Good afternoon. This is Arai, in charge of Corporate Management Planning Headquarters. I would like to present the financial results for fiscal year 2023 in comparison to the previous year. In short, the P&L results exceeded our expectations. We achieved record highs in net sales, operating profit, ordinary profit, and profit attributable to owners of parent. Net sales increased JPY 93.8 billion year-on-year to JPY 1,103.2 billion. Excluding the effect of exchange rates, which came to JPY 24.2 billion, demand actually increased by JPY 69.6 billion. Operating profit was up JPY 17.2 billion to JPY 106.1 billion, up 19% year-on-year, with profit margin of 9.6%, up 0.8% from the previous year. Net interest expense was down JPY 0.5 billion due partly to reduction of cross-shareholdings.
Largely in part to foreign exchange gain of JPY 3.6 billion resulted in total non-operating profit up JPY 2.8 billion. Ordinary profit increased JPY 20 billion year-on-year to JPY 107.8 billion. Extraordinary loss was down JPY 1.7 billion at JPY 6.2 billion. As mentioned earlier, with extraordinary profit, we recorded profit on sales of investment securities in the previous year of JPY 9.9 billion, which came down to JPY 6.9 billion, lower by JPY 3.1 billion. Profit attributable to owners of parent was JPY 75.4 billion, an increase of JPY 14 billion or 23% from the previous year. Next is a waterfall chart showing breakdown of changes in operating results for fiscal year 2023. Increases in sales and production volume of JPY 26.5 billion came from Automotive business in Semiconductor segment, Power Supply and Facility Systems business, Substation Equipment business, Factory Automation business, and Store Distribution business.
On the other hand, fixed costs increased, including labor cost by JPY 6.4 billion and capital expenses, that is, depreciation and leases paid, mainly related to Semiconductor segment increased JPY 5 billion, and other expenses increased JPY 9.1 billion. But with progress in businesses, such controllable expenses and outsourcing costs increased, resulting in a total of JPY 20.4 billion increase in fixed costs, a -JPY 20.4 billion impact on the bottom line. Depreciation of the Japanese yen resulted in positive effect of JPY 4.4 billion and JPY 6.7 billion from others. Surge in raw material prices of JPY 6.7 billion and differences in model mix and profitability between projects of JPY 1 billion is included, but these were offset by increasing selling prices of JPY 14.4 billion. Next, net sales and operating profit by segment for fiscal year 2023. Net sales and operating profit were higher in all segments.
Operating profit ratios were above 8% in all of the segments, with ratios of nearly 16% for Semiconductor segment, resulting in total operating profit ratio of 9.6%. Looking at the results by segment in more detail, Energy segment had net sales of JPY 342.8 billion, up JPY 9.5 billion, operating profit up JPY 1.6 billion to JPY 30.1 billion. There are four businesses, with two of them doing strong while the other two not doing well. Power Generation business did not do well, with lower net sales and operating results due to an absence of large-scale project recorded in the previous fiscal year and higher expenses in the large-scale projects, resulting in decrease in both net sales and operating profit from the previous fiscal year.
The other business, which did not do well, was ED&C Components business, with poor performance in domestic as well as overseas markets for finished machinery manufacturers and for semiconductor production equipment, resulting in huge decrease in net sales and operating profit from the previous year. On the other hand, the two businesses that did well were Energy Management business, saw substantial increase both in net sales and operating profit as a result of achieving large-scale orders for substation equipment for industrial applications in Japan and power supply equipment in the U.S. The other business that did well was power supply and facility systems business, recording higher net sales as well as operating profit as projects from data centers and semiconductor manufacturers increased. Overseas subsidiaries saw a large increase in both net sales and operating profit, making contribution to the business.
Next, Industry segment was up JPY 50.1 billion in net sales to JPY 419.9 billion, operating profit up JPY 7.5 billion to JPY 34.3 billion year-on-year. There are four businesses under industry as well, with all four businesses recording increase in net sales and operating profit. In Automation Systems business, with increased production of factory automation components and low-voltage inverters, etc., net sales and operating profit grew. Social Solutions business recorded substantially higher net sales as well as operating profit from the previous year due to increases in orders for nuclear power and radiation-related equipment. Third is Equipment Construction business, which also recorded higher net sales and operating profit with large order for air conditioning equipment construction. IT Solutions business saw higher net sales with large projects compared to the previous year, but operating profit remained flat due to differences among the projects.
