I Ogawa will now explain our business performance for fiscal 2023. This is a summary of the entire company. Net sales were JPY 1 trillion and JPY 32.8 billion, an increase over the previous year. This is almost the same level as the previous forecast. Operating income was JPY 13.5 billion, an increase compared to the previous year. This is due to the positive effects of reforms for profitability improvement in the composites and aramid businesses, which more than offset the impact of lump-sum contract fee for in-licensed pharmaceutical products and the market entry of generic alternatives to FEBURIC. Compared to the previous forecast, profits decreased due to lower demand for some applications in the materials business and a delay in some of the expected license fee income in the healthcare business. Profit attributable to owners of parent for the year was JPY 10.6 billion.
While a major impairment loss was recorded in the composites business last year, there was no such loss in the current year, and the sale of strategic shares is also underway, resulting in a turnaround of JPY 28.3 billion. This is an increase in profit compared to the previous forecast. The year-end dividend is planned to be JPY 15 per share, which is the same as what we announced in February last time. This is an analysis of operating income by segment. The operating income Material Segment increased by JPY 15.1 billion compared to the previous year, but the segment is still in the red as a whole, with an operating income level of JPY -6.2 billion.
As shown in the table below, in the aramid and the composites business, the effects of profitability improvement measures have been realized to the tune of JPY 27 billion, resulting in a significant increase in profit compared to the previous year. On the other hand, there are some negative factors such as declining sales volumes in each subsegment. In addition, labor costs are soaring, especially in Europe and the U.S. These negative effects offset the effects of the profitability improvement, with the improvement limited to JPY 15.1 billion over the previous year. In the fibers and products converting business, operating income increased by JPY 2.5 billion to JPY 12.1 billion compared to the previous year. Both our core business, fiber materials and apparel, and industrial materials performed well, excluding some applications, and this has resulted in an increase in profit.
In the healthcare business, operating income for the year under review was JPY 7.3 billion, a decrease of JPY 17.8 billion compared to the previous year. As you can see from the bridge chart, the impact of the entry of generics in the market for our mainstay drug FEBURIC was a factor in a decline in profits of around JPY 6 billion. In addition, the impact of the licensing income and the one-off lump-sum contract fee for in-licensed pharmaceutical products was around JPY 11 billion, resulting in a significant decrease in profit. In the IT business, both the internet business and the Business Solution were strong, with an increase in profit of JPY 1.4 billion compared to the previous year and operating income of JPY 9.5 billion.
Although there was an increase in costs to launch the CDMO business in the field of regenerative medicine device, the net increase was JPY 0.8 billion, but the level of operating income was a negative JPY 0.8 billion. This is the result of non-operating income expenses, in which we have a major item of equity and earnings of affiliates in fiscal 2023. This item includes special factors such as the receipt of the settlement payment by the Brazilian subsidiary. As for interest expenses, there was a considerable increase in interest expenses compared to the previous year due to the impact of higher interest rates in Europe and the U.S. Including other factors, non-operating income expenses was a net positive JPY 2 billion. Next, in terms of extraordinary income loss, as I mentioned earlier, gains on sales of investment securities, mainly from the unwinding of cross-shareholdings, were significant in fiscal 2023.
On the positive side, income of JPY 7.1 billion from insurance claims related to the fire accident in the aramid business also contributed to the income. On the negative side, as already reported, a loss of JPY 6.9 billion was recorded on the sale of shares of subsidiaries and affiliates. This is the sale of Chinese composites business. Net extraordinary income loss was positive JPY 12.8 billion, a significant improvement compared to the previous year.
As for the financial position, there was a slight increase in total assets, but the impact of the weaker yen on the exchange rate was significant, so in real terms, there was a decrease. Interest-bearing debt also decreased compared to the previous year, and the gross DE ratio improved by 0.15 times to approximately 1.1 times. Finally, I will talk about the results of the reforms for profitability improvement, which were started in February last year.
