Thank you for your time today. First, I, Moriyama, will talk about the key points of today's financial announcement. The results of fiscal 2024 are on the upper side of the slide. Profit increased year- on- year, with adjusted operating income up JPY 5.6 billion. Profit attributable to owners of parent turned positive, and ROE was 6.7%. This was due to improved profitability of the Materials business field and good sales in the fibers and products Converting business. We have decided that the annual dividend is JPY 50 per share as planned. As for the outlook for fiscal 2025, which is shown on the lower side of the slide, we expect the entire Company's profit to increase compared to fiscal 2024, and adjusted operating income to increase by JPY 7.4 billion. We expect profits to increase in both materials Business field and Healthcare business.
The annual dividend is expected to be JPY 50 per share. I would like to explain our financial results. The summary of the results is on page four. Revenue was JPY 1 trillion 5.5 billion in fiscal 2024, an increase of JPY 45 billion from fiscal 2023. Adjusted operating income was JPY 27.6 billion, an increase of JPY 5.6 billion from fiscal 2023. Teijin is currently in the process of narrowing down its Business fields, so we sold Infocom. Because of this, profit attributable to owners of parent increased by JPY 40.1 billion. The ROE was 6.7%. The second page of the summary shows revenue. The revenue increased by JPY 45 billion, driven by the materials Business field and Fibers & Products Converting businesses.
Adjusted operating income also increased by JPY 5.6 billion due to improved profitability of Composites business in the Materials business, increased sales volume of resins, and strong performance of the Fibers & Products Converting business. I will now talk about the analysis of changes in adjusted operating income by segment. Here is the Materials segment. Revenue was JPY 459.3 billion, and adjusted operating income was JPY 6 billion. As seen in the waterfall chart on the upper side of the slide, the adjusted operating income increased by JPY 7.8 billion year- on- year due to the effect of improved profitability in Composites, as well as increased sales in Resin. The situations of the four areas of the Materials business are shown at the bottom. For Aramid, the overall adjusted operating income decreased. Although sales volume increased, the price decrease had a negative impact, and the overall adjusted operating income decreased.
As for Resin, adjusted operating income increased due to strong sales in office equipment applications. As for Carbon Fibers, although sales of Carbon Fibers for aircraft applications are still strong, there was a decrease in sales volume for other applications such as industrial applications. Also, there was deterioration in capacity utilization due to production adjustments. As a result, adjusted operating income decreased. In the Composites, adjusted operating income increased due to the effects of profitability improvement and recovery from special factors. We originally had a very strong foundation in the Fibers & Products Converting business as a trading company. By combining the foundation with the R&D and production systems as a manufacturer, we have developed our business to meet the needs of our customers. Sales of both fiber materials and apparel and industrial materials were strong.
Two factors for the increase are listed at the bottom: Fiber Materials and Apparel and Industrial Materials. Adjusted operating income of the healthcare business decreased. Revenue was JPY 137 billion, and adjusted operating income was JPY 5.7 billion. The number of patients with sleep apnea syndrome has been increasing significantly. The increase in costs of devices for them, the decrease in license income from the previous fiscal year, and the impact of the drug price revisions resulted in the adjusted operating income of JPY 5.7 billion. The factors for increase are an increase in sales volume of Ossibon and reductions in fixed costs as a result of hastening the business structure transformation. However, adjusted operating income decreased to JPY 5.7 billion. In the Other segment, revenue was JPY 57.3 billion, and adjusted operating income was JPY 7.1 billion. The Other segment mainly includes new businesses.
Adjusted operating income increased to JPY 7.1 billion due to strong performance in the fields of separators, membranes used for Semiconductors, and Implantable Medical Devices. Fixed income and costs, non-recurring items. On the left side, although there was a decrease in interest expenses, the finance income and costs deteriorated slightly due to the disappearance of the effect of yen depreciation in the previous fiscal year. As for non-recurring items, impairment losses were recorded on the Composites business in North America in the second quarter, and diabetes treatments in the Healthcare business in the fourth quarter. As for the financial position, total assets decreased compared to the end of the previous fiscal year. The decrease was due to the impact of impairment losses on fixed assets in the Composites business in North America and Healthcare business, which I mentioned earlier.
