I would like to explain our company progress in FY2023, the status of how we are progressing against our major initiatives and our targets for FY2024 with respect to the Medium- Term Management Plan which I announced in May 2023. First, I would like to start with the Fujitsu Group purpose, which is to make the world more sustainable by building trust in society through innovation. All of our corporate activities are designed to achieve this purpose, which gives meaning to our existence and what we aim to be. The Fujitsu Way, which all Fujitsu Group employees must abide by, sets out the three important values of aspiration, trust, and empathy, as well as a code of conduct which are all anchored in our purpose. I would now like to explain our approach to value creation for 2030.
We have established a vision for 2030 being a technology company that realizes Net Positive through digital services. Fujitsu's vision for achieving a Net Positive is defined as Fujitsu, which exists in society, must address the materiality of solving global environmental problems, developing a digital society, and improving people's well-being in addition to maximizing financial returns and making a positive impact on society as a whole through technology and innovation. To realize this vision, we are focusing on four key strategies which are business model and portfolio strategy, customer success and regional strategy, technology strategy, and people strategy. This is the management structure from fiscal year 2024. From this fiscal year, we have five corporate vice presidents. From left to right are Isobe, CFO, Mahajan, CTO and CPO, Chief Technology Officer and Chief Portfolio Officer, and Takahashi, Shimazu, and Onishi are three Chief Operating Officers, COO.
Takahashi is responsible for expanding the Fujitsu Uvance business, and Shimazu is responsible for building and strengthening the global service delivery structure, and Onishi is responsible for implementing global customer and regional strategies as COO and Chief Revenue Officer CRO. This structure enables us to accelerate business decision-making and execution in and across each business area. Next, I will explain our company progress during FY2023. First, I will summarize the progress status of our financial performance indicators. In FY2023, we started transforming our business portfolio, centering our efforts on Service Solutions as the pillar for growth. As a result, consolidated revenue in FY2023 was JPY 3,756 billion for Fujitsu as a whole, an increase of 2.2% from the previous year. Service Solutions revenue showed progressive growth, increasing by approximately 10% from the previous fiscal year to JPY 2,137.5 billion in FY2023.
Consolidated adjusted operating profit decreased 11.6% from the previous financial year to JPY 283.6 billion, largely due to the impact of business restructuring in Europe and a decline in sales demand for networks and devices. We expect device sales to recover from fiscal year 2024, and networks will remain at fiscal year 2023 levels during fiscal year 2024. As a result of our strategic initiatives, Service Solutions adjusted operating profit increased 45.5% year on year to JPY 237.2 billion in FY2023. Next is the progress status of our non-financial performance indicators. Fujitsu has set non-financial targets in the four categories of environment, customer, productivity, and people. Generally, our performance has been smoothly progressing. There are three areas I will give more details on today.
First, we have significantly reduced our Scope 3 greenhouse gas emissions, as shown at the bottom of the environment metrics on the far left of the slide, ahead of the 12% reduction target set for FY2025, which was baselined against net emission volumes in FY2020. A decline in Network Product sales contributed to this temporary sharp drop, and we will still hold to the set target for fiscal year 2025. Secondly, third from the left on the slide is productivity per person, which has declined due to an overall reduction in company operating income. However, in Service Solutions, our company's growth area, productivity has increased by more than 40% compared to the previous year. Finally, on the top right-hand side of the slide, we report the employee engagement score, which remains the same as the previous year, of the issues employees raised in the internal survey.
Those that are relatively easy to address have mostly been dealt with, and we are now tackling more complex issues. It will take a period of time between the issues being addressed and for employees to provide updated feedback. However, we do then expect the scores to improve. Next, I would like to give more detail on how we are progressing in the key strategic focus areas I mentioned earlier. I will focus on three specific global initiatives covering our progress during fiscal year 2023 and plans in fiscal year 2024 for each item. First, our business model and portfolio transformation strategic initiative involves transforming both our business portfolio and our business model from traditional systems integration to an on-cloud business application and cross-industry business. That is exemplified by Fujitsu Uvance.