We announced that we were aiming to improve profitability by more than JPY 30 billion in fiscal 2023. As a result, we have generally achieved almost JPY 30 billion as a result of the profitability improvement in the materials and healthcare businesses. In the composites business, the initial plan was JPY 19 billion. Although there were improvements in the Q4 in the area of recovery from primary factors, such as resolving age-related equipment failures at some plants, this area fell far short of the plan as there are still issues to resolve for stable production. Apart from this, the other measures to improve profitability were generally achieved as planned. As you can see in the graph below, the labor cost ratio improved, and as a result, operating income recovered rapidly in the Q4 , with EBITDA returning to the black in February and March.
This is the bridge chart for the composites business, and the left-hand side shows the progress made in the profitability improvement plan. As you can see on the right-hand side of the chart, the results under the profitability improvement plan were very good, but the effects of the UAW strike last fall, as well as the impact of soaring labor costs, had a negative impact on the results. In the aramid business, of the initially expected profitability improvement of JPY 14 billion, around JPY 3 billion was materialized in the previous year ahead of schedule. As a result, the target amount was JPY 11 billion. Each of the measures was largely achieved with the stabilization of the natural gas price, for example, exceeding the plan. Delays in the improvement of the maintenance system had a slight impact on the stabilization of production.
However, this was resolved in the Q4 , which means that the improvement targets have generally been achieved. This is the same graph as before. The Aramid business also generally achieved improvement in profitability, but from the Q3 onwards, there was a decrease in sales volume due to inventory adjustments on the customer side and an increase in unit labor costs, which offset the effects of these factors. Finally, in the healthcare business, we have carried out in-licensing activities as initially planned, and as already reported, we have in-licensed three hormone therapy drugs. In addition, the fixed cost reduction target for business structure reforms was set at JPY 5 billion in fiscal 2025, and around half of this target was already achieved in fiscal 2023 ahead of schedule.
The above is the status of the implementation of the profitability improvement plan in the three businesses that were identified as challenged businesses. This concludes my explanation. I, Ogawa, will present the two-year medium-term management plan for the 2024-2025 period, following the one-year plan for fiscal 2023 under the title of reforms for the profitability improvement. Then I will conclude my presentation with the outlook for fiscal 2024. First, let me look back at what we have done so far. As has been pointed out to us on several occasions, we have implemented our structural reforms well, but have not been able to develop new businesses afterward. We are aware, as pointed out before, that we have dealt with individual issues in our businesses, but not enough to address company-wide issues. Our challenges are still to manage our portfolio businesses thoroughly.
We are also strongly aware that we need to establish a global management platform to manage our business. Regarding the reforms for profitability improvement, the results will be summarized in more detail later. When various troubles occurred around the world, we still could not find a way to improve, and for whatever reason, we could not create something new after the structural reforms. Given the situation, we once again realize that it is important to first strengthen our management base by narrowing down our operating businesses, and then to implement the growth investments in the areas as promised while carefully scrutinizing them in order to achieve proper results. Therefore, we will focus on narrowing down our operating businesses and rebuilding the management base to operate them properly, with the first priority being to restore the basic earning power of existing businesses.
As for the part of our strategies that are not delivering results due to a lack of execution, we have been working for the past six months to reconfirm and build our purpose in order to improve our execution capability through a company-wide effort. Based on this plan, we are announcing today's plan for the two-year period between fiscal 2024 and fiscal 2025, first step towards the early completion of business portfolio reform and a return to a growth trajectory as indicated above. Therefore, what I will convey to you today is that we are committed to our business portfolio transformation. We'll execute strategic options for unprofitable and non-priority businesses. In addition, as we have tried several times in the growth industry sector we have identified, we will transform our business structure from the sale of single materials to a value-added business.
In order to realize these goals, we recognize that it is essential to properly implement the management base, profit plan, and financial strategy that we have presented to you, and we will discuss these issues with you today. We have indicated here what kind of company we aim to become through this plan. Regarding the reforms we have implemented over the past year under the title of reforms for the profitability improvement, we generally made progress in some of the additional reforms. However, there were some areas where we were far from stabilizing base productivity. I will review these areas in more detail later.