Next, for Semiconductor segment, net sales came to JPY 228 billion, up JPY 21.8 billion, with operating profit up JPY 4 billion to JPY 36.2 billion. There was a month or two in the fourth quarter in which component procurement did not happen due to the factors related to the component procurement manufacturers, resulting in declines in production and sales. Also, with bolstering of power semiconductor production capacity and increasing capital costs as well as raw material costs, we were able to record profit with increased net sales and cost reduction measures. The table on the slide shows net sales for industrial and automotive, with industrial sales slightly lower at JPY 102.4 billion, while automotive saw a large increase of JPY 25.4 billion to JPY 125.6 billion. Automotive business was instrumental in increasing the profit.
For Food and Beverage Distribution segment, net sales were up JPY 12 billion to JPY 107.3 billion, with operating profit up JPY 8.8 billion, up JPY 4.5 billion year-on-year. Vending Machine business saw increase in net sales and operating profit due to growth in demand in Japan and benefits of cost reduction activities. In fiscal year 2022 and 2023, special factors of more than -JPY 2 billion related to customer in China were included, but if we exclude this factor, the profitability of vending machines business will be in double digits. Store distribution business grew year-on-year due to higher large-scale orders for counter fixtures combined with growth in demand for convenience store equipment renovations. Next is year-on-year comparison of net sales for Japan and overseas area. Net sales for overseas were up JPY 40.4 billion to JPY 332.4 billion.
For Japan, it was up JPY 53.4 billion to JPY 770.8 billion. A JPY 40.4 billion increase overseas came mainly from Asia. Other regions also saw growth, except for China where, if we exclude foreign exchange impact, it will be almost flat year-on-year, reflecting the bad market conditions there. Asia and others were up JPY 18.2 billion, Europe up JPY 6.1 billion, and Americas up JPY 9.1 billion. Next is a breakdown of changes in amounts of orders received by segment. Orders received in fiscal year 2023 totaled JPY 1,109.8 billion, up JPY 3.3 billion year-on-year. Industrial Components was down JPY 31.6 billion at JPY 399.1 billion, while Plant Systems saw a rise in the amounts of orders.
Automotive business in Semiconductor segment was up 24% year-on-year, while Industrial business was down 9%, factory automation business was down 18%, ED&C components business down 22% from fiscal year 2022. The quarterly trends from fiscal year 2022 to fiscal year 2023 are shown on the right. Quarter-on-quarter growth is shown on the far right, with Industrial business Semiconductor segment up 27%, factory automation business, and ED&C components business also up from the previous quarter, but Semiconductor segment automotive business was down 14% due to the supply suspension by a number of component manufacturers impacting orders, net sales, and operating profit. Next is a comparison of fiscal year 2023 results against the forecast announced January 31, 2024.
Net sales exceeded the plan by JPY 33.2 billion, operating profit by JPY 6.1 billion, operating profit ratio by 0.3%, ordinary profit by JPY 8.8 billion, profit attributable to owners of parent by JPY 7.4 billion. All in all, landing substantially higher than the plan. By segments, all segments saw net sales and operating profit exceed the plan. In energy segment, by JPY 11.8 billion and JPY 3.8 billion. Industry segment, by JPY 9.9 billion and JPY 1.4 billion. Semiconductor segment, by JPY 4 billion and JPY 0.5 billion. Food and Beverage Distribution segment, by JPY 3.3 billion and JPY 1.1 billion, respectively. Landing stronger than the plan. Next is a year-on-year comparison of the balance sheet at the end of fiscal year 2022 and fiscal year 2023. Expansion of the business and net sales led to increase in notes and accounts receivable trade and contract assets and inventories.
Fixed assets, mainly in Semiconductor segment, increased. Total assets came to JPY 1,271.2 billion, up JPY 89.6 billion year-on-year. Cash and deposits were down JPY 18.5 billion to reduce net interest-bearing debt by JPY 1.7 billion to JPY 97.4 billion, resulting in net D/E ratio of less than 0.2 times, ROE was 13.5%, ROIC 11.5%, and equity ratio was higher than the previous year at 47.4%, enhancing financial strengths. Next is a year-on-year comparison of the consolidated cash flows. Cash flow from operating activities was JPY 84.9 billion for fiscal year 2023, down JPY 31.3 billion year-on-year. Internal reserves increased JPY 20 billion, but accounts tradable in FY 2023 increased substantially, with asset decreasing approximately JPY 50 billion compared to the end of the previous fiscal year.
Cash flows from investing activities were JPY 62.4 billion, down JPY 12.9 billion due to investment mainly in Semiconductor segment and decrease in the sale of cross-share holdings. Free cash flow was JPY 22.4 billion. Lastly, on dividend of surplus. Year-end dividend per share is JPY 75, an increase of JPY 15 year-on-year. The annual dividend comes to JPY 135, up JPY 20 from the previous year. A basic policy is to maintain stable and continuous dividend. We will continue to increase profitability so that we can provide rising dividend in FY 2024 and beyond. Thank you very much for your attention.