I am Nabeshima, CFO of Teijin. I'll explain mainly about the financial results based on the presentation material. The first page is about the measure points of financial results of FY 2022 and the outlook for FY 2023. In FY 2022, while net sales increased by 10% year-on-year to JPY 1,018.8 billion, operating income decreased by 70% year-on-year to JPY 12.9 billion. In the previous outlook, it was forecasted as JPY 10 billion, it was about 30% higher than the outlook. The factors behind this result were, in the materials segment, even though selling price revisions offset rises in raw material and fuel prices, operating loss continued, affected by a significant profit decrease due to production problems and labor shortages at U.S. and European bases, as well as the slowdown of the Chinese economy.
The healthcare segment also recognized a decrease in operating income due to the impact of the market entry of generic alternatives to Feburic, a mainstay drug for gout and hyperuricemia last June, and the NHI price revisions. Loss attributable to owners of parent was JPY 17.7 billion. This was due to the impairment loss in the composites segment recorded in the third quarter, as well as a rise in the tax burden rate triggered by increased deficits at overseas subsidiaries. Regarding the outlook for FY 2023, by implementing reforms for profitability improvement announced in February, we expect net sales to increase about 3% to JPY 1,050 billion and operating income to be around JPY 35 billion, about 2.7 times higher than that of FY 2022. Profit attributable to owners of parent is forecasted to be JPY 13 billion.
Dividend will be in line with the plan and the year-end dividend for FY 2022 is JPY 12.5, and for FY 2023, we plan to pay out JPY 15 each for both interim and year-end dividends, and the annual dividend of JPY 30 per share. Please turn to the next page for the status of FY 2022 and the outlook for FY 2023 for main target markets. In the Aramid business and materials segment, solid demand continued throughout FY 2022 for automotive, industrial materials, and ballistic protective apparel, and we expect the same situation will continue in FY 2023. In the resin business, customers' manufacturing operations declined for mainstay office machine in FY 2022 due to the impact of the lockdown in China. Such a situation is expected to continue in the beginning of FY 2023, but will gradually recover from the latter half of the year.
Demand for carbon fibers for passenger aircraft was strong in FY 2022 as the recovery of passengers continues ahead of the initial forecast made at the beginning of the pandemic, and we expect this situation will continue in FY 2023. In the composites business, OEM production continued to be constrained due to the semiconductor shortage and supply chain disruption throughout FY 2022, but we expect the semiconductor shortage to be gradually resolved in FY 2023. In the fibers and products converting segment, both fiber materials and apparel, as well as industrial materials, performed relatively well in FY 2022 as they continued to recover from the pandemic. In FY 2023, while fiber materials and apparel business are expected to be sluggish a little, other areas will make further recovery.
In the healthcare segment, the number of patients with gout and hyperuricemia is on the rise, but sales based on the NHI price are expected to continue to shrink due to the market entry of generic drugs. As for home healthcare, for HOT or home oxygen therapy, curbing hospitalization continued in FY 2022, but such a measure is expected to be lifted in FY 2023. The market for CPAP devices is expected to continue to grow, and this situation will continue in FY 2023 as well, with a recovery in the number of examinations. In the IT segment, the impact of piracy websites on e-comics decreased and the market grew continuously in FY 2022, and this situation is expected to continue in FY 2023. Please skip to page 6 for performance highlights. Net sales, operating income, and profit attributable to owners of parent are as explained at the beginning.
Page seven shows PL. Ordinary income was JPY 9.1 billion in FY 2022. This was due to significant year-on-year deterioration of non-operating items shown above, as well as deterioration of equity method earnings and financial account balance. For management indicators, ROIC based on operating income was 1.6%, far short of the target level of 8%, and EBITDA was JPY 87.8 billion, less than the JPY 100 billion mark. Regarding investment, CapEx was JPY 62.5 billion, while fixed assets significantly increased due to the takeover of diabetes treatments in the previous fiscal year. CapEx remained relatively low level in FY 2022. In exchange rates and oil and gas prices, European natural gas price increased from EUR 69 in FY 2021 to EUR 116 in FY 2022, and this factor negatively affected the profit mainly for Aramid.
Page eight shows comments by sub-segment of the material segment. For Aramid, net sales increased but operating income decreased. This was due to the sales decrease due to declined sales volume caused by a fire at the raw materials plant and a deteriorated productivity, as well as the already mentioned rise in the natural gas price, for which we couldn't do enough price revisions to offset the price hike. For Resin, both net sales and operating income decreased. At the beginning of the 1st half of the last fiscal year, we were forced to suspend operations at our plants in China affected by the lockdown, and afterwards, the Chinese economy has slowed down.
