Message from the President

Sustainable cash inflow throughportfolio diversity

Company recorded losses under such a radical environmental

With the COVID-19 pandemic ravaging the world, 2020

managed to secure profitability thanks to what we believe

was a year of perseverance. Facility upgrades were

were the results of our aggressive efforts at diversifying

postponed and production cut measures were taken, but

the business portfolio. Japan continues to suffer from theat the same time, the acquisition of Tokai COBEX Savoie

impact of the COVID-19 pandemic, but the global economy

was undertaken for the Company’s future growth. The

is trending upward, especially in China, which was the

downturn in our core Graphite Electrodes and Carbon

first to resume economic activities, and in the US, which

Black businesses caused by slowdowns in the steel andimplemented a massive fiscal stimulus package to boost its

tire industries negatively impacted consolidated financial

economy. Our business is starting to recover as well after

results as net sales dropped 23.1% YoY to 201.5 billion yen,bottoming out in the first half of 2020. The rollout of vaccines

operating income dropped 85.5% YoY to 7.8 billion yen,will likely further accelerate the economy going forward, andnet income attributable to owners of the parent company

we are determined to seize this growth opportunity.

dropped 96.8% YoY to 1.0 billion yen, and EBITDA dropped
54.2% YoY to 35.2 billion yen.

8

TOKAI CARBON INTEGRATED REPORT 2020

In the past, it would not have been a surprise if thechange. Despite the substantial drop of sales and profits, weINTRODUCTION

Tokai Carbon Value Creation

Strategy for Value Creation

Foundation that Supports Corporate Value

Financial Section & Corporate Data

Back togrowthtrajectory

Our focus will now be more on developing the integration
synergies within the expanded business portfolio to maximize
sales and profits.
President and CEO

Hajime Nagasaka

Creating synergies from the M&A

is equipped with the technology to mass-produce generalpurpose products at a low cost, which complements ourI would like to take a look back at some of the initiatives

production technology in Japan. These two acquisitions of

we have worked on since I became president. The theme

North American operation were very meaningful for us.

for the initial two years from 2015 to 2016 was structural

Meanwhile, to improve our business portfolio, whichreform. First, we worked diligently to shape the mindset ofis overly dependent on the two core businesses, we

our employees, and to face our past problems. The nextstrengthened our Fine Carbon business in anticipation

four years from 2017 to 2020 was a growth phase focusedof future growth in semiconductor demand by making

on M&A. We invested total of approximately 180 billion yen

Tokai Carbon Korea Co., Ltd. a consolidated subsidiary.

for a series of M&A during these four years. The investment

Furthermore, we acquired German manufacturer COBEX

started with acquisitions in our two core businesses,

HoldCo GmbH (now Tokai COBEX HoldCo GmbH) to

specifically Graphite Electrode and Carbon Black plants inenter the aluminum-related market, which is expected to

North America. The EAF ratio (EAF production to the total

grow steadily on the back of demand for lighter weightcrude steel production) in North America is around 70%,

automotive parts. We followed this up with the launch ofwhich is far higher than the rest of the world. The North

our Smelting and Lining business by acquiring Tokai COBEX

American production plant for the Carbon Black businessSavoie in France together with its access to the electric

TOKAI CARBON INTEGRATED REPORT 20209

Message from the President

vehicle (EV) market, which is expected to expand in Europe.

the fine carbon, smelting and lining, and industrial furnace

It was not a smooth journey, but our series of initiatives

markets. Furthermore, on top of adding new businesses,

from structural reform to portfolio diversification were well

we also believe that it is important to review businesses

received by investors, and our market capitalization, whichthat we do not project substantial growth in, and I consider

was around 80 billion yen when I became president, has

this to be the second phase of the structural reform that werisen to around 400 billion yen.

undertook in the past when I started my role as President.

This six-year period was at a rather higher running pace.

governance structure to enhance our ability to promote2023) should be a term to stop for a moment to solidify

company-wide strategies in a rapidly globalizing world.

our business platform and focus on creating integration
synergies with the companies we have acquired so far inorder to stay competitive going forward.

