• Contributed to consolidated results for August through December 2019• Excluding 3,600 million yen in nonrecurring expenses, contributed 2,000 million yen in operating profit2019 Results SummaryDirection for 2020 Our initiatives for 2020 are focused on two key objectives. The first is EBITDA maximization. To achieve this, we will resolve production process bottlenecks through capital investments and other measures, and will capture demand for graphitized cathodes and blocks for furnace refurbishment. At the same time, we will strive to cut costs by reducing the defect rate and lowering raw material prices to help expand earnings.The second key objective is market development and new-product commercialization. Here, we will focus on developing the graphitized cathode market in the rapidly growing Chinese and Indian economies, marketing the newly developed RuC (Ready-to-Use Cathode) graphitized cathodes, and collaborating with other divisions to develop and market new products.Tokai COBEX, together with its group companies, became a wholly owned subsidiary of Tokai Carbon on July 26, 2019. As a new business division, its smelting and lining business results are reflected in Tokai Carbon’s business results for August through December 2019. The latter also include nonrecurring acquisition-related expenses of 3,600 million yen. These are not expected to arise in 2020 or subsequent years.Smelting and LiningOpportunities and RisksOpportunitiesRisks• Rising demand for aluminum because of factors such as its use in making lighter-weight products and ongoing urbanization • Growing demand for graphitized cathodes, which are excellent for efficient smelting, mainly in China and India • Decline in aluminum smelting projects due to an ongoing slump in the virgin aluminum market Business results and forecastAndrzej Hotlos (left)Frank Goede (right)Tokai COBEX GmbH Co-Managing DirectorsContributing to Greater Earning Capacity and Stability for the Group20202018201737,0004,800201914,662-1,600020,00040,0000-5,0005,00010,000forecastOperating incomeNet sales(Year)(Millions of yen)(Millions of yen)27TOKAI CARBON ANNUAL REPORT 2019Vision and StrategySustainability ReportData SectionBusiness Report
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