Carbon fibers returned to the black with increased net sales and operating income as demand for products for most applications, including aircraft, remained firm and we were able to revise the selling prices to address raw material price hikes. Composites grew net sales significantly, operating income decreased due to a temporary decline in productivity caused by a machine breakdown. In the healthcare segment, as I mentioned earlier, the sales volume of our mainstay Feburic has declined significantly since last June due to the market entry of generic alternatives. While the sales volume of Somatuline and Xeomin is growing, we were affected by the NHI price revision implemented again last year. Next page is about the Fibers and Products Converting segment and the IT segment. Operating income in the Fibers and Products Converting segment was JPY 10 billion in FY 2022, up JPY 4.3 billion year-on-year.
Both industrial materials and fiber materials and apparel have recovered from COVID and automotive parts, water treatment filters, and global textiles also showed steady growth, resulting in an increase in operating income. IT segment decreased operating income by JPY 1.6 billion, while sales of e-commerce services are increasing due to the growth of the market. Operating profit decreased due to the increased advertising expenses. Page 11 shows non-operating items. The total of equity in earnings and losses of affiliates decreased by JPY 6.7 billion year-on-year. This includes the restructuring expenses incurred by the joint venture in Europe. Financial account balance was worsened, affected by the rise in interest rates in Europe and the United States.
For extraordinary items, a large impairment loss was recorded in the third quarter of FY 2022 in the composites segment, and this led to worse extraordinary items result than the previous year. Page 12 shows the financial position. Total assets increased by JPY 34.9 billion due to the impact of foreign exchange rates. Interest-bearing debt also deteriorated as well by JPY 44.3 billion, also affected by the exchange rates, as well as by decreased free cash flow and other factors. Inventories also increased more than JPY 30 billion. This increase was due to higher inventory unit prices affected by higher raw material prices and costs, as well as the impact of the yen depreciation. That is all for the financial results for FY 2022. I am Uchikawa. I'll explain the outlook for FY 2023. First, please turn to page 14 for the medium to long-term direction.
We have set a long-term vision to become a company that supports the society of the future. Currently, we are clarifying the medium to long-term direction to specify the measures to support the society of the future in two areas. One is to protect the global environment, and the other is healthcare, where we are narrowing our focus to become a company that addresses issues of patients, families, and communities in need of more support from the broader focus of the issue of an aging society with lower birth rate, as we have had so far. In the area of healthcare, we have already focused on diseases such as rare and intractable diseases. We believe that with this focus, we can increase the value by utilizing our business foundation we have cultivated in the home healthcare business.
We'll find a way to take advantage of this area with the focus and achieve further growth. In the area of materials, we have already narrowed down areas of focus to become a company that protects the global environment, we will further narrow down the focus and reflect this in our medium-term management plan to be announced next year. As you know, Tokyo Stock Exchange issued a notice, Action to Implement Management That Is Conscious of Cost of Capital and Stock Price, on March 31st, 2023, I would like to introduce some of our ideas today based on this notice. Our earnings have been affected by changes in the external environment in the past, we see declining profitability in multiple businesses, this has led to low market evaluation. As a result, our PBR has fallen below 1.0.
We thought it is essential to improve the profitability first, and we decided to delay the medium-term management plan by one year. This is our commitment with the market to improve the profitability by this delay, and we are executing it right now. We have promised to present the portfolio reform and the medium-term management plan to be announced next year, and we will show the business portfolio restructuring or strategy with consciousness of capital efficiency as well. We intend to get out of the situation with PBR below one. Please turn to page 15. This is the summary of reforms for profitability improvement that was announced in February, with progress indicated in blue. We have identified three underperforming businesses and presented measures for each of them.
For the composites business, we promise to recover the plant equipment breakdown that caused a significant impact and to implement various measures to improve productivity and profitability. For this part, we have almost completed price negotiations related to the additional raw material price hikes made last year, and the result will be reflected to the price soon. Also, we are negotiating with customers on price revisions associated with additional increase in labor and utility costs. In addition, we are gradually making progress in improving productivity. For Aramid, we are recovering from the impact of the fire that broke out at the end of last year. Even before the fire, we had some operational issues in production that had prevented sales volume increase. To address this situation, we have already invested for capacity expansion.