Fujitsu Uvance sales in fiscal year 2023 were JPY 367.9 billion, far higher than the initial plan of JPY 300 billion, and a significant increase of 84% from JPY 200 billion in the previous financial year. In fiscal year 2022, sales of horizontal offerings, which provide technologies and solutions to support customer digital transformation, dominated. In fiscal year 2023, sales of Vertical exceeded 30% of the Uvance total, resulting from the strengthening of vertical cross-industry offerings in areas including Sustainable Manufacturing and Consumer Experience. Data collaboration and utilization is an important factor in cross-industry business. In fiscal year 2023, we enhanced our approach to Fujitsu Uvance by embedding Fujitsu Kozuchi's AI engine into 22 Uvance offerings. During fiscal year 2024, we will continue to expand our Fujitsu Uvance offerings.
In addition, as we announced in February, we will grow our business through Uvance Wayfinders, establishing standard global consulting services with a view to full-scale global expansion. Next, I will explain our strategic initiative offering reliable support for customers' asset modernization and how we are expanding in this growing market, particularly in Japan. In fiscal year 2023, we were able to start visualizing resource requirements to ensure business demands could be fulfilled. Opportunities and projects are streamlined through our Modernization Knowledge Center, utilizing proven global tools and techniques in collaboration with global partners. In fiscal year 2024 and beyond, we expect demand for modernization of existing systems to continue. Changes of business to support customer modernization, which includes developing cloud and DX, or digital transformation, capabilities. Next, I will explain our strategic initiative to improve our profitability of the international business.
The graph on the far left of the slide shows fiscal year 2023 revenue in international regions increased nearly 4% from fiscal year 2022 to JPY 406.1 billion, and operating margin was 1.7%. Although profitability remains an issue, we expect a recovery through initiatives such as the transformation of our business portfolio. The status for each region is as follows. The Americas region has transformed its business portfolio to being heavily service-based, resulting in improved operating margins in fiscal year 2023. In fiscal year 2024, we aim to start scaling our business and further increase our profitability. The Europe region has implemented structural reforms, including separation of the private cloud business in Germany, exiting from less profitable areas, and restructuring to separate the services and hardware business, all of which completes in fiscal year 2025.
As a result of these measures, we expect the adjusted operating profit to recover from 0.5% in fiscal year 2023 to 4.3% in fiscal year 2024. In the Asia-Pacific region, we are embarking on structural reforms to move away from the competitive infrastructure business to services such as business applications. In all regions, we will continue to shifting to being a service business centered on Fujitsu Uvance. Finally, I will explain our strategic initiative to improve the overall profitability of Service Solutions. We are pursuing two major initiatives to improve Service Solutions gross-margin ratio, delivery transformation, and pricing based on value delivered to customers. Our delivery transformation includes expansion of our Global Delivery Centers, where we will continue scaling resources, increasing the ratio of in-house work and our overall company offshore ratio.
Through Japan Global Gateway, JGG, we are standardizing and automating development work by utilizing company-wide development platforms, enabling us to reduce man-hours effort. We are moving away from traditional cost-based estimations to implementing value-based pricing for our offerings, aligned to the value they bring to customers. Since fiscal year 2023, we have established global common rate card for services such as SAP and ServiceNow, which is now being applied in all regions. These strategic initiatives resulted in a 2% gross margin improvement during fiscal year 2023. Going forward, we will invest and develop our people in areas where we can differentiate and in high-value services, enhancing the value Fujitsu offerings provide. We will also price appropriately, taking into consideration external environmental cost pressures to drive improved levels of profitability and productivity. Next, I will explain our targets for fiscal year 2024.
These are the financial targets for fiscal year 2024. Consolidated revenue is JPY 3.76 trillion, adjusted operating profit is JPY 330 billion, and adjusted operating profit margin is 8.8%. In Service Solutions, we are targeting JPY 2.23 trillion revenue, adjusted operating profit of JPY 280 billion, an increase of 18% from the last financial year, and adjusted operating margin of 12.6%. We will continue to grow Fujitsu Uvance business and improve profit margins through delivery transformation, with profitability predominantly increasing in Service Solutions. Isobe, the CFO, will be providing you detailed explanation. Fujitsu is pursuing several major reforms aimed at transforming the business model from a focus on products and contract-based system integrations to becoming a business that uses technology created to create ideas, which result in value to customers and contributes to their business growth.