Aiming for record high sales by
capturing the upward trends

Creating integration synergies throughoverall optimization

Again, the upward trends in our target industries are

To create integration synergies from our series of M&A

operating income to be nearly as high as its 2018 level,

deals, we have already laid the groundwork toward

when our Graphite Electrodes business expanded

achieving overall optimization, such as consolidating

unexpectedly due to market fluctuations.

increasingly apparent, and we are aiming for record highsales as part of our T-2023 plan. We are also expecting

production and allocating production items to locations

For the Graphite Electrodes business, which saw aclose to end markets, and we expect to start seeing thesevere drop, the market conditions for a recovery are now

benefits of these efforts in 2021. To be more specific, wein place with the completion of inventory adjustments andused to export a certain amount of graphite electrodes fromthe expansion of electric furnace steel production, andJapan and Germany to the US, but we are now increasing

we expect production volumes and sales prices to begin

the production capacity of our North American productiona full-scale recovery in 2022 and 2023. Similarly, we expect

plants and shifting toward producing and consuming locally.

our Carbon Black business to remain strong as production

In addition, with regard to our Smelting and Lining business,

expands in our target tire market.

we will push for efficiency improvements by switching

In the Fine Carbon business, demand for use inproduction items between Tokai COBEX’s plant in Poland

semiconductors and solar power generation continues toand Tokai COBEX Savoie in France. At the same time, wegrow, and Tokai Carbon Korea, the production base forwill transfer the extruded materials currently produced atsolid silicon carbide (Solid-SiC) focus rings, is performing

the Tanoura Plant in Japan to Tokai COBEX Savoie to boost

particularly well. As such, we are looking to expand ourour cost competitiveness. Furthermore, we will manufacture

production capacity in a timely manner to take advantage ofanode materials for lithium-ion batteries at Tokai COBEX

further market growth. Meanwhile, we will fully transfer the

Savoie, which we intend to make into a manufacturing baseproduction of extruded materials to Tokai COBEX Savoie

for the European EV market, which is expected to grow.

in France, and as part of our “selection and concentration”

T-2023: Pushing forward whilesolidifying our operational platform
I will now explain the three basic policies of our T-2023

approach, we will reorganize the processing and sales
bases of the Fine Carbon Division in Europe to improvethe efficiency of our production and sales systems and to
drastically reduce costs.
In the Smelting and Lining business, we have alreadyplan. The first is to return our core businesses to a path of

consolidated the brands of the two companies we acquired

growth. Our target industries, namely steel, automobiles,

into Tokai COBEX, and are working to improve productivity

semiconductors, and aluminum, are all on a recovery

and operational efficiency by unifying customer databases,

and growth trend. As such, we will seize this opportunity

sharing manufacturing technologies, and integrating

to improve profitability and stabilize earnings in oursystems to integrate production, sales, and accounting

core Graphite Electrodes and Carbon Black businesses.

management functions. Going forward, we are looking

The second policy is to optimize our business portfolio

to accelerate the integration process and strengthen our(selection and concentration). We will concentrate ourpresence in terms of both sales and profits.

limited management resources on our growth andcompetitive businesses to further enhance our presence in

10

Finally, our third policy is to strengthen our consolidated

The T-2023 (medium-term management plan for 2021-

TOKAI CARBON INTEGRATED REPORT 2020

The industrial furnace business that we operate underTokai Konetsu Kogyo Co., Ltd. has secured stable andTokai Carbon Value Creation

INTRODUCTION

Strategy for Value Creation

Foundation that Supports Corporate Value

Financial Section & Corporate Data

Overview of medium-term management plan T-2023

T-2023 basic policies
 eturning core businesses toRa path of growth ptimizing the businessO
portfolio• Manage to increase the operation rate
as the market grows• Improving and stabilizing the
profitability of graphite electrodes(selection and concentration)

 trengthening theSconsolidated governancestructure• Continually revising businesscomposition and product composition• Responding to globalization of thehead office organization• Increasing production capacity forhigh value-added products• Strengthening the governancestructure, mainly through the businessand head office management
functions• Concentrating investment inpromising businesses and productdevelopment• Building an ESG management baseT-2023 Quantitative Targets¥320 billion¥57 billion

Net Sales

Operating Income(¥201.5 billion in 2020)(¥7.9 billion in 2020)

18 %¥86 billion

Return on Sales (ROS)

EBITDA

Also targeting ROIC of 12%
and ROE of 15%(4% in 2020)(¥35.3 billion in 2020)(Reference) Comparison with previous T-2022 plan
(Billions of yen)
350

(%)
35

Net Sales¥320 billion

Operating Income

300

30

ROS (right axis)

