First of all, with regard to the situation in Russia and Ukraine, which is being reported daily in the media, we're deeply concerned and take the situation very seriously. We're conducting our business with the support of various people in our global network, and we sincerely hope that this situation will be resolved soon, and that all the people will be able to return to normalcy, and the world peace will come back as soon as possible. First, I would like to explain about the results of the first year of our medium-term management plan, MTP 2023, announced last year, and our future efforts toward achieving it.
In the fiscal year ending 31 March , 2022, we achieved our highest-ever profit of JPY 82.3 billion, despite the uncertainties of the year, including the impacts of the COVID-19, which has repeated its cycles of spreading and subsiding, and Russia's invasion of Ukraine at the end of the fiscal year. Core operating cash flow was JPY 128.7 billion, up JPY 68.5 billion year-on-year, representing profit accompanied by cash generation.
Regarding shareholder returns, the board of directors has resolved to pay a year-end dividend of JPY 61 per share for a total annual dividend of JPY 106 per share, which will be presented for deliberation at the general meeting of shareholders scheduled for 17 June .
This is an increase of JPY 3 from the latest dividend forecast of JPY 58 per share, announced at the time of earnings report for the third quarter of March 2022, and a year-on-year increase of JPY 56 per share as an annual dividend. The consolidated dividend payout ratio will be 30.1%. This is the trend of our profit for the year attributable to owners of the company for the past 10 years.
Since fiscal 2012, we had achieved seven consecutive fiscal years of profit growth through solidification of foundation and challenge for growth stage, which includes improvement of asset quality through asset replacement and expansion and creation of business areas that will generate chunks of earnings.
However, in the most recent two years, profits decreased from the previous year due to changes in the business environment, such as the global economic slowdown triggered by the trade friction between the US and China and the spread of COVID-19 infection. Under these circumstances, we launched our MTP 2023, start of the next decade, in April of last year.
In the fiscal year ending March 2022, the first year of the plan, we achieved a record profit of JPY 82.3 billion, despite changes in and the impact of the external environment, thanks to recovery in materials-related businesses such as automobiles, steel, chemicals, as well as rising prices of coal and other commodities. The slide shows the summary of the results of the fiscal year ending March 2022, together with that by segment.
Details will be explained by CFO, and questions will be answered in the Q&A session that follows. Regarding cash flow management, when we announced the MTP 2023, we had a plan of JPY 330 billion in new investments, including non-financial investments, over the three-year period. In fiscal 2021, we carried out about JPY 150 billion worth, although there were some delays in the execution of investments due to COVID-19 pandemic.
The core cash flow will be managed so as to make it positive for the six-year cumulative period as initially planned. Here is my review of the first year of MTP 2023. First, in order to improve ROE in terms of enhancement of earnings power, we accelerated our efforts to build up assets centered around essential infrastructure to address social needs and investments in retail business area, particularly in the domestic market.
As a result, we were able to accumulate JPY 150 billion in investments in the first year of MTP 2023, which we believe is almost in line with the plan. In addition, we recorded provisions to address potential future stranded asset risks, such as fossil fuel investments, implemented continued asset replacement, as well as reviewing our business portfolio to transform existing businesses, for which we believe we have made a certain level of tangible achievements.
Regarding non-financial initiatives, we are shifting to data-driven human capital management practices based on the idea that the source of our value creation is our people. As set as a goal in our Sustainability Challenge, we have also taken firm steps to address climate change in order to realize a decarbonized society. As a result, we have received high evaluations, including the grand prize at the 1st NIKKEI Integrated Report Awards.
We will continue to accelerate both financial and non-financial initiatives to achieve a PBR of more than 1x, one of the quantitative KPIs of the MTP 2023. Let me explain in more detail about focus areas in our growth strategy.
In the Infrastructure and Healthcare, we invested in an energy conservation company in the U.S., which will serve as a foothold for realizing a decarbonized society, as well as in a natural gas-fired IPP and desalination project in Middle East, and in a gas retail business in Nigeria, Africa, as initiatives to support sustainable growth in emerging countries.
