No. 1 59,000 · facial tissue market in 1979 and captured the top market share in just seven years....

● Reporting Period

April 1, 2018 – March 31, 2019

(Some information outside the reporting period is also included.)

● Scope of Report

This report covers 32 companies in the Daio Paper Group.

However, environment-related data cover production bases of Daio

Paper Corporation and the following 23 consolidated subsidiaries.

Iwaki Daio Paper Corporation, Dainichi Paper Corporation,

Otsu Paper Board Co., Ltd., Harima Paper Tech. Corporation,

Taisei Paper Corporation, Marubishi Paper Tec. Corporation,

Elleair Paper Co., Ltd., Akabira Paper Corporation, Elleair Product

Co., Ltd., Elleair Packaging Print Corporation, Daio Paper

Products Corporation, Daio Printing Corporation, Miura Printing

Corporation, Daio Postal Chemical Corporation, Daiwa Shiko Co.,

Ltd., Daio Package Corporation, Daio Mill Support Co., Ltd., Elleair

Texel Corporation, Forestal Anchile LTDA., Elleair International

(Thailand) Co., Ltd., Elleair International China (Nantong) Co., Ltd.,

PT. Elleair International Manufacturing Indonesia

● Guidelines Used as Reference

“Environmental Reporting Guidelines: Fiscal Year 2012” (Ministry

of the Environment)

ISO26000

“International Integrated Reporting Framework Japanese

Translation” (The IIRC)

“Guidance for Collaborative Value Creation” (Ministry of

Economy, Trade and Industry)

● Publication Period

November 2019 (this report)

October 2020 (next issue)

● Inquiries:

CSR Department

Daio Paper Corporation

Iidabashi Grand Bloom, 10-2, Fujimi 2-chome,

Chiyoda Ward, Tokyo 102-0071

TEL: +81-3-6856-7500

FAX: +81-3-6856-7605

● Period Covered by Fiscal Year

FY2018 and FY2019/3 in this Integrated Report refer to the

consolidated fiscal period from April 1, 2018 to March 31, 2019,

and the same applies to other fiscal years.

● Descriptions of Future Outlook

Forward-looking statements included in this report are based

on various assumptions and do not assure or guarantee the

achievement of future financial figures or the attainment of

measures.

For details, please visit the website of the Daio Paper Group.

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

The Daio Paper Group pursues sustainable enhancement of corporate value by emphasizing environmental conservation and coexistence with local communities in the course of its business activities, with a view to realizing its management philosophy of

“Shaping an abundant and affable future for the world.”

Publication of the Integrated Report 2019The Integrated Report 2019 systematically presents financial and non-financial information in order to review the

Daio Paper Group’s business activities in FY2018 and to present its outlook and vision for the future. The report is

designed as a tool to communicate the Daio Paper Group’s value creation process and ESG (Environment, Social,

Governance) initiatives to shareholders, investors, and other stakeholders.

As envisaged in the current Third Medium-Term Business Plan “Move on: Reform and Soar Above,”

the Daio Paper Group is at the stage of achieving transformation for further growth, built on the results of

the reestablishment of governance and the improvement of financial position, and underpinned by growth

investment for the future, while harvesting the fruits thereof. We hope this report helps stakeholders deepen their

understanding of our business activities undertaken to enable the Group to “reform and soar above.”

Daio Paper in Numbers Contents

Approx. 20,000

Specifications of Paper

59,000 Hectares

The Daio Paper Group, Japan’s third largest full-range paper manufacturer, produces paper in more than 20,000 specifications from woodchip to pulp, including newsprint, printing and publication paper, communication paper, wrapping paper, containerboard, and household paper products.

Elleair is the signature Daio Paper brand. Daio Paper entered the facial tissue market in 1979 and captured the top market share in just seven years. In 2018, Daio Paper achieved No. 1 market shares in the facial tissue, toilet tissue, and kitchen paper categories.