T-2023 Quantitative Targets
Set targets based on current
business environment

250
200

25
20

18%
150

15

100

10

¥57 billion

50

5

0

0
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

(T-2022) T-2023

Projected EBITDA growth by business segment for T-2023 period
2021 to 2023

Plan

EBITDA (Billions of yen)
35

Graphite Electrodes
Smoothly resume production whenthe market rebounds* Circle sizes correspond to net sales amounts

30

Carbon Black (CB)
Secure an optimal spread between
raw material and sales prices

GraphiteElectrodes

25

Smelting
and
Lining20

CB

15

Smelting and Lining
Improve profitability through consolidation
Fine Carbon (FC)Supply more highly competitive products
and develop next-generation products

FC

10
5

Industrial Furnaces
Other Operations (Friction Materials/Anode Materials)

0
0%
-50

10%

20%
EBITDA margin

30%

Business category and goals

40%

Industrial Furnaces and Related Products
Maintain high profitability throughnewly developed furnaces
Other Operations(Friction Materials and Anode Materials)
Improve profitability anddevelop new products

Revenue base
Generate stable cash flow
Concentrate on highquality markets

Growth businesses
Increase production ofhigh value-added products
Develop new products
to maintain competitive
advantage

Businesses to restructure

TOKAI CARBON INTEGRATED REPORT 202011

Message from the President

high profits while building up a track record fueled by the
expansion of the 5G, IoT, and electric vehicle (EV) markets,and the future is very promising.

Prioritizing debt reduction andallocating cash flow

Lastly, we have positioned the Anode Materials

Through the above initiatives, we expect to generate aand Friction Materials businesses as businesses to be

cumulative total of 150 billion yen in operating cash flow

restructured. In the Anode Materials business, which hasover the three-year period covered in T-2023, of which

been sluggish in the face of fierce competition, we areapproximately 66 billion yen will be allocated mainly forlooking to take on the challenge of accelerating growthfacility upgrades, environmental impact reduction, andby fundamentally revamping our business model, which

growth investments. In 2020 in particular, we secured cash

includes expanding into Europe. Likewise, in the Friction

reserves by quickly procuring funds as an emergency

Materials business, where it is difficult to pursue a growth

response to the COVID-19 pandemic, but we also

strategy that simply builds on what has worked in the

postponed some of our planned facility upgrades, and thispast, we will undertake more in-depth structural reforms

situation needs to be addressed appropriately.

to strengthen our competitiveness and fundamentally

In addition, we plan to allocate 37 billion yen for debt

improve profitability.

reduction to bring our net debt-to-equity ratio to zero in an

Strengthening governance to integrate
operations of diverse companies

effort to maintain or improve our credit rating. For the M&A
funds used to launch the Smelting and Lining business, wewill use hybrid financing to maintain a sound financial basewhile also stabilizing our liquidity by converting short-term
debt into long-term debt.

As a result of a series of M&A deals, over 70% of our sales

Finally, we plan to allocate the remaining 47 billion yen

are now generated overseas, and naturally, over 70% of
our employees are also based overseas. We believe thatto shareholder returns and strategic investments. With

strengthening our consolidated governance structure is an

regard to shareholder returns, we are focusing on paying

extremely important priority in operating group companies

stable and continuous dividends while maintaining a basicwith different cultures and business practices in an integrated

dividend payout ratio of 30%, and our policy is to maintainmanner and demonstrating our strength as a “United Tokaian annual dividend of 30 yen per share for 2021. With thisCarbon,” while also caring for the environment and society.

overall allocation of cash flow, we believe that we will have

Under the T-2023 plan, in parallel with our initiatives to create

to take a cautious approach to strategic investments for the

integration synergies, we will strengthen our management

time being.

functions on three fronts, which include the head officecorporate division, the business management division, andthe internal audit division.