We will present our perception of the current situation later on from the perspective that, as repeatedly mentioned, there are probably things that could not have been done even if the figures were achieved, and things that could be done even if the figures were not achieved. In any case, we recognize that it is this two-year medium term that we complete the improvement of profitability, which has been inadequate, restore basic profitability, and at the same time work on the transformation of our business portfolio. As for our plans, we hope to achieve ROIC of 4% and ROE of 6% or more in fiscal 2025. Of course, this does not mean that this is the goal. I think the goal would naturally be to achieve ROE of 10% or more. Thus, by the end of fiscal 2025, we plan to achieve the case targets shown here.
At the same time, we are aiming for adjusted operating income of JPY 50 billion, and I will discuss these details later today. Normally, we would have to achieve an ROE of 10% or more and an improvement in P/B ratio at an early stage. We have recognized that we need to take this first step during these two years. If this is done properly during the next medium-term management plan period from 2026 to 2028, for example, in the field of mobility, which is currently under development with our customers, tires will need to be even higher in performance and lighter in weight, even in the case of EVs. We are working on these demands. We are currently selling battery boxes in the composites business. There are various issues around that other than composites, and we have come to understand that there are business opportunities in these areas.
So we will enhance our solutions in line with the electrification of cars and the transformation of airplanes. This is one of the areas where we have high expectations. In the field of infrastructure and industry, with a focus on energy, for example, plans for intercontinental power transmission cables are being actively discussed and planned. Among these, our material is seen as a very promising reinforcement material for these cables. I believe that by firmly promoting the development of these applications with our customers, we will be able to see them flourish in the next medium-term period, and I am confident that we will be able to achieve this goal. During the current medium-term period, we have found various defects in facilities and issues that need to be improved in our reforms for profitability improvement.
We made large-scale repairs during this period for the next medium term to ensure that we have a system that we can properly catch up with the expanding use of the facilities. In the healthcare business, as I have repeatedly mentioned, we have been working on changing the structure and shape of the business as part of our efforts to improve profitability. I believe that we have already found a direction, and we have shown it to you. So now, during the 2024-2025 medium-term period, we will take various measures to quickly monetize the pharmaceuticals that we have actually introduced so that we can deliver the promised profits in the next medium-term period. This next medium-term management plan is to make it two years to create this kind of flow. Let me explain the figures again.
We are aiming for revenue of JPY 1.15 trillion and Adjusted Operating Income of JPY 50 billion in fiscal 2025. As I mentioned, in terms of capital efficiency, we are aiming for ROE of 6% or more, an ROIC of 4% or more. But I hope you understand that this is not really the goal, but rather a milestone that we are in the process of improving profitability and hope to achieve at least this level. Excluding insurance revenue, which was included in the fiscal 2023 earnings, we estimate that the actual Adjusted Operating Income is approximately JPY 24 billion, and we intend to improve the Adjusted Operating Income rate from 2.3%- 2.9% and 4.3%. Again, we recognize that this should not be our goal, and we will do our utmost to show and achieve this first.
Now, let me go back and talk about how we reviewed profitability improvement in restoring this basic profitability. There were four major items, and I will explain each item separately. In the composites business, the part on the left shows that we are restoring the original productivity, which has been declining due to the COVID-19 pandemic, equipment breakdowns, and difficulties in hiring workers. This is a recovery from temporary factors, and the profitability improvement shown on the right is also due to other factors such as higher labor costs and logistics costs, which have increased costs. Offsetting this by taking various additional measures such as automating, allowing customers to price their products to a certain extent, or reducing the cost of procured goods is a way to improve profitability.