No. 1 in Market Share

About the Daio Paper Group01 Editorial Policy, Contents03 At a Glance05 Message from the President11 Vision of the Daio Paper Group

Daio Paper Group’s Value Creation13 Daio Paper Group’s Business Model15 Competitive Advantage 1

Product Value Chain17 Competitive Advantage 2

Market-Driven Business Strategy19 Competitive Advantage 3

Environmentally Conscious Company

Daio Paper Group’s Value Creation Strategy21 Overview of the Third Medium-Term

Business Plan23 1. Structural Reform25 2. Global Expansion and Strengthening of

Profitability of the H&PC Business27 3. New Businesses and ESG Initiatives

Value Creation Promotion Structure29 Directors, Audit & Supervisory Board

Members, and Executive Officers31 Corporate Governance Structure33 Compliance Framework34 Responsibilities to Shareholders and Investors35 Message from Outside Director

Initiatives for Sustainable Value Creation37 Daio Paper Group’s ESG Initiatives

Realization of the Management Philosophy through Business Activities

39 Management Philosophy: DDedication to Manufacturing

41 Management Philosophy: ABonds with Local Communities

43 Management Philosophy: ICorporate Culture Providing Safety and Motivation to Work

45 Management Philosophy: OContribution to the Global Environment

Financial Data / Corporate Information47 Financial and Non-Financial Highlights49 Management’s Discussion and Analysis 52 Consolidated Financial Statements55 Investor Information / Corporate Data

Daio Paper owns 59,000 hectares of forested land in Chile, roughly the same area as Tokyo’s 23 wards. Of this, Daio Paper has preserved 28,000 hectares as native forest and is working to maintain biodiversity.

Integrated Report 2019 0201 Integrated Report 2019

Signed the Re-Style partner company agreement.

Selected as a Nadeshiko Brand for the third time.

Obtained the highest ranking in the DBJ Employees’ Health Management Rating for the fourth consecutive year.

Recognized as a White 500 company under the large enterprise category for the second consecutive year in the Certified Health & Productivity Management Outstanding Organizations Recognition Program.

The first company in the pulp and paper industry selected as a brand of the Health & Productivity Stock Selection.

At a Glance

0.99 0.941.06

3,136

3,136

0.87

2014/3 2015/3 2016/3 2017/3

2017実績 2018見通し 2020計画

0.89(0.02)

8.1

19.0

12.0

316.5 325.0 340.0

FY2018 (results) FY2019 (projections) FY2020 (plans)

4.3

9.0

18.0195.1 210.0

250.0


0.99 0.941.06

3,136

3,136

0.87

2014/3 2015/3 2016/3 2017/3

2017実績 2018見通し 2020計画

0.89(0.02)

8.1

19.0

12.0

316.5 325.0 340.0


4.3

9.0

18.0195.1 210.0

250.0


Net Sales, Operating Profit and Outlook Net sales (billions of yen) Operating profit (billions of yen)

Net Sales, Operating Profit and Outlook Net sales (billions of yen) Operating profit (billions of yen)

Paper and Paperboard Business

Home and Personal Care (H&PC) Business

Number of Employees Number of Sites

Description of Business

⃝ Production and sale of newsprint, printing and publication paper, communication paper, wrapping paper,

containerboard and corrugated container products, pulp, etc.

Business Strategy

Shift from graphic paper to packaging paper

⃝Reform the production structure to align with paper demand

⃝�Strengthen the production of PPC paper for which demand is robust

⃝Rebuild a paper machine into a containerboard machine

⃝Increase export of containerboard and kraft paper to Asia

⃝Increase sales of packaging paper as alternatives to plastic

⃝�Expand application of EliPla (eliminate plastic) Paper, such as biodegradable paper cutlery

Description of Business⃝ Production and sale of household paper (e.g. facial tissues),

disposable baby and adult diapers, feminine care products, wet wipes, etc.

Business StrategyDomestic:Cross-business structural reform of the Paper and Paperboard Business and the H&PC Business

⃝ Strengthen the structure for stable supply of household paper⃝ Establish a dominant No. 1 market share position in all

household paper categories

⃝ Develop products and pursue initiatives to address social needs⃝ Provide the Attento Continence Care Support App

nationwide and increase sales

Overseas:Accelerate multi-category business expansion and expand export areas

⃝ Expand sales areas and channels for baby diapers⃝ Export household paper parent rolls to China for

conversion to premium toilet tissue for sale in China

⃝ Promote multi-category business expansion of baby diapers, feminine care products, etc. in Southeast Asia

⃝ Develop business in new markets (Turkey, Russia, etc.)