Liabilities decreased year- on- year as interest-bearing debt was repaid with funds obtained from the sale of an IT company. The debt-to-equity ratio has now improved to approximately 0.8. As for the cash flow situation, cash flow from investing activities increased due to business structure transformation. Cash flow from financing activities decreased because the proceeds from the sale of Infocom were used to repay interest-bearing debt. This concludes the explanation of the fiscal 2024 financial results.
Next, I, Uchikawa, will explain our business outlook for fiscal 2025. There are no market trends that need to be noted. If you have any questions, we will answer your questions later. First, here is a summary of the outlook. Revenue will decrease by JPY 145.5 billion. This is due to the impact of the transfer of the Composites business in North America.
On the other hand, adjusted operating income is forecast to increase by JPY 7.4 billion to JPY 35 billion. The annual dividend per share will be JPY 50. Please note that the impacts of the U.S. tariff policy, et cetera, are not yet reflected in the summary and the following explanations. First, here is adjusted operating income by Business segment for three fiscal years. Gray is for fiscal 2023, blue for fiscal 2024, and red for fiscal 2025. As you can see, both of the segments are on track to improve from fiscal 2023. In the Materials business, cost structure reforms have been successful. The Fibers & P roducts Converting business continues to perform well. In the Healthcare business, the number of rented CPAP devices has been increasing, and fixed cost reductions will have the full year effects. As a result, the overall trend is toward improvement.
This is our outlook for fiscal 2025. We will now look at the details by segment. First, Materials. Adjusted operating income is expected to increase by JPY 2 billion year- on- year. First, the volume is expected to increase in carbon fibers business. Although the volume of Aramid business will also increase, the Aramid business is scheduled to undergo major periodic maintenance this fiscal year. The volume increase is not expected to be very large due to the reduced capacity utilization caused by the maintenance. Taking into account that gas prices have been gradually declining and that the economic downturn in China and Europe has led to intensified competition and lower prices, these will have negative impacts. Profitability improvement on the far right through structural reforms in the Aramid and Carbon Fiber businesses will increase adjusted operating income.
As a result, the adjusted operating income is expected to increase by a total of JPY 2 billion. This is the outlook for the Materials segment. Next is the Fibers & Products Converting business. There is no major change in adjusted operating income in the segment. The Apparel business, which performed very well last fiscal year, is expected to decrease slightly due to the situation of transactions with customers. The plan for the current fiscal year is to supplement this with Industrial Materials, business for automobiles, and infrastructure applications. Adjusted operating income is expected to be JPY 18 billion, the same level as last year. The Healthcare business. We expect CPAP rental volume to continue to grow here. On the other hand, the impact of drug price revisions, et cetera, will offset this to a certain extent. Profitability improvement, including fixed cost reductions, will recover these effects.
This is the major outline. In addition to this, there will be a decrease in depreciation amortization due to impairment losses, so final adjusted operating income is expected to increase by JPY 6.8 billion to JPY 12.5 billion. Finally, the other segment. Adjusted operating income in the segment is expected to slightly decrease year- on- year to JPY 4.5 billion. The main reason for the decrease is separators, membranes for Semiconductors, and the Implantable Medical Device business performed well last year. Among them, we expect sales of separators to slightly decrease due to the sales situation of customers. Due to these factors, we expect a slight year-on-year decrease in adjusted operating income. We are implementing business portfolio transformation and have transferred the Functional Food Ingredients business and shares in Teijin Nakashima Medical, but the impact on adjusted operating income is expected to be limited.