As you can already see, we were able to achieve most of the additional measures, but we fell far short of our goal of restoring the so-called productivity in North America, which we dropped in the first place throughout the year. Although we managed to return to profitability in the Q4 , I think we should reflect on the fact that we only had the ability to significantly delay the recovery. I recognize that the time has come for us to make a decision on the aging of our facilities, which is the cause of the delay and which has not yet been repaired even after a year of work. Based on this, the key point will be whether we can maintain EBITDA surplus in 2024 and 2025, or whether we can restore the plants that are suffering from aging facilities by improving their maintenance.
Even if this does not come to pass as promised, we will not exclude any and all options, and we will do whatever it takes to return to profitability and eliminate the deficit in fiscal 2024. On the other hand, Aramid had the same two problems: the loss of productivity due to the fire and the loss of productivity in other areas, as well as the extraordinary rise in costs, including a sharp rise in the price of natural gas. However, the restoration from the fire proceeded as planned, as shown on the left. Meanwhile, we have achieved our goal of dealing with the cost increase in the figures, but we recognize that our countermeasures against the abnormally high price of natural gas and our various procurement methods were more successful than planned, which offset the part of our productivity improvement that we had not achieved.
We recognize that we were not able to improve productivity to the level we should have done, and we are continuing to make improvements in this area. Therefore, we are aware that the midterm outcome will depend on whether we can maintain the productivity that we have generally achieved in the last quarter of the year and maintain full production and full sales. We have stated that we will continue to provide corporate support for maintenance of facilities and improvement of operational safety, and we will add a considerable amount of corporate support to further improve the system to stabilize and prevent accidents from occurring this fiscal year. This is the basis of our plan. In the healthcare business, as I mentioned earlier, we have already made a certain amount of progress in changing the business structure.
So we will accelerate preparations for the early launch of the in-licensed three drugs for rare diseases. At the same time, we will continue to change the structure of our business by successfully dealing with rare and intractable diseases by utilizing the home healthcare business platform for the future. At the same time, when we presented our plan for improving profitability, we promised to rationalize our head office staff, which was originally planned to be realized in fiscal 2025. In parallel, we will establish a next career support program to not only reduce fixed costs, but also to support employees' voluntary and independent career development, thereby renewing and replacing personnel and revitalizing the company. The above is a summary of the profitability improvement.
In light of the above, if I explain the figures I have just presented in the bridge analysis, the left-hand side shows adjusted operating income for fiscal 2023. Basically, we are assuming that the Aramid and composites businesses will be fully realised for the full year, which occurred in the Q4 , and that there will be no strikes in the composites business this financial year. Based on these assumptions, when subtracting insurance income from the blue line, we expect to see an increase in profit of around JPY 14 billion as a result of this positive effect.
Unfortunately, for the current fiscal year, considering the revision of NHI drug prices and reimbursement for medical services in the healthcare business, as well as a slight decrease in license outs, which were substantial in the previous fiscal year, we estimate that we will have to assume a JPY 9.6 billion decrease in profit, resulting in an improvement of only JPY 24 billion-JPY 30 billion for fiscal 2024. However, looking at external figures alone, adjusted operating income of JPY 30 billion will remain unchanged. In addition, in fiscal 2025, we expect profit growth in the Aramid composites businesses and in the carbon fibers and resins business, where we expect severe market conditions in fiscal 2024, but to recover to a certain extent in fiscal 2025. As a result, we expect a JPY 14 billion increase in profit.
In addition to the reduction of fixed costs, mainly for head office staff, as I mentioned earlier, we are aiming for JPY 50 billion in fiscal 2025. The above is adjusted operating income at the completion of the current medium-term management plan. Thereafter, we will explain our priority measures by segment. As for materials, as I mentioned earlier, we will stabilize the recovery in Aramid and composites to increase profits. And the most important contribution to profits will be to continue the stable productivity achieved in the Q4 last year. In the Aramid and carbon fibers businesses, we will finally put in place a system to increase sales volume by raising the utilization rate of the newly expanded facilities. And we expect this to increase sales.