The ratio of Service Solutions in our business is increasing year by year. Fujitsu Uvance, which was born from an idea of contributing to the sustainability transformation of customers from a cross-industry perspective, is now showing practical examples of adoption by customers globally. Fujitsu will continue striving to become a company that can grow sustainably while simultaneously contributing to solving global environmental issues, developing digital society, and improving people's well-being through our business activities, which are three essential contributions to our company's materiality. That concludes my update. Thank you very much. Next, there will be a presentation about the fiscal year 2023 financial results. Mr. Isobe, please.
This is Isobe, CFO. I would like to give a presentation on the fiscal year 2023 consolidated financial results. Please take a look at this page. This is the financial overview. Our most important segment is Service Solutions, which had a strongly higher revenue and operating profit. The revenue for fiscal year 2023 was JPY 2,137.5 billion, an increase of 9.9%, excluding the impact of PFU restructuring. Business was especially strong in Japan. Adjusted operating profit was JPY 237.2 billion, an increase of JPY 74.2 billion year-over-year. In addition to the impact of higher revenue, profitability improved. Adjusted operating profit, the margin improved significantly to 11.1%, an increase of three percentage points year-over-year. Total consolidated revenue was JPY 3,756 billion, an increase of 2.2% year-over-year.
Higher revenue was primarily from Service Solutions, for which performance in Japan was very strong. Profit for the year was JPY 254.4 billion, an increase of JPY 39.2 billion year-over-year. This represented a record profit for Fujitsu for the second year in a row. In addition to the impact of higher revenue, results benefited from decreased intangible expense due to progress in business structure reforms. Page 4 shows an overview of the financial results for each business segment. I will discuss the results for each segment starting with the next slide, but this slide gives you an overview of the segments. At the very top is Service Solutions, our most important segment, which continued to increase in size while also improving profitability, excluding PFU, which had been included in consolidated results through the first half of the previous year.
Total revenue from continuing operations increased by 9.9%. In addition, adjusted operating margin improved significantly from 8.2% last year to 11.1% in fiscal year 2023. On the other hand, revenue and profit of Hardware Solutions, which includes Network Products and Device Solutions, decreased. Both segments had performed well in the prior- year, and we will concentrate on growth investment over the medium and long-term horizon. From page 5, we show results for each segment. First, I will talk about our company's main business, Service Solutions. Revenue was JPY 2,137.5 billion, which on a continuing operations basis represented an increase of 9.9%. Business in Japan grew 12% as there was a strong increase in DX and modernization deals. With strong demand in such areas, sustainability transformation revenue for Fujitsu Uvance was sharply higher, rising 84%. Adjusted operating profit was JPY 237.2 billion, up JPY 74.2 billion year-on-year.
Although we increased growth investments related to Fujitsu Uvance, operating profit rose significantly because of the impact of strongly higher revenue and measures to improve profitability. Adjusted Operating Profit margin rose three percentage points to exceed 11%. I will now explain the components of this increase in profits with a waterfall chart. This chart shows the factors that caused increases or decreases in Adjusted Operating Profit in Service Solutions compared to the previous year. On the far left, Adjusted Operating Profit in fiscal year 2022 was JPY 162.9 billion. The first factor is an increase of JPY 60.2 billion in Adjusted Operating Profit from the impact of higher revenue. Overall revenue rose by 10% primarily in Japan. The second factor is an increase of JPY 35.3 billion from improved profitability.
We continue to make progress in initiatives to improve productivity, such as the expanded use of Global Delivery Centers and standardization in development work, and gross margin improved by 2 percentage points. Results were also impacted by higher personnel costs, but these were totally covered by improved profitability. The third factor is a decline of JPY 21.4 billion from higher expenses, primarily investments in growth areas. As we projected, we actively made growth investments, such as the development of Fujitsu Uvance's offerings, investment in employee training and development, and enhanced security. Adding these up, Adjusted Operating Profit for Service Solutions in fiscal year 2023 was JPY 237.2 billion. Adjusted Operating Profit margin exceeded 10%, rising to 11.1%. I will now provide supplemental information on each of the factors in the previous waterfall chart. First is the status of orders, which led to the increase in revenue.