Allocation of operating cash ﬂow
In principle, funds needed for investment in growth will be provided by cash on hand and operating cash ﬂow• Facility upgrades

Forecast operating
cash flow
over three years¥66 billion• Overall optimization (throughput improvement)• Facility expansion• Environmental equipment

Debt
reduction¥37 billion

Repay debt to increase the Company’s ability toinvest in the futurefrom 2021 to 2023

¥150

billionStrategic investments(M&A and capital tie-ups)

Shareholder returns

12

TOKAI CARBON INTEGRATED REPORT 2020

Continue pursuing mergers and acquisitionsin the automotive and electronics industries tocapitalize on future growth opportunities
Payment of stable and continuous dividends
Flexible share buybacks

Source of future value

Capitalinvestment

Tokai Carbon Value Creation

INTRODUCTION

Strategy for Value Creation

Foundation that Supports Corporate Value

Financial Section & Corporate Data

Our ESG efforts
have been wellreceived byinvestors

Promoting ”Carbon neutrality”

We have made carbon our business for over a century,

Last but not least, in 2020, we were included in two leading

viewing it as an indispensable “material that brings joy”.

ESG investment indices, the FTSE4Good Index Series andHowever, with the movement toward carbon neutrality, we

the FTSEBlossom Japan Index for the first time. We believe

must seriously consider how we can contribute to societythat this is the result of our efforts to establish an ESG

and our planet in the long term. More specifically, we havemanagement base and improve information disclosure as

recently launched the Carbon Neutrality Project with myself

part of our key measures in T-2021, which we announced

as the project leader, and will implement it as a cross-

two years ago.

organizational initiative. Additionally, we will be working on

We have no choice but to seriously address carbon
neutrality, an issue which is rapidly gaining momentum.

the analysis and disclosure of climate change risks in linewith TCFD policies.

Our approach to sustainability
Business category

Approach

Key examples

Current status•C ontinuing PDCA management ofmaterialities and KPIs
•D
 eveloping consolidated informationcollection system (during T-2023 plan
period)•D isclosing analysis of climate change risks(2021)•C ompleted human rights due diligence

Group-wide• Strengthen ESG management base• Expand ESG disclosure• Identification and management ofmaterialities and KPIs
• Establishment of a consolidated
environmental data collection andmanagement system• Disclosure of climate change risks in linewith TCFD policies.
• Human rights initiatives

GraphiteElectrodes• Adjust production in line withelectric furnace steel growth• Improve productivity by reducing
electrode consumption rate

• Development of new, highly functional
electrodes•1 0% improvement in electrodeconsumption rate in user equipment tests

Carbon Black• Recover and reuse waste heat
• Recycle carbon• Power generation using waste heat energy,
etc.
• Recycling of tires and carbon black•P rivate power generation and supply ofelectricity to communities•S tarted dialogue with supply chain

Smelting and
Lining• Reduce customer energy
consumption per unit
• Use renewable energy• Proposal of RuC, a cathode with reduced
environmental impact• Switch to renewable energy•G ood results in user equipment tests•S witched power for the production plants
in Poland to 100% renewable energy
sources

Anode Materials• Support the development andmanufacture of battery materials
that contribute to EV adoption• Development of anode materials with highfunctionality and low carbon footprint•S elected as one of the companies eligible
to receive the EU Commission’s battery
development subsidy

TOKAI CARBON INTEGRATED REPORT 202013

History of Tokai Carbon Value Creation
The Tokai Carbon Group pioneered the manufacturing of graphite electrodes in Japan. Since then, we havecontinued to grow and have established new growth businesses in carbon black, fine carbon, industrial furnaces,
anode materials, friction materials, and smelting and lining.

Enriching Japan as a country.
That was how Tokai Carbon began.

We are expanding that abundanceand supporting a sustainable society.

Tokai Carbon was founded in 1918. The company wasrooted in the founder’s idea that he wanted to enrich thelives of people through the domestic production of highquality electrodes essential to steel production, which
was an industry of national importance. We have built
unshakable reliability, earned through consistent, steadyefforts over time to provide useful technologies topeople, to society, and to the world without wavering, formore than 100 years.

We have held firmly to the view that we must focus on
mutual relationships of trust and never sacrifice theabundance of others or the environment, precisely
because Tokai Carbon is a company that provides
convenience, freedom, and comfort to the daily lives ofpeople. We are actively working to achieve thesustainable development goals (SDGs) adopted by theUnited Nations while confronting issues in the global
environment, society, and governance.

Sales(Billions of yen)
300

250

200

150
2000
Thai Tokai Carbon Product Co., Ltd.
acquired as a consolidated subsidiary

100

50

0
1918

14

1990

1992

TOKAI CARBON INTEGRATED REPORT 2020

2000

Tokai Carbon Value Creation

INTRODUCTION

Strategy for Value Creation

Foundation that Supports Corporate Value

Financial Section & Corporate Data

The Corporate Philosophy of Tokai Carbon

Ties of Reliability
We hope to build Ties of Reliability with our stakeholders (customers, suppliers, shareholders,
employees, society, etc.) by providing them with the means to realize their respective objectives andby responding to their requests without fail.