Furthermore, in all material-related businesses, we have taken the lead in reducing our carbon footprint and in implementing recycling ahead of our competitors, and we have already done so. We will achieve our final goal of JPY 20 billion and 4% ROIC by building a competitive edge over our competitors through these sustainability-related measures. Again, we are still in the process of improvement, so the level of ROIC and adjusted operating income is not satisfactory. But our commitment is to first steadily turn the negative figures into positive ones and improve to this level in this two-year period. I have added a few explanations of how this can be achieved, focusing especially on the factors behind increasing profits. The role of mooring ropes in offshore wind power generation, which is increasing in various regions, will become more important the deeper the ocean goes.
Our Aramid materials are highly differentiated and have been approved by many customers. We believe that we can take a share of this gray market and increase production. In tires, steel, and other materials, we use for belts where Aramid was not used, but development has progressed to the point where Aramid is likely to be used in high-performance tires for EVs. By tapping into this demand, we expect Aramid sales to increase significantly. Also, as for resin, it is a little sluggish at the moment, but there is probably no doubt that EVs will replace internal combustion engine cars in any case after this, and we are preparing for that. For example, we expect sales of special resins for EV chargers to increase as the economy improves and installations increase. As shown here, labor cost inflation is a concern in Japan, Europe, and the US.
We recognize that there are many factors that can increase sales, and we have included them in our plan. Next is the fibers and products converting segment. The project to improve and strengthen basic profitability and reduce invested capital, which was implemented some time ago, is progressing well. I believe that we have been able to transform this business into one that stably generates more than JPY 12 billion. In the current fiscal year, we will continue to enhance our THINK ECO environmental strategy, which we launched ahead of other companies, to achieve further growth. We are aiming for a ROIC of 5% at JPY 13 billion. This is the healthcare business, but I will be brief as it is repetitive. Our strategy is to reshape the business has already started to progress.
In this medium-term management plan, the most important thing is to focus all our efforts on the rapid launch of the three drugs for rare diseases in-licensed from Ascendis. And in the meantime, we are transforming our business structure while maximizing the existing drugs that support the business. Therefore, it is a very important issue to reduce the remaining fixed costs. As we have indicated, we expect to reach JPY 9 billion and a ROIC of 4% in fiscal 2025. Since we have already received positive feedback that this business will indeed recover, we will move forward with the plan based on the recognition that this is an important time to create a business structure that will enable us to make a leap forward to the next stage. In the IT business, the e-commerce business and IT services, mainly for healthcare, continue to perform well.
Based on this, we are aiming for JPY 11.4 billion and a ROIC of 14% in fiscal 2025. Regarding new businesses, we basically planted the seeds of many new businesses during the previous medium-term period, and we recognize that it is time to choose where to invest resources based on growth potential and capital efficiency for the current medium-term management plan. We have already selected battery materials and membranes for commercialization, and our solutions are expected to be used more and more as batteries are used in automobiles, and we aim to capture this demand. Among the new businesses in the healthcare area, we believe that we can still grow the regenerative medicine and implantable medical device CDMO business to a certain extent. And in particular, promoting projects that will contribute to the commercial production of CDMO and the expansion of CMO is a key issue for this fiscal year.
We hope to eventually hit adjusted operating income of JPY 2 billion even after reducing expenses. From now on, I will discuss portfolio transformation. I would have liked to be able to present specific strategies, but today I will limit myself to telling you about our current situation. In the measures announced last February 2023 to improve profitability, I promised that we would examine our portfolio and formulate a plan based on the results of the review. In addition to this, we have reviewed the past medium-term plans and have completed our assessment of unprofitable and non-priority businesses. We have already created several strategic options and have completed their validation. We have already entered the implementation phase of each strategic option after selecting advisors and other parties. Although we were not able to report today, we plan to gradually transition measures to implement these strategic options.