Among these, we're considering using electricity generated by 240-megawatt photovoltaic power generation plant in Queensland, Australia, in which we invested last year, for our Gregory coking coal business, also in Australia.
In the rooftop power generation business in Vietnam, solar power generation equipment is installed on the roofs of industrial parks that we operate, and the power generated is used within the industrial parks. These examples show how we are not just accumulating individual assets, but combining them to make more effective use, demonstrating an evolution from our previous approach.
Though these are low-profile efforts, we will continue to work to ensure that our essential infrastructure business contributes to the creation of a global decarbonized society. Next, we are focusing on retail business in growing markets such as Southeast Asia and India as our second focus area. As partners in those efforts, we have invested in Royal Holdings Co., Ltd. and The Marine Foods Corporation, an aquaculture food product manufacturing process and sales business operator.
By combining our global network with their strengths of contents, capabilities, and functions, we will expand our business into overseas growing markets going forward. In the materials and circular economy, our third focus area, unfortunately, we're unable to accumulate any new assets in fiscal 2021, but we will continue to sow the seeds for future businesses that could contribute to earnings in post-MTP 2023.
While carefully selecting projects, we plan to execute investments in projects that will contribute to future growth in addition to strengthening our existing business base. Although there are some projects that have been delayed in generating returns amid COVID-19 pandemic, we are demonstrating that overall, we are reaping returns in line with or even exceeding our plans, given the strong performance of infrastructure and materials-related businesses.
In the front-line business fields, we're working on various improvement measures one by one, and we'll continue our efforts to realize steady profitability. This slide shows our fiscal 2022 policy for initiatives. For more details, we will take questions later, so if you have any questions, we will try to answer them. Next, I will explain the non-financial aspects that are a foundation of our sustainable value creation.
The Sustainability Challenge as part of our long-term vision for 2050 includes the challenge of realizing a decarbonized society and respect for human rights. We will accelerate our efforts to reduce CO2 emissions and increase our resilience to the coming decarbonized society, while at the same time, we will build our business in a wide range of fields, viewing this change as a new opportunity.
Based on this policy, we focused on measurement and tracking in the first year of this Medium-term Management Plan. We will steadily reduce Scope one, two, and fossil fuel-based businesses. In addition, we will examine how to measure Scope three emissions in order to understand the risks associated with decarbonization in our supply chain. We have also begun discussions on how to define Scope four as our contribution to global CO2 reduction.
In addition, to ensure that we respect human rights in our supply chain across a wide range of industries, we have reviewed the status of human rights risks at each of our sites and confirmed that no major issues have arisen. Here, we show our actual reductions in our coal and oil and natural gas assets. In particular, our goal is to reduce our thermal coal interest by half or less by 2025, and to zero interest by 2030.
As shown in the graph, we have already achieved a 70% reduction in assets of thermal interest from fiscal year 2018, faster than the original plan. In all aspects of our human capital management, human resources are the source of our competitiveness and value creation. In order to implement human resource strategy, we will establish dynamic KPIs related to human resource policies and monitor its progress.
As for governance, we have put in place a system to further ensure management transparency and further strengthen corporate governance. Regarding the status of reduction of cross-shareholdings, although part of holdings have been affected by share listings, we will implement the reduction as planned by the end of the final year of the MTP 2023.
In the current, medium-term management plan, we have set forth a transformation of the organization and human resources. In particular, the promotion of DX strategy is a major theme. I am in charge of DX promotion as a CEO, and in December last year, we invited Ms. Arakawa, who served as CDO at IBM Japan to become our new CDO. The CDO discusses with each division and works on the implementation of individual projects.
We will also promote information security with a CISO in place, utilizing digital technology for both offensive and defensive purposes. This is a quantitative target for fiscal year 2023. Profit for the year forecast is JPY 85 billion. The plan also takes into account the impact of the situation in Russia and Ukraine, the cost of the current rising US dollar interest rates, the impact of inflation, and other uncertainties related to external factors.
