DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
August 12, 2025
Company name: The Pack Corporation Listing: Tokyo Stock Exchange
Securities code: 3950
URL: https://www.thepack.co.jp
Representative: Naoki Nakamura, President & CEO
Inquiries: Ikuo Shimomura, Director, Corporate General Manager Telephone: +81-6-4967-1221
Scheduled date to file semi-annual securities report: August 13, 2025
Scheduled date to commence dividend payments: September 2, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: Yes (for institutional investors and securities analysts)
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the six months ended June 30, 2025 (from January 1, 2025 to June 30, 2025)
-
Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Six months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
June 30, 2025
47,385
1.6
2,863
(18.8)
3,038
(17.0)
2,428
(19.0)
June 30, 2024
46,617
3.9
3,525
18.4
3,662
16.3
2,999
40.6
Note: Comprehensive income For the six months ended June 30, 2025:
¥1,833 million
[(38.9)%]
For the six months ended June 30, 2024:
¥3,002 million
[2.0%]
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
June 30, 2025
43.09
43.07
June 30, 2024
52.56
52.53
Note: As of July 1, 2025, the Company has conducted a stock split of three shares for each common share. Assuming that the stock split occurred at the beginning of the previous fiscal year, the Company calculates "interim net income per share" and "interim net income per share adjusted for potential shares."
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
June 30, 2025
98,532
75,110
76.2
December 31, 2024
103,292
74,485
72.1
Reference: Equity
As of June 30, 2025: ¥75,092 million
As of December 31, 2024: ¥74,459 million
-
Consolidated operating results (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year ended
December 31, 2024
-
52.00
-
66.00
118.00
Fiscal year ending December 31, 2025
-
58.00
Fiscal year ending December 31, 2025 (Forecast)
-
22.00
-
Note: Revisions to the forecast of cash dividends most recently announced: None
On July 1, 2025, the Company conducted a share split at a ratio of 3 shares per share of common shares. The "the fiscal year ending December 31, 2025 (Forecast)" describes the contents after the stock split, and the total annual dividends are listed as "-". If the stock split is not taken into account, the year-end dividend per share for December 2025
(forecast) will be 66.00 yen.
- Forecast of consolidated financial results for the fiscal year ending December 31, 2025 (from January 1, 2025 to December 31, 2025)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Fiscal year ending December 31, 2025 | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen |
103,000 | 1.5 | 7,300 | (8.9) | 7,600 | (8.3) | 6,100 | (3.4) | 108.26 | |
Note: Revisions to the earnings forecasts most recently announced: Yes
For the revision of the consolidated earnings forecast, please refer to the "Notice of Revision of the Consolidated Earnings Forecast for the Full Year" announced today (August 12, 2025).
On July 1, 2025, the Company conducted a share split at a ratio of 3 shares per share of common shares. "Net income per share" in the consolidated earnings forecast is the figure after the stock split. If the stock split is not taken into account, the net income per share will be 324.79 yen.
* NotesSignificant changes in the scope of consolidation during the period: None
Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements:None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2025
59,700,000 shares
As of December 31, 2024
59,700,000 shares
Number of treasury shares at the end of the period
As of June 30, 2025
3,306,948 shares
As of December 31, 2024
3,355,092 shares
Average number of shares outstanding during the period(cumulative from the beginning of the fiscal year)
Six months ended June 30, 2025 | 56,367,373 shares |
Six months ended June 30, 2024 | 56,813,178 shares |
Note: As of July 1, 2025, the Company has conducted a stock split of three shares for each common share. Assuming that the stock split occurred at the beginning of the previous
fiscal year, the number of shares outstanding at the end of the period (including treasury shares), the number of treasury shares at the end of the fiscal year, and the average number of shares during the period are calculated.
The six-month financial summary is not subject to audits by certified public accountants or auditing firms.
Proper use of earnings forecasts, and other special matters
Forward-looking statements, such as earnings forecasts, are based on assumptions about uncertain factors that could affect business results and information available as of today, and actual results may differ due to various factors.