This page shows orders in Japan. Orders in Japan remain solid, rising by double-digit every quarter and increasing in Japan by 16% compared to the prior- year. I will comment on each industry segment. First is a Private Enterprise business segment in which orders were up 7% year-on-year, primarily for modernization projects. Growth was driven by customers in the manufacturing, mobility, and retail and distribution sectors. Orders were up 15% in the Finance business segment, in addition to deals to upgrade mission-critical systems for mega bank and insurance institutions. We also won many modernization project deals. In the Public and Healthcare segment, orders were up 19%. In the third quarter, we received multiple orders for system upgrades from government agencies and ministries, resulting in solid growth.
Among customers in the healthcare industry as well, we are seeing strong investments in electronic medical record systems, and healthcare information systems. In the Mission-critical and Other segment, orders were up 27% year-on-year. Orders benefited by multiple major projects in the national security field and even exceeded the prior- year's high level. Our business in Japan continued to be very strong. In addition to mission-critical system upgrades and modernization deals, we were able to launch new Fujitsu Uvance offerings aimed at solving issues across industries, such as sustainable transformation. The next page shows orders in regions internationally. Orders for the Europe region were impacted by the carve-out of the German private cloud business, but still only declined by 8%. Orders in the Americas region increased by double-digit to 27%. We won multiple private sector business application deals.
The Fujitsu Uvance business is subtle expanding as well. Orders for the Asia-Pacific region were down by 17%. There was a pullback from the large-scale public sector deal in the prior- year, resulting in the decline. Page 10 shows the progress of Fujitsu Uvance, which we are positioning as the most vital area for the growth of our business and the transformation of our business portfolio. Fujitsu Uvance consists of a total of seven key focus areas, including four vertical areas depicted in the graph in deep blue, which are cross-industry areas that solve societal issues, and three horizontal areas depicted in light blue, which are technical platforms that support the vertical areas. In fiscal year 2023, we fully launched offerings in the vertical areas, and the ratio of revenue from the vertical areas in deep blue significantly increased, centered on sustainable manufacturing.
We also launched offerings in such other areas as Healthy Living and Trusted Society. As a result, revenue increased by 84% year-on-year to JPY 367.9 billion. It significantly exceeded our target of JPY 300 billion. The ratio of revenue from Service Solutions rose from 10% in the prior- year to 17% in fiscal year 2023. We are also making progress in changing our business portfolio. Orders leading to sales revenue are now JPY 449.3 billion, an increase of 80% from the prior- year. We are seeking to achieve Uvance revenue of JPY 700 billion in fiscal year 2025, representing 30% of total revenue. This page shows profitability improvements and the status of growth investments. The effect of profitability improvement efforts was JPY 35.3 billion, and the gross margin improved by two percentage points.
Utilization of offshoring through global delivery centers increased from 11% in the prior- year to 14% in fiscal year 2023. We are making steady progress in standardization and automation in the delivery of services and the expansion of in-house work. Growth investments and expenses increased by JPY 21.4 billion. We continue to proactively invest in areas directly related to business growth, such as the development of Fujitsu Uvance's offerings, investments needed to develop specialist human resources and employee reskilling, and investments to strengthen our security. This concludes my supplemental explanation of the increases and decreases in profit outlined in the chart on page seven. I will now briefly touch on the status of each subsegment in Service Solutions. First, Global Solutions. Revenue was JPY 480.3 billion, up 17.9% year-on-year.
On an adjusted basis, the subsegment posted an operating profit of JPY 13.7 billion, up JPY 8.6 billion from the prior- year. Fujitsu Uvance experienced faster than anticipated growth and sales of software supporting modernization growth revenue growth. In Regions Japan, revenue from continuing operations was JPY 1.2621 trillion, up 9.2% from the previous year. Adjusted operating profit was JPY 213.1 billion, an increase of JPY 65.4 billion. The number of DX business deals and upgrades of mission-critical systems is increasing in a wide range of sectors, primarily in the Finance, public, and healthcare sectors. In addition to the impact of higher revenue, we made significant progress in improving profitability. In Regions International, revenue was JPY 604.1 billion, up 3.9% against the backdrop of an expansion of Fujitsu Uvance and the impact of foreign exchange movements.