Net Sales Composition by Segment

FY2018 Results

FY2018

10,551persons

FY2018

68 sites

FY2014

8,174 persons

FY2014

59 sites


59.3%

H&PC Business

36.5%

Other

4.2%

Consolidated net sales for FY2018

¥ 533.9 billion

Net salesOperating profit

(Operating margin)H&PC overseas business

net sales ratioROE

Net debt to equity ratio

¥533.9 billion ¥12.1 billion (2.3%) 6.5% 2.6% 1.6x

Financial Targets

(Billions of yen) 1st MTBP (FY2014)

2nd MTBP (FY2017)

3rd MTBP (FY2020)

Long-term vision (Outlook in 10 years)

Net sales 450.2 531.3 615.0 800-1,000

Operating profit (Operating margin)

21.8(4.8%)

11.1(2.1%)

32.0(5.2%)

80-100(10%)

H&PC overseas business net sales ratio 4.9% 7.7% 11.0% 30% or more

ROE 10.0% 2.2% 8.0% 12% or more

Net debt to equity ratio 1.9x 1.6x 1.6x Less than 1.0x

Medium-Term Business Plan (“MTBP”)

03 04

About the Daio Paper Group

Daio Paper Group’s Value Creation

Daio Paper Group’s Value Creation Strategy

Value Creation Promotion Structure

Initiatives for Sustainable Value Creation

Financial Data / Corporate Information

Integrated Report 2019 Integrated Report 2019

“Passion with sincerity leads to greatness.” That was the credo of the founder of Daio Paper, Isekichi Ikawa. Expanding on this founding spirit, the Daio Paper Group established its new management philosophy, “Shaping an abundant and affable future for the world.” We seek to instill this management philosophy as the new credo of our corporate activities, in order to enrich the lifestyles, or in other words, realize an “abundant and affable future,” for people worldwide.

The papermaking industry is operating in an adverse business environment and undergoing major structural transformation. We expect competition within the industry to become even fiercer. The Daio Paper Group has been implementing its Third Medium-Term Business Plan, “Move on: Reform and Soar Above,” since FY2018. In accordance with the plan, we are pursuing radical structural reform by investing in production facilities for household paper products and containerboard, products for which demand is strong, while reducing the production capacity of paper to align with its declining demand. We also intend to expand our business operations, with a priority on the Home and Personal Care (H&PC) Business, our growth engine, in

Japan and overseas and new businesses such as cellulose nanofiber (CNF). Furthermore, we will contribute to resolving ESG (Environment, Social, and

Governance) issues through business strategies that anticipate changes in the market environment from a medium- to long-term perspective.

Based on the unchanging values expressed by its corporate motto, “Passion with Sincerity,” Daio Paper aims to create an environment in which its employees can work with peace of mind, to become an enterprise trusted by all stakeholders, including the residents of local communities and business partners, and to continue to contribute to the realization of a sustainable society through its business activities.

Message from the PresidentMessage from the President

Inspired by the unchanging values expressed by its corporate motto “Passion with Sincerity”, the Daio Paper Group will continue to be a corporate group that contributes to the realization of a sustainable society through its activities.

Masayoshi SakoPresident and Representative Director

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What was the background to the Third Medium-Term Business Plan, “Move on:

Reform and Soar Above,” and what are the key strategies in the plan?

How much progress has been made in the domestic business in the first year of the

Third Medium-Term Business Plan and what future developments should we expect?

Turning to the overseas business and new businesses, what has been achieved in the first year

of the Medium-Term Business Plan and what future developments do you envisage?

Message from the President

In Japan, demand for paper has continued to decrease in recent years due to the declining birthrate and aging population and the advance of digitization, among other factors. Daio Paper launched the Third Medium-Term Business Plan (hereinafter, “3rd MTBP”), covering the three-year period from FY2018 to FY2020, to respond to these structural changes in the business environment and achieve sustainable growth.

Under the First Medium-Term Business Plan (FY2012 to FY2014) we prioritized the rebuilding of our governance structure and the improvement of the financial position, and under the Second Medium-Term Business Plan (FY2015 to FY2017) we vigorously invested in future growth, building on the foundation previously laid. Through this process, we pursued the transformation of our business structure and promoted global business development through measures such as the expansion of the H&PC Business in Japan and overseas and M&A activities.

In this way, we have executed growth strategies that will lead us to achieve our medium- to long-term vision for the business. The objective of the 3rd MTBP is to bring the strategies already executed to fruition in FY2020 as the yield from the transformation of the business structure. We have positioned the term of the 3rd MTBP as a turning point leading to the next round of growth and have set three key strategies in the plan.

