Basic policies and tasks going forwardAssumptions of the previous and new management plansAll businesses are being affected by prolonged trade friction between the U.S. and China, and the business portfolio has changed following the acquisition of COBEX HoldCo.Financial targets (as of February 17, 2020) ¥300billionNet SalesOperating IncomeReturn on Sales ¥54billion18%¥82billionEBITDA(¥251.2 billion forecast in 2020)(¥28.2 billion forecast in 2020)(11% forecast in 2020)Also targeting ROIC of 12% and ROE of 15%(¥55 billion forecast in 2020)Establish a group-widemanagement system Expand growthopportunitiesStrengthen therevenue baseMain tasksBasic policyGenerate stable cash ow in the Graphite Electrodes businessGenerate synergies in the Carbon Black businessAggressively invest in growth marketsDevelop next-generation productsCreate and empower group-widemanagement organizationsEconomictrendsBusiness portfolioFinancial structureOtherfactorsScopeAssumptions of the previous plan Assumptions of the current planRelated tasks•Strong U.S. economy•Tougher Chinese market due to stricter environmental regulations •Deceleration of the global economy due to prolonged U.S.-China trade friction•Slowdown of the European economy•Core businesses maintain performance•Entry into the aluminum-related industries through consolidation of Tokai COBEX •Financing methods diversified with an initial bond offering and hybrid bond offering•Net debt-to-equity ratio of 0.3 times•Management tasks set in connection with ESG criteria and the UN SDGs •Company disclosure expanded to non-financial information•Align production output and sales plans with market demand•Reduce inventories•Integrate Tokai COBEX’s business into the Group•Strengthen the financial structure and maintain or improve credit ratings•Maintain access to financial capital markets•Set future-oriented non-financial goals •Find ways for businesses to contribute to the achievement of SDGs as much as possible•Core businesses drive the Group’s performance•Net debt-to-equity ratio of 0.0•Company disclosure mainly limited to financial informationOverview of the new T-2022 medium-term management plan17TOKAI CARBON ANNUAL REPORT 2019Vision and StrategyBusiness ReportSustainability ReportData Section
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