We plan to invest about JPY 150 billion in new investments, and we will do so ahead of schedule as much as possible in this, in the second year of our MTP. Regarding dividend policy, there has been no change in our policy to pay stable dividends on an ongoing basis. We continue to maintain a dividend payout ratio of about 30% during the current medium-term management plan period.
In fiscal year 2021, we increased our dividend by JPY 56 from the previous year to an annual dividend of JPY 106 per share, partly due to two upward revisions. We plan to pay an annual dividend of JPY 112 for fiscal year 2022, with interim and year-end dividends of JPY 56 each. With continued enhancement and effective use of retained earnings, we will make efforts to strengthen corporate competitiveness and elevate shareholder values.
We have received various external commendations for the initiatives of our company outlined so far. We will continue to place importance on dialogue with our stakeholders, be creative, and make efforts. Finally, here is a chart showing our stock price and topics. We will continue to aim for a PBR of over 1x during the period of our MTP 2023. Lastly, uncertainty in the global environment continues to increase.
In order to fulfill our mission as a general trading company to deliver necessary goods and services to where they are needed, even in a rapidly changing external environment, we will continue to strive for further growth and to increase corporate value. To meet the expectations of all of our stakeholders, the whole group will continue to push forward in the second year of the MTP. This concludes my presentation. Thank you.
Tanaka speaking. I will use materials titled Highlights of Consolidated Financial Results for the Year Ended 31 March , 2022, and supplementary materials one and two to explain the results of fiscal year 2021 and the plan for fiscal year 2022. Please take a look at the consolidated statements of profit and loss shown in the middle of the first sheet. As for revenue, equivalent of sales, Metals, Mineral Resources & Recycling Division went up by JPY 204.3 billion to reach JPY 560.5 billion due to the rise in coal and other resource prices.
In chemicals, higher transaction volume of plastic resin in Asia and price and transaction volume increases in methanol, the mainstay of the division, led to an increase of JPY 131.5 billion to reach JPY 538.3 billion in the division's total revenue.
In Automotive Division, year-on-year increase due to the absence in this fiscal year of the lockdown affecting the overseas automotive business, which was present in the previous fiscal year, helped to absorb the impact of semiconductor shortage and a significant drop in revenue due to the Russian invasion of Ukraine in the fourth quarter, resulting in a rise of JPY 63.2 billion to total JPY 243.1 billion in revenue.
Thus, the total revenue went up by JPY 498.3 billion year-on-year to JPY 2,100.8 billion. As for gross profit, the revenue growth in the three divisions made a significant contribution, resulting in a year-on-year increase of JPY 83.2 billion to reach JPY 271.3 billion.
In terms of SG&A expenses, because of the increase in the amount in yen of SG&A of overseas subsidiaries and operating companies due to the weaker yen, increase in bonuses, increase in personal costs associated with the increased volume of transactions, SG&A expenses increase in newly consolidated affiliates, the amount rose by JPY 19.2 billion year-on-year to reach JPY 180.3 billion.
As for other income and expenses, which includes extraordinary profit and loss, gain on sale of an overseas industrial machinery-related company, and resource interest, as well as gain on sale of real estates held by overseas subsidiary were posted.
Extraordinary losses were posted, including provisions designed to avoid resource interests potentially becoming stranded assets as part of the efforts for steady implementation of decarbonization policies, and Myanmar and Ukraine-related impairment losses.
As a result, other income and expenses posted a net expense of JPY 13.8 billion. As for financial income and loss, the net interest expenses improved by JPY 2.6 billion year-on-year to total JPY 3.8 billion due to improvement in terms and conditions for long-term borrowings at the time of refinancing.
Dividend received improved by JPY 2.1 billion year-on-year to reach JPY 5.1 billion due to the increase in dividend income from available-for-sale investments. Thus, the total financial income and costs improved by JPY 5.4 billion year-on-year to post income of JPY 2.1 billion.
The share of profit and loss of investments accounted for using the equity method went up by JPY 23.2 billion year-on-year to reach JPY 38 billion due to a significant increase in profit in a steel operating company. Thus, the profit before tax was JPY 117.3 billion, up JPY 79.9 billion year-on-year. When you subtract income tax expenses from this, you can get profit for the year of JPY 85.5 billion.