On an adjusted basis, the subsegment had an operating profit of JPY 10.3 billion, roughly the same as the previous year. In terms of profitability, conditions continue to be difficult, primarily in Europe. We will steadily transform our business portfolio to accelerate improvement in our profitability. Page 13. I will now explain the performance of other segments besides Service Solutions. First is Hardware Solutions. Revenue was JPY 1.108 trillion, a decrease of 2% year-on-year for fiscal year 2023. Adjusted operating profit was JPY 83.6 billion, down JPY 28.9 billion year-on-year. In System Products, revenue increased largely from foreign exchange movements. On the other hand, in Network Products, there was a large pullback from the strong demand of the previous year in both Japan and North America, resulting in a significant drop in revenue.
For this fiscal year's Network Products, in the midst of a decrease in sales due to the large-scale demand cycle, we are expanding our development investments for the next growth cycle, including our investments to achieve high-speed, high-capacity, low-latency, and low-energy consumption networks. On the bottom of the slide is Ubiquitous Solutions. Revenue was JPY 273.3 billion, down 4.4% year-on-year. Adjusted operating profit was JPY 24.2 billion, up sharply by JPY 15.5 billion year-on-year. With regards to the higher component costs, including the impact of foreign exchange movements, we are advancing efforts to cut costs and pass on higher costs to customers. Page 14, Device Solutions. Revenue was JPY 286.3 billion, down a massive 25.2% year-on-year. Adjusted operating profit was JPY 18.3 billion, down JPY 59 billion from the previous year.
Demand for semiconductor packaging, which had been strong through the first half of the prior- year, significantly decreased in the second half of the year. In fiscal year 2023, demand levels have continued to be weak. In addition to lower capacity utilization from lower product unit volumes, there was a significant decrease in operating profit. The decline seems now to have stopped, and we anticipate a modest recovery from fiscal year 2024. On the bottom of the slide is intersegment elimination and corporate. This segment posted an operating loss of JPY 79.7 billion, with a JPY 38.8 billion increase in expenses for the previous year. We are continuing to expand our investments in medium to long-term business growth, including enhancing advanced research in cutting-edge areas such as AI, quantum computing, and energy-saving processors, and promoting the One Fujitsu program for enhancing our management foundation, as well as enhanced global security.
Page 15. I would now like to describe our growth investments. Growth investments in fiscal year 2023, company-wide, were JPY 202.1 billion. We are conducting proactive investments. It's an increase of JPY 81.4 billion year-on-year. We developed new Fujitsu Uvance offerings and strengthened our consulting business. We strengthened cutting-edge R&D in five key technology areas, including for technologies like AI and quantum computing. We also strengthened our management foundation, such as the One Fujitsu program, for our own internal digital transformation. We are improving quality and strengthening security. We also invest aggressively in employee training and reskilling. Because of these investments, we have expanded Uvance, as I just explained, and increased the profitability of Service Solutions.
In addition, in fiscal year 2024, we plan to make One ERP+ operational for our services business in Japan to accelerate our own digital transformation DX and speed up and improve the efficiency of our business by promoting data-driven management. So far, we've talked about continuing business. From now on, I would like to describe our transformation initiatives to improve our corporate value. On profit and loss statement, most of the content will have an impact on adjusted items. First, I will describe our initiatives in international regions. We are accelerating the shift in our business portfolio to improve profitability. As we announced in the third quarter, the first initiative was to carve out our private cloud business in Germany. This is designed to narrow down low-profit traditional businesses and accelerate the focus on Uvance as a core business area.
As a result, we recorded a one-time loss of approximately JPY 30 billion as part of our Adjusted Operating Profit. That business produced an operating loss of roughly JPY 10 billion in fiscal year 2023, but we expect the carve-out to eliminate that loss starting in fiscal year 2024. Secondly, we are exiting from low-margin regions in Europe and streamlining our corporate functions there. As a result, we recorded a one-time loss of approximately JPY 30 billion as part of our Adjusted Operating Profit. By concentrating operations and increasing business efficiency, we expect it to lower costs starting in fiscal year 2024. Thirdly, as we announced in March 2024, we are reorganizing our European subsidiaries to separate the service business from the hardware business in order to promote management efficiencies and strengthen governance.