So the figures we have just presented do not include cases in which these strategic options have been implemented. We will continue to disclose the measures in the implementation phase as we go along and present to you the results that reflect the financial impact of these measures during fiscal 2024. These are the portfolio transformations. As I mentioned, we have finished identifying unprofitable and non-priority businesses and are already in the phase of implementing strategic options. So we will invest resources in new fields at the same time. The fields shown in the circle in the middle are those that we have come up with the idea for. The first step is to narrow down the fields we have identified, mobility, infrastructure and industry, and healthcare, to those that I want to work in, although we have been operating our business with a focus on the provision of materials.
Within this narrowed-down focus, I will first break down business barriers and develop value-added activities that satisfy the needs of customers and society. For example, in the case of an automobile, the battery will generate a large amount of heat. So how can we manage the heat? We have found that there are still unmet needs around battery boxes that can be addressed by using our material solution technology. We will develop functional materials, or as shown in the center of the box, we will work on a processing business going forward by narrowing the scope of our business. In terms of the processing business, I think our presence in that market is important. For example, we have proven experience in fiber optic cables and other cables such as those used in subsea oil drilling. And these are applications where we are the only supplier.
We believe that it will be possible to create a joint venture with a customer in this field to provide cable solutions by using our knowledge and recognition of the customer in these applications. I will spend the next two years narrowing down the scope of our business, reducing the number of businesses, and then digging deeper into them. In the healthcare business, we have already been focusing on solutions to support not only patients with rare and intractable diseases, but also their families, communities, and doctors for several years. We will take a little advance in this area and implement a phase to make it blossom as a business during these two years. The next section shows our competitive advantages in each of these areas in the bottom row and the ideas I just mentioned in the top row.
For example, unfortunately, we have not been able to provide solutions beyond the organization of each material. To give an example, composites for airplanes are a promising application for carbon fibers, and we have been working hard on it, but some of our customers, for example, are actually involved in interior design as well as composites for the exterior panels of airplanes. If we can provide extremely durable, lightweight, and recyclable cushions made from the fibers used in car seats and high-speed trains, which are part of our textiles and products business, then aircraft manufacturers and operators will be able to reduce the carbon footprint of their entire fleet of aircraft. I am sure you understand that we have a variety of solutions to reduce the carbon footprint of airplanes as a whole, but we have not been able to do this in a customer-specific or application-specific manner.
We have decided to do so in the areas of mobility, energy infrastructure and healthcare, which is our portfolio transformation in terms of creating new fields of business. We are about to show you the capital allocation for these. First of all, we have JPY 200 billion in operating cash flow and JPY 50 billion in non-routine cash settled expenses, excluding the sale of unprofitable and non-priority businesses, as mentioned earlier. We will use these funds to maintain the financial return to shareholders and the soundness of the company, and to invest in the foundations and in some of the growth areas. In addition to this, after properly selling off idle assets and policy holdings, we will divest unprofitable and non-priority businesses. We will also use part of the process to return profits to shareholders and part to invest in growth to create new business areas, as I mentioned earlier.
As for shareholder returns, we will maintain 30% of profit attributable to owners of parent over the medium term and maintain the minimum annual dividend at JPY 30 per share. As I mentioned, what we are going to do is to properly deliver the delayed part of profitability, which is our base in 2024 and 2025. As for the portfolio that we will put on top of it, we will make sure that the existing businesses are properly answered and focused, and in addition, we will put in new ones. It will be in 2024 and 2025 that we will continue to work on this series of tasks. But there are several areas where we believe we will need to improve a little more, considerably, in our management base in order to carry this out. Broadly speaking, there are three.
First, there is the need for all employees to empathize with the direction, to work together with stakeholders towards a new direction, to create our own raison d'être together, and to commit to it and work hard to improve our ability to execute. Second, despite the fact that we are developing our business globally, we, as a corporate entity, did not play a sufficient role when the COVID-19 pandemic occurred. There were fire accidents and difficulties with the maintenance of aging facilities in the United States. As I mentioned at the beginning, the first thing to do is to reduce the number of business areas to the extent possible. The second important point is to strengthen the corporate response capability after narrowing down the scope and to once again rebuild the management base that we should possess as a global company.
