Message from the PresidentAfter celebrating the Company’s 100th anniversary in 2018, we embarked on our next 100-year journey in 2019 with a new medium-term management plan,T-2021. Consolidated financial results in 2019, however, were mixed. Although net sales increased by 13.3% to 262.0 billion yen, operating income fell by 25.6% to 54.3 billion yen, and net income attributable to owners of the parent company dropped by 56.4% to 31.9 billion yen compared with the previous year. Our key performance indicator of return on sales came in at 20.7%. The global economy decelerated in 2019 following an unexpectedly strong performance in the previous year. Consequently, the Tokai Carbon Group faced a challenging operating environment. Under those circumstances, the Company took steps to boost net sales, including its strategic acquisition of the German manufacturer COBEX HoldCo GmbH, and maintained respectable profit ratios. From that perspective, I believe the Company performed reasonably well overall in 2019, even though financial results were below the targets of the previous plan, T-2021, which were set based on the momentum of results in 2018. Sales were up but results fell short of initial targets We will aggressively take advantage of opportunities in the market while preparing for the next stage of growthHajime NagasakaPresident and CEOTokai Carbon Co., Ltd.15TOKAI CARBON ANNUAL REPORT 2019Vision and StrategyBusiness ReportBusiness ReportSustainability ReportData Section
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