Business Overview and OutlookIn 2018, earnings greatly improved as net sales grew by 60.8% year on year, to ¥76,926 million, and operating income climbed 54.8%, to ¥10,629 million. Globally tight supplies of carbon black, resulting from several years of production capacity reductions by various industry participants, and the withdrawal of Chinese carbon black manufacturers in response to tighter environmental regulations in that country were key drivers of these results. Also contributing to higher net sales were price hikes driven by rising prices for crude oil, a key raw material.Looking to 2019 and beyond, Tokai Carbon CB Ltd., a North American carbon black manufacturer added to the consolidated group in September 2018, will make full-year contributions to business results. Considering also the effects of tight supply conditions in the North American market, and margin corrections to account for costs of environmental measures, the outlook is for increases in both net sales and operating income. A global supply system to serve the needs of tire and rubber product manufacturers will be put in place and will include non-Asian markets. Through this endeavor and the simultaneous leveraging of technical synergies across geographic locations to boost quality and productivity, we aim to further stabilize the earnings base for this division.Japan, AsiaNorthAmericaTokai Carbon CB Ltd.Location: Headquarters – Fort Worth, Texas Plants – Borger, Texas; Big Spring, Texas; Addis, LouisianaAcquisition price: ¥37.3 billionProduction capacity: 440,000 tons/yr.Consolidated contribution: Began contributing to consolidated results in September 2018North America is experiencing steadily growing demand for carbon black. On the other hand, toughened environmental regulations make it very difficult to increase production by adding new capacity. Even tighter supplies, therefore, are expected.Responding to these circumstances, Tokai Carbon acquired Sid Richardson Carbon, Ltd. (now Tokai Carbon CB Ltd.), the largest carbon black manufacturer in North America, in September 2018. This move increased the Group’s annual production capacity to 937,000 tons, from 497,000 tons. Going forward, particular attention will be paid to fostering production and technology synergies.Global Supply System for Carbon BlackBusiness results and forecastAcquisition of the Largest Plant in the High-Entry-Barrier North American Carbon Black MarketCarbon Black Demand/Supply in North AmericaDemandProduction* Company estimates2013201620191,5001,6001,7001,8001,900(Thousands of tons)(Year)20192018201747,8286,86876,92610,431112,80013,3000060,00030,00090,000120,00010,0005,00015,00020,000forecastOperating incomeNet sales(Year)(Millions of yen)(Millions of yen)*1 The 2019 operating income forecast does not reflect internal adjustments.*2 Operating income for 2018 has been adjusted retrospectively as of March 31, 2018.25TOKAI CARBON ANNUAL REPORT 2018Vision and StrategySustainability ReportFinancial ReportData SectionBusiness Report
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