2019 Results SummaryDirection for 2020 Demand for carbon black is expected to mirror growth of the automobile market at an average annual rate of 2-3% over the medium- to long-term. During the period covered by Mid-Term Management Plan T-2022, Tokai Carbon will begin to concentrate on securing stable earnings through measures such as sharing technology globally throughout the Group, developing high-value-added products, and adjusting prices to reflect costs for investments in environmental facilities. We will also move forward with next-generation product development work in two areas - fine-grain carbon black that excels in abrasion resistance and aqueous carbon black.In 2019, Tokai Carbon began to integrate the North American production plant, which became a wholly owned subsidiary the previous year, in terms of both business performance and technology. We have also initiated technology sharing among the Group’s plants and have launched efforts to reduce raw material costs and enhance our technical capabilities by disseminating the U.S. plant’s outstanding expertise in using feedstock oil to other locations. To enhance business sustainability, we have embarked on capital investments aimed at renovating aging facilities and improving environmental performance.Carbon BlackOpportunities and RisksOpportunitiesRisks• New-car demand in emerging economies• Stable growth of the tire market• Tight supplies of feedstock oil• Global decline in automobile unit productionBusiness results and forecastHirofumi MasudaGeneral Manager of the Carbon Black DivisionLeveraging Synergies from Our Global 5-Country Production Structure20202018201747,8286,86876,92610,43193,3007,6002019101,7518,5120060,00030,00090,000120,00010,0005,00015,00020,000forecastOperating incomeNet sales(Year)(Millions of yen)(Millions of yen)* Figures for 2018 have been retrospectively restated to reflect the finalization of provisional accounting treatments for the business combination resulting in Tokai Carbon CB Ltd.• Tokai Carbon CB Ltd., which we acquired as a subsidiary in September 2018, contributed to consolidated results.• Sales volume was negatively impacted by U.S.-China trade friction and declined YoY.• An increase in costs as a percentage of sales caused margins to decline.25TOKAI CARBON ANNUAL REPORT 2019Vision and StrategySustainability ReportData SectionBusiness Report
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