Therefore, I would like to explain the priority measures for fiscal 2025. As you're aware, the PB ratio of the Company is less than 1 due to the slump in our stock price. We recognize that we must improve it in a hurry, and we have implemented various measures by fiscal 2024, as shown here, focusing on improving ROE and PER. In this regard, we think we have shown you that we do exactly what we promised. On the other hand, looking at the outlook for fiscal 2025, for example, in the area of improving profitability, we recognize that new changes in the external environment are occurring in the Aramid business and Carbon Fiber business, in addition to what we had initially expected. In order to respond quickly to these changes, we have already decided to implement additional measures to improve profitability and are implementing them.
We intend to continue similar measures to improve asset efficiency and financial position. We recognize that we have done what we have promised in terms of improving PER. However, as has been pointed out many times in the past, it has been pointed out that although a certain degree of progress has been made in structural reforms, growth strategies are not yet in sight. We believe that fiscal 2025 will be an important year for explaining and presenting the content of growth strategies to you. Our direction is to expand several models that have already been successful within the Company, such as the Fibers & P roducts Converting business, the home Healthcare business, and the Compounding business within the Resin business, which have already been converted to value-driven businesses to the entire Company.
We intend to make this year a year in which we will firmly demonstrate the substance of our transformation into a value-driven business entity by combining the expansion of promotional downstream business, the incorporation of peripheral business areas, and our leading role in industry reorganization. These are the priority measures. The following slides are a summary of what I have explained. We recognize that the competitive environment for both Aramid and Carbon Fiber businesses is becoming very tough. The main cause is the slowdown in the European economy due to the economic recession in China. We cannot sit idly by and wait and see what happens. We will implement additional structural reforms for Carbon Fibers and Aramid Fibers proactively. The content we explained today is shown here. For Aramid business, we will focus on cost structure reforms, reviewing the production structure and radically reviewing R&D, sales, and head office functions.
We have already started the optimization of production bases, et cetera, and are now moving into the implementation phase. In addition, as competition in the Carbon Fiber business is also becoming extremely fierce, we will thoroughly withdraw from low-profit businesses to reduce and optimize the scale of production. Our challenge and goal for this fiscal year is to reform our cost structure and create a form that allows us to compete in areas with high profitability at reasonable costs. I think it is my mission to complete these tasks with a sense of speed. The next slide describes the achievements and future direction of the business portfolio transformation. As I have repeatedly explained, I believe the procedures have been taken in the past to deal properly with unprofitable businesses. On the other hand, management discussed whether we are the best owner in terms of synergy, capability, and resource allocation.
Our policy is that if we determine, through the discussions, that we are not the best owner or that although a business is profitable, it will not be a future pillar in terms of stability and growth potential, we will promptly divest the business, and we have implemented the policy. We are now in the process of shifting our portfolio with a focus on using the narrow portfolio to change more and more to a customer-centered business model that provides value, services, products, or materials that help customers solve their challenges. As for achievements, we have sold Infocom, decided to transfer our composites business in North America, and decided to withdraw from the implantable medical device and functional food businesses through transfers.
In the future, we intend to shift more and more to a customer-centered model in various business areas through promotion of downstream business, incorporation of peripheral business areas, and industry reorganization. Therefore, we believe that identifying businesses that fit this model and allocating resources to them on a priority basis will be an important pillar in the direction of portfolio transformation in the future. At the same time, while we believe that we have taken proper measures in major business units, we have not yet fully addressed some areas in each SBU in each business unit. We will continue concentration and selection approach in SBU units by thorough management of ROIC. We will announce details of the direction in the next medium-term management plan to be released in May of the next fiscal year. Finally, I would like to explain our financial soundness and shareholder return policy.
Regarding financial soundness, as Moriyama explained, our policy is to maintain a debt-to-equity ratio of 0.8. As for our shareholder return policy, we have repeatedly stated that we will pay stable dividends with a target payout ratio of 30%. In consideration of the stable and sustainable payment of dividends, we plan to pay a full year dividend of JPY 50 for the current fiscal year. Although the dividend payout ratio will be slightly high, we intend to return profits to shareholders with a focus, first of all, on the stable and sustainable payment of dividends as promised. This concludes my explanation.