Fiscal year 2025
(January 1 to December 31, 2025)
TOKAI CARBON CO., LTD.
(Translation) This document has been translated from the Japanese original for the convenience of overseas stakeholders. In the event of any discrepancy between this document and the Japanese original, the original shall prevail.
S e c u r i t i e s r e p o r tThis document has been outputted and printed by adding a table of contents and page numbers to the data contained in the securities report (pursuant to Article 24, Paragraph 1 of the Financial Instruments and Exchange Act) that was submitted using the Electronic Disclosure for Investors' NETwork (EDINET) as stipulated in Article 27-30-2 of the Act.
Appended to the back of this document are the audit report that was
attached to the securities report when it was filed using the aforementioned method, and the internal control report and confirmation letter that were filed at the same time as the securities report.
Contents
Securities Report for Fiscal 2025 [Cover] 1
Part I Company Information 2
Section 1 Overview of the Company 2
Key Financial Data 2
Company History 4
Description of Business 6
Status of Subsidiaries and Associates 8
Employees 10
Section 2 Status of Business 12
Management Policy, Business Environment and Challenges to be Addressed, etc. 12
Sustainability Policy and Initiatives 13
Risk of Business, etc. 18
Management's Analysis of Financial Position, Operating Results, and Cash Flows 22
Important Agreements, etc. 27
Research and Development 27
Section 3 Facilities and Equipment 28
Capital Investment, etc. 28
Major Facilities and Equipment 29
Plans for New Installation, Disposal, etc. of Facilities 31
Section 4 Status of the Submitting Company 32
Status of Shares, etc. 32
Acquisition of Treasury Stock, etc 36
Dividend Policy 37
Corporate Governance, etc. 38
Section 5 Status of Accounting 70
Consolidated Financial Statements, etc. 71
Financial Statements, etc. 123
Section 6 Outline of Stock-related Administration of Submitting Company 139
Section 7 Reference Information on Submitting Company 140
Information on Parent of Submitting Company, etc. 140
Other Reference Information 140
Part 2 Information on Submitting Company's Surety Company, etc 141
Audit Report
Internal Control Report Confirmation Letter
[Cover]
[Document submitted] Securities report
[Applicable law] Article 24, Paragraph 1 of the Financial Instruments and Exchange Act
[Submitted to] Director of the Kanto Local Finance Bureau
[Date submitted] March 26, 2026
[Fiscal year] Fiscal 2025 (from January 1 to December 31, 2025)
[Company name] Tokai Carbon Co., Ltd. [Company name in English] TOKAI CARBON CO., LTD.
[Name and title of representative] Hajime Nagasaka, President & Chief Executive Officer [Address of head office] 1-2-3, Kita Aoyama, Minato-ku, Tokyo
[Telephone number] 03-3746-5100 (Switchboard)
[Contact person] Akira Yamada, General Manager, General Affairs Department [Nearest place of contact] 1-2-3, Kita Aoyama, Minato-ku, Tokyo
[Telephone number] 03-3746-5100 (Switchboard)
[Contact person] Akira Yamada, General Manager, General Affairs Department [Place available for public inspection] Tokai Carbon Co., Ltd. Osaka Branch
(2-4 Komatsubaracho, Kita-ku, Osaka-shi, Osaka)
Tokai Carbon Co., Ltd. Nagoya Branch
(3-28-12 Meieki, Nakamura-ku, Nagoya, Aichi) Tokyo Stock Exchange, Inc.
(2-1 Nihombashi Kabutocho, Chuo-ku, Tokyo)
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Part I Company Information
Section 1 Overview of the Company
1 Key Financial Data
Consolidated financial data, etc.
Fiscal year
2021
2022
2023
2024
2025
Fiscal year-end
December 2021
December 2022
December 2023
December 2024
December 2025
Net sales
(Million yen)
258,874
340,371
363,946
350,114
322,960
Ordinary income
(Million
yen)
24,770
42,521
41,607
22,579
26,312
Net income (loss) attributable
to owners of the parent company
(Million yen)
16,105
22,418
25,468
(56,485)
20,078
Comprehensive income
(Million
yen)
39,006
56,689
67,435
(22,191)
40,577
Net assets
(Million
yen)
256,570
300,868
360,103
324,740
352,846
Total assets
(Million yen)
512,503
576,465
640,005
643,517
664,033
Net assets per share
(Yen)
1,075.19
1,260.95
1,521.89
1,354.46
1,491.09
Net income (loss) per share
(Yen)
75.55
105.16
119.45
(264.77)
94.05
Diluted net income per share
(Yen)
-
-
-
-
-
Equity ratio
(%)
44.7
46.6
50.7
44.9
47.9
Return on equity
(%)
7.5
9.0
8.6
(18.4)
6.6
Price-to-earnings ratio
(Times)
16.0
10.2
8.6
(3.5)
10.3
Cash flows from operating activities
(Million yen)
38,072
41,205
62,074
64,471
55,872
Cash flows from investing activities
(Million yen)
(35,282)
(49,900)
(47,632)
(70,777)
(51,052)
Cash flows from financing activities
(Million yen)
1,211
(10,629)
(14,512)
9,410
(7,689)
Cash and cash equivalents at end of the period
(Million yen)
64,435
49,377
56,459
65,135
64,327
Number of employees
(Average number of temporary employees; excluded)
(Persons)
4,289
(448)
4,378
(434)
4,427
(382)
4,625
(358)
4,436
(363)
(Notes) 1. Diluted net income per share amount is not shown because there were no dilutive shares.
The Company has adopted the "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020) and other standards from the beginning of fiscal 2022. Key financial data for fiscal 2022 and after are those after the application of these accounting standards.
In fiscal 2025, the Company finalized the provisional accounting treatment for business combinations, and the related key financial data for fiscal 2024 reflect the significant revision of the initial allocation of the acquisition cost due to the finalization of the provisional accounting treatment.
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