Semi-annual consolidated balance sheet(Millions of yen)
As of December 31, 2024 | As of June 30, 2025 | |
Assets | ||
Current assets | ||
Cash and deposits | 15,167 | 20,909 |
Notes and accounts receivable - trade | 25,346 | 17,569 |
Securities | 8,499 | 5,484 |
Merchandise and finished goods | 7,121 | 7,651 |
Work in process | 1,260 | 1,211 |
Raw materials and supplies | 986 | 972 |
Other | 1,671 | 1,585 |
Allowance for doubtful accounts | (11) | (29) |
Total current assets | 60,043 | 55,354 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 8,399 | 8,418 |
Machinery, equipment and vehicles, net | 9,114 | 8,744 |
Tools, furniture and fixtures, net | 339 | 317 |
Land | 11,180 | 11,238 |
Construction in progress | 1,133 | 1,623 |
Total property, plant and equipment | 30,166 | 30,342 |
Intangible assets | 3,384 | 3,894 |
Investments and other assets | ||
Investment securities | 8,058 | 7,419 |
Retirement benefit asset | 627 | 748 |
Deferred tax assets | 110 | 147 |
Other | 955 | 682 |
Allowance for doubtful accounts | (55) | (56) |
Total investments and other assets | 9,697 | 8,941 |
Total non-current assets | 43,248 | 43,177 |
Total assets | 103,292 | 98,532 |
(Millions of yen)
As of December 31, 2024 | As of June 30, 2025 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 13,966 | 10,827 |
Electronically recorded obligations - operating | 7,149 | 5,220 |
Current portion of long-term borrowings | 33 | 33 |
Income taxes payable | 1,774 | 1,218 |
Provision for bonuses | 358 | 296 |
Provision for bonuses for directors (and other officers) | 56 | 28 |
Other | 4,427 | 4,290 |
Total current liabilities | 27,766 | 21,914 |
Non-current liabilities | ||
Long-term borrowings | 49 | 488 |
Retirement benefit liability | 335 | 361 |
Deferred tax liabilities | 620 | 595 |
Other | 34 | 60 |
Total non-current liabilities | 1,040 | 1,507 |
Total liabilities | 28,806 | 23,421 |
Net assets | ||
Shareholders' equity | ||
Share capital | 2,553 | 2,553 |
Capital surplus | 3,161 | 3,164 |
Retained earnings | 69,259 | 70,432 |
Treasury shares | (3,536) | (3,485) |
Total shareholders' equity | 71,437 | 72,665 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 2,035 | 1,758 |
Deferred gains or losses on hedges | 3 | 0 |
Foreign currency translation adjustment | 561 | 262 |
Remeasurements of defined benefit plans | 421 | 405 |
Total accumulated other comprehensive income | 3,022 | 2,426 |
Share acquisition rights | 25 | 18 |
Total net assets | 74,485 | 75,110 |
Total liabilities and net assets | 103,292 | 98,532 |
(Millions of yen)
Six months ended June 30, 2024 | Six months ended June 30, 2025 | |
Net sales | 46,617 | 47,385 |
Cost of sales | 34,719 | 35,667 |
Gross profit | 11,898 | 11,717 |
Selling, general and administrative expenses | ||
Freight and packing costs | 1,948 | 1,949 |
Salaries and allowances | 2,258 | 2,342 |
Remuneration for directors (and other officers) | 252 | 271 |
Provision of allowance for doubtful accounts | 88 | 18 |
Provision for bonuses | 172 | 159 |
Provision for bonuses for directors (and other officers) | 25 | 27 |
Retirement benefit expenses | 99 | 110 |
Depreciation | 188 | 387 |
Rent expenses | 1,460 | 1,583 |
Other | 1,878 | 2,002 |
Total selling, general and administrative expenses | 8,373 | 8,854 |
Operating profit | 3,525 | 2,863 |
Non-operating income | ||
Interest income | 60 | 74 |
Dividend income | 69 | 82 |
Rental income | 19 | 20 |
Other | 11 | 31 |
Total non-operating income | 160 | 208 |
Non-operating expenses | ||
Interest expenses | 1 | 4 |
Rental costs | 2 | 3 |
Foreign exchange losses | 13 | 13 |
Commission for purchase of treasury shares | 2 | - |
Other | 3 | 12 |
Total non-operating expenses | 23 | 33 |