There is a reason why we have also
succeeded in friendly M&A.

The “Ties of Reliability” that we havecultivated for more than a century constitutethe corporate philosophy of Tokai Carbon.

In the mergers and acquisitions we have executed in thepast, we have been able to build very good relationships
through such means as holding a welcome ceremony
hosted by local employees and inviting the mayor andlegislators to participate. We have been able to share ourrecord of accomplishments over more than a century andour corporate culture of placing importance on “ties” inmany cases. We are delighted that our M&A partners feelthat things will go well if they partner with Tokai Carbon.

Developing “Ties of Reliability” with our shareholders,customers, suppliers, local communities, employees, and allother stakeholders around the world through our corporate
activities is the corporate philosophy of Tokai Carbon. We
regard shareholder return as an important management issue
in striving to enhance corporate value over the long term, andwill work to provide stable, consistent dividends while taking
investment plans, cash flow, and other factors aimed at revenue
growth in mind.
2020
Tokai Carbon Savoie SAS acquired

2019
Tokai Cobex GmbH acquired2018
Tokai Carbon Korea Co., Ltd.,acquired as a consolidated subsidiary
Tokai Carbon CB Ltd. acquired
2005
Tokai Erftcarbon
GmbH acquired2017
Tokai Carbon GE LLC acquired

2014
Cancarb Limited acquired

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

TOKAI CARBON INTEGRATED REPORT 202015

Tokai Carbon’s Value Creation Model
The Tokai Carbon Group has been leading the carbon industry in Japan for over a century. Drawing on our strong
management platform and multiple strengths, we are able to support the sustainable development of a wide
range of industries and society while helping to lower the burden on the global environment through our business.

INPUT

Tokai Carbon’s

Source of competitive advantage

Megatrends* As of December 31, 2020

Tokai Carbon
is facing

Manufacturing Capital
Capital Expenditure¥28.9 billion
Emergence ofclimate change risk
and the rush to
Carbon neutrality

Intellectual Capital
Patents

88* As of December 31, 2020. Includes the number filed in 2020.

¥2.7 billion

Progress in DX** Digital Transformation

Non-Japanese/Total employees

69％
Global Locations

44
12
Financial Capital

43.8%
Net D/E Ratio

0.239
Rating (Rating & Investment Information, Inc. (R&I))

A-

16

TOKAI CARBON INTEGRATED REPORT 2020

P.24

4,178

Capital-to-asset ratio

Concern forhuman rights
and diversity

Carbon Black business

P.22

Number of Employees (consolidated)

Countries Where We Operate

Great-power
rivalry between
the US and China

Graphite Electrode business

Human CapitalSocial Capital(utilizing AI and IoT)

➔ Produce synergistic effects▲

Arrival of acoexisting with
COVID-19 or
post-COVID-19
world

R&D Expenditures➔ Generate stable cash flow▲

Rapid expansionof EVs, renewableenergy, electric
furnaces, etc.

Revenue Base

Tokai Carbon’s Strengths
Business portfolio as
a comprehensive
carbonmanufacturer

Technologicalprowess

Business expansion

Technological expansion

In addition to its position asa pioneer in graphite
electrodes and carbon black,
the Group has developed aportfolio that covers a wide
range of carbon andgraphite-related ﬁelds,
including ﬁne carbon,
smelting and lining materials.

The Tokai Carbon Groupleads the carbon industry
with high-quality materials
and innovative
cutting-edge materials
based on more than 100
years of technologicalexpertise.