First of all, we will leverage the strengths of Mishima Mill—kraft pulp with competitive edge, top-class recovered paper processing technology in Japan, and location next to an international trade port—to shift the Paper and Paperboard Business from graphic paper to packaging paper. Next, we will work to achieve global expansion and strengthening of profitability of the H&PC Business, and furthermore, pursue radical cross-business structural reform of the Paper and Paperboard Business and the H&PC Business. Finally, we will make progress on the development of new businesses, such as the sale of electricity produced by biomass power generation under the feed-in tariff (FIT) scheme and cellulose nanofiber* (CNF).

One year has passed since we embarked on the 3rd MTBP. Although there are no major changes in the orientation of the key strategies in the plan, we must respond flexibly and rapidly to changes in the business environment in which the papermaking industry operates. In particular, environmental conservation measures such as the reduction of greenhouse gas emissions and plastic waste are urgently required. These changes in the business environment pose risks, but at the same time present new business opportunities. Daio Paper seeks to contribute to the conservation of the global environment through sustainable raw materials procurement, further improvement in production efficiency, and products with reduced environmental loads that support the affable lifestyles of consumers. To cite an example of concrete action, we have developed EliPla (eliminate plastic) Paper, a high-density heavyweight paper, as an alternative to plastic for applications such as disposable cutlery, and commenced sales in May 2019. We will continue to engage in business activities that lead to the enhancement of corporate value by identifying changes in the business environment and trends in demand.

In the shift from graphic paper to packaging paper, we are shifting production toward profitable products by taking maximum advantage of Mishima Mill’s highly competitive pulp and flexible production system capable of producing various paper grades with a swing machine. For containerboard, we are making progress in the effective utilization of hard-to-recycle recovered paper, such as paper cores which were difficult to process for recycling, to establish a cost structure resistant to fluctuations in recovered paper prices. We are further boosting the cost competitiveness of containerboard by increasing the content ratio of hard-to-recycle recovered paper and expect an improvement in annual profit of some ¥4.0 billion in FY2020 compared to FY2017. We believe that the utilization of hard-to-recycle recovered paper will be a powerful competitive weapon for the N7 machine, which will be rebuilt from a paper machine to become a containerboard machine in April 2020.

With regard to the global expansion and strengthening of profitability of the H&PC Business, in April 2017 we acquired the paper products business of Nisshinbo Holdings to meet growing domestic demand for household paper products that was mainly fueled by the robust inbound tourism in recent years, and in October 2018 we newly installed a state-of-the-art large-scale household paper production machine at Kawanoe Mill with a view to selling these products in China. Thanks to the addition of the high-value-added items from Nisshinbo Holdings, such as highly absorbent toilet tissue for bidet toilets, to our product portfolio, and increased production capacity at Kawanoe Mill, we

managed to expand the nationwide sales coverage and increase sales of high-value-added products, and in FY2018 we took the No. 1 position in market share in Japan in all household paper categories.

To fully utilize our strength as the market share leader in household paper products to increasing the sales of baby and adult diapers and other absorbent products, we have integrated the sales division for absorbent products with that for household paper products in FY2019, and are accelerating multi-category business expansion through integrated operations as the Human & Family Care Sales Division. For the adult diaper category, in October 2018, in response to the community-based integrated care systems promoted by the Ministry of Health, Labour and Welfare, we began the nationwide provision of the Attento Continence Care Support App that offers information concerning continence care to in-home caregivers. This initiative is off to a strong start and we believe this is due to the app’s highly convenient functions which have proved popular with in-home medical and nursing caregivers. For the baby diaper category, through means such as the redesign of our childbirth and parenting community site, we have improved engagement with our customers and in response to our customers’ requests, we updated our products with excellent fit and aesthetic design. Our initiative to strengthen partnership with stakeholders also extends to the e-commerce sales channel, where we are developing original products in partnership with e-commerce operators and consumer goods manufacturers.

