2019 Results SummaryDirection for 2020 Despite soft demand caused by a downturn in the semiconductor market in the second half of 2019, the market for fine carbon is expected to begin recovering steadily in 2020. Tokai Carbon plans to actively expand production facilities for CVD-SiC, a promising growth market. These investments and other measures to optimize the Group’s production and sales networks will result in a business platform even more resilient to fluctuating business conditions.Buoyant conditions in the semiconductor market underpinned solid business performance through the first half of 2019, but faded as lingering U.S.-China trade friction, and other factors, dominated the second half. Nevertheless, with full-year contributions by Tokai Carbon Korea Co., Ltd., added as a wholly owned subsidiary in 2018, consolidated results ended the year higher. By investing to renovate aging facilities at sites producing graphite materials, we have laid the groundwork for future growth through enhanced productivity and quality.Fine CarbonOpportunities and RisksOpportunitiesRisks• Expansion of AI and IoT markets• Chinese government subsidies for renewable energy businesses• Slowing growth of the Chinese economy• Downturn in semiconductor market conditionsBusiness results and forecastHideo ShinGeneral Manager of the Fine Carbon DivisionBolstering Competitiveness for Greater Resilience to Fluctuating Business Conditions20202018201714,4471,73825,4033,71528,7005,100201930,3696,107020,00010,00030,00040,00006,0003,0009,00012,000forecastOperating 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 Korea Co., Ltd.• Sales for use in semiconductors, solar power generation, and general industrial purposes remained firm• Tokai Carbon Korea Co., Ltd., which was acquired as a subsidiary in June 2018, contributed to consolidated performance.Business Overview26TOKAI CARBON ANNUAL REPORT 2019
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