Foundation that supports
value creation

Corporate

Tokai Carbon Value Creation

INTRODUCTION

Strategy for Value Creation

Foundation that Supports Corporate Value

Financial Section & Corporate Data

Long-term vision

A global company
supporting society
with carbon products
Business Model

OUTPUTOUTCOME

Products and services offered

Value provided to stakeholders

Graphite Electrodes

Growth businesses

Saving Energy/
Cutting CO2 Emissions➔ Boost production in line withmarket growth➔ Develop new products withadded value
P.28▲

Industrial Furnaces andRelated Products

P.26

▲

Smelting and Lining business▲

Fine Carbon business

For DC Furnaces(direct current furnaces)

P.30

Businesses subject tostructural reform▲

Other Businesses

Carbon Black

SEAST

Fine Carbon
P.31➔ Steelmaking with a lower
environmental burden➔ Helping to promote adoptionof solar and wind power

Development of
a Recycling-Oriented
Society➔ Recycling ofsteel scrap(Friction Materials, Anode Materials)

Isotropic Graphite G/HK Series

Smelting and Lining

Global reachLong-term
relationships withcustomers andsupply chains

Regional expansion

Trust expansion

We are expanding
production and sales bases
not only in Japan but also in
Asia, Europe, and North
America to pursue growthmarkets and opportunities
on a global scale.

The Group’s long-term,
trust-based relationships
with customers and raw
material suppliers aroundthe world contribute to its
business continuity andstability.

Enhancement of
Safety andConvenience in Daily Life
Cathodes for aluminum smelters

Industrial Furnaces andRelated Products

Industrial Furnaces

Other Businesses (Friction
Materials, Anode Materials)▲

Governance➔ Enhancing tire performance fora safer driving experience➔ Technology for smart devices

Development ofIndustrial andSocial Infrastructure➔ Contributing to the productionof high-quality steel➔ Technology supporting
industrial robots

P.40

Paper Friction Materials/
Anode Materials (Copper Plates)

TOKAI CARBON INTEGRATED REPORT 202017

2020 Performance Data

Consolidated Financial Indicators
Net Sales¥201,542

Operating Income¥7,858millionmillion73,065*

262,028
231,30288,580201,542

54,344106,252
11,093

7,858

1,131
2016

2017

2018

2019

2020

ROIC

1.6

2016

2017

2018

2019

2020

ROE

%

0.5

29.6*

%
46.8*

13.1
7.7
0.7
2016

2017

2018

2019

0.5

1.6

-6.8

2020

2016

ROS

3.9

16.0

10.4

2017

2018

2019

2020

EBITDA¥35,262%

million31.6*

85,130*77,05320.7

35,262

10.4
1.3
2016

2017

2018

2019

3.9

10,6162020

2016

17,7402017* FY2018 figures were retroactively revised due to the confirmation of provisional accounting treatment of the business combination of
Tokai Carbon Korea Co., Ltd. and Tokai Carbon CB Ltd.

18

TOKAI CARBON INTEGRATED REPORT 2020

2018

2019

2020

Tokai Carbon Value Creation

INTRODUCTION

Strategy for Value Creation

Foundation that Supports Corporate Value

Financial Section & Corporate Data

Non-financial Indicators (Tokai Carbon Co., Ltd.)
Energy Consumption Rate*

103.9

GHG Gas Emissions Rate (Production)

727

% YoY
99.1

97.4

t-CO2/thousand tons (product weight)

103.9

95.4

1,011

1,007

930
727

2016

2017

2018

2019

Waste Generation* and Recycling Rates

91

%

84

Waste generated
Recycling rate

84
73

2016

2018

2019

91

Waste Consigned for Processing andWaste Sent for Final Disposal
Final disposal rate
Waste consigned
for processing

68

Final disposal rate

5,117

2017

* Period: April to March yearly base
* Based on Tokai Carbon Co., Ltd.’s CO2 emissions and production volume (weight)* Period: April to March yearly base

Recycling rate

2016

6,391

2017

7,067

7,589

2018

2019

32

8,747

2020

15

%

43

28

2,388

2,665

2016

2017

24

4,765

3,228

3,026

15

2018

2019

2020

*V
 olume of waste generated = Volume consigned for processing + Volume recycledinternally or externally, and volume of valuable waste

Occupational Accidents (Frequency rate*)

Water Usage

2,684

0.55

thousand m3/yr.
2,612

2,698

2,761

2,684

Tokai Carbon Co., Ltd.
Manufacturer(100 or more employees)

1.15

1.12

1.20

1.02

1.07

2017

2018

1.20
0.53

0.55

2019

2020

0.00
2016

2017

* Period covered: April to March of the following year

2018

2019

2016

* Frequency rate: Injuries or deaths per million working hours* As of April 2021, the FY2019 frequency rate of occupational accidents for
manufacturing businesses (with 100 or more employees) has not been announced.

TOKAI CARBON INTEGRATED REPORT 202019