Ordinary profit | 3,662 | 3,038 |
Extraordinary income | ||
Gain on sale of investment securities | 681 | 488 |
Gain on sale of non-current assets | 56 | 0 |
Total extraordinary income | 737 | 488 |
Extraordinary losses | ||
Loss on sale of non-current assets | 10 | 0 |
Loss on retirement of non-current assets | 7 | 1 |
Total extraordinary losses | 18 | 2 |
Profit before income taxes | 4,381 | 3,524 |
Income taxes - current | 1,290 | 1,063 |
Income taxes - deferred | 91 | 31 |
Total income taxes | 1,381 | 1,095 |
Profit | 2,999 | 2,428 |
Profit attributable to owners of parent | 2,999 | 2,428 |
(Millions of yen)
Six months ended June 30, 2024 | Six months ended June 30, 2025 | |
Profit | 2,999 | 2,428 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (364) | (277) |
Deferred gains or losses on hedges | 3 | (3) |
Foreign currency translation adjustment | 376 | (298) |
Remeasurements of defined benefit plans, net of tax | (13) | (15) |
Total other comprehensive income | 2 | (595) |
Comprehensive income | 3,002 | 1,833 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 3,002 | 1,833 |
(Millions of yen)
Six months ended June 30, 2024 | Six months ended June 30, 2025 | |
Cash flows from operating activities | ||
Profit before income taxes | 4,381 | 3,524 |
Depreciation | 1,006 | 1,403 |
Amortization of goodwill | - | 4 |
Increase (decrease) in allowance for doubtful accounts | (42) | 18 |
Increase (decrease) in provision for bonuses | (2) | (62) |
Increase (decrease) in provision for bonuses for directors (and other officers) | (26) | (27) |
Increase (decrease) in retirement benefit liability | (29) | (239) |
Decrease (increase) in retirement benefit asset | (53) | 114 |
Interest and dividend income | (129) | (157) |
Interest expenses | 1 | 4 |
Loss (gain) on investments in investment partnerships | (0) | (1) |
Loss (gain) on sale of non-current assets | (45) | 0 |
Loss on retirement of non-current assets | 7 | 1 |
Loss (gain) on sale of investment securities | (681) | (488) |
Decrease (increase) in trade receivables | 5,703 | 7,810 |
Decrease (increase) in inventories | (444) | (389) |
Increase (decrease) in trade payables | (2,846) | (5,044) |
Other, net | 584 | 379 |
Subtotal | 7,383 | 6,851 |
Interest and dividends received | 137 | 165 |
Interest paid | (1) | (4) |
Income taxes paid | (1,218) | (1,576) |
Net cash provided by (used in) operating activities | 6,301 | 5,435 |
Cash flows from investing activities | ||
Payments into time deposits | - | (500) |
Purchase of securities | (3,500) | (3,000) |
Proceeds from sale of securities | 5,600 | 5,515 |
Purchase of property, plant and equipment | (1,958) | (1,530) |
Proceeds from sale of property, plant and equipment | 88 | 5 |
Purchase of intangible assets | (635) | (607) |
Purchase of investment securities | (519) | (13) |
Proceeds from sale of investment securities | 802 | 779 |
Proceeds from collection of loans receivable | 35 | 316 |
Payments of leasehold and guarantee deposits | (16) | (22) |
Other, net | 8 | (60) |
Net cash provided by (used in) investing activities | (97) | 884 |
Cash flows from financing activities | ||
Repayments of long-term borrowings | (12) | (114) |
Dividends paid | (1,046) | (1,239) |
Purchase of treasury shares | (334) | - |
Decrease(Increase) in deposits for repurchase of treasury stock | (668) | - |
Other, net | (22) | (25) |
Net cash provided by (used in) financing activities | (2,084) | (1,378) |
Effect of exchange rate change on cash and cash equivalents | 278 | (198) |
Net increase (decrease) in cash and cash equivalents | 4,398 | 4,743 |
Cash and cash equivalents at beginning of period | 17,812 | 16,656 |
Cash and cash equivalents at end of period | 22,210 | 21,399 |