In accordance with the reorganization, our taxes were lowered because of tax effects by more than JPY 130 billion as an adjusted operating profit item. By making these structural reforms, we plan to put our European business on a healthier footing. Next, continuing initiatives in Hardware Solutions. First, in April 2024, we launched FSAS Technologies, Inc a dedicated company for service and storage solutions in Japan. We will integrate product development, manufacturing, sales, and maintenance functions to build an integrated entity, accelerating management decision-making and promoting thorough efficiencies to provide added value total solutions with advanced technologies. There is no direct impact on our consolidated results in fiscal year 2023, but we expect to generate business efficiencies starting in fiscal year 2024. Second, we reformed the cost structure of our Network Products business in North America, such as by reducing overhead expenses.
Because of this, we expect profitability improvements starting in fiscal year 2024. This page shows Ubiquitous Solutions. As announced in the third quarter, the Client Computing Devices unit in Europe, which has faced severe competition and difficulties in maintaining profitability, will be shut down in April 2024. As a result of exiting the business, we recorded a one-time loss of approximately JPY 30 billion. Recorded as an Adjusted Operating Profit item. The operating loss from this business in fiscal year 2023 was roughly JPY 2 billion, but as a result of exiting the business, we expect the losses to be eliminated starting in fiscal year 2024. This page shows Device Solutions. As mentioned in the third quarter, the first initiative concluded an agreement to sell shares of Shinko Electric Industries. After concluding various investigations and a tender offer, we plan to sell the shares in fiscal year 2024.
Due to this, the sale will not impact the consolidated results for fiscal year 2023. Upon completion of the sale, however, we anticipate that we will record a one-time profit of approximately JPY 150 billion from the non-continuing operation. In fiscal year 2023, Shinko Electric recorded revenue of JPY 209.9 billion, an operating profit of JPY 24.9 billion, of which JPY 9.3 billion in profit for the year was attributable to Fujitsu as the parent company. Second, in the network-related parts manufacturing business, we reviewed the cost structure by consolidating manufacturing functions and reducing fixed costs. Accordingly, we recorded a one-time loss of nearly JPY 10 billion as an adjustment item for operating income. By improving business efficiency, we expect cost improvement in fiscal year 2024 and beyond. Page 21.
As a result of the one-time loss associated with the business transformation I previously explained, there was an operating loss of JPY 123.4 billion after adjusted items. Financial income, expenses, tax expenses, etc., also recorded an increase in JPY 142.1 billion after adjusted items. As a result, the total impact of adjusted items on the profit for the year was an increase of JPY 18.6 billion. We will continue to make steady progress in reviewing our portfolio and transforming our business structure to achieve sustainable growth in Fujitsu's corporate value. Page 22. This page again shows our consolidated results for fiscal 2023. Profit for the year, both before and after adjustment, exceeded our previous year's forecast and was our highest-ever profit. Next page, I will now talk about the status of cash flows and balance sheet. First is cash flow.
Excluding one-time gains, core cash flow was JPY 197.2 billion, up JPY 40.1 billion from the previous year. In addition to an increase in revenue from trade receivables, we have made progress on shrinking inventory assets that increased the previous year and have improved our working capital. Free cash flow, the second table from the bottom, was JPY 151.9 billion, up JPY 25.5 billion from the previous year. While core cash flow is up from the previous year, free cash flow was down from the previous year. This is due to one-time outflows because of the loss on the sale of German private cloud business and acquisition costs for GK Software. Page 25 shows Core Free Cash Flow and adjusted items. The breakdown shows as described, and the absolute amount is mainly related to M&A expenditures and the acquisition of GK Software.
The breakdown is as shown on the page. We foresee that much of the effects of the one-time loss associated with the transformation I previously explained will take place during fiscal 2024. The next page shows assets, liabilities, and equity. I will omit an explanation for this page. This concludes the financial results for fiscal 2023. Sales of Service Solutions increased significantly, mainly in Japan, on the back of strong demand from Fujitsu Uvance and modernization. Although we fell short of our ambitious goals, we will further accelerate this momentum towards 2024. Sales orders and expansion of the business negotiation pipeline continue to be strong in a wide range of industries, and we expect firm business growth in fiscal year 2024 and beyond. We are also advancing our transformation initiatives.