If you go down one line below, the blue shaded part shows profit attributable to owners of the company, which was JPY 82.3 billion, up JPY 55.3 billion year-on-year. This represents an achievement ratio of 103% over the full year forecast of JPY 80 billion, an upwardly revised figure announced at the time of earnings report for the third quarter.
Please take a look at the balance sheet on the right next. The total assets as of the end of March 2022 stood at JPY 2,661.7 billion, up JPY 361.6 billion from the end of March 2021. The four main reasons for this increase are highlighted with circles.
Those are execution of new investments and loans, rising coal and other commodity prices, increase in operating assets associated with the increased volume of transactions in chemicals, consumer goods, and plastic resin, an increased amount in yen of foreign currency denominated assets due to the depreciation of the yen.
This increased by JPY 252.2 billion to JPY 1,897.8 billion year-on-year. In the equity section below, two lines above total equity in parentheses, please find total equity attributable to owners of the company. It was JPY 728 billion, up JPY 109 billion from 31 March , 2021. As explained earlier, subtracting dividends paid from the profits for the year, retained earnings was up JPY 64.9 billion.
One line above, the other components of equity increased due to lower yen and change in foreign exchange rates, and higher stock prices, and difference in valuation of securities, and it was up JPY 59 billion. Bottom right, please find six financial indices. Third from the top is net debt equity ratio, which rose 0.07 points from the end of March 2021 to 1.06 times, controlled within the 1.1 times set for the MTP.
Next, on the cash flow, bottom left. First, the first row, cash flow from operating activities, as was explained earlier, from increased total assets. The core operating cash flow shown in the box below came to JPY 128.7 billion, a substantial increase in inflows recording cash flows from operating activities of JPY 65.1 billion.
Cash flows from investing activities, one line below, with the new investments and loans being implemented, came to outflows of JPY 138.8 billion. Free cash flow was a net cash outflow of JPY 73.7 billion. The core operating cash flow plus our post-adjustments net cash from investing activities and shareholders' returns came to core cash flow of JPY 10.5 billion. Please turn the page to supplementary materials 1.
In the middle is a column showing segment performance and profit for the year attributable to owners of the company. Overall, compared to the previous fiscal year, only the investments into Myanmar going through political upheaval resulted in impairment loss. Infrastructure and Healthcare recorded profit, which was down JPY 1.6 billion year-on-year.
Below, due to absence of gains from sale of shopping mall recorded in the previous year, Retail and Consumer Service ended flat year-on-year. The other five segments all recorded substantial increase in profits, exceeding the upwardly revised forecast announced at the time of third quarter results announcement.
Bottom right shows trend of ROA and ROE. The target of ROE of 10% and ROA of 3% for the final year of the MTP 2023 has been cleared, but we will continue to make efforts for further improvement. Please turn a page to supplementary material two. I would like to explain the outlook for fiscal year 2022. Please look at the operating results on the left.
Gross profit is expected to increase JPY 28.7 billion to JPY 300 billion. SG&A expenses with increased expenses at businesses acquired in the previous year. SG&A is expected to go to JPY 210 billion. Other income and expenses, the structural reform expenses recorded in the pre-previous year will be absent, therefore, there'll be an improvement of JPY 13.8 billion.
Financial income and costs, because of rise in U.S. interest rates are reflected with a deterioration by JPY 7.1 billion to negative JPY 5 billion. As a result, profit attributable to owners of the company is expected to increase JPY 2.7 billion to JPY 85 billion.
As the president mentioned in the summary earlier, the point of the plan for fiscal year 2022 is with the Russian military invasion of Ukraine, which will lead to rising energy and crop prices, inflation leading to higher cost and higher interest rates are all incorporated in the plan.
Monetizing new investments and with the recovery from rebound from losses in 2021, we will target record profit for the year two years in a row following fiscal year 2021. At the bottom, you will see the fiscal year 2022 assumptions of the commodity prices.
As for coking coal, $280 to the ton. For thermal coal, $160 to the ton. That is all for myself. Thank you very much.