Focus on Stable, Consistently Growing Dividendsaddition, as we did under our previous medium-term management plan, we will also actively undertake M&A investments in the automotive and electronics sectors to capture future growth opportunities.Given the rapid expansion we have undergone, we see the construction of a commensurate consolidated governance system as a matter of great urgency. In particular, the post-merger integration (PMI) of the three subsidiaries and the building of a globally optimized production system will be the most important determinants of the success of our M&A activities. Careful, considered action will be taken in these areas within our efforts to build a management system that emphasizes ESG (environmental, social, governance) considerations.With the payment of stable, consistent dividends as our basic policy, and our aim of achieving a 30% dividend payout ratio within the T-2021 plan period, we expect to pay a per share dividend of 48 yen for 2019. We will also consider buying back company shares after comprehensively considering factors such as the Group’s business environment, business results, future business results outlook, investment plans, cash flow, and share price.We will spare no effort in making the best management decisions to meet shareholder expectations and will be grateful for your ongoing support going forward.July 2019 15TOKAI CARBON ANNUAL REPORT 2018Business ReportSustainability ReportFinancial ReportData SectionVision and Strategy
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