In fiscal 2024 and beyond, we will not only reap the benefits, but also we will continue to take decisive action to address our business issues. Starting from the next page, I will explain our financial results forecast for fiscal 2024. This is our financial forecast for fiscal 2024. Revenue is forecasted to be JPY 3 trillion 760 billion, with Adjusted Operating Profit forecast to be JPY 330 billion, and adjusted profit for the year is forecast to be JPY 226 billion. Segment breakdown. First, I will start with Service Solutions segment, our most important segment. We expect a steady increase in revenue and profit from fiscal 2023 to continue. In Service Solutions, we project revenue of JPY 2 trillion 230 billion, an increase of 4% from the previous year. In Japan, we project an increase of 10%.
International regions will be impacted by carve-outs, and so we project revenue to fall. Our projected Adjusted Operating Profit for Service Solutions is JPY 280 billion, and we project operating profit for the segment will rise by 1.5%. I will explain our forecast for hardware and other business segments in the next page. On the far left, the figures for fiscal 2023. Operating profit was JPY 337.2 billion, with an operating profit margin of 11.1%. I will use this as a starting point to comment on the increases and decreases. First, we project the operating profit will increase by JPY 50 billion due to the impact of higher revenue, which is projected to rise by JPY 92.4 billion. In international regions, we anticipate temporary loss of revenue from carving out of low-margin businesses. We project revenue in Japan will grow by 10%.
We project this will lead to an overall growth in revenue of 4%. Second, we will project profitability improvements will increase revenue by JPY 45 billion, and the effects of profitability improvements for our business transformation are included in this figure of 2% improvement in gross margin. Third, we project that investment for growth will expand by JPY 52 billion. In addition to developing Fujitsu Uvance, we anticipate that there will be a significant increase in investment to expand our consulting capabilities. On the far right, our projected figures for fiscal 2024. We project the Adjusted Operating Profit will be JPY 280 billion, and operating profit margin will be 12.6%. We will uniformly advance our efforts to expand our scale, improve profitability, and expand investments for growth. We are working to expand our Fujitsu Uvance business, consulting business, and modernization business.
I will be explaining the Service Solutions subsegments. For global solutions, we project revenue of JPY 530 billion, up 10% year-on-year. We anticipate double-digit growth centered on expanding Fujitsu Uvance. We project adjusted operating profit to 122 billion yen, an increase of JPY 6.2 billion from fiscal 2023. We will also expand our profit margin through further promoting our vertical offerings. In region Japan, we project revenue of JPY 1,370 billion, up 9% year-on-year. We will continue to bring demand for Fujitsu Uvance and modernization and grow. We project the subsegment's adjusted operating profit will be JPY 240 billion, an increase of JPY 26.8 billion from fiscal 2023. We are making aggressive investments in Fujitsu Uvance and modernization, as well as to increase our consulting capabilities. We will accelerate our productivity improvement initiatives to date and aim to improve our profitability even further.
In regions international, we project a revenue of JPY 540 billion. Due to carve-out of low-margin businesses, we project the revenue will be down by 11%. We project the subsegment's adjusted operating profit will be JPY 20 billion, an increase of JPY 9.6 billion in fiscal 2023. We anticipate that we will reap the benefits of the business transformation we worked in last year, and we will strive to establish a healthy profit. This page shows the trends and projects for Service Solutions business results. In addition to expanding revenue, we have advanced business efficiency improvements and are steadily improving the segment's operating profit margin to 11%. In fiscal 2024, we will continue to steadily work toward achieving the fiscal 2025 target, which is the final year of the current midterm plan, by further improving profits while expanding investments for further growth. Page 33.
