other measures. We will also maintain a dividend payout ratio of 30% or more in order to return profits to shareholders.

Message to stakeholders
I took office as President and CEO on March 2022 and am now in my second term. One of my resolutions upon assuming office was to embody the corporate motto “Passionate and Dedicated to Our Partnerships” left by our founding president, Shigenari Morita, in our business activities and to pass it on to future generations. President Morita was a business owner who expressed his gratitude to employees, who had placed their trust in him and who stuck with him during the hard times following World War II. He truly cared for the happiness of not only his customers but also his employees, saying, “A company exists to make its employees happy.” This company motto has taken firm hold within the company over the 70 years of its existence and has become a working credo for many of our employees, including myself. Our corporate philosophy and the recently formulated Purpose of our existence and Basic Policy of Sustainable Management are based on concepts embodied in the company motto. As a member of top management, I believe that implementing actions based on these ideas and demonstrating The Pack Group’s value to society in a sustainable manner will connect Morita’s beliefs with those of the next generation.
In 2023, we will strengthen the dissemination and promotion of our Purpose of the existence, Materiality, and Medium-Term Management Plan throughout the entire organization to establish a foundation for long-term corporate value enhancement.
We appreciate your continued support of our company.

Hideaki Yamashita President and CEO
Hideaki Yamashita
President and CEO

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