In this fiscal year, we will get out of the situation where we were not able to fully utilize the expanded capacity. Also, we will take measures to mitigate the impact of the sharp rise in natural gas prices due to the situation in Ukraine. These are the three main pillars we showed you before. As for the recovery from the fire, we have successfully resumed operation of the raw material process ahead of schedule in the 4th quarter of FY 22, and we will continue to make the progress for the spinning process. Overall, we expect that we will be able to reach full-scale operation in the 1st quarter of FY 23, including the inventory of intermediate materials. Compared to the February announcement, various measures are being progressed considerably ahead of schedule. The last point is healthcare.
In this area, we have promised to focus on the fields of rare and intractable diseases from the viewpoint that we can make the most of our current business foundation. To this end, we will proceed with the in-licensing of treatments this fiscal year and narrow down the focus in main footing of business, content, and target areas of our business. At the same time, we are committed reform the structure to fit the size and content of our resources to match the focus. To this end, we have already signed a basic agreement with Axcelead, a drug discovery solution provider, to establish a joint venture for research in the area of drug discovery. With this joint venture as a start, we will promote the in-licensing rare and intractable disease treatments mentioned earlier and reform on the content and structure of our business.
With the change of the business, we plan to reduce the fixed costs for the headquarters staff who support these measures. We have started to implement measures to reduce fixed costs by JPY 4 billion, which will be recognized in FY 2025. Furthermore, for the management structure reform, we have reduced the number of directors and clarified responsibility of each director for group management and business profitability. We have been operating under this structure since April for quick management decision-making and execution of decisions made. Let me move on to page 16 for highlights of the outlook. We expect net sales to continue to increase. Basically, our goal for this fiscal year is to fully recognize the effect of the completed expansion of the production capacity.
Last fiscal year, we missed various sales opportunities due to production problems at the U.S. and European bases, and our plan for this fiscal year reflects sales increase by addressing those missed sales opportunities properly. Operating income is based on the same situation, but we also expect productivity improvement in the materials business, additional selling price revisions, the effects of production increase and sales growth through full utilization of the expanded facilities, recognition of effects of profitability improvement measures which already announced, as well as the elimination of temporary production problems in the previous fiscal year. These are the factors behind operating income increase. This is partially offset by the market entry of generics for healthcare products. Operating income is expected to improve significantly from JPY 12.9 billion in the previous fiscal year to JPY 35 billion.
Furthermore, we expect profit attributable to owners of parent, which was in the red in the previous fiscal year, to return to the black this fiscal year at JPY 13 billion. Assumptions are as shown below on the lower left. Please turn to page 17 for the summary. We plan to improve ROE, ROIC, and EBITDA to the figures shown in the green column in the middle. Although the outlook for ROE and ROIC are still low compared to the targets we should aim for, we are determined to steadily improve them up to this level first. For EBITDA, we intend to improve it to at least over JPY 100 billion level in this fiscal year. We do not have any major plans for CapEx, depreciation and amortization, and R&D expenses to report for this fiscal year.
For CapEx, we are planning to use some of the budget reduced last fiscal year and postponed to this fiscal year to promote automation and to renew and maintain facilities as active investments to contribute to profitability and productivity improvement. In addition, we are going to start the energy source conversion in Matsuyama as environmental investment, although its effect will not be fully recognized yet. For these measures, we plan to increase CapEx a little. That is all for the summary. Now let me move on to page 18 for explanation of the status by segment. As I already explained, we plan to make a significant recovery in the materials segment, mainly by the effects of profitability improvement measures and the recovery from the fire and equipment breakdown.
We expect steady and solid conditions for IT and fibers and products converting segments, while in healthcare, the impact from the market entry of generic alternatives to Feburic last fiscal year is expected to affect the first quarter of this fiscal year, which did not happen in the first quarter of the previous fiscal year. This will decrease the net sales and operating income, and overall, net sales and operating income of materials are expected to increase, while those of healthcare will slightly decrease. Let me turn to page 19 to explain sub-segments in the materials segment. First, I will explain the trend and factors behind the change in operating income.
As summarized in the table below for Aramid, the main pillar of the plan for this fiscal year is to eliminate production constraints due to the fire and problems with consumable parts suppliers and fully achieve 100% effects of the expansion that has already been completed. As I said, we are already on track to recover from the fire and resolve the production constraints, and we have already resumed operations, so we are determined to complete these measures. The natural gas price is now actually lower than expected, and we are already reviewing contracts with suppliers in preparation for volatile fluctuations to minimize the impact of the abnormal rise in the price of natural gas. In the carbon fibers business, demand for aircraft is expected to recover further, and an improved sales mix also contributes to operating income increase.