I will now briefly comment on our forecast for Hardware Solutions and other business segments. First is Hardware Solutions. We project revenue of JPY 1,030 billion, down 7% from the previous year. We also project an Adjusted Operating Profit of JPY 70 billion, which, in line with the decrease in revenue, will result in an operating loss of JPY 13.6 billion. For System Products, we anticipate loss of revenue due to a pullback from large-scale server and storage deals, as well as end-of-adjustments for new banknotes. We project that the demand for Network Products will remain at the same level it was in fiscal 2023 into fiscal 2024. We anticipate that there will be growth internationally and in Open RAN. In Ubiquitous Solutions, we project revenue of JPY 220 billion. Due to the impact of existing European businesses, we anticipate a 20% decrease in revenue.
We project the adjusted operating profit of JPY 20 billion, an operating loss of JPY 4.2 billion year-on-year. In Device Solutions, we project a revenue of JPY 335 billion, an increase of 17% year-on-year. Low demand in the semiconductor packages has continued from the second half of fiscal 2022, but we expect the demand will recover in fiscal 2024. We also project adjusted OP of JPY 40 billion, an increase of JPY 21.6 billion from last year. We also anticipate improvement of capacity utilization as a result of increasing product volumes. In intersegment elimination corporate, we forecast adjusted operating loss of JPY 80 billion. This is because we are planning to continue aggressive investment in AI, cutting-edge R&D, and strengthening our management foundation through such things and One Fujitsu at the same level as the previous fiscal year.
We project the core cash flow will be JPY 220 billion, up JPY 22.7 billion year-on-year. On page 35, you see a trend of financial indicators for the last five years. On the upper left is adjusted EPS. In addition to steadily realizing profit growth on a core business basis, we are also improving capital efficiency through acquisition of Treasury stock, and adjusted EPS is steadily increasing. On the upper right, ROE was 15.2% in fiscal 2023. We operate our business with focus on balancing profit growth and capital efficiency. The share price and PBR in the lower part of the page are results of the evaluation by the capital market. The share price has increased by 2.5x in the past five years, and the PBR has increased by 2.6x at the end of fiscal 2023.
Starting from the next page, I will explain our capital allocation and shareholder returns. This is the status of capital allocations in fiscal 2023. Base Cash Flows for fiscal 2023 were JPY 303 billion. The relationship between cash flows is briefly described at the bottom of the page. Base Cash Flow is pre-growth free cash flow plus lease payments to fund capital allocations. In fiscal year 2023, we allocated approximately JPY 200 billion to business growth investments and JPY 150 billion to shareholder returns, mainly funded by JPY 303 billion Base Cash Flows. Although the total allocation exceeds the cash flow in a single year, the allocation is based on the assumption that the cash can be earned during the current Medium-Term Management Plan.
Of the shareholder returns, we initially planned to acquire JPY 150 billion of treasury stock, but due to insider information and other factors, the acquisition date was delayed, resulting in JPY 103.1 billion in fiscal 2023. Page 38 shows the progress on capital allocation made during the current midterm plan. The graph on the left-hand side is the base cash flow. We will achieve a base cash flow of JPY 1,300 billion during the next three years. The graph to the right of this shows our allocation. We plan to make growth investment of JPY 700 billion and generate shareholder returns of JPY 600 billion, in line with our MTP. We returned approximately JPY 150 billion to shareholders in 2023, but based on our three-year return plan, we plan to increase the amount of our shares acquired and return JPY 230 billion in fiscal year 2024.
Page 39 shows shareholder returns breakdown. I will show the dividends first. Fujitsu is steadily and steadily increasing our dividends, and we plan to increase dividends by JPY 2 in fiscal 2024 as well. This will be the ninth consecutive dividend increase. Next is stock buybacks. As I have said, in fiscal 2023, there was a delay in the start period of stock buybacks due to insider trading regulations. This led to lower shareholder returns than initially planned. In fiscal 2024, we plan to expand the total amount of stock buybacks, which will include making up the difference in fiscal 2023. We project stock buybacks to JPY 180 billion, and the combined amount of the shareholder returns will be JPY 230 billion in fiscal 2024, no changes to our three-year shareholder return plan of JPY 600 billion.
By expanding cash flow and appropriately allocating it to investment that contribute to business growth and shareholder returns, we will lead to a sustainable increase in corporate value. This concludes my presentation, our consolidated financial results for fiscal 2023, and financial forecasts for fiscal 2024.