In this context, it is important to maximize the use of global human resources, which are not being fully utilized yet in corporate functions. Based on this, and in order to increase effectiveness by instilling our purpose, raising employee motivation, and increasing empathy with our commitments, we believe it is important to strengthen our human capital management shown in the lower part of this section. We will put these three elements into proper formation during the medium term so that we can create a situation in which we can deliver the promised benefits in the medium term and beyond, as promised earlier. I want to mention a little bit about the formulation of purpose, so I made one here.
As I said, in order to achieve the results of what I have talked about today in these difficult circumstances, the main objective is to have all employees say, "Yes, that's what we are working for," and, "Yes, that's what we are doing." In particular, many offices, including overseas offices, joined us through mergers and acquisitions, and the siloed organization prevented us from doing so. Normally, a simple process would have been enough, but this time we have been working together with our employees to find and create a new path for our employees to follow. We have been putting a lot of effort into raising alignment for the past six months globally. As shown in the middle of the picture, it started with 40 global core members that I selected.
But if my idea was hypothesis one, the core members created hypothesis two, and then the core members scattered globally, each acting as a catalyst to involve employees and deepen the discussion on our own raison d'être. Recently, more than 2,000 people from around the world have participated in town hall meetings, albeit virtually, and we have created a situation in which we can talk about our company. The result of the journey to One Teijin project, which we have been working on for the past six months, is what we are presenting here as the purpose. Next, I would like to explain in detail the concept of Pioneering Solutions Together for a Healthy Planet, which is something that the employees of Teijin, as well as the employees of the company we bought through M&A, have been talking about for some time now.
They all said that our company is characterized by our commitment to both the health of the earth and the health of its people, and we have presented this as a path to achieve this goal. I would like to make sure that this is ingrained in the organization in 2024 and 2025 so that it seeps through and enhances the effectiveness of measures. As I have already mentioned, to achieve this, we need to make the best use of our global human resources. Therefore, we have decided to start focusing very much on global job posting. We intend to accelerate the process of having global, talented people take over the functions of the corporate organization. We believe that it will be essential for Teijin's development to further accelerate DE&I, including such people as a measure for human resource to play an active role.
To sum up, we believe that there are two reasons for the temporary decline in P/B ratios. One is that profitability has not reached the level you expect. Second, we felt that we had not presented a strategy that will make you believe in our medium-term growth and that we did not have a sufficient management base to implement it. To improve profitability, we will implement strategic options for unprofitable businesses and non-priority businesses, as I mentioned today, and maximize the profitability of existing businesses. In addition, we will implement this medium-term management plan with the aim of becoming a company that meets the expectations of all of you by showing the direction in which we will grow over the medium term after achieving these goals and by reforming the management base that will support this growth. I have run out of time, and that is all for now.
I will then briefly touch on the outlook for fiscal 2024. As I have already discussed the figures earlier, as a summary for fiscal 2024, we expect revenue of JPY 1.5 trillion, adjusted operating income of JPY 30 billion, profit attributable to owners of parent of JPY 10 billion, ROE of 2%, and ROIC of 2%. By business segment, as I mentioned earlier, we expect an increase of about JPY 8 billion in the material segment and expect a decrease of JPY 9.5 billion in the healthcare segment due to the revision to drug prices and medical fees during this period. In total, adjusted operating income is expected to remain unchanged at JPY 30 billion. Also, the last page shows our shareholder return policy. We have already mentioned some of our shareholder return policies, and we will continue to link dividends to performance with a target payout ratio of 30%.
We have set the minimum annual dividend per share at JPY 30 in order to ensure stable and continuous dividend payments. As I mentioned earlier in the medium-term management plan, if we are able to raise funds through the sale of assets or the execution of strategic options for unprofitable and non-priority businesses, we will, of course, use some of them for investment in growth, but we will also give priority to allocating some of them to shareholders as a return. We will discuss this with you in conjunction with our implementation of the plan. That's all for now.