A new plant in North America, which has started its operation, is planned to start full-scale operation. As a result, sales volume is expected to increase. Lastly, for composites sub-segment, as I mentioned at the beginning, price negotiations are progressing well. The important point now is how much we can reduce costs for productivity improvement. In addition, we have completed repairs at the end of last year to address the temporary deterioration in productivity due to the equipment breakdown, and associated additional costs will be eliminated this fiscal year. As for the impact of labor shortages, the labor market tightness has eased slightly, and we expect this trend to become more obvious in the second half of the year. We will continue to monitor the situation carefully. I will explain this by the waterfall chart on the upper right.
Volume will increase by JPY 19.5 billion, which reflects positive trends in all sub-segments. Spread will be increased JPY 11 billion from FY 2022, reflecting decreases in price of raw materials and selling price revision to address the price hikes last fiscal year. The impact from foreign exchange rates is not incorporated this time. In others, productivity improvement is supposed to be included. In fact, we expect it including the elimination of one-time expenses associated with deteriorated productivity due to the equipment breakdown. This will be largely offset by the increase in fixed costs, mainly due to soaring labor costs in many countries around the world. This item is forecasted to increase JPY 900 million, and the total operating income expected for the materials segment is JPY 11 billion. That is all for the materials segment.
I will now move on to the healthcare segment on page 20. I will use the table below for simple explanation. Different from the previous fiscal year, the impact of the generic version of Feburic will be recognized for the full year, resulting in a decrease in sales volume and operating income. We have the impact of the NHI price revision of about JPY 2.5 billion this fiscal year, and there will be an absence of licensing income we had last fiscal year. We plan to offset these negative factors by increasing sales of the newly launched drug, Ostabaro, and increasing sales volume and the number of rental units for medical devices. As you can see in the volume, decrease of Feburic is larger than those positive factors and impact of NHI price revisions is indicated in the sales price and mix.
Taking these factors into consideration, the current plan projects a decrease in operating income from JPY 23.5 billion in the previous fiscal year to JPY 16.5 billion in the healthcare segment. Page 21 is about segment information for fibers and products converting, IT, and others, which is mainly operated by the new business development unit. In the fibers and products converting segment, we are concerned about slightly sluggish overseas fiber materials and apparel market. This is expected to be offset by a recovery in the automotive market and increased sales of polyester staple fibers for water treatment filters. We expect operating income to be JPY 10 billion, the same as in the previous fiscal year.
As described here, we are forecasting ROIC to be 7%, also the same as last year. We plan to maintain a certain degree of improvement in the fibers and products converting segment, which has been struggling so far. Next is the IT segment. Operating income is expected to increase from JPY 8.1 billion to JPY 9 billion. The main reason for this increase is the further growth of e-commerce and IT services are also expected to perform steadily. Lastly, I would like to explain the other segment mainly operated by the new business development unit. In this segment, sales increase at JTEKT and good sales of orthopedic implantable devices are positive factors. We expect battery materials such as separators, which were strong in the previous fiscal year, to continue solid performance, and we are steadily growing our new businesses.
In this fiscal year, we plan to launch a CDMO business as already announced, so there will be associated increase in labor and other expenses. As a result, our outlook for operating income of this segment is down JPY 1.1 billion year-on-year. New businesses are progressing generally in line with the plan. Page 22 shows a waterfall chart to summarize all segments to compare operating income outlook to the previous year result. Operating income in FY 2022 was JPY 12.9 billion. This will increase by JPY 21.5 billion due to the volume increase in the material, fibers and products converting, and IT segments.
For the spread, we plan a positive change as raw material and fuel prices are decreasing and customers mostly agreed to accept selling price revision to absorb the raw material and fuel price hikes in the previous fiscal year. This is partially offset by the NHI price revision. As I said, we do not incorporate the impact of foreign exchange rates. Lastly, for others, we are supposed to expect recovery from the equipment breakdown in the previous fiscal year and productivity improvement. It is offset by the increase in fixed costs due to the sharp rise in labor costs, mainly overseas and production recovery. As a result, the total of others will be down JPY 7.4 billion year-on-year. This will make the projected operating income JPY 35 billion. Lastly, on page 23, financial soundness and shareholder return policy are provided.
As shown in the graph on the lower left, we are forecasting a D/E ratio after capital adjustment as 1.1 times. It had been worsening in the past, we want to make sure to bring it within the target level this fiscal year. For the shareholder return policy, we'll maintain the dividend policy of a stable and continuous dividends and set the target payout ratio as 30% of the net profit over the medium term. For FY 2023, we plan to pay an interim dividend of JPY 15 and a year-end dividend of JPY 15 for an annual dividend of JPY 30 per share. That is all for the financial soundness and shareholder return policy. This concludes my explanation on the outlook for FY 2023. Thank you.