In the overseas business, the competitive environment in the baby diaper market in China, an important geographical area, is intensifying from year to year. Nevertheless, Daio Paper is increasing its market share while maintaining high selling prices through the strategy of enriching its product lineup in the super

premium zone. This success is the result of a combination of three elements: selling power developed through the locally-oriented concept of local production for local consumption, marketing power that has built a successful brand identity, and development capabilities leading to high-quality products. Furthermore, there is

Q1

Q2

Q3

Progress with the Medium-Term Business Plan and the Direction for Sustainable Growth

*Cellulose nanofiber: A wood pulp-derived high functional material, which weighs only one fifth of steel but possesses five times the strength of steel, expected to be used in diverse applications

FIT biomass boiler under construction (upper right) and a rendering of the completed facility (lower left)

07 08








Mindful that a sound governance structure is the foundation for sustained growth, Daio Paper positions the securing and strengthening of a sound governance structure as one of its foremost management priorities. In our initiatives to date, we have reflected third-party opinions of an external organization in our evaluation of the effectiveness of the Board of Directors and strengthened management oversight through the operation of the Compliance Committee and the establishment of a Remuneration Committee and a Nomination Committee.

Regarding distribution of profits to shareholders, Daio Paper’s basic policy is to maintain stable distribution of dividends to shareholders, while

considering factors such as financial performance and enhancement of internal reserves. In FY2019, we introduced a stock-based incentive system for directors and executive officers. By more clearly linking remuneration of directors and executive officers to Daio Paper’s shareholder value, and by sharing profits and risks resulting from the fluctuation of share price between directors and executive officers and shareholders, this system is designed to lead to the enhancement of corporate value.

As we continue to pursue enhancement of corporate value over the medium to long term, I request our stakeholders to continue to extend their support to the Daio Paper Group.

Message from the President

Finally, what is your message to Daio Paper’s stakeholders?Q5

What ESG (environment, social, and governance) initiatives is

the Daio Paper Group pursuing?

To put into practice its Group management philosophy “Shaping an abundant and affable future for the world,” Daio Paper is pursuing solutions to social and environmental problems through business activities

while doing its utmost to uphold a sound governance structure.

Concerning the environment, our business activities are contributing to the reduction of environmental load

Q4

an increase in demand for household paper products in China, brought about by the “Toilet Revolution” that is improving sanitation in the country. In view of that, in October 2018 we began the converting of base paper produced at Kawanoe Mill in China and started selling toilet tissue in the Chinese market. By making use of the high brand power of our baby diapers to create a premium market for toilet tissue as well, we are accelerating multi-category business expansion in China.

Looking at Thailand and its neighboring countries, multi-category business expansion is steadily progressing in the countries in the Indochinese peninsula with the Thai plant positioned as the region’s hub factory. In Indonesia, along with the realignment of distributors, we have also positioned traditional retail stores and e-commerce platforms as our priority sales channels. We will start to consider constructing a second plant after the next Medium-Term Business Plan.

Turning to the region of Turkey, Russia, and the Middle East and North Africa, we have established a representative office in Turkey in September 2017 and one in Moscow in June 2019. In this region, there is a huge market of 70 million prospective users of baby

diapers, some 14 times the size of the Japanese market. To tap into this market with tremendous growth potential, we plan to strengthen our collaboration with local partners and expand our business in Turkey and Russia to gain a foothold in the region.

In efforts to develop new businesses, we are constructing a biomass power generation plant (planned for completion in July 2020) that will use a byproduct of the pulp making process as its fuel, and we will make a full-scale entry to the electricity sales business under the feed-in-tariff (FIT) scheme. In pursuit of the early commercialization of cellulose nanofiber (CNF), we are developing applications that utilize CNF’s properties—five times the strength for one-fifth the weight compared with steel. In FY2019, we succeeded in developing CNF to be used as a component in high-performance table tennis rackets, and in June 2019, Daio Paper’s molded CNF sheet was equipped as lightweight body panels to a race car. The car competed and performed well in a race in Colorado, USA. We will continue to develop other applications of CNF and also focus on its other properties such as rheology modification and moisture retention.

and achievement of zero emissions: the development and sale of EliPla Paper, effective utilization of hard-to-recycle recovered paper, and entry into the biomass power generation business under the FIT scheme. In addition, we engage in activities aimed at achieving coexistence and symbiosis with nature, such as the promotion of “white logistics*1” and sustainable forest management that strikes a balance between forestry business and the conservation of native forests. In October 2019, we issued the first-ever “green bond*2” in the Japanese papermaking industry and daily necessities industry.

We engage in multifaceted social initiatives, emphasizing symbiosis with all of our stakeholders including our employees, business partners, and local communities. In Japan, where the birthrate is declining and the population aging, the Attento Continence Care Support App provides in-home caregivers information on adult diapers and helps strengthen cooperation between in-home medical care and nursing care

practitioners through community-based integrated care systems. Daio Paper also provides baby diapers to support the childcare assistance measures of Shikokuchuo City and Ehime Prefecture, our home city and prefecture. Overseas, we pursue symbiosis with local communities through infrastructure development within our forestry plantation in Chile, factory tours for neighborhood residents and elementary school students in China, visits to children’s hospitals in Thailand, and other activities.

Within Daio Paper, to create rewarding workplaces, we are focusing on expanding human resource development initiatives while promoting diversity management and health and productivity management through activities such as a smoking cessation challenge program for officers. In March 2019, Daio Paper was selected as a “Nadeshiko Brand*3” for the third time.

Going forward, we intend to continue to step up our responses to ESG issues in pursuit of sustained growth.

*1 White logistics: White logistics refers to logistics efficiency improvement to cope with the severe shortage of truck drivers and secure stable logistics operations necessary to maintain day-to-day life functions and industrial activities while contributing to economic growth.

*2 Green bond: Green bonds are bonds meeting the requirements of the Green Bond Principles established by the International Capital Market Association (ICMA) that are issued by companies, local governments, and other organizations to procure funding for projects that contribute to the solution of environmental problems (green projects).

*3 Nadeshiko Brand: Since 2012, listed companies recognized for excellence in empowering women have been selected as Nadeshiko Brand companies by the Ministry of Economy, Trade and Industry, in collaboration with Tokyo Stock Exchange, Inc.

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Management Philosophy

Shaping an Abundant and Affable Future for

the World

Sustainable Innovation⃝Enhancement of competitiveness Radical structural reform of the Paper and

Paperboard Business and the H&PC Business⃝Energy transition—Approach to realize

a zero-carbon society⃝ Development of new businesses and

new products Expansion of the application of cellulose

nanofiber (CNF) Product development corresponding to needs

of industry and consumers⃝Development of alternative materials to

replace plastic

Comfortable Lifestyle⃝ Supporting nursing care by providing

eldercare products⃝Promoting stress-free nursing care⃝Providing support through the community-

based integrated care system⃝Supporting women’s empowerment⃝Heart Support Project

Coexistence with Local Communities⃝Harmonious growth with local

communities

⃝Contributing to prosperous development of each country and region

Abundant Lifestyle⃝Improving quality of life (QOL)

⃝ Work-style reform

⃝Promoting diversity management

Conservation of the Global Environment for Future Generations⃝Sustainable forest management⃝ Highly transparent procurement process⃝Effective utilization of resources and

reduction of waste⃝Increased use of hard-to-recycle

recovered paper

Vision of the Daio Paper Group


Value Creation through Business ActivitiesH&PC Business

Vision of the Daio Paper GroupThe Daio Paper Group, as a full-range paper manufacturer engaged in the manufacture and sale of paper and paperboard as well as home and personal care (H&PC) products, seeks to flexibly respond to changes in societal needs in the wide-ranging fields in which it operates. We conduct research and development and commercialize products that contribute to cultural and industrial development and the improvement of the quality of life.

Recognition of Social Issues

Domestic Market⃝ Changes in the market

environment due to declining birthrate and aging population

⃝Decline in the working (working-age) population

⃝Growing needs due to increasing healthy life expectancy

⃝ Increase in the number of people in need of nursing care in a society where longevity is the norm

⃝Changes in purchasing behavior and lifestyle patterns due to the digitization of the purchasing process and means of information-gathering

Overseas Markets⃝ Economic and population

growth in emerging countries

⃝ Improvement in living standards due to economic growth

Global Environment⃝ Increasing environmental

awareness and concern

⃝ Zero-carbon society

⃝ Plastic-free movement

⃝ Sustainable forest management and material procurement

Corporate Governance Structure

Value Creation StrategyValue Creation ×☞ See p.13 for details ☞ See p.21 for details

Sustainable Value Creation ☞ See p.37 for details

☞ See p.31 for details

Dedication to manufacturing

Corporate culture providing safety and motivation to work

Bonds with local communities

Contribution to the global

environment

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No. 1 59,000 · facial tissue market in 1979 and captured